false 0001972529 0001972529 2024-06-13 2024-06-13 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

Current Report

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

June 13, 2024

Date of Report (Date of earliest event reported)

 

Armlogi Holding Corp.

(Exact Name of Registrant as Specified in its Charter)

 

Nevada   001-42099   92-0483179

(State or other jurisdiction
of incorporation)

  (Commission File Number)   (I.R.S. Employer
Identification No.)

 

6201 Fairview Road, Suite 225

Charlotte, North Carolina

  28210
(Address of Principal Executive Offices)   (Zip Code)

 

(888) 691-2911

Registrant’s telephone number, including area code

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   BTOC   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 7.01 Regulation FD Disclosure.

 

On June 13, 2024, the Company issued a press release to announce its financial results for the three-month and nine-month periods ended March 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01. Exhibits.

 

Exhibit No.   Description
99.1   Press Release dated June 13, 2024
104   Cover Page Interactive Data File (formatted in Inline XBRL).

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: June 13, 2024

 

  Armlogi Holding Corp.
   
  By: /s/ Aidy Chou
  Name:  Aidy Chou
  Title: Chief Executive Officer

 

 

 

 

Exhibit 99.1

 

 

Armlogi Reports Revenue Growth for the Nine Months Ended March 31, 2024

 

Conference Call and Webcast on Thursday, June 13 at 1:30 PM Pacific Time

 

WALNUT, CA, June 13, 2024 - Armlogi Holding Corp. (“Armlogi” or the “Company”) (Nasdaq: BTOC), a U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions related to warehouse management and order fulfillment, today provided a business update, and reported financial results for the three-month and nine-month periods ended March 31, 2024.

 

Financial Results for the Three Months Ending March 31, 2024:

 

Total revenue for the three months ended March 31, 2024, was $38.4 million, up 28% from $30.1 million in the same period in 2023.

 

oOur Transportation Services segment reported revenue of $25.0 million, an increase of 18.2% from $21.2 million in the same period in 2023. The increase was driven by the rapid expansion of our business in 2023, as we expanded our warehouse operational capacities in California and New Jersey. This segment comprises reselling third-party carrier services to our customers.

 

oOur Warehousing Services segment generated $13.4 million, a 50.5% increase from $8.9 million over the same period in 2023. This growth was driven by the growth in our transportation services. This segment comprises inventory management and storage offerings.

 

oOur Other Services segment generated revenue of $0.04 million compared to $0.08 million in the same period in 2023. This segment is primarily comprised of customs brokerage services.

 

Our net income was $0.7 million and $2.2 million for the three months ended March 31, 2024 and 2023, respectively.

 

Financial Results for the Nine Months Ending March 31, 2024:

 

Total revenue for the nine months ended March 31, 2024, were $121.7 million, up 39.9% from $87.0 million in the same period in 2023.

 

oOur Transportation Services segment reported revenue of $84.7 million, an increase of 36.6% from $62.0 million in the same period in 2023. The increase was driven by the rapid expansion of our business in 2023, as we expanded our warehouse operational capacities in California and New Jersey.

 

 

 

 

oOur Warehousing Services segment generated $36.6 million, a 49.2% increase from $24.5 million over the same period in 2023. This increase was driven by the significant growth in our transportation services.

 

oOur Other Services segment generated revenue of $0.4 million, which was in line with those in the same period in 2023.

 

Our net income was $7.2 million and $9.0 million for the nine months ended March 31, 2024 and 2023, respectively.

 

Operational Highlights

 

In May, we closed our initial public offering of 1,600,000 shares of common stock at a public offering price of $5.00 per share to the public for a total of $8,000,000 of gross proceeds to the Company before deducting underwriting discounts and offering expenses. Net proceeds from the offering will allow us to expand our warehouse network and develop warehousing and logistics services, international ocean freight services, and port trucking services.

 

In May, we signed a lease for a new 733,200-square-foot warehouse located near the Port of Savannah in Georgia. We expect that this new warehouse will significantly enhance our capacity to serve our clients more efficiently and quickly.

 

In June, we became an authorized warehouse provider for sellers on the Temu marketplace. Armlogi will offer Temu sellers streamlined access to its warehousing facilities and tailored logistics services to provide fast order fulfillment and improved inventory management through this collaboration. This collaboration with a major e-commerce platform is expected to expand our capabilities to serve more e-commerce sellers.

 

In June, we announced a strategic partnership with Massimo Group (Nasdaq: MAMO) to provide streamlined warehousing and logistics services for the assembly and distribution of vehicles, aiming to meet the rising market demand across key U.S. regions.

 

Management Commentary

 

Aidy Chou, Chairman and Chief Executive Officer of Armlogi, commented, “At Armlogi, we offer a one-stop shop for warehousing and logistics services supported by advanced technology and specialized equipment which help us ensure that every package delivered exceeds the expectations of our customers and partners worldwide.”

 

“We are pleased with our revenue growth trajectory compared to a year ago, highlighted by our expanded warehouse operational capacities and the growth in our transportation services. Our quality warehousing and logistics services, coupled with our reasonable service and delivery fees and advanced warehouse and order management technology, pave the way for our continued business growth in the $2 trillion global cross-border e-commerce industry.”

 

“I extend my heartfelt gratitude to our team, partners, and shareholders for their steadfast support as we continue to grow and strengthen our position in the logistics industry.”

 

2

 

 

Conference Call & Audio Webcast

 

Armlogi’s management team will hold an earnings conference call at 1:30 PM Pacific Time (4:30 PM Eastern Time) on Thursday, June 13, 2024, to discuss the Company’s financial results and provide an overview of the Company’s operations. Aidy Chou, Chairman and Chief Executive Officer, and Ian Zhou, Chief Financial Officer, will lead the conference call with other company executives available to answer questions.

 

To access the call by phone, please dial 1-800-579-2543 (international callers, please dial 1-785-424-1789) approximately 10 minutes before the start of the call. Refer to conference ID: ARMLOGI. **NOTE: THIS CONFERENCE ID WILL BE REQUIRED FOR ENTRY

 

A live audio conference call webcast will be available online at https://viavid.webcasts.com/starthere.jsp?ei=1675610&tp_key=7cdba4f6ed.

 

About Armlogi Holding Corp.

 

Armlogi Holding Corp., based in Walnut, CA, is a fast-growing U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions relating to warehouse management and order fulfillment. The Company caters to cross-border e-commerce merchants looking to establish overseas warehouses in the U.S. market. With eleven warehouses covering over two million square feet, the Company offers comprehensive one-stop warehousing and logistics services. The Company’s warehouses are equipped with facilities and technology for handling and storing large and bulky items. For more information, please visit www.armlogi.com.

 

Forward-Looking Statements

 

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “intends,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us.

 

Contact Information:

 

Company Contact:

 

info@armlogi.com

 

Investor Relations Contact:

 

Matthew Abenante, IRC

President

Strategic Investor Relations, LLC

Tel: 347-947-2093

Email: matthew@strategic-ir.com

 

*** tables follow ***

 

3

 

 

ARMLOGI HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2024 (UNAUDITED) AND JUNE 30, 2023
(US$, except share data, or otherwise noted)

 

   March 31,
2024
   June 30,
2023
 
   US$   US$ 
   Unaudited   Audited 
Assets        
Current Assets        
Cash   3,985,003    6,558,099 
Restricted cash   2,061,673     
Accounts receivable and other receivable, net   25,104,670    17,396,421 
Other current assets   2,019,166    1,642,346 
Deferred share issuance costs   1,942,943    1,304,712 
Prepaid expenses   1,222,050    796,904 
Loan receivable   4,135,179    2,449,956 
Total current assets   40,470,684    30,148,438 
Non-current assets          
Due from related parties       511,353 
Property and equipment, net   10,254,072    7,629,117 
Intangible assets, net   101,538    128,027 
Right-of-use assets – operating leases   119,515,548    49,659,047 
Right-of-use assets – finance leases   348,229    478,984 
Total assets   170,690,071    88,554,966 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Liabilities:          
Current liabilities          
Accounts payable and accrued liabilities   6,822,919    8,470,166 
Income taxes payable   4,562,098    2,654,695 
Due to related parties   350,209    351,909 
Accrued payroll liabilities   463,162    263,356 
Operating lease liabilities – current   23,890,833    12,111,309 
Finance lease liabilities – current   170,531    198,448 
Customer deposits   236,257    424,182 
Total current liabilities   36,496,009    24,474,065 
Non-current liabilities          
Operating lease liabilities – non-current   99,268,652    37,741,370 
Finance lease liabilities – non-current   193,238    290,795 
Deferred income tax liabilities   1,470,581    735,122 
Total liabilities   137,428,480    63,241,352 
           
Commitments and contingencies          
Stockholders’ equity          
Common stock, US$0.00001 par value, 100,000,000 shares authorized, 40,000,000 issued and outstanding as of March 31, 2024 and June 30, 2023, respectively   400    400 
Additional paid-in capital   9,751,163    8,985,007 
Retained earnings   23,510,028    16,328,207 
Total stockholders’ equity   33,261,591    25,313,614 
Total liabilities and stockholders’ equity   170,690,071    88,554,966 

 

4

 

 

ARMLOGI HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED)
(US$, except share data, or otherwise noted)

 

   Three Months
Ended
March 31,
2024
   Three Months
Ended
March 31,
2023
   Nine Months
Ended
March 31,
2024
   Nine Months
Ended
March 31,
2023
 
   US$   US$   US$   US$ 
   Unaudited   Unaudited   Unaudited   Unaudited 
Revenue   38,439,935    30,133,445    121,689,863    86,961,574 
Costs of sales   35,115,736    23,855,350    105,461,383    67,959,387 
Gross profit   3,324,199    6,278,095    16,228,480    19,002,187 
                     
Operating costs and expenses:                    
General and administrative   3,269,493    3,051,137    8,097,196    6,974,146 
Total operating costs and expenses   3,269,493    3,051,137    8,097,196    6,974,146 
                     
Income from operations   54,706    3,226,958    8,131,284    12,028,041 
                     
Other (income) expenses:                    
Other income   (914,419)   (293,016)   (1,902,813)   (954,447)
Finance costs   11,041    15,650    37,779    45,885 
Total other (income) expenses   (903,378)   (277,366)   (1,865,034)   (908,562)
                     
Income before provision for income taxes   958,084    3,504,324    9,996,318    12,936,603 
                     
Current income tax expense   200,612    1,335,189    2,079,038    3,495,908 
Deferred income tax expense   75,252    (9,972)   735,459    480,002 
Total income tax expenses   275,864    1,325,217    2,814,497    3,975,910 
Net income   682,220    2,179,107    7,181,821    8,960,693 
Total comprehensive income   682,220    2,179,107    7,181,821    8,960,693 
                     
Basic & diluted net earnings per share   0.02    0.05    0.18    0.22 
Weighted average number of shares of common stock-basic and diluted   40,000,000    40,000,000    40,000,000    40,000,000 

 

5

 

 

ARMLOGI HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED)
(US$, except share data, or otherwise noted)

 

   For The
Nine Months
Ended
March 31,
2024
   For The
Nine Months
Ended
March 31,
2023
 
   US$   US$ 
   Unaudited   Unaudited 
Cash Flows from Operating Activities:        
Net income   7,181,821    8,960,693 
Adjustments for items not affecting cash:          
Net loss from disposal of fixed assets   6,895     
Depreciation of property and equipment and right-of-use financial assets   1,444,441    918,112 
Amortization   26,488    22,088 
Non-cash operating leases expense   3,450,304    266,280 
Current estimated credit loss   (22,827)    
Accretion of finance lease liabilities   37,779    45,885 
Deferred income taxes   735,459    480,002 
Interest income   (87,923)   (5,609)
Changes in operating assets and liabilities          
Accounts receivable and other receivables   (7,685,423)   (2,553,582)
Other current assets   (376,820)   (1,092,348)
Prepaid expenses   (425,146)   (318,266)
Accounts payable & accrued liabilities   (2,212,137)   571,336 
Customer deposits   (187,925)    
Income tax payable   1,907,403    2,852,182 
Accrued payroll liabilities   199,806    326,673 
Net cash provided from operating activities   3,992,195    10,473,446 
           
Cash Flows from Investing Activities:          
Purchase of property and equipment   (3,080,643)   (1,789,248)
Purchase of intangible assets       (51,464)
Loan receivable   (1,600,000)   (2,425,000)
Net cash used in investing activities   (4,680,643)   (4,265,712)
           
Cash Flows from Financing Activities:          
Net proceeds received from (repaid to) related parties   1,000    (2,503,233)
Proceeds (lend to) from related parties   511,353    (512,314)
Repayments of finance lease liabilities   (163,253)   (153,561)
Deferred issuance costs for initial public offering   (638,231)   (205,000)
Capital contributions from stockholders   466,156    350,000 
Net cash provided by (used in) financing activities   177,025    (3,024,108)
           
Net increase in cash, cash equivalents and restricted cash   (511,423)   3,183,626 
Cash and cash equivalents, beginning of year   6,558,099    2,248,760 
Cash and restricted cash, end of nine months period   6,046,676    5,432,386 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:          
Income taxes paid   (171,635)   (643,726)
NON-CASH TRANSACTIONS:          
Right-of-use assets acquired in exchange for operating lease liabilities   81,927,507    6,900,346 
IPO expenses paid by stockholders   300,000    350,000 

 

 

6

 

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Jun. 13, 2024
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Entity File Number 001-42099
Entity Registrant Name Armlogi Holding Corp.
Entity Central Index Key 0001972529
Entity Tax Identification Number 92-0483179
Entity Incorporation, State or Country Code NV
Entity Address, Address Line One 6201 Fairview Road
Entity Address, Address Line Two Suite 225
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
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