6-K Filing

AGM GROUP HOLDINGS, INC. CIK: 1705402 Q2 2023

Filing Information

Form Type	6-K
Accession Number	`0001213900-23-098872`
Period End Date	20230630
Filing Date	20231227
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	ea190724-6k_agmgroup_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 40 Cash Flow Statement 68

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.74M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.07M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$92.76M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$64.50M	USD	Point-in-time
Inventories	`InventoryNet`	$10.39M	USD	Point-in-time
Inventories	`InventoryNet`	$3.92M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$51.79M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$13.14M	USD	Point-in-time
Prepayment and other current assets	`OtherPrepaidExpenseCurrent`	$2.94M	USD	Point-in-time
Prepayment and other current assets	`OtherPrepaidExpenseCurrent`	$2.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$116.82M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$133.33M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$558.29K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$689.36K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$55.49K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$49.75K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$285.03K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$492.98K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$1.85M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$7.17M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$2.74M	USD	Point-in-time
Total non - current assets	`AssetsNoncurrent`	$8.41M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$125.23M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$136.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$64.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$48.11M	USD	Point-in-time
Accrued expenses and other payables	`OtherAccruedLiabilitiesCurrent`	$2.87M	USD	Point-in-time
Accrued expenses and other payables	`OtherAccruedLiabilitiesCurrent`	$1.84M	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$18.85M	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$4.57M	USD	Point-in-time
Deferred government grant - current	`DeferredCompensationLiabilityCurrent`	$36.53K	USD	Point-in-time
Deferred government grant - current	`DeferredCompensationLiabilityCurrent`	$36.03K	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$95.23K	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$162.58K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$14.29M	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$14.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$92.79M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$94.52M	USD	Point-in-time
Operating lease liabilities - non current	`OperatingLeaseLiabilityNoncurrent`	$167.43K	USD	Point-in-time
Operating lease liabilities - non current	`OperatingLeaseLiabilityNoncurrent`	$57.36K	USD	Point-in-time
Deferred government grant - non current	`DeferredRevenueNoncurrent`	$77.22K	USD	Point-in-time
Deferred government grant - non current	`DeferredRevenueNoncurrent`	$98.78K	USD	Point-in-time
Total non - current liabilities	`LiabilitiesNoncurrent`	$134.58K	USD	Point-in-time
Total non - current liabilities	`LiabilitiesNoncurrent`	$266.21K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$94.79M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$92.92M	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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, 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, 2023 and December 31, 2023, 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, 2023 and December 31, 2023, respectively)	`CommonStockValueOne`	$2.10K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.50M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.50M	USD	Point-in-time
Statutory reserves	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance`	$335.70K	USD	Point-in-time
Statutory reserves	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance`	$335.70K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$25.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.74M	USD	Point-in-time
Accumulated other comprehensive (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.58M	USD	Point-in-time
Accumulated other comprehensive (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.17M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$30.44M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$43.15M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$125.23M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$136.07M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenues	`ServiceRevenuesNet`	$36.59M	USD	2 Qtrs
Revenues	`ServiceRevenuesNet`	$113.53M	USD	2 Qtrs
Total Revenues	`Revenues`	$113.53M	USD	2 Qtrs
Total Revenues	`Revenues`	$36.59M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$35.30M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$91.92M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.29M	USD	2 Qtrs
Gross profit	`GrossProfit`	$21.60M	USD	2 Qtrs
Selling, general & administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.68M	USD	2 Qtrs
Selling, general & administrative expenses	`SellingGeneralAndAdministrativeExpense`	$-20.49M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.68M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$-20.49M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$19.93M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$21.78M	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$22.98K	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$43.20K	USD	2 Qtrs
Other expenses	`OtherNonoperatingExpense`	$252.97K	USD	2 Qtrs
Other expenses	`OtherNonoperatingExpense`	$147.31K	USD	2 Qtrs
Total other expenses	`NonoperatingIncomeExpense`	$-104.12K	USD	2 Qtrs
Total other expenses	`NonoperatingIncomeExpense`	$-229.99K	USD	2 Qtrs
Income before provision of income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$19.70M	USD	2 Qtrs
Income before provision of income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$21.67M	USD	2 Qtrs
Provision for income taxes expenses	`IncomeTaxExpenseBenefit`	$5.56M	USD	2 Qtrs
Provision for income taxes expenses	`IncomeTaxExpenseBenefit`	$5.13M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$16.11M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$14.57M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$16.11M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$14.57M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-4.24M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.41M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$12.70M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$10.33M	USD	2 Qtrs
Net income per common share - basic (in Dollars per share)	`EarningsPerShareBasic`	$0.68	USD	2 Qtrs
Net income per common share - basic (in Dollars per share)	`EarningsPerShareBasic`	$0.66	USD	2 Qtrs
Net income per common share - diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.68	USD	2 Qtrs
Net income per common share - diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.66	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`	24.25M	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`	24.25M	shares	2 Qtrs

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$16.11M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$14.57M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$211.44K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$115.67K	USD	2 Qtrs
Amortization of operating lease right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$89.44K	USD	2 Qtrs
Amortization of operating lease right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$53.75K	USD	2 Qtrs
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-21.95M	USD	2 Qtrs
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	2 Qtrs
Other income	`OtherIncome`	$20.59K	USD	2 Qtrs
Other income	`OtherIncome`	$22.01K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-50.39M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$52.38M	USD	2 Qtrs
Advances to suppliers	`IncreaseDecreaseInPrepaidSupplies`	$42.43M	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`	$5.82K	USD	2 Qtrs
Loan receivable from third parties	`IncreaseDecreaseInDueFromRelatedParties`	-	USD	2 Qtrs
Loan receivable from third parties	`IncreaseDecreaseInDueFromRelatedParties`	$1.18M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-18.87M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$6.90M	USD	2 Qtrs
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$92.16K	USD	2 Qtrs
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$-5.31M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInOtherAccountsPayable`	$-16.22M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInOtherAccountsPayable`	$28.05M	USD	2 Qtrs
Accrued expenses and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$8.47M	USD	2 Qtrs
Accrued expenses and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-853.99K	USD	2 Qtrs
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$-3.66M	USD	2 Qtrs
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$15.24M	USD	2 Qtrs
Deferred government grant	`IncreaseDecreaseInDeferredRevenue`	-	USD	2 Qtrs
Deferred government grant	`IncreaseDecreaseInDeferredRevenue`	$-4.94K	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-26.58K	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-63.74K	USD	2 Qtrs
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	2 Qtrs
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$94.56K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.12M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.09M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.17K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$85.58K	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`	$-480.38K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.17K	USD	2 Qtrs
Proceeds from related parties	`ProceedsFromRelatedPartyDebt`	$1.62M	USD	2 Qtrs
Proceeds from related parties	`ProceedsFromRelatedPartyDebt`	$8.00M	USD	2 Qtrs
Repayment of short-term borrowings	`RepaymentsOfShortTermDebt`	$1.57M	USD	2 Qtrs
Repayment of short-term borrowings	`RepaymentsOfShortTermDebt`	-	USD	2 Qtrs
Repayments to related parties	`RepaymentsOfRelatedPartyDebt`	$220.00K	USD	2 Qtrs
Repayments to related parties	`RepaymentsOfRelatedPartyDebt`	$2.09K	USD	2 Qtrs
Net cash (used in)/provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.40M	USD	2 Qtrs
Net cash (used in)/provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.43M	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`	$-618.53K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-330.17K	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`	$18.43M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.74M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.65M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.07M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.43M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.74M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.65M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.07M	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$7.20K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$159.50K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$29.90K	USD	2 Qtrs
Disposals of ROU Assets	`ExpensePaidByRelatedParty`	-	USD	2 Qtrs
Disposals of ROU Assets	`ExpensePaidByRelatedParty`	$108.83K	USD	2 Qtrs

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