{"id":24181,"date":"2023-12-27T21:00:00","date_gmt":"2023-12-27T21:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4301182_CN01182_0"},"modified":"2023-12-27T21:00:00","modified_gmt":"2023-12-27T21:00:00","slug":"mingzhu-announces-unaudited-financial-results-for-the-six-months-ended-june-30-2023","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=24181","title":{"rendered":"Mingzhu Announces Unaudited Financial Results for the Six Months Ended June 30, 2023"},"content":{"rendered":"\n

SHENZHEN, China<\/span>, Dec. 28, 2023 \/PRNewswire\/ — MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ: YGMZ), an elite provider of logistics and transportation services to businesses, today announced its unaudited financial results for the six months ended June 30, 2023<\/span>.<\/span><\/p>\n

Mr. Jinlong Yang<\/span>, CEO of MingZhu, commented, "While the broader economic environment remained challenged, with customers adjusting to demand fluctuations, our team was focused and worked to minimize the impact of the volatility where we could. Through our efforts, we were able to reduce operating expenses in the first six months of 2023, compared to the year ago period, enabling us to maintain a healthy balance sheet. Our longer-term business diversification strategy remains in place but has been slowed by a sluggish acquisition environment given higher interest rates and costs, including an 83% increase in our transportation costs, which served to depress our net income. We believe there are meaningful opportunities for further cost reductions in our operations and have made this a priority moving forward as we continue to adjust our business to the evolving market."<\/p>\n

Operating Results for the Six Months Ended June 30, 2023<\/span><\/b><\/p>\n

Revenue for the six months ended June 30, 2023<\/span>, decreased by $4,239,764<\/span>, or 7.0%, to $56.1 million<\/span> from $60.3 million<\/span> for the same period of last year.<\/p>\n

Total operating expenses decreased by $1,430,036<\/span>, or 2.4%, to $57.0 million<\/span> for the six months ended June 30, 2023<\/span>, from $58.4 million<\/span> for the same period of last year.<\/p>\n

Net loss for the six months ended June 30, 2023<\/span> was $805,636<\/span> compared to net income of $1,645,083<\/span> in the year ago period. The decrease in net income was primarily due to the lower revenue.<\/p>\n

Balance Sheet and Cash Flow<\/b><\/p>\n

As of June 30, 2023<\/span>, the Company had a $4.3 million<\/span> balance of cash, and an accounts receivable balance of $15.5 million<\/span>. The balance of prepayment to suppliers totaled $10.7 million<\/span> as of June 30, 2023<\/span>, compared to $7.3 million<\/span> as of December 31, 2022<\/span>, as the Company retrieved partial payments back from suppliers or received services and products.<\/p>\n

About MingZhu Logistics Holdings Limited (NASDAQ: YGMZ)<\/b><\/p>\n

Established in 2002 and headquartered in Shenzhen, China<\/span>, MingZhu Logistics Holdings Limited is a 4A-rated professional trucking service provider. Based on the Company’s regional logistics terminals in Guangdong Province<\/span> and Xinjiang Autonomous Region, MingZhu Logistics Holdings offers tailored solutions to our clients to deliver their goods through our network density and broad geographic coverage across the country by a combination of self-owned fleets tractors and trailers and subcontractors’ fleets. For more information, please visit ir.szygmz.com.<\/p>\n

Forward-Looking Statements<\/b><\/p>\n

The statements in this press release regarding the Company’s future expectations, plans and prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding plans, goals, objectives, strategies, future events, expected performance, assumptions and any other statements of fact that have not occurred. Any statements that contain the words "may", "will", "want", "should", "believe", "expect", "anticipate", "estimate", "calculate" or similar statements that are not factual in nature are to be considered forward-looking statements. Actual results may differ materially from historical results or from those expressed in these forward-looking statements as a result of a variety of factors. These factors include, but are not limited to, the Company’s strategic objectives, the Company’s future plans, market demand and user acceptance of the Company’s products or services, technological advances, economic trends, the growth of the trucking services market in China<\/span>, the Company’s reputation and brand, the impact of industry competition and bidding, relevant policies and regulations, fluctuations in China’s<\/span> macroeconomic conditions, and the risks and assumptions disclosed in the Company’s reports provided to the CSRC (China Security Regulatory Commission). For these and other related reasons, we advise investors not to place any reliance on these forward-looking statements, and we urge investors to review the Company’s relevant SEC filings for additional factors that may affect the Company’s future results of operations. The Company undertakes no obligation to publicly revise these forward-looking statements subsequent to the filing of these documents as a result of changes in particular events or circumstances. <\/p>\n

 <\/p>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

MINGZHU LOGISTICS HOLDINGS LIMITED AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED BALANCE SHEETS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

As of<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

As of<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

June 30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

December 31,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

(Unaudited)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

ASSETS<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

CURRENT ASSETS<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

4,307,362<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

5,687,311<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accounts receivable, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

15,496,761<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

19,127,321<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Prepayments<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,666,774<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

7,339,861<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other receivables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,462,794<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,795,843<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Loans receivable*<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

31,085,776<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

28,622,704<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Amount due from related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,406,484<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,677,345<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total current assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

70,425,951<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

66,250,385<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

NON-CURRENT ASSET<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Property and equipment, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7,338,773<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

9,073,698<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Deferred tax assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

241,381<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

238,237<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Deposits<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,059,220<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,657,126<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Goodwill<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

33,237,409<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

33,237,409<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total non-current asset<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

43,876,783<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

45,206,470<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total assets<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

114,302,734<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

111,456,855<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

LIABILITIES AND SHAREHOLDERS’ EQUITY<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

CURRENT LIABILITIES:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Short-term bank borrowings<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

13,842,541<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

10,022,335<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accounts payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7,147,277<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

10,134,535<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other payables and accrued liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

33,376,960<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

29,054,674<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Amount due to related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,933,731<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

6,108,866<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Tax payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,754,198<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

5,278,436<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Current maturities of long-term bank borrowings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

206,209<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

586,935<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Current portion of capital lease and financing obligations<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

714,621<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

757,088<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total current liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

66,975,537<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

61,942,869<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

NON-CURRENT LIABILITIES<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Long-term bank borrowings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

274,485<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

253,352<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Long-term portion of capital lease and financing obligations<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

687,901<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,158,642<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total non-current liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

962,386<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,411,994<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

67,937,923<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

63,354,863<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

SHAREHOLDERS’ EQUITY<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Ordinary shares: $0.001 par value, 50,000,000 shares authorized,
22,960,277 and 22,960,277 shares issued and outstanding as of June 30, 2023
and December 31, 2022, respectively**<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

22,960<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

22,960<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Share subscription receivables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(848,414)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(847,086)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Additional paid-in capital<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

41,583,382<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

41,734,546<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Statutory reserves<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,046,249<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,036,841<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Retained earnings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,825,256<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

7,704,538<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accumulated other comprehensive Loss<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,264,622)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,549,807)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total shareholders’ equity<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

46,364,811<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

48,101,992<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total liabilities and shareholders’ equity<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

114,302,734<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

111,456,855<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\n\n\n\n
\n

*<\/span><\/p>\n<\/td>\n

\n

Loans receivable mainly comprise of interest-free advances to third parties as a result of strategic business cooperation.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\n\n\n\n
\n

**<\/span><\/p>\n<\/td>\n

\n

Giving retroactive effect to the re-denomination and nominal issuance of shares effected on February 12, 2020, and the surrender and cancellation of shares effected on May 21, 2020.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

MINGZHU LOGISTICS HOLDINGS LIMITED AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the Six Months Ended
June 30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

REVENUES<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

56,090,997<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

60,330,761<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

COSTS AND EXPENSES<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Transportation costs<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

32,840,752<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

17,953,860<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Costs of rental services<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

13,020,751<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

24,962,970<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Costs of insurance services<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8,576,401<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

12,740,606<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

General and administrative expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,112,502<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,471,467<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Sales and marketing expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

442,500<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

294,039<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total costs and expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

56,992,906<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

58,422,942<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

(LOSS) INCOME FROM OPERATIONS<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(901,909)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,907,819<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

OTHER (EXPENSES) INCOME<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Interest expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(413,618)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(652,372)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(12,815)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(358,267)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

482,540<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,237,049<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total other income, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

56,107<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

226,410<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

(LOSS) INCOME    BEFORE INCOME TAXES<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(845,802)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,134,229<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

(BENEFIT)  PROVISION FOR INCOME TAXES                                                     <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(40,166)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

489,147<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

NET LOSS<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(805,636)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,645,082<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

OTHER COMPREHENSIVE (LOSS) INCOME<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Foreign currency translation adjustment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

285,185<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(229,321)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

COMPREHENSIVE (LOSS) INCOME<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(520,451)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

1,415,761<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Weighted average shares used in computation:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Basic*<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

21,429,877<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

21,429,877<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Diluted*<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

20,885,442<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

20,885,442<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

(LOSS) EARNINGS PER SHARE – BASIC*<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(0.04)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

0.07<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

(LOSS) EARNINGS PER SHARE – DILUTED*<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(0.04)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

0.07<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\n\n\n\n
\n

*<\/span><\/p>\n<\/td>\n

\n

Giving retroactive effect to the re-denomination and nominal issuance of shares effected on February 12, 2020, and the surrender and cancellation of shares effected on May 21, 2020.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

MINGZHU LOGISTICS HOLDINGS LIMITED AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

Share<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Additional<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

Accumulated Other Comprehensive<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

Subscription<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Paid-in<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Statutory<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Retained<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Income<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

Shares*<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Amount<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Receivables<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Capital<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Reserve<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Earnings<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(Loss)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Total<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

BALANCE, December 31, 2022<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

22,960,277<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

22,960<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(847,086)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

41,734,546<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

1,036,841<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

7,704,538<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(1,549,807)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

48,101,992<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net income (loss) for the period<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(805,636)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(805,636)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Foreign currency translation adjustment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,328)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(151,164)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,064,238)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

285,185<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(931,545)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Appropriation to statutory reserve<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

9,408<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(9,408)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

BALANCE, June 30, 2023<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

22,960,277<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

22,960<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(848,414)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

41,583,382<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

1,046,249<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

5,825,256<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(1,264,622)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

46,364,811<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

MINGZHU LOGISTICS HOLDINGS LIMITED AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the Six Months
Ended
June 30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Cash flows from operating activities:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net (loss)  income<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(805,636)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

1,645,083<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Adjustments to reconcile net income to net cash provided (used in by operating activities:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Amortization of deferred financing fees<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

26,607<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Provision for doubtful accounts<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

19,413<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Depreciation for property and equipment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

851,324<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

3,441,564<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Deferred income tax benefit<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(12,532)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(24,798)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Changes in operating assets and liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Accounts receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,015,034<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(19,659,925)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Prepayments<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,845,327)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,080,484<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other receivables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,629,641)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

702,011<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Loans receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,992,268)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(12,301,292)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Deposits<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(822,745)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accounts payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,821,222)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

9,226,616<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other payables and accrued liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,356,422<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

9,259,017<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Tax payables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(278,606)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,572,424<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net cash used in operating activities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,965,784)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(4,032,209)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flows from investing activities:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Purchases of equipment <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,343,653)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Disposal of equipment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

31,102<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Cash from acquisition of subsidiary<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

410,863<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net cash provided by (used in)   investing activities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

31,102<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(932,790)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flows from financing activities:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Proceeds from short-term bank borrowings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,876,613<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,988,620<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Repayment of short-term bank borrowings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(354,778)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,122,278)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Repayment of long-term bank borrowings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(149,756)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Repayments of loans from other financial institutions<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(784,097)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(144,126)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Repayments of obligations under capital leases<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,864,325)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Amounts advanced from related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,222,649<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

3,128,231<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Repayments to related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4,257,112)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net cash provided by financing activities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,703,275<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,836,366<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Effect of exchange rate change on cash<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(148,542)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

86,862<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net decrease   in cash<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,379,949)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(2,041,771)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Cash at beginning of the period<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,687,311<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

5,752,117<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Cash at end of the period<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

4,307,362<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

3,710,346<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Supplemental disclosure of cash flow information:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Interest paid<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

504,655<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

242,386<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Income tax paid<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

10,620<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

769,924<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Supplemental non-cash investing and financing information:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Non-cash capital leases to acquire revenue equipment<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Uncollected receivable from disposal of revenue equipment<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Reconciliation to amounts on consolidated balance sheets:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

4,307,362<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

3,710,346<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Restricted cash<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total cash and restricted cash<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

4,307,362<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

3,710,346<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

SHENZHEN, China, Dec. 28, 2023 \/PRNewswire\/ — MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ: YGMZ), an elite provider of logistics and transportation services to businesses, today announced its unaudited financial results for the six months ended June 30, 2023. Mr. Jinlong Yang, CEO of MingZhu, commented, "While the broader economic environment remained challenged, […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-24181","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\nMingzhu Announces Unaudited Financial Results for the Six Months Ended June 30, 2023 - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=24181\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mingzhu Announces Unaudited Financial Results for the Six Months Ended June 30, 2023 - My Blog\" \/>\n<meta property=\"og:description\" content=\"SHENZHEN, China, Dec. 28, 2023 \/PRNewswire\/ — MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ: YGMZ), an elite provider of logistics and transportation services to businesses, today announced its unaudited financial results for the six months ended June 30, 2023. 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