Half Year 2021 AGM Group Holdings Inc Earnings Call

Hello, ladies and gentlemen, and welcome to participate in the AGM group's first half 2021 earnings conference call.

At this time I would like to inform you that this conference is being recorded and that all participants are in a listen only mode.

Joining us today are Mr. Once your tongue N G M group co CEO, Mr. Charles Li the company's co CEO and Mr.

As Stephen said, the company's Chief Financial Officer.

First of all Chicago, Mr. Li will review all the company's key highlights.

I will review the company's financial results.

Before we begin I would like to remind you that this conference call contains forward looking statements within the meaning of the private Securities Litigation Reform Act.

Right.

All statements other than statements of historical facts in its announcement are forward looking statements.

Forward looking statements are based on the estimates and assumptions made by others.

In terms of its experience and its perception of historical trends current conditions and expected future developments as well as other factors. The company believes are relevant.

These forward looking statements involve known and unknown risks and uncertainties.

Many factors could cause the company's actual results or performance to differ materially from those expressed or implied by the forward looking statements.

Further information regarding this and other factors are included in the company's filings with the SEC.

The company undertakes no obligation to update forward looking statements.

Subsequent or current events or circumstances were due to changes in its expectation, except as maybe required by law.

I would now like to turn the call over to Mr. Tang Mr. Tang. Please go ahead.

Thank you operator, and good morning, everyone.

Thanks for joining in our first half 2021 earnings conference call today.

Before I start I would like to welcome three new members of our executive leadership team co CEO Mr. <unk>.

Yeah. So let me step what you both have box experience and industry resources chicken nights and a blockchain applications.

So newly joined CFO, Mr. Steven Sim.

Who has served in many leadership capacity audit and financial management.

For the past 15 years, including including some U S companies.

We took we look forward to leveraging all therefore broad expertise and insights and guiding to long term development of AGM Group Holdings.

So for the first half of 2021 as we were still in the business transformation.

Our revenues were derived from detail I'll pass the software that's.

Nicole support plans software customization services, and our bundled sales of product and service on these items.

Due to the net sales impact from the global COVID-19 pandemic.

We did not generate material revenue.

Are these big sponsors and.

Choose the chicken 2021.

Our partnership with <unk>, a Australia and license the.

Financial service provider for social trading and educational works. So this was delayed due to frequently our original locked down in Australia, and the China caused by the COVID-19 pandemic.

We have assumed a conversation and debate on the Wednesday.

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Australia broker and are expected to enter into a definite agreement to still do.

During the fourth quarter of 2021.

Oh I have though we are pleased of the strategic.

Iraq.

The rest is the war initiated recently.

In the past few months, we have conducted significant transformation and upgrade all of business driven by a refreshed our board of directors.

And expanded the management team.

We now have unifying leadership 40 focus onto long term goals.

That's just buying customers and delivering long term value for stockholders by.

What are you buying the companys infrastructure and technology to become one of the key suppliers kind of contribute contributors in the global blockchain ecosystem.

And with that I will turn the call over to our co CEO Mr. <unk> to provide some more detail was Oh I don't know what new strategic initiatives.

So Mr. Archie Thanks Lee.

Thanks Duane.

Every one and thank you for joining us today I am very excited to join AGM group to capture the great opportunities in the blockchain and cryptocurrency market.

I was fortunate to have entered the creep too cheap it's even just since 2013 and have participated in numerous apparently a real breakthrough within the industry.

While my specialty piece is supply chain stability for the worldwide Detroit until currency miners, which is more critical than ever given the global Covid shrinkage.

So I'm sure, we'll do per Synthes and in depth understanding of the local knowledge applications as well as a well known reputation and the extensive network with the in the industry due to the temporary the time spending the high performance computing research in the past two years.

Doctor Bourdieu Ni will be jointly responsible for the AC cheap oriented D and attributable mining equipment manufacturing and sales expanding our pro dex to reach the overseeing and teaching our clients and the net worth and the providing the innovative optimization.

<unk> solutions for these clients.

Our plan is to position AGM tool and it's an.

An integrated technology company with a lot of channel oriented ECP chip design advanced attributable minor perfection and the Fintech stopped to wear series.

Our actions included adding technology Palin sandy its purest of leaders to the organization and are launching our first in house branded AC Crypto miner, calling mine there see 16 with the best a pair of meters in this world.

We also continue to expand our blockchain and the Fintech application to actively seek opportunities to introduce blockchain based to an empty and then define technologies into either 18 products.

As part of our execution, our recent dragging partnership with high shot is aimed to expand our reach growth for both companies in the fast growing global crypto currency market by leveraging our unique jumps and assets for software development.

Nico service capabilities and the next generation high performance AC Chip design.

In order to expand blogger oriented AC cheap research and development as well as to extend the full service of crypto mining equipment manufacturing and sales.

In addition, we established a wholly owned subsidiary in Singapore, and Hong Kong for providing software development and the consulting service for Asia.

Landed two established office and the research and tourists in Hong Kong, Singapore, and those regions had clear regulatory framework towards crypto assets and the blocked him take the knowledge as well as available senior professionals.

Looking ahead, we are optimistic about the development of our new business in crypto mining equipment.

Hi, under viewpoint miners seem to United States and Canada continues to rise, we expect that our CSP 16 miners to capture a considerable amount of orders in this favorable trend as we launched yourselves in the United States, Canada and Europe.

Now I will turn the call over to our CFO, Mr. Steven scene, who will review and comment on our financial results.

Thank you James and thanks, everyone for being on the call I'm very honored to be part of the team here at the AGM.

Italy is exciting, Pennsylvania this time.

I will summarize some key financial results for the first half of 2021.

In my comments on the quarterly results are we supposed to this is not about any one that's the six months ended June 30.

Anything you want.

All comparisons are to the prior year.

And at June 30 of.

20, <unk> unless otherwise stated.

Doing it but during the first half of 'twenty 'twenty as Lindsay Oh, Yes data, we did not generate material revenues due to the negative impact from COVID-19.

Total revenues were.

<unk> $8449 derived from our retail software products technical support clients and software customization services segments.

Although we are shifting our focus to blockchain business.

Still aimed elaboration all experiences in resources, even current salt life services, because for additional support and opportunities.

Jean indicated earlier, we are seeking to expand our current fintech salt master leases the blockchain related areas.

With limited revenue generation, we're very vigilant on cost control.

All costs and expenses.

Cloth compared to the same period.

This resulted in a narrower net loss of.

507000.

Compared to 659000 for the first half of 'twenty.

Now, let's look at our balance sheet and liquidity.

At June 30th plenty plenty, one and December 31.

December 31st thing, you're thinking we had working capital of one 3 million and $3 six 6 million, respectively, including cash and cash equivalents of 461006 hundred 65000, respectively. As a result, we believe that our current cash and cash generation.

From operations will be sufficient to meet our working capital needs for at least the next 12 months.

We are not dependent upon access to borrow loans, we plan to expand our business to implement our growth strategies by Bloodying also decent strengthening our position in the marketplace.

Net cash used in operating activities was 348000, it's almost anything you want as compared to 277000 for the same period last year.

No cash spent in investing activities for the football.

Anything you want.

The net cash used in investing activities.

$7795.

Yeah.

Net cash provided by financing activities was 140 to 3000, but it.

For example, anything you want.

Impacting no cash spent in financing at the east with the same period of last year.

This concludes our fiscal 'twenty, one financial results with you.

She has a long term perspective, we bought in a new business initiatives.

And how many if any one we expect to generate majority of our revenue from crypto mining equipment sales.

<unk> launch of office.

I N decline minus <unk> 16, we have been communicating with deep institutional clients.

Increasing recognition of crypto currencies global potential by overseas, especially institutions and a substantial increase in the number of institutional players in a cryptocurrency mining business provides but they were below the market trend for us.

We continue we will continue to strengthen our cable.

Yes, it is to stabilize our production capabilities and further upgrade our technology.

In addition, we will accelerate our investment in R&D with the development of innovative and high.

All of those products.

If you have any questions.

Contact us through email.

Ah at H T M Klein Dot com.

Operator, this completes our prepared remarks, and we are now open to questions. Please go ahead.

And here if you would like to ask a question. Please press star one on your Touchtone phone.

If you're using a speaker phone we ask you. Please pickup your handset before pressing the keys.

To withdraw your question. Please press Star then two.

Once again, ladies and gentlemen that stars and Wonder if you have a question.

Okay.

Yeah.

And as a reminder, if you'd like to ask a question. Please press Star then one.

Yes.

And ladies and gentlemen at this time, we've reached the end of the question and answer session.

As you've heard me Jim Group's earnings Conference call. This concludes our call today and we thank you all for listening have a wonderful day and goodbye.

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