EX-99.2 3 ex99-2.htm EX-99.2

 

Exhibit 99.2

 

MKDWELL TECH INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In U.S. dollars, except for share and per share data, or otherwise noted)

 

   As of 
   December 31, 2024   June 30, 2025 
       (Unaudited) 
Assets          
Current assets:          
Cash and cash equivalents  $542,591   $88,842 
Time deposit   -    10,190,407 
Restricted cash   51,139    - 
Notes receivables   -    22,634 
Accounts receivable, net   640,778    830,642 
Amounts due from a related party   932,640    968,993 
Inventories, net   291,029    275,064 
Prepaid expenses and other current assets, net   662,877    328,168 
Total current assets   3,121,054    12,704,750 
           
Non-current assets:          
Intangible assets, net   523,846    527,624 
Property, plant and equipment, net   5,094,545    4,980,380 
Real estate properties for lease, net   60,908    60,477 
Operating lease right-of-use assets, net   59,680    33,909 
Other non-current assets   34,624    25,334 
Total non-current assets   5,773,603    5,627,724 
TOTAL ASSETS   8,894,657    18,332,474 
           
Liabilities          
Current liabilities:          
Short-term bank borrowings   2,648,199    2,628,567 
Accounts payable   409,124    649,679 
Amounts due to related parties, current   2,162,876    1,221,428 
Accrued expenses and other current liabilities   4,674,876    3,758,932 
Long-term bank borrowings, current portion   123,299    445,307 
Convertible note   868,925    1,004,292 
Operating lease liabilities, current   59,680    33,909 
Total current liabilities   10,946,979    9,742,114 
           
Non-current liabilities:          
Long-term bank borrowings   2,814,862    2,534,553 
Other non-current liabilities   306,766    317,507 
Total non-current liabilities   3,121,628    2,852,060 
TOTAL LIABILITIES   14,068,607    12,594,174 
           
Commitments and Contingencies          
           
Equity (deficit)          
    -    - 
Ordinary shares (par value of US$0.0001 per share; 100,000,000 and an unlimited amount of ordinary shares authorized as of December 31, 2024 and June 30, 2025, respectively; 18,588,342 and 135,188,342 ordinary shares issued as of December 31, 2024 and June 30, 2025, respectively; 16,788,342 and 93,730,569 ordinary shares outstanding as of December 31, 2024 and June 30, 2025, respectively)   1,859    13,519 
Preferred shares (par value of US$0.0001 per share; 8,231,000 shares issued and outstanding as of June 30, 2025)   -    823 
Additional paid-in capital   8,962,753    21,428,864 
Accumulated deficit   (13,731,023)   (15,143,465)
Accumulated other comprehensive income   557,094    38,350 
MKDWELL Limited shareholders’ equity (deficit)   (4,209,317)   6,338,091 
Non-controlling interests   (964,633)   (599,792)
Total equity (deficit)   (5,173,950)   5,738,299 
TOTAL LIABILITIES AND EQUITY (DEFICIT)  $8,894,657   $18,332,473 

 

 

 

 

MKDWELL TECH INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In U.S. dollars, except for share and per share data, or otherwise noted)

 

   For the six months ended June 30, 
   2024   2025 
Revenues  $811,041   $1,365,284 
Cost of revenues   (744,282)   (1,276,634)
Gross profit   66,759    88,650 
           
Operating expenses:          
Selling expenses   (110,054)   (127,353)
General and administrative expenses   (1,153,323)   (1,063,891)
Research and development expenses   (345,332)   (376,365)
Total operating expenses   (1,608,709)   (1,567,609)
           
Loss from operations   (1,541,950)   (1,478,959)
           
Other loss:          
Interest expenses, net   (164,912)   (232,583)
Other income/(expense), net   (18,348)   12,153 
Total other loss   (183,260)   (220,430)
           
Loss before income tax expense   (1,725,210)   (1,699,389)
Income tax expense   -      
Net loss  $(1,725,210)  $(1,699,389)
Net loss attributable to non-controlling interest   (316,799)   (286,947)
Net loss attributable to ordinary shareholders   (1,408,411)   (1,412,442)
           
Other comprehensive (loss) income          
Foreign currency translation adjustment attributable to non-controlling interest   (102,775)   651,788 
Foreign currency translation adjustment attributable to parent company   167,079    (523,250)
Total other comprehensive (loss) income  $64,304   $128,538 
    　      
Total comprehensive loss  $(1,660,906)  $(1,570,851)
Total comprehensive (loss)/gain attributable to non-controlling interest   (419,574)   364,841 
Total comprehensive (loss) attributable to ordinary shareholders   (1,241,332)   (1,935,692)
           
Weighted average shares outstanding used in calculating basic and diluted loss per share - basic and diluted   24,443,989    93,730,569 
Loss per share - basic and diluted  $(0.06)  $(0.02)