6-K 1 form6-k.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of May 2024

 

 

Mobile-health Network Solutions

 

2 Venture Drive, #07-06/07 Vision Exchange

Singapore 608526

+65 6222 5223

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

 

Mobile-health Network Solutions Announces Unaudited Interim 2024 Financial Results

 

Mobile-health Network Solutions (the “Company”) (Nasdaq: MNDR), an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, today announced its unaudited financial results for the six months ended December 31, 2023. A copy of the press release relating to the above matter is set forth in Exhibit 99.1, which is being furnished herewith.

 

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Mobile-health Network Solutions and Subsidiaries
Condensed Consolidated Balance Sheets

 

  

December 31,

2023

  

June 30,

2023

 
   US$   US$ 
   (Unaudited)     
ASSETS          
Current assets          
Cash and cash equivalents   2,546,663    2,225,806 
Accounts receivable, net   171,563    74,315 
Inventories, net   219,745    146,381 
Other current assets   50,682    164,410 
Amount due from related parties   144,672    106,897 
Total current assets   3,133,325    2,717,809 
           
Non-current assets          
Property and equipment, net   185,938    178,799 
Intangible assets, net   46,150    70,783 
Operating leases right-of-use assets   373,780    393,198 
Other assets   103,783    81,950 
Total non-current assets   709,651    724,730 
           
TOTAL ASSETS   3,842,976    3,442,539 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities          
Accounts payable   1,870,666    1,358,816 
Accruals and other payables   511,887    826,167 
Amount due to officers   138,080    133,586 
Amount due to related parties   42,881    26,915 
Operating lease liabilities, current   142,100    154,604 
Income taxes payable   19,612    - 
Total current liabilities   2,725,226    2,500,088 
           
Non-current liabilities          
Amount due to officers   827,947    994,708 
Other liabilities   -    73,763 
Operating lease liabilities   236,158    241,179 
Total non-current liabilities   1,064,105    1,309,650 
           
TOTAL LIABILITIES   3,789,331    3,809,738 
           
COMMITMENTS AND CONTINGENCIES          
           
SHAREHOLDERS’ EQUITY          
Ordinary shares, Class A, $0.000004 par value, 6,250,000,000 shares authorized, 14,357,250 and 13,403,750 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively   57    53 
Ordinary shares, Class B, $0.000004 par value, 6,250,000,000 shares authorized, 12,078,250 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively   49    49 
Additional paid-in capital   10,378,791    8,496,710 
Accumulated deficit   (10,614,700)   (9,153,001)
Accumulated other comprehensive income   289,448    288,990 
Total shareholders’ equity (deficit)   53,645    (367,199)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)   3,842,976    3,442,539 

 

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Mobile-health Network Solutions and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and other Comprehensive Loss

   For the Six Months Ended
December, 31		 
   2023   2022 
   US$   US$ 
         
Revenue   6,643,842    2,988,188 
- Third parties   6,432,882    2,801,304 
- Related parties   210,960    186,884 
           
Cost   (5,435,300)   (2,608,565)
- Third parties   (5,368,240)   (2,509,230)
- Related parties   (67,060)   (99,335)
           
Gross profit   1,208,542    379,623 
           
Operating expenses:          
Salaries and benefits   (1,829,568)   (1,048,824)
Depreciation and amortization   (73,066)   (44,793)
Selling, general and administrative   (769,985)   (606,923)
Total operating expenses   (2,672,619)   (1,700,540)
           
Other income:          
Other income, net   2,378    30,852 
Total other income, net   2,378    30,852 
           
Loss before income tax expense   (1,461,699)   (1,290,065)
           
Income tax expense   -    - 
Net loss   (1,461,699)   (1,290,065)
           
Other comprehensive income:          
Foreign currency translation, net of income tax   458    250,487 
Comprehensive loss   (1,461,241)   (1,039,578)
           
Net loss per share          
Basic and diluted   (0.06)   (0.04)
           
Weighted average number of ordinary shares          
Basic and diluted   26,177,150    28,951,750 

 

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Safe Harbor Statements

 

This filing contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to execute our strategies, manage growth and maintain our corporate culture; the Company’s future business development, financial conditions and results of operations; expectations regarding demand for and market acceptance of our products and services; changes in technology; economic conditions; the growth of the telehealth solutions industry in Singapore and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Singapore and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing, other factors beyond our control and other risks contained in reports filed by the Company with the SEC. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this report and in the attachments is as of the date of this report, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

 

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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, thereunto duly authorized.

 

  Mobile-health Network Solutions
     
Date: May 20, 2024 By: /s/ Siaw Tung Yeng
  Name: Siaw Tung Yeng
  Title: Co-Chief Executive Officer

 

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EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release dated May 20, 2024

 

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