$MALG

MICROALLIANCE GROUP INC.

CIK:0001309251|SEC Filings

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 3,776,384	$ 15,045,396	$ 14,404,949	$ 28,915,041
Cost of revenue	(1,755,692)	(4,430,256)	(4,936,469)	(8,141,174)
Gross profit	2,020,692	10,615,140	9,468,480	20,773,867
Selling and marketing expenses	(213,220)	(219,006)	(576,917)	(392,350)
General and administrative expense	(233,874)	(525,927)	(1,178,206)	(1,087,491)
Total operating expenses	(447,094)	(744,933)	(1,755,123)	(1,479,841)
Operating profit	1,573,598	9,870,207	7,713,357	19,294,026
Other income (expense), net	5,481	(2,446)	8,445	3,524
Profit before income taxes	1,579,079	9,867,761	7,721,802	19,297,550
Income taxes	(378,410)	(2,548,699)	(1,973,503)	(4,690,805)
Net profit for the period	1,200,669	7,319,062	5,748,299	14,606,745
Foreign currency translation differences	(1,838,319)	58,282	(3,444,499)	(80,149)
Total comprehensive income for the period	$ (637,650)	$ 7,377,344	$ 2,303,800	$ 14,526,596
Earnings per share:
- Basic (in Dollars per share)	$ 0.002	$ 0.012	$ 0.01	$ 0.024
- Diluted (in Dollars per share)	$ 0.002	$ 0.012	$ 0.01	$ 0.024
Weighted average number of shares used in computation:
- Basic (in Shares)	600,034,500	604,574,402	600,034,500	601,564,430
- Diluted (in Shares)	600,034,500	604,574,402	600,034,500	601,564,430

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net profit	$ 5,748,299	$ 14,606,745
Adjustments for:
Intangible assets written off	15,174
Depreciation and amortization	132,426	70,255
Changes in:
Accounts receivable	1,878,115	(1,205,866)
Other receivables	72,079	75,544
Advance to suppliers	2,223,736	(3,953,044)
Inventories	(5,615,566)	(7,092,718)
Deferred tax assets		(108,215)
Accounts payable, other payables and accruals	(282,511)	(1,029,640)
Income tax payables	(1,049,389)	939,691
Deferred revenue	(135,594)	(71,027)
Amount due from/to related parties	(138,451)	(959,679)
Net cash provided by operating activities	2,848,318	1,272,046
Cash flows from investing activities:
Additions to leasehold improvements and equipment	(1,138)	(104,739)
Additions to intangible assets	(15,386)	(61,809)
Cash acquired from business combination		48,689
Net cash used in investing activities	(16,524)	(117,859)
Effect of exchange rate changes on cash and cash equivalents	(336,396)	4,470
Net increase in cash and cash equivalents	2,495,398	1,158,657
Cash and cash equivalents at the beginning of period	1,190,465	61,517
Cash and cash equivalents at the end of the period	$ 3,685,863	$ 1,220,174

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 3,685,863	$ 1,190,465
Accounts receivable	950,768	3,012,256
Other receivables	161,631	255,729
Inventories	17,853,106	14,166,929
Advance to suppliers	8,368,392	11,676,326
Amount due from related parties	129,872	81,690
Total current assets	31,149,632	30,383,395
Non-current assets:
Leasehold improvements and equipment, net	292,328	429,500
Intangible assets	78,933	95,461
Operating lease right-of-use assets	395,002	83,957
Total non-current assets	766,263	608,918
Total assets	31,915,895	30,992,313
Current liabilities:
Accounts payable	2,317	29,048
Income tax payables	220,082	1,334,679
Other payables and accruals	207,627	481,258
Advance from customers	533,081	737,515
Amount due to related parties		79,849
Current operating lease liabilities	86,742	69,259
Total current liabilities	1,049,849	2,731,608
Non-current liabilities:
Non-current operating lease liabilities	316,239	14,698
Total non-current liabilities	316,239	14,698
Total liabilities	1,366,088	2,746,306
COMMITMENTS AND CONTINGENCIES
EQUITY (DEFICIT)
Share capital (750,000,000 shares of Common Stock, par value $0.00001 per share, authorized, of which 609,316,077 shares are issued and outstanding; and 100,000,000 shares of Series A Preferred Stock, par value $0.00001 per share, of which all 100,000,000 shares are issued and outstanding)
Series A Preferred Stock	1,000	1,000
Common Stock	6,093	6,093
Additional paid in capital	10,215,427	10,215,427
Foreign currency translation reserves	(3,218,991)	225,508
Statutory reserves	3,041,397	3,041,397
Retained earnings	20,504,881	14,756,582
Total equity	30,549,807	28,246,007
Total liabilities and equity	$ 31,915,895	$ 30,992,313