AND SUBSIDIARIESUNAUDITED CONSOLIDATED BALANCE SHEETS As of September 30, 2024 March 31, 2024 (Unaudited) ASSETS CURRENT ASSETS Cash $5,444,920 $4,283,794 Short-term investment 437,115 2,103,762 Accounts receivable, net of $657,014 and $382,731, respectively 9,858,094 9,163,752 Accounts receivable, related parties 4,024,951 2,871,872 Advances to vendors 10,690,258 8,123,120 Due from related parties — 2,197 Deferred initial public offering costs 153,987 118,103 Other current assets 757,038 848,185 TOTAL CURRENT ASSETS 31,366,363 27,514,785 Property and equipment, net 44,560 54,486 Right-of-use operating lease assets 190,240 224,835 Deferred tax assets 116,609 76,821 TOTAL NONCURRENT ASSETS 351,409 356,142 TOTAL ASSETS $31,717,772 $27,870,927 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Short-term bank loans $1,635,887 $1,563,452 Current portion of long-term loans 142,499 138,481 Accounts payable 1,845,371 1,525,192 Deferred revenue 8,010 14,099 Taxes payable 3,110,014 2,579,976 Due to related parties 562,644 417,557 Operating lease liabilities, current 91,387 83,477 Accrued expenses and other current liabilities 1,257,021 883,805 TOTAL CURRENT LIABILITIES 8,652,833 7,206,039 Operating lease liabilities, non-current 118,076 160,706 Long-term loans 427,497 484,684 Long term loan, related party 1,353,739 1,384,811 TOTAL NONCURRENT LIABILITIES 1,899,312 2,030,201 TOTAL LIABILITIES 10,552,145 9,236,240 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY Ordinary shares, $0.0001 par value, 500,000,000 shares authorized, 22,000,000 shared issued and outstanding, including:* — — Class A ordinary shares, $0.0001 par value, 470,000,000 shares authorized, 20,822,675 shares issued and outstanding as of September 30, 2024 and March 31, 2024 2,082 2,082 Class B ordinary shares, $0.0001 par value, 30,000,000 shares authorized, 1,177,325 shares issued and outstanding as of September 30, 2024 and March 31, 2024 118 118 Additional paid-in capital 5,346,674 5,346,674 Statutory reserve 818,465 741,584 Retained earnings 15,570,667 13,720,353 Accumulated other comprehensive loss (572,379) (1,176,124)TOTAL SHAREHOLDERS’ EQUITY 21,165,627 18,634,687 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $31,717,772 $27,870,927 YSX TECH CO. LTD.
The Company will provide further details about its financial results in its upcoming earnings announcement.” Unaudited Financial Results for the Six Months Ended September 30, 2024 For the six months ended September 30, 20242023VariancesIn USD Millions, except percentagesAmountAmount%Total revenue 34.1 26.5 28.7% Total cost of revenue 30.5 23.1 31.9% Gross profit 3.6 3.4 6.6% Income from operations 2.4 2.8 (16.4)% Net income$1.9 $2.5 (22.0)% Total revenue increased by approximate $7.6 million, or 28.7%, to approximately $34.1 million for the six months ended September 30, 2024, from $26.5 million during the same period in 2023.
Revenue from auto insurance aftermarket value-added services grew by approximately $6.8 million, or 31.8%, due to a significant 59.7% increase in the service volume of Auto Insurance Aftermarket Value-added Services, from approximately 1.3 million service calls in the six months ended September 30, 2023 to 2.1 million service calls in the six months ended September 30, 2024.
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