Schedule of Consolidated Financial Statements |
The following significant amounts of Zhongchao
Shanghai and its subsidiaries are included in the accompanying consolidated financial statements as of December 31, 2024 and 2023, and
for the years ended December 31, 2024, 2023 and 2022:
| |
December 31, 2024 | | |
December 31, 2023 | |
ASSETS | |
| | |
| |
Cash and cash equivalents | |
$ | 4,354,654 | | |
$ | 5,443,562 | |
Accounts receivable | |
| 4,682,320 | | |
| 2,552,738 | |
Inventories | |
| 586,221 | | |
| 592,382 | |
Other current assets | |
| 272,693 | | |
| 1,967,306 | |
Investment in a limited partnership and an equity investee | |
| 1,089,960 | | |
| 1,145,404 | |
Property and equipment, net | |
| 4,206,154 | | |
| 1,697,576 | |
Right of use assets | |
| 89,020 | | |
| 796,653 | |
Deferred tax assets | |
| 119,425 | | |
| 357,878 | |
Other noncurrent assets | |
| 12,177 | | |
| 17,539 | |
Total Assets | |
$ | 15,412,624 | | |
$ | 14,571,038 | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Advances from customers | |
$ | 203,787 | | |
$ | 838,838 | |
Income tax payable | |
| - | | |
| 6,734 | |
Operating lease liabilities, current and non-current | |
| 57,517 | | |
| 808,156 | |
Due to Zhongchao Inc.* | |
| 483,800 | | |
| 564,652 | |
Other current liabilities | |
| 1,276,732 | | |
| 1,593,106 | |
Deferred tax liabilities | |
| 179,638 | | |
| 128,250 | |
Total Liabilities | |
$ | 2,201,474 | | |
$ | 3,939,736 | |
| |
For the years ended December 31, | |
| |
2024 | | |
2023 | | |
2022 | |
Revenues | |
$ | 15,864,773 | | |
$ | 19,433,945 | | |
$ | 14,151,516 | |
Income (loss) from operations | |
$ | 3,245,712 | | |
$ | (11,846,266 | ) | |
$ | (1,716,154 | ) |
Net income (loss) | |
$ | 2,902,555 | | |
$ | (10,780,772 | ) | |
$ | (1,427,296 | ) |
* | The balances due from/to Zhongchao Inc. are eliminated on consolidation. |
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