EX-99.1 2 ea027004201ex99-1_luda.htm LUDA'S UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 AND FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

Exhibit 99.1

 

LUDA TECHNOLOGY GROUP LIMITED

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024

(in U.S. dollar, except share data)

 

   June 30,
2025		   December 31,
2024		 
ASSETS  Unaudited     
Current assets        
Cash and cash equivalents  $6,164,195   $8,132,655 
Restricted cash   187,039    200,517 
Accounts receivable, net   16,237,596    13,165,058 
Notes receivable, net   761,908    381,878 
Prepayments and other current assets, net   501,750    479,613 
Advance to suppliers   144,844    33,043 
Inventories, net   3,950,757    4,868,035 
Inventories to be returned   497,956    939,404 
Deferred costs   -    671,321 
Contract assets, current, net   614,528    1,591,188 
Investment in equity securities   10,841,901    1,390,475 
Total Current Assets  $39,902,474   $31,853,187 
           
Non-current assets          
Property, plant and equipment, net  $5,119,205   $5,124,432 
Intangible assets, net   704,333    701,154 
Deferred tax assets   631,503    552,966 
Contract assets, non-current, net   441,299    667,456 
Other long-term assets   275,398    406,630 
Total non-current assets  $7,171,738   $7,452,638 
TOTAL ASSETS  $47,074,212   $39,305,825 
           
LIABILITIES          
Current Liabilities          
Short-term bank loans  $12,246,465   $11,675,074 
Amounts due to related parties   1,538    - 
Accounts payable   10,072,597    8,673,801 
Contract liabilities   199,128    221,770 
Other payables and accruals   2,332,108    3,975,334 
Income taxes payable   1,652    1,652 
Refundable liabilities   634,202    1,303,748 
Total current liabilities  $25,487,690   $25,851,379 
           
Non-current liabilities          
Long-term bank loans  $573,934   $614,476 
Deferred tax liabilities   179,335    176,430 
Total non-current liabilities  $753,269   $790,906 
TOTAL LIABILITIES  $26,240,959   $26,642,285 
           
COMMITMENTS AND CONTINGENCIES   -    - 
           
SHAREHOLDERS’ EQUITY          
Ordinary shares, $0.03 (Equivalent to HK$0.25) par value, 4,000,000,000 shares authorized, 22,690,000 shares and 20,000,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively  $727,244   $641,026 
Additional paid-in capital   8,295,213    - 
Statutory reserve   2,253,177    2,253,177 
Retained earnings   10,951,308    11,372,477 
Accumulated other comprehensive loss   (1,393,689)   (1,603,140)
TOTAL EQUITY  $20,833,253   $12,663,540 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $47,074,212   $39,305,825 

 

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LUDA TECHNOLOGY GROUP LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE (LOSS) INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(in U.S. dollar, except share data)

 

  

For the six months ended

June 30,

 
   2025   2024 
SALES  $17,127,913   $24,921,364 
COST OF SALES   (15,685,040)   (17,900,119)
GROSS PROFIT  $1,442,873   $7,021,245 
           
OPERATING EXPENSES          
Selling expenses  $(869,839)  $(3,691,182)
General and administrative expenses   (1,046,452)   (1,451,205)
Research and development expenses   (461,613)   (781,171)
Total operating expenses  $(2,377,904)  $(5,923,558)
(Loss) income from operations  $(935,031)  $1,097,687 
           
OTHER INCOME          
Interest expenses  $(260,379)  $(266,816)
Other income, net   862,098    298,494 
Total other income, net  $601,719   $31,678 
           
(LOSS) INCOME BEFORE INCOME TAX  $(333,312)  $1,129,365 
INCOME TAX PROVISION   (87,856)   (176,496)
NET (LOSS) INCOME  $(421,168)  $952,869 
OTHER COMPREHENSIVE INCOME (LOSS):          
Foreign currency translation adjustment  $209,451   $(457,579)
Comprehensive (loss) income  $(211,717)  $495,290 
           
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING*:          
Basic and diluted   22,690,000    20,000,000 
(Loss) earnings per share:          
Basic and diluted  $(0.02)  $0.05 

 

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LUDA TECHNOLOGY GROUP LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(in U.S. dollar, except share data)

 

   Number of
Shares		   Ordinary
Share		   Additional
paid-in
Capital		   Accumulated
Other
Comprehensive
Income (Loss)		   Statutory
Reserve		   Retained
Earnings		   Total
Equity		 
Balance at December 31, 2023   20,000,000   $641,026   $             -   $(1,258,261)  $2,120,769   $15,243,465   $16,746,999 
Net Income   -    -    -    -    -    952,869    952,869 
Transfer to statutory reserve   -    -    -    -    132,055    (132,055)   - 
Foreign currency translation adjustment   -    -    -    (457,579)   -    -    (457,579)
Dividends distribution   -    -    -    -    -    (2,108,333)   (2,108,333)
Balance at June 30, 2024 (Unaudited)   22,000,000   $641,026   $-   $(1,715,840)  $2,252,824   $13,955,946   $15,133,956 

 

   Number of
Shares		   Ordinary
Share		   Additional
paid-in
Capital		   Accumulated
Other
Comprehensive
Income (Loss)		   Statutory
Reserve		   Retained
Earnings		   Total
Equity		 
Balance at December 31, 2024   20,000,000   $641,026   $-   $(1,603,140)  $2,253,177   $11,372,477   $12,663,540 
Net Loss   -    -    -    -    -    (421,168)   (421,168)
Shares issued in initial public offering   2,690,000    86,218    8,295,213    -    -    -    8,381,431 
Transfer to statutory reserve   -    -    -    -    -    -    - 
Foreign currency translation adjustment   -    -    -    209,451    -    -    209,451 
Dividends distribution   -    -    -    -    -    -    - 
Balance at June 30, 2025 (Unaudited)   22,690,000   $727,244   $8,295,213   $(1,393,689)  $2,253,177   $10,951,309   $20,833,254 

 

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