GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AUDITED, IN U.S. DOLLARS)
September 30,
December 31,
2024
2023
ASSETS
Current assets
Cash and cash equivalents
$
17,633,936
$
22,981,324
Restricted cash
3,091,545
5,208,063
Short Term Investment
7,053,694
2,818,068
Notes receivable
27,681,834
27,135,249
Accounts receivable, net
20,268,970
16,483,533
Inventories, net
21,844,780
24,596,795
Due from related parties-current, net
228,311
225,927
Advance to suppliers
631,924
288,578
Prepayments and other current assets
1,748,121
53,204
Total Current Assets
$
100,183,115
$
99,790,741
Non-current asset
Property, plant, equipment and construction in progress, net
13,823,008
13,698,997
Land use rights, net
3,423,184
3,448,505
Other intangible assets
118,139
189,620
Deferred tax assets
483,781
256,556
Right-of-use assets
1,748,818
2,125,542
Fixed deposit
7,337,008
9,916,308
Other non-current assets
390,365
1,050,698
Total non-current assets
$
27,324,303
$
30,686,226
TOTAL ASSETS
$
127,507,418
$
130,476,967
Current Liabilities
Short-term bank loans
$
–
$
3,042,296
Notes payable-bank acceptance notes
25,463,319
36,712,562
Accounts payable
26,342,111
25,272,528
Taxes payables
767,200
758,307
Customer deposits
420,266
137,985
Due to related parties
3,831,666
3,831,636
Other current liabilities
2,365,909
2,281,507
Lease liabilities
506,118
487,695
Total current liabilities
$
59,696,589
$
72,524,516
Non-current liabilities
Lease liabilities
1,301,291
1,684,614
Deferred revenue
1,372,358
1,529,831
Warrant liability
3,841,293
4,084,605
Total non-current liabilities
$
6,514,942
$
7,299,050
TOTAL LIABILITIES
$
66,211,531
$
79,823,566
COMMITMENTS AND CONTINGENCIES
–
–
Shareholders’ equity
Ordinary shares, no par value, unlimited shares authorized;Â 13,594,530 and
  13,594,530 shares issued and outstanding as of September 30, 2024 and
  December 31, 2023.
–
–
Additional paid-in capital
30,286,560
30,286,560
Statutory reserves
3,842,331
3,842,331
Retained earnings
25,003,855
18,535,133
Accumulated other comprehensive loss
(2,004,595)
(2,583,794)
Total shareholders’ equity
$
57,128,151
$
50,080,230
Non-controlling interest
4,167,736
573,171
TOTAL SHAREHOLDERS’ EQUITY
$
61,295,887
$
50,653,401
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
127,507,418
$
130,476,967
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GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(AUDITED, IN U.S. DOLLARS)
For the three months ended
September 30,
For the nine months ended
September 30,
2024
2023
2024
2023
Revenues
$
18,834,093
$
21,836,761
$
64,574,944
$
67,555,570
Cost of goods sold
13,868,406
15,568,224
47,188,133
48,835,766
Gross profit
4,965,687
6,268,537
17,386,811
18,719,804
Selling expenses
397,444
606,649
1,412,086
1,568,174
General and administrative expenses
1,202,242
1,610,100
4,585,163
4,771,568
Research and development expenses
437,978
1,245,646
2,548,765
3,790,931
Total operating expenses
$
2,037,664
$
3,462,395
$
8,546,014
$
10,130,673
INCOME FROM OPERATIONS
$
2,928,023
$
2,806,142
$
8,840,797
$
8,589,131
Interest income
237,333
4,242
622,278
79,318
Interest expense
(9,477)
(72,952)
(89,325)
(218,949)
Change in fair value of the warrant liability
(2,661,012)
–
243,312
–
Other income (loss)
208,676
(1,663,627)
1,023,713
(1,375,252)
INCOME BEFORE INCOME TAX
$
703,543
$
1,073,805
$
10,640,775
$
7,074,248
INCOME TAX EXPENSE
344,250
878,922
839,050
1,480,595
NET INCOME
$
359,293
$
194,883
$
9,801,725
$
5,593,653
LESS: NET INCOME ATTRIBUTABLE TO
  NONCONTROLLING INTEREST
1,043,684
1,082,303
3,333,003
2,634,960
NET INCOME ATTRIBUTABLE TO GREENLAND
  TECHNOLOGIES HOLDING CORPORATION
  AND SUBSIDIARIES
$
(684,391)
$
(887,420)
$
6,468,722
$
2,958,693
OTHER COMPREHENSIVE INCOME (LOSS):
2,153,895
3,756,643
840,761
(517,156)
Unrealized foreign currency translation loss attributable to
  Greenland Technologies Holding Corporation and
  subsidiaries
1,530,392
2,251,583
579,199
(721,427)
Unrealized foreign currency translation loss attributable to
  non-controlling interest
623,503
1,505,060
261,562
204,271
Total comprehensive income attributable to Greenland
  technologies holding corporation and subsidiaries
846,001
1,364,163
7,047,921
2,237,266
Total comprehensive income attributable to
  noncontrolling interest
1,667,187
2,587,363
3,594,565
2,839,231
WEIGHTED AVERAGE ORDINARY SHARES
  OUTSTANDING:
13,594,530
13,594,530
13,594,530
13,307,954
Basic and diluted
(0.05)
(0.07)
0.48
0.22
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Publish date : 2024-11-14 08:10:00
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