6-K Filing

AGM GROUP HOLDINGS, INC. CIK: 1705402 Q2 2022

Filing Information

Form Type	6-K
Accession Number	`0001213900-22-081054`
Period End Date	20220630
Filing Date	20221219
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	ea170348-6k_agmgroup_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 43 Cash Flow Statement 61 Stockholders Equity 13

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$461.01K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.65M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.61M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$54.99M	USD	Point-in-time
Inventories	`InventoryNet`	$22.43M	USD	Point-in-time
Inventories	`InventoryNet`	$3.57M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$40.49M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$63.26M	USD	Point-in-time
Prepayment and other current assets	`OtherPrepaidExpenseCurrent`	$2.93M	USD	Point-in-time
Prepayment and other current assets	`OtherPrepaidExpenseCurrent`	$3.12M	USD	Point-in-time
Loan receivable from third parties	`LoansAndLeasesReceivableNetReportedAmount`	$1.58M	USD	Point-in-time
Loan receivable from third parties	`LoansAndLeasesReceivableNetReportedAmount`	$400.00K	USD	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$39.24K	USD	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$175.93K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$87.32M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$136.34M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$322.40K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$188.31K	USD	Point-in-time
Construction in progress	`ConstructionsInProgress`	-	USD	Point-in-time
Construction in progress	`ConstructionsInProgress`	$394.81K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$7.89K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$8.63K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$241.55K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$187.80K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$129.03K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$221.19K	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$1,000.00K	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$701.62K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$88.02M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$137.34M	USD	Point-in-time
Short-term borrowings	`ShorttermBorrowingsRelatedParty`	-	USD	Point-in-time
Short-term borrowings	`ShorttermBorrowingsRelatedParty`	$1.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$42.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$14.12M	USD	Point-in-time
Accrued expenses and other payables	`OtherAccruedLiabilitiesCurrent`	$12.06M	USD	Point-in-time
Accrued expenses and other payables	`OtherAccruedLiabilitiesCurrent`	$3.60M	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$38.57M	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$42.23M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$8.97M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$1.22M	USD	Point-in-time
Deferred government grant - current	`OtherLiabilitiesCurrent`	$38.11K	USD	Point-in-time
Deferred government grant - current	`OtherLiabilitiesCurrent`	$37.05K	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$51.24K	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$24.66K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$62.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$101.84M	USD	Point-in-time
Deferred government grant - non current	`DeferredRevenueNoncurrent`	$121.93K	USD	Point-in-time
Deferred government grant - non current	`DeferredRevenueNoncurrent`	$147.81K	USD	Point-in-time
Total non - current liabilities	`LiabilitiesNoncurrent`	$121.93K	USD	Point-in-time
Total non - current liabilities	`LiabilitiesNoncurrent`	$147.81K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$62.97M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$101.96M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A Ordinary Shares (200,000,000 shares authorized with par value of $0.001, 24,254,842 and 24,254,842 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)	`CommonStockValue`	$24.25K	USD	Point-in-time
Class A Ordinary Shares (200,000,000 shares authorized with par value of $0.001, 24,254,842 and 24,254,842 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)	`CommonStockValue`	$24.25K	USD	Point-in-time
Class B Ordinary Shares (200,000,000 shares authorized with par value of $0.001, 2,100,000 and 2,100,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)	`CommonStockValueOne`	$2.10K	USD	Point-in-time
Class B Ordinary Shares (200,000,000 shares authorized with par value of $0.001, 2,100,000 and 2,100,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)	`CommonStockValueOne`	$2.10K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.01M	USD	Point-in-time
Statutory reserves	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance`	$348.13K	USD	Point-in-time
Statutory reserves	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance`	$63.66K	USD	Point-in-time
Retained earnings/(Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$12.82M	USD	Point-in-time
Retained earnings/(Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-1.46M	USD	Point-in-time
Accumulated other comprehensive (loss)/income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.82M	USD	Point-in-time
Accumulated other comprehensive (loss)/income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$413.18K	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.69M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$35.38M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$25.05M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.09M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$137.34M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$88.02M	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Revenues	`ServiceRevenuesNet`	-	USD	2 Qtrs
Revenues	`ServiceRevenuesNet`	$113.53M	USD	2 Qtrs
Total Revenues	`Revenues`	$113.53M	USD	2 Qtrs
Total Revenues	`Revenues`	-	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	-	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$91.92M	USD	2 Qtrs
Gross profit	`GrossProfit`	$21.60M	USD	2 Qtrs
Gross profit	`GrossProfit`	-	USD	2 Qtrs
Selling, general & administrative expenses	`SellingGeneralAndAdministrativeExpense`	$480.50K	USD	2 Qtrs
Selling, general & administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.68M	USD	2 Qtrs
Research and development expenses	`ResearchAndDevelopmentExpense`	$22.50K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$503.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.68M	USD	2 Qtrs
Income/(Loss) from operations	`OperatingIncomeLoss`	$19.93M	USD	2 Qtrs
Income/(Loss) from operations	`OperatingIncomeLoss`	$-503.00K	USD	2 Qtrs
Other income	`OtherIncome`	$22.98K	USD	2 Qtrs
Other income	`OtherIncome`	$177.00	USD	2 Qtrs
Other expenses	`OtherExpense`	$5.00K	USD	2 Qtrs
Other expenses	`OtherExpense`	$252.97K	USD	2 Qtrs
Total other expenses	`OtherNonoperatingIncomeExpense`	$-229.99K	USD	2 Qtrs
Total other expenses	`OtherNonoperatingIncomeExpense`	$-4.83K	USD	2 Qtrs
Income/(Loss) before provision of income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-507.82K	USD	2 Qtrs
Income/(Loss) before provision of income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$19.70M	USD	2 Qtrs
Provision for income taxes expenses	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for income taxes expenses	`IncomeTaxExpenseBenefit`	$5.13M	USD	2 Qtrs
Net income/(loss)	`NetIncomeLoss`	$-507.82K	USD	2 Qtrs
Net income/(loss)	`NetIncomeLoss`	$14.57M	USD	2 Qtrs
Net income/(loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-507.82K	USD	2 Qtrs
Net income/(loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$14.57M	USD	2 Qtrs
Other comprehensive loss	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	-	USD	2 Qtrs
Other comprehensive loss	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	-	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-92.17K	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-4.24M	USD	2 Qtrs
Total comprehensive income/(loss)	`ComprehensiveIncomeNetOfTax`	$10.33M	USD	2 Qtrs
Total comprehensive income/(loss)	`ComprehensiveIncomeNetOfTax`	$-600.00K	USD	2 Qtrs
Net income/(loss) per common share - basic (in Dollars per share)	`EarningsPerShareBasic`	$0.68	USD	2 Qtrs
Net income/(loss) per common share - basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	2 Qtrs
Net income/(loss) per common share - diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	2 Qtrs
Net income/(loss) per common share - diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.68	USD	2 Qtrs
Weighted average Class A ordinary shares outstanding, basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	21.49M	shares	2 Qtrs
Weighted average Class A ordinary shares outstanding, basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	21.36M	shares	2 Qtrs
Weighted average Class A ordinary shares outstanding, diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.49M	shares	2 Qtrs
Weighted average Class A ordinary shares outstanding, diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.36M	shares	2 Qtrs

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income/(loss)	`NetIncomeLoss`	$-507.82K	USD	2 Qtrs
Net income/(loss)	`NetIncomeLoss`	$14.57M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.28K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$211.44K	USD	2 Qtrs
Amortization of operating lease right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$53.75K	USD	2 Qtrs
Amortization of operating lease right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	-	USD	2 Qtrs
Other income	`OtherNoncashIncome`	-	USD	2 Qtrs
Other income	`OtherNoncashIncome`	$22.01K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$52.38M	USD	2 Qtrs
Advances to suppliers	`IncreaseDecreaseInPrepaidSupplies`	-	USD	2 Qtrs
Advances to suppliers	`IncreaseDecreaseInPrepaidSupplies`	$22.78M	USD	2 Qtrs
Prepayment and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$191.25K	USD	2 Qtrs
Prepayment and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.50K	USD	2 Qtrs
Loan receivable from third parties	`IncreaseDecreaseInDueFromRelatedParties`	$1.18M	USD	2 Qtrs
Loan receivable from third parties	`IncreaseDecreaseInDueFromRelatedParties`	-	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	-	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-18.87M	USD	2 Qtrs
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	2 Qtrs
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$92.16K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInOtherAccountsPayable`	$-3.38K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInOtherAccountsPayable`	$28.05M	USD	2 Qtrs
Accrued expenses and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$152.23K	USD	2 Qtrs
Accrued expenses and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$8.47M	USD	2 Qtrs
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$-3.66M	USD	2 Qtrs
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	-	USD	2 Qtrs
Deferred government grant	`IncreaseDecreaseInDeferredRevenue`	$-4.94K	USD	2 Qtrs
Deferred government grant	`IncreaseDecreaseInDeferredRevenue`	-	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-26.58K	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.12M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-348.19K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$85.58K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Purchase of construction in progress	`PaymentsForProceedsFromInvestments`	$394.81K	USD	2 Qtrs
Purchase of construction in progress	`PaymentsForProceedsFromInvestments`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-480.38K	USD	2 Qtrs
Proceeds from related parties	`ProceedsFromShorttermBorrowingsRelatedParty`	$152.45K	USD	2 Qtrs
Proceeds from related parties	`ProceedsFromShorttermBorrowingsRelatedParty`	$8.00M	USD	2 Qtrs
Repayment of short-term borrowings	`RepaymentsOfShortTermDebt`	-	USD	2 Qtrs
Repayment of short-term borrowings	`RepaymentsOfShortTermDebt`	$1.57M	USD	2 Qtrs
Repayments to related parties	`RepaymentsOfRelatedPartyDebt`	$9.71K	USD	2 Qtrs
Repayments to related parties	`RepaymentsOfRelatedPartyDebt`	$2.09K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.43M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$142.75K	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-4.60M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.84K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-203.59K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.77M	USD	2 Qtrs
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$664.61K	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.43M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashAndCashEquivalentsAtCarryingValue`	$18.43M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashAndCashEquivalentsAtCarryingValue`	$461.01K	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashAndCashEquivalentsAtCarryingValue`	$9.65M	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$7.20K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$29.90K	USD	2 Qtrs
Expense paid by related party	`ExpensePaidByRelatedParty`	-	USD	2 Qtrs
Expense paid by related party	`ExpensePaidByRelatedParty`	$3.09K	USD	2 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$3.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$35.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.09M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-507.82K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$14.57M	USD	2 Qtrs
Appropriation to statutory reserve	`StockIssuedDuringPeriodValueOther`	-	USD	2 Qtrs
Foreign currency translation adjustment	`ForeignCurrencyTransactionGainLossBeforeTax`	$-4.24M	USD	2 Qtrs
Foreign currency translation adjustment	`ForeignCurrencyTransactionGainLossBeforeTax`	$-92.17K	USD	2 Qtrs
Balance	`StockholdersEquity`	$3.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$35.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.09M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.