For Investor/Media Enquiries Investor Relations Robin Yang, Partner ICR, LLC Email: investor@tridentity.me Phone: +1 (212) 321-0602 TRIDENT DIGITAL TECH HOLDINGS LTDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In U.S.dollars, except for share and per share data, or otherwise noted) As of June 30, As of December 31, 2024 2023 Assets Current assets: Cash$10,868 $1,808,603 Accounts receivable, net 2,140 2,198 Contract cost assets 194,417 341,808 Deferred offering costs 2,000,195 1,046,187 Amounts due from related parties 92,827 337,920 Prepaid expenses and other current assets 435,512 451,217 Total current assets 2,735,959 3,987,933 Non-current assets: Property and equipment, net 168,422 202,777 Operating lease right-of-use assets 1,119,503 1,639,233 Total non-current assets 1,287,925 1,842,010 TOTAL ASSETS 4,023,884 5,829,943 Liabilities Current liabilities: Current portion of long-term borrowings 58,885 68,987 Accounts payable 129,158 202,289 Deferred revenue 463,980 572,186 Amounts due to related parties, current 635,161 4,820 Accrued expenses and other liabilities 314,951 733,189 Operating lease liabilities, current 333,641 430,554 Total current liabilities 1,935,776 2,012,025 Non-current liabilities: Amounts due to related parties, non-current 723,140 - Long-term borrowings 126,963 176,589 Operating lease liabilities, non-current 785,863 1,208,679 Total non-current liabilities 1,635,966 1,385,268 TOTAL LIABILITIES 3,571,742 3,397,293 COMMITMENTS AND CONTINGENCIES Shareholders’ equity Ordinary Shares (par value $0.00001 per share; 1,000,000,000 Class A ordinary shares authorized, 50,000,000 and 50,000,000 Class A ordinary shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; 4,000,000,000 Class B ordinary shares authorized, 451,964,286 and 451,964,286 Class B ordinary shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.)* 5,020 5,020 Additional paid-in capital 8,426,684 8,426,684 Accumulated deficit (8,110,572) (6,183,545)Accumulated other comprehensive income 131,010 184,491 Total shareholders’ equity 452,142 2,432,650 TOTAL LIABILITIES AND EQUITY$4,023,884 $5,829,943 * The shares and per share information are presented on a retroactive basis to reflect the reorganization.
As the platform remains in the development, optimization, and gradual testing stages, the Company generated only US$1,872 in revenue from providing technical support for selling event tickets on behalf of merchants through Tridentity for the six months ended June 30, 2024. Cost of Revenues For the six months ended June 30, Variances 2024 2023 Amount % Service fees$358,534 $246,572 $111,962 45.41%Direct labor costs - 122,142 (122,142) -100.00%Miscellaneous cost 1,856 20,855 (18,999) -91.10%Total cost of revenues$360,390 $389,569 $(29,179) -7.49% The Company’s cost of revenues decreased by 7.49% from US$389,569 for the six months ended June 30, 2023 to US$360,390 for the six months ended June 30, 2024, primarily due to a decrease in direct labor cost and miscellaneous costs in total of US$141,141 as a result of a significant reduction in headcount in response to lower business volumes and cost controls, and partially offset by an increase of service fees in the amount of US$111,962 as a result of the fulfillment of slightly increased number of management software solutions projects since the second half of 2023.
We remain focused on the disciplined execution of our transition strategy as we seek to become a leader in Web 3.0 enablement.” Key Financial Results For the six months ended June 30 Change in % of 2024 2023 amount change Revenues$378,839 $481,165 $(102,326) -21.27%Cost of revenues (360,390) (389,569) 29,179 -7.49%Gross profit 18,449 91,596 (73,147) -79.86%Selling expenses (264,326) (253,343) (10,983) 4.34%General and administrative expenses (1,528,022) (1,551,710) 23,688 -1.53%Research and development expenses (172,519) (192,855) 20,336 -10.54%Total operating expenses (1,964,867) (1,997,908) 33,041 -1.65%Loss from operations (1,946,418) (1,906,312) (40,106) 2.10%Total other income, net 19,391 44,900 (25,509) -56.81%Loss before income tax expense (1,927,027) (1,861,412) (65,615) 3.53%Income tax expense - - - N/A Net loss$(1,927,027) $(1,861,412) $(65,615) 3.53% Unaudited Financial Results for the Six Months Ended June 30, 2024 Revenues For the six months ended June 30, Variances 2024 2023 Amount % Business consulting$111,318 $113,764 $(2,446) -2.15%IT customization 265,649 367,401 (101,752) -27.70%(i) IT consulting - 130,289 (130,289) -100.00%(ii) Management software 265,649 237,112 28,537 12.04%Others 1,872 - 1,872 N/A Total revenues$378,839 $481,165 $(102,326) -21.27% The Company’s revenues decreased by 21.27% from US$481,165 for the six months ended June 30, 2023, to US$378,839 for the six months ended June 30, 2024.
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Author / Journalist: Trident Digital Tech Holdings Ltd
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