Recon Technology, Ltd Reports Financial Results for the First Six Months of Fiscal Year 2025
PR Newswire
BEIJING, March 31, 2025
BEIJING, March 31, 2025 /PRNewswire/ -- Recon Technology, Ltd $(RCON)$ ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for the first six months of fiscal year 2025.
First Six Months of Fiscal 2025 Financial Highlights:
-- Total revenue decreased to RMB42.1 million ($5.8 million) for the six
months ended December 31, 2024, from RMB45.3 million ($6.2 million) for
the same period in 2023.
-- Gross profit increased to RMB13.4 million ($1.8 million) for the six
months ended December 31, 2024, from RMB12.1 million ($1.7 million) for
the same period in 2023.
-- Gross margin increased to 31.7% for the six months ended December 31,
2024 from 26.7% for the same period in 2023.
-- Net loss was RMB20.7 million ($2.8 million) for the six months ended
December 31, 2024, a decrease of RMB2.4 million ($0.3 million) from net
loss of RMB23.1 million ($3.2 million) for the same period of 2023.
For the Six Months Ended
December 31,
---------------------------------------------------------------------------------
(in RMB millions,
except earnings
per share;
differences due
to rounding) 2024 2023 Increase /(Decrease) Percentage Change
------------- ----------- ---------------------- -----------------
Revenue RMB 42.1 RMB 45.3 RMB (3.2) (7.0)%
Gross profit 13.4 12.1 1.3 10.3%
Gross margin 31.7% 26.7% 18.7% --
Net loss (20.7) (23.1) (2.4) (10.3)%
Net loss per share --
Basic and diluted (2.29) (8.27) 5.98 (72.3)%
Management Commentary
Mr. Shenping Yin, Founder and CEO of Recon, said, "For the six months ended December 31, 2024, our oilfield customers' production continued to increase, and demand for our automation and oilfield specialized equipment also increased, with corresponding revenue and gross profit both rising and improving. However, our revenue as a whole declined slightly due to fluctuations in demand from some of our new businesses and customers. We anticipate a steady rebound in our business and operating quality, particularly in our two core segments: digital solutions and oilfield environmental protection. As China's oil service companies are in a stage of development driven by customers' rising demand for stable production and supply and technology upgrades, we will continue to increase our investment in technology and continue to improve our long-term corporate competitiveness. In addition, our ongoing project to build a chemical recycling plant for low-value plastics made a significant breakthrough during the period. We have successfully obtained the necessary qualifications for the production and commencement of construction of the plant, which is scheduled to begin in April 2025 and enter the formal production phase in the second half of 2025."
First Six Months Fiscal 2025 Financial Results:
Revenue
Total revenues for the six months ended December 31, 2024 were approximately RMB42.1 million ($5.8 million), a decrease of approximately RMB3.2 million ($0.4 million) or 7.0% from RMB45.3 million ($6.2 million) for the same period in 2023.
-- Revenue from automation product and software increased by RMB3.4 million
($0.5 million) or 19.2%. For the six months ended December 31, 2024, the
increase in revenue from automation products and software is primarily
due to the growing market demand for automated operations.
-- Revenue from equipment and accessories decreased by RMB2.2 million ($0.3
million) or 12.2%. For the six months ended December 31, 2024, revenues
from the heating furnace category increased by RMB1.9 million compared to
the same period in 2023, driven by our oilfield customers' expanded
production capacity. Revenues from equipment used in the offshore
oilfield category decreased by RMB3.3 million, primarily due to reduced
demand from our customers. We anticipate an overall increase in revenues
from offshore customers in 2025.
-- Revenue from oilfield environmental protection decreased by RMB5.3
million ($0.7 million) or 66.2%, primarily due to the expiration of Gansu
BHD's hazardous waste operation permit during the six-month period ending
December 31, 2024. As a result, no revenue was recorded. The company is
currently engaged in the active application process for the renewal of
relevant qualifications. Besides, some customers request and we agreed to
a lower price for a portion of our wastewater business in order to
establish a long-term relationship, resulting in a decrease in revenue
from that portion of the business.
-- Revenue from platform outsourcing services increased by RMB1.0 million
($0.1 million) or 53.7%. The increase was mainly due to the rise in
transaction volumes of diesel users and the higher settlement rates with
freight trading platforms clients.
Cost of revenue
Cost of revenues decreased from RMB33.2 million ($4.5 million) for the six months ended December 31, 2023 to RMB 28.7 million ($3.9 million) for the same period in 2024.
-- For the six months ended December 31, 2023 and 2024, cost of revenue from
automation product and software was approximately RMB14.0 million and
RMB12.4 million ($1.7 million), respectively, representing a decrease of
approximately RMB1.6 million ($0.2 million) or 11.8%. The decrease in
cost of revenue from automation product and software was primarily
attributable to the proportion of operation and maintenance services,
which have lower costs.
-- For the six months ended December 31, 2023 and 2024, cost of revenue from
equipment and accessories was approximately RMB12.8 million and RMB11.2
million ($1.5 million), respectively, representing a decrease of
approximately RMB1.6 million ($0.2 million) or 12.7%. The costs of the
furnace business increased in this period due to the corresponding
increase in revenue, whereas the costs of the offshore oilfield customers
decreased in line with the decreased revenue, resulting in a reduced
total cost of sales.
-- For the six months ended December 31,2023 and 2024, cost of revenue from
oilfield environmental protection was approximately RMB6.0 million and
RMB4.9 million ($0.7 million), respectively, representing a decrease of
approximately RMB1.1 million ($0.2 million) or 19.4%. The decrease in the
cost of revenue from oilfield environmental protection was in line with
decrease in revenue.
-- For the six months ended December 31,2023 and 2024, cost of revenue from
platform outsourcing services remained stable at RMB0.3 million ($0.05
million).
Gross profit
Gross profit increased to RMB13.4 million ($1.8 million) for the six months ended December 31,2024 from RMB12.1million ($1.7 million) for the same period in 2023. Our gross profit as a percentage of revenue increased to 31.7% for the six months ended December 31, 2024 from 26.7% for the same period in 2023.
-- For the six months ended December 31, 2023 and 2024, our gross profit
from automation product and software was approximately RMB3.5 million and
RMB8.5 million ($1.2 million), respectively, representing an increase in
gross profit of approximately RMB5.0 million ($0.7 million) or 143.2%.
The increase in gross margin was primarily due to the elevated proportion
of high-margin service businesses.
-- For the six months ended December 31, 2023 and 2024, gross profit from
equipment and accessories was approximately RMB5.1 million and RMB4.5
million ($0.6 million), respectively, representing a decrease of
approximately RMB0.6 million ($0.1 million) or 10.9 %. The gross margin
for equipment and accessories has remained relatively stable in this
period.
-- For the six months ended December 31, 2023 and 2024, gross profit from
oilfield environmental protection was approximately RMB2.0 million and
negative RMB2.1 million (negative $0.3 million), respectively,
representing a decrease of RMB4.1 million ($0.6 million), or 204.8%. The
main reason for the decrease in gross margin is that one of our customers
reduced the settlement price.
-- For the six months ended December 31, 2023 and 2024, gross profit from
platform outsourcing services was approximately RMB1.5 million and RMB2.4
million ($0.3 million), respectively, representing an increase of
approximately RMB0.9 million ($0.1 million), or 63.8%, primarily due to
the increase in the settlement rate.
Operating expenses
Selling expenses increased by 13.9%, or RMB0.7 million ($0.1 million), from RMB4.6 million for the six months ended December 31, 2023 to RMB5.2 million ($0.6 million) in the same period of 2024.
General and administrative expenses increased by 9.1%, or RMB2.0 million ($0.3 million), from RMB22.0 million for the six months ended December 31, 2023 to RMB24.0 million ($3.3 million) in the same period of 2024.
The Company also recorded allowance for credit losses of RMB1.6 million for the six months ended December 31, 2023 as compared to allowance for credit losses of RMB0.9 million ($0.1 million) for the same period in 2024.
Research and development expenses increased by 50.3%, or RMB3.4 million ($0.5 million) from RMB6.8 million for the six months ended December 31, 2023 to RMB10.2 million ($1.4 million) for the same period of 2024.
Loss from operations
Loss from operations was RMB26.9 million ($3.7 million) for the six months ended December 31, 2024, compared to a loss of RMB22.8 million for the same period of 2023. This RMB4.1 million ($0.6 million) increase in operating losses was mainly driven by higher operating expenses, as previously discussed.
Change in fair value of warrant liability
The Company classified the warrants issued in connection with common share offering as liabilities at their fair value and adjusted the warrant instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. Loss in fair value changes of warrant liability was RMB1.9 million and RMB0.01 million ($0.001 million) for the six months ended December 31, 2023 and 2024, respectively. The primary reason for the decrease of loss in the fair value of the warrant liability was that on December 14, 2023, we redeemed an aggregate of 17,953,269 warrants (equivalent to 997,404 warrants post the 2024 Reverse Split) from the Sellers.
Interest income
Net interest income was RMB6.6 million ($0.9 million) for the six months ended December 31, 2024, compared to net interest income of RMB10.4 million for the same period of 2023. The RMB3.8 million ($0.5 million) decrease in net interest income was primarily due to the collection of loans to third parties and coupled with a reduction in interest rates for new loans.
Other income (expenses), net.
Other net expenses was RMB0.4 million ($0.1 million) for the six months ended December 31, 2024, compared to other net expenses of RMB8.6 million for the same period of 2023, the RMB8.2 million ($1.1 million) decrease in other net expenses was primarily due to a decrease of RMB0.1million($0.02 million) in subsidy income and a decrease in other expenses of RMB8.5 million ($1.2 million) which was partially offset by an increase loss from foreign currency of RMB0.2 million ($0.03 million). The decrease in other expenses, as we accrued RMB8.5 million ($1.2 million) estimated liability based on the potential for future significant transaction compensation in contracts to repurchase investor warrants during the six months ended December 31, 2023. For the six months ended December 31, 2024, we do not have this situation.
Net loss
As a result of the factors described above, net loss was RMB20.7 million ($2.8 million) for the six months ended December 31, 2024, a decrease of RMB2.4 million ($0.3 million) from net loss of RMB23.1 million for the same period of 2023.
Cash and short-term investment
As of June 30, 2024, we had cash in the amount of approximately RMB110.0 million ($15.1 million) and short-term investment in bank fixed income product of approximately RMB88.1 million ($12.1 million). As of December 31, 2024, we had cash in the amount of approximately RMB145.3 million ($19.9 million) and short-term investment in bank fixed income product of approximately nil.
About Recon Technology, Ltd ("RCON")
Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/.
Forward-Looking Statements
Recon includes "forward-looking statements" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as "scheduled," "may," "will," "could," "should," "would," "expect," "believe," "anticipate," "project, " "plan," "estimate," "forecast," "goal," "objective," "committed," "intend," "continue," or "will likely result," and similar expressions that concern Recon's strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon's operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under "Risk Factors" in Recon's most recent Annual Report on Form 20--F and any subsequent half-year financial filings on Form 6--K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.
RECON TECHNOLOGY, LTD
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
(UNAUDITED)
As of December
As of June 30, As of December 31, 31,
------------------- ------------------ ----------------
2024 2024 2024
------------------- ------------------ ----------------
RMB RMB US Dollars
------------------- ------------------ ----------------
ASSETS
Current assets
Cash Yen 109,991,674 Yen 145,284,391 $ 19,903,880
Restricted cash 848,936 8,123 1,113
Short-term investments 88,091,794 -- --
Notes receivable 1,341,820 3,206,733 439,321
Accounts receivable, net 38,631,762 40,366,074 5,530,129
Inventories, net 1,128,912 1,541,020 211,119
Other receivables, net 3,352,052 3,934,865 539,074
Other receivables - related
parties 275,976 279,976 38,357
Loans to third parties 208,928,370 231,952,064 31,777,302
Purchase advances, net 5,156,550 9,485,972 1,299,573
Contract costs, net 48,335,817 41,628,922 5,703,139
Prepaid expenses 401,586 696,877 95,471
Deferred offering cost -- 810,082 110,981
------------- --- ------------- ------------
Total current assets 506,485,249 479,195,099 65,649,459
Property and equipment, net 22,137,940 20,859,877 2,857,791
Construction in progress 219,132 1,144,095 156,740
Long-term loan to third parties -- 18,500,000 2,534,490
Operating lease right-of-use
assets, net (including
Yen1,769,840 and Yen1,269,146
($173,872) from related
parties as of June 30, 2024
and December 31, 2024,
respectively) 23,547,193 22,014,961 3,016,037
------------- --- ------------- ------------
Total Assets Yen 552,389,514 Yen 541,714,032 $ 74,214,517
=== ============= === ============= ============
LIABILITIES AND EQUITY
Current liabilities
Short-term bank loans Yen 12,425,959 Yen 11,582,636 $ 1,586,815
Accounts payable 10,187,518 14,100,871 1,931,811
Other payables 2,769,685 1,559,371 213,633
Other payable- related parties 2,299,069 1,787,315 244,861
Contract liabilities 1,820,481 4,098,136 561,442
Accrued payroll and employees'
welfare 3,237,164 3,416,373 468,041
Taxes payable 993,365 1,685,496 230,912
Short-term borrowings - related
parties 10,002,875 10,018,208 1,372,489
Operating lease liabilities -
current (including
Yen1,775,114 and Yen1,832,236
($251,015) from related
parties as of June 30, 2024
and December 31, 2024,
respectively) 3,741,247 3,891,976 533,198
------------- --- ------------- ------------
Total Current Liabilities 47,477,363 52,140,382 7,143,202
Operating lease liabilities -
non-current (including
Yen335,976 and Yen119,411
($16,359) from related parties
as of June 30, 2024 and
December 31, 2024,
respectively) 3,971,285 2,781,196 381,022
Long-term borrowings - related
party 10,000,000 10,000,000 1,369,994
Warrant liability - non-current 6,969 17,504 2,398
------------- --- ------------- ------------
Total Liabilities Yen 61,455,617 Yen 64,939,082 $ 8,896,616
=== ============= === ============= ============
Commitments and
Contingencies
Shareholders' Equity
Class A Ordinary Shares,
$0.0001 US dollar par value,
500,000,000 shares authorized;
7,987,959 shares and 7,987,959
shares issued and
outstanding as of June 30,
2024 and December 31, 2024,
respectively 99,634 99,634 13,650
Class B Ordinary Shares,
$0.0001 US dollar par value,
80,000,000 shares authorized;
7,100,000 shares and
20,000,000 shares issued
and outstanding as of June 30,
2024 and December 31, 2024,
respectively 4,693 14,038 1,923
Additional paid-in capital 681,476,717 686,830,523 94,095,396
Statutory reserve 4,148,929 4,148,929 568,401
Accumulated deficit (220,312,085) (240,900,414) (33,003,221)
Accumulated other comprehensive
income 37,136,649 38,344,150 5,253,127
------------- --- ------------- ------------
Total Recon Technology, Ltd'
equity 502,554,537 488,536,860 66,929,276
Non-controlling interests (11,620,640) (11,761,910) (1,611,375)
------------- --- ------------- ------------
Total shareholders' equity 490,933,897 476,774,950 65,317,901
------------- --- ------------- ------------
Total Liabilities and
Shareholders' Equity Yen 552,389,514 Yen 541,714,032 $ 74,214,517
=== ============= === ============= ============
The accompanying notes are an integral part of these unaudited condensed
consolidated interim financial statements.
RECON TECHNOLOGY, LTD CONDENSED CONSOLIDATED INTERIM STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
For the six months ended
December 31,
---------------------------------------------------
2023 2024 2024
------------------ ----------------- ------------
RMB RMB USD
------------------ ----------------- ------------
Revenue 45,256,672 42,069,270 5,763,466
Cost of revenue 33,150,930 28,714,468 3,933,866
------------ --- ------------ -----------
Gross profit 12,105,742 13,354,802 1,829,600
------------ --- ------------ -----------
Selling and
distribution expenses 4,547,115 5,177,944 709,375
General and
administrative
expenses 22,042,042 24,038,744 3,293,294
Allowance for credit
losses 1,553,364 870,714 119,287
Research and
development expenses 6,765,287 10,167,182 1,392,898
------------ --- ------------ -----------
Operating expenses 34,907,808 40,254,584 5,514,854
------------ --- ------------ -----------
Loss from operations (22,802,066) (26,899,782) (3,685,254)
------------ --- ------------ -----------
Other income
(expenses)
Subsidy income 131,428 21,045 2,883
Interest income 12,060,640 7,136,259 977,663
Interest expense (1,683,289) (580,977) (79,594)
Loss in fair value
changes of warrants
liability (1,941,195) (10,327) (1,415)
Foreign exchange
transaction loss (76,040) (313,263) (42,917)
Other expenses (8,701,288) (80,945) (11,088)
------------ --- ------------ -----------
Other income, net (209,744) 6,171,792 845,532
------------ --- ------------ -----------
Loss before income tax (23,011,810) (20,727,990) (2,839,722)
Income tax expenses 96,041 1,609 220
------------ --- ------------ -----------
Net loss (23,107,851) (20,729,599) (2,839,942)
Less: Net loss
attributable to
non-controlling
interests (553,829) (141,270) (19,354)
------------ --- ------------ -----------
Net loss
attributable to
Recon
Technology, Ltd Yen (22,554,022) Yen (20,588,329) $(2,820,588)
=== ============ === ============ ===========
Comprehensive
income (loss)
Net loss (23,107,851) (20,729,599) (2,839,942)
Foreign currency
translation
adjustment (4,609,399) 1,207,501 165,427
------------ --- ------------ -----------
Comprehensive loss (27,717,250) (19,522,098) (2,674,515)
Less: Comprehensive
loss attributable to
non- controlling
interests (553,829) (141,270) (19,354)
------------ --- ------------ -----------
Comprehensive
loss
attributable to
Recon
Technology, Ltd Yen (27,163,421) Yen (19,380,828) $(2,655,161)
=== ============ === ============ ===========
Loss per share -
basic and
diluted Yen (8.27) Yen (2.29) $ (0.31)
=== ============ === ============ ===========
Weighted - average
shares -basic and
diluted 2,728,056 8,978,328 8,978,328
============ === ============ ===========
The accompanying notes are an integral part of these unaudited
condensed consolidated interim financial statements.
RECON TECHNOLOGY, LTD
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the six months ended December 31,
----------------------------------------------------
2023 2024 2024
------------------- ----------------- ------------
RMB RMB US Dollars
------------------- ----------------- ------------
Cash flows from
operating
activities:
Net loss Yen (23,107,851) Yen (20,729,599) $(2,839,942)
Adjustments to
reconcile net loss
to net cash used in
operating
activities:
Depreciation and
amortization 1,426,971 1,724,066 236,196
Loss from disposal of
equipment 32,252 9,607 1,316
Gain in fair value changes
of warrants liability 10,461,075 10,327 1,415
Allowance for credit losses 1,553,364 870,714 119,287
Allowance for slow moving
inventories (350,637) (523,228) (71,682)
Amortization of
right-of-use assets 570,959 1,532,232 209,915
Restricted shares issued
for management and
employees 2,866,560 5,353,151 733,376
Restricted shares
issued for services 1,070,143 -- --
Accrued interest income
from loans to third
parties (4,415,298) (6,779,697) (928,815)
Accrued interest
income from
short-term
investment (2,352,250) -- --
Changes in operating
assets and
liabilities:
Notes receivable (8,790,327) (1,864,913) (255,492)
Accounts receivable (4,412,034) (3,348,819) (458,786)
Inventories 4,863,435 (718,490) (98,433)
Other receivables 5,465,227 (358,057) (49,051)
Other receivables-related
parties -- (4,000) (548)
Purchase advances 558,040 81,256 11,132
Contract costs 10,442,916 8,057,774 1,103,911
Prepaid expense 54,734 (295,291) (40,455)
Operating lease liabilities (2,027,067) (1,039,360) (142,392)
Accounts payable 1,271,140 3,913,353 536,127
Other payables (4,103,150) (1,194,817) (163,689)
Other payables-related
parties (383,378) (511,754) (70,110)
Contract liabilities 2,140,385 2,277,655 312,037
Accrued payroll and
employees' welfare 17,399 179,209 24,552
Taxes payable 537,591 691,901 94,790
------------- --- ------------ -----------
Net cash used in operating
activities (6,609,801) (12,666,780) (1,735,341)
------------- --- ------------ -----------
Cash flows from
investing
activities:
Purchases of property and
equipment (216,082) (455,380) (62,387)
Proceeds from
disposal of
equipment 20,000 -- --
Purchase of land use
right (15,000,251) -- --
Collection of loans to
third parties 44,613,948 2,904,352 397,895
Payments made for loans to
third parties (16,600,000) (36,897,900) (5,054,992)
Payments and prepayments
for construction in
progress -- (5,337,873) (731,286)
Payments for
short-term
investments (131,598,400) -- --
Redemption of short-term
investments 180,338,865 88,892,092 12,178,167
------------- --- ------------ -----------
Net cash generated by
investing activities 61,558,080 49,105,291 6,727,397
------------- --- ------------ -----------
Cash flows from
financing
activities:
Repayments of short-term
bank loans (123,000) (843,487) (115,557)
Proceeds from
short-term
borrowings-related
parties 10,000,000 -- --
Repayments of
short-term
borrowings-related
parties (10,018,222) -- --
Deferred offering costs -- (810,082) (110,981)
Redemption of
warrants (31,866,604) -- --
Capital contribution by
controlling shareholders -- 10,000 1,370
------------- --- ------------ -----------
Net cash used in financing
activities (32,007,826) (1,643,569) (225,168)
------------- --- ------------ -----------
Effect of exchange rate
fluctuation on cash and
restricted cash (5,945,117) (343,038) (46,996)
------------- --- ------------ -----------
Net increase in cash and
restricted cash 16,995,336 34,451,904 4,719,892
Cash and restricted cash at
beginning of period 104,857,345 110,840,610 15,185,101
------------- --- ------------ -----------
Cash and restricted
cash at end of
period Yen 121,852,681 Yen 145,292,514 $ 19,904,993
=== ============= === ============ ===========
Supplemental cash
flow information
Cash paid during the
period for interest Yen 468,440 Yen 518,086 $ 133,730
=== ============= === ============ ===========
Cash paid during the
period for taxes Yen 16,505 Yen 1,363,403 $ 294,729
=== ============= === ============ ===========
Reconciliation of
cash and restricted
cash, beginning of
period
Cash Yen 104,125,800 Yen 109,991,674 $ 15,068,797
Restricted cash 731,545 848,936 116,304
------------- --- ------------ -----------
Cash and restricted
cash, beginning of
period Yen 104,857,345 Yen 110,840,610 $ 15,185,101
=== ============= === ============ ===========
Reconciliation of
cash and restricted
cash, end of period
Cash Yen 121,848,777 Yen 145,284,391 $ 19,903,880
Restricted cash 3,904 8,123 1,113
------------- --- ------------ -----------
Cash and restricted
cash, end of period Yen 121,852,681 Yen 145,292,514 $ 19,904,993
=== ============= === ============ ===========
Non-cash investing
and financing
activities
Right-of-use assets
obtained in exchange
for operating lease
obligations Yen 298,783 Yen -- $ --
The accompanying notes are an integral part of these unaudited condensed
consolidated interim financial statements.
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SOURCE Recon Technology, Ltd
/CONTACT: The Company Ms. Liu Jia Chief Financial Officer Recon Technology, Ltd Phone: +86 (10) 8494-5799 Email: info@recon.cn
(END) Dow Jones Newswires
March 31, 2025 16:30 ET (20:30 GMT)
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