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LAKESIDE HOLDING PROVIDES FIRST QUARTER OF FISCAL YEAR 2025 RESULTS

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ITASCA, Ill., Nov. 15, 2024 /PRNewswire/ — Lakeside Holding Limited (“Lakeside” or the “Company”) (Nasdaq: LSH), a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market operating under the brand American Bear Logistics (“ABL”), today announced financial results for the first quarter of fiscal 2025, ended September 30, 2024.

Q1 2025 Financial Results:

Total revenues decreased by $66,922, or 1.6%, from $4,148,476 for the three months ended September 30, 2023, to $4,081,554 for the three months ended September 30, 2024. The decrease was primarily driven by a decrease in revenues from our cross-border airfreight solutions, partially offset by an increase in revenues from our cross-border ocean freight solutions.Revenue from our cross-border airfreight solutions segment decreased by $0.2 million or 8.2%, from $2.4 million in the three months ended September 30, 2023, to $2.2 million in the three months ended September 30, 2024. The decrease was primarily due to a decrease in the volume of cross-border air freight processed, from approximately 7,816 tons for the three months ended September 30, 2023, to approximately 7,273 tons for the three months ended September 30, 2024.Revenue from our cross-border ocean freight solutions segment increased by $0.1 million, or 7.8%, from $1.7 million in the three months ended September 30, 2023, to $1.8 million in the three months ended September 30, 2024. This growth was primarily due to an increase in the volume of cross-border ocean freights processed and forwarded, rising from 1,290 TEU in the three months ended September 30, 2023, to 1,430 TEU in the three months ended September 30, 2024.

Revenues by Customer Geographic

For the three months ended September 30,

2024

2023

Revenues

Amount

% of
total
Revenues

Amount

% of
total
Revenues

Amount
Increase
(Decrease)

Percentage
Increase
(Decrease)

Asia-based
   customers

$

2,809,636

68.8

%

$

1,694,223

40.8

%

$

1,115,413

65.8

%

U.S.-
   based customers

1,271,918

31.2

%

2,454,253

59.2

%

(1,182,335)

(48.2)

%

Total revenues

$

4,081,554

100.0

%

$

4,148,476

100.0

%

$

(66,922)

(1.6)

%

Revenues from Asia-based customers increased by $1.1 million, or 65.8%, from $1.7 million in the three months ended September 30, 2023, to $2.8 million in the three months ended September 30, 2024. The increase in revenues from Asia-based customers was driven by a surge in volume from these customers, particularly those serving large e-commerce platforms. This growth reflects the rising demand for our services, a direct result of the overall expansion of the U.S. e-commerce market.Revenues from U.S.-based customers decreased by $1.2 million, or 48.2%, from $2.5 million in the three months ended September 30, 2023, to $1.3 million in the same period in 2024.Cost of revenues increased by $0.1 million, or 1.7%, from $3.5 million in the three months ended September 30, 2023, to $3.6 million in the three months ended September 30, 2024.Gross profit decreased by $0.1 million, or 19.3%, from $0.6 million in the three months ended September 30, 2023, to $0.5 million in the three months ended September 30, 2024. Our gross margin was 12.8% for the three months ended September 30, 2024, compared to 15.6% for the three months ended September 30, 2023. The decline in gross margin was primarily attributable to reduced revenue from the airfreight solutions segment and 2) an increase in our cost of revenue in warehouse services, customs declaration, and terminal charges.General and administrative expenses increased by $1.0 million, or 114.7%, from $0.9 million in the three months ended September 30, 2023, to $1.8 million in the three months ended September 30, 2024. These expenses represented 45.0% and 20.6% of our total revenues for the three months ended September 30, 2024 and 2023, respectively. The increase was primarily attributed to higher salary and employee benefit expenses, professional fees, office and travel expenses, insurance, and entertainment expenses. The increase was primarily attributed to the following:Salaries and employee benefits expenses increased by $0.3 million, or 116.9%, from $0.5 million in the three months ended September 30, 2023, to $0.8 million in the three months ended September 30, 2024. Our salaries and employee benefits expenses represented 50.3% and 66.8% of our total general and administrative expenses for the three months ended September 30, 2024, and 2023, respectively. The increase was mainly due to recruiting additional sales, customer services, and back-office support personnel to support our business growth.Professional fees increased by $0.3 million, or 1,839.6%, from $17,535 in the three months ended September 30, 2023, to $340,114 in the three months ended September 30, 2024. Our professional fee represented 18.5% and 2.0% of our total general and administrative expenses for the three months ended September 30, 2024 and 2023, respectively. The increase was primarily due to audit fees, legal fees, consulting expenses, investor-related expenses, and financial reporting service fees for the three months ended September 30, 2024. In the three months ended September 30, 2023, most expenses directly related to the offering were not included in professional fees, as they were accounted for as deferred initial public offering assets.Net loss was $1.3 million and $0.3 million for the three months ended September 30, 2024 and 2023, respectively.

Management Commentary

Henry Liu, Chairman and Chief Executive Officer of Lakeside, commented, “Our first quarter results for fiscal year 2025 reflect both ongoing growth opportunities and some temporary challenges in our cross-border airfreight segment. Although total revenue declined slightly by 1.6% compared to the same quarter last year, we achieved solid gains in cross-border ocean freight, with segment revenues increasing by 7.8% due to stronger demand from Asia-based customers. This demand surge, particularly among large e-commerce clients, affirms our strategy to focus on expanding high-growth markets and highlights the success of our operational partnerships in the region.”

“As we look ahead, we anticipate a rebound in revenue for the next quarter, driven by increased air freight demand for the upcoming holiday season as online purchases ramp up. We have expanded our production capacity to accommodate higher volumes and are prepared to meet rising customer demand efficiently. Additionally, the continued decrease in ocean freight charges is fueling import and export activities, while the broader shift toward e-commerce underscores the need for timely and competitively priced deliveries. We are confident in our ability to deliver on these needs, backed by our investments in advanced logistics technology and strategic facility expansions, including our new Dallas-Fort Worth site. We believe these efforts position us well for the quarters ahead as we strive to enhance value for our shareholders and customers, ” said Mr. Liu.

Q1 2025 Operational Highlights

In July, we closed our upsized initial public offering of 1,500,000 shares of common stock at a public offering price of $4.50 per share to the public for a total of $6,750,000 of gross proceeds to the Company before deducting underwriting discounts and offering expenses.In July, we entered into a one-year renewable agreement with a leading Asia-based e-commerce platform to provide logistics services, including freight, customs, and parcel handling. The partnership uses advanced API integration to offer real-time supply chain visibility for sellers, enhancing the customer experience.In August, we announced a partnership to provide customs brokerage services for a major social media and e-commerce platform, offering real-time logistics data through API integration. This deal streamlines customs clearance and enhances inventory and delivery visibility for platform sellers.In September, we announced the launch of a Pick & Pack Fulfillment service for a major Chinese logistics company, offering inventory management and order processing across U.S. hubs. The service improves lead times and optimizes fulfillment efficiency.In September, we announced the expansion of our Dallas-Fort Worth operations, more than doubling its space to 46,657 sq. ft. and increasing staff to meet growing demand. The new facility is equipped with advanced technology to improve logistics efficiency and support business growth.

About Lakeside Holding Limited

Lakeside Holding Limited, based in Itasca, IL, is a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market, including China and South Korea. Operating under the brand American Bear Logistics, we primarily provide customized cross-border ocean freight solutions and airfreight solutions in the U.S. that specifically cater to our customers’ requirements and needs in transporting goods into the U.S. We are an Asian American-owned business rooted in the U.S. with in-depth understanding of both the U.S. and Asian international trading and logistics service markets. Our customers are typically Asia- and U.S.-based logistics service companies serving large e-commerce platforms, social commerce platforms, and manufacturers to sell and transport consumer and industrial goods made in Asia into the U.S. For more information, please visit https://lakeside-holding.com.    

Safe Harbor Statement

This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors,” may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

Investor Relations Contact:

Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com

*** tables follow ***

LAKESIDE HOLDING LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

As of

As of

September 30,

June 30,

2024

2024

(unaudited)

(audited)

ASSETS

CURRENT ASSETS

   Cash and cash equivalent

$

2,739,275

$

123,550

   Accounts receivable – third parties, net

1,786,451

2,082,152

   Accounts receivable – related party, net

505,361

763,285

   Prepayment and other receivable

113,198

–

   Contract assets

41,301

129,506

   Due from related parties

645,318

441,279

Total current assets

5,830,904

3,539,772

NON-CURRENT ASSETS

   Investment in other entity

15,741

15,741

   Property and equipment at cost, net of accumulated depreciation

314,496

344,883

   Right of use operating lease assets

4,320,579

3,471,172

   Right of use financing lease assets

29,881

37,476

   Deferred tax asset

–

89,581

   Deferred offering costs

–

1,492,798

   Deposit and repayment

298,217

202,336

Total non-current assets

4,978,914

5,653,987

TOTAL ASSETS

$

10,809,818

$

9,193,759

LIABILITIES AND EQUITY

CURRENT LIABILITIES

   Accounts payables – third parties

$

758,963

$

1,161,858

   Accounts payables – related parties

70,872

227,722

   Accrued liabilities and other payables

869,109

1,335,804

   Current portion of obligations under operating leases

1,891,877

1,186,809

   Current portion of obligations under financing leases

34,214

37,619

   Loans payable, current

484,725

746,962

   Dividend payable

98,850

98,850

   Tax payable

79,825

79,825

   Due to shareholders

138,107

1,018,281

Total current liabilities

4,426,542

5,893,730

NON-CURRENT LIABILITIES

   Loans payable, non-current

105,166

136,375

   Obligations under operating leases, non-current

2,646,597

2,506,402

   Obligations under financing leases, non-current

13,233

17,460

Total non-current liabilities

2,764,996

2,660,237

TOTAL LIABILITIES

$

7,191,538

$

8,553,967

Commitments and Contingencies

EQUITY

Common stocks, $0.0001 par value, 200,000,000 shares authorized,
   7,500,000 and 6,000,000 issued and outstanding as of
   September 30, 2024 and June 30, 2024, respectively*

750

600

Subscription receivable

–

(600)

Additional paid-in capital

4,942,791

642,639

Accumulated other comprehensive income

15,965

2,972

Deficits

(1,341,226)

(5,819)

Total equity

3,618,280

639,792

TOTAL LIABILITIES AND EQUITY

$

10,809,818

$

9,193,759

 

 

LAKESIDE HOLDING LIMITED

CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

For the Three Months Ended
September 30,

2024

2023

Revenue from third party

$

3,599,787

$

4,054,287

Revenue from related parties

481,767

94,189

Total revenue

4,081,554

4,148,476

Cost of revenue from third party

2,994,285

2,905,597

Cost of revenue from related parties

564,730

595,336

Total cost of revenue

3,559,015

3,500,933

Gross profit

522,539

647,543

Operating expenses:

General and administrative expenses

1,837,206

855,778

Loss from deconsolidation of a subsidiary

–

73,151

Provision of allowance for expected credit loss

12,837

52,122

Total operating expenses

1,850,043

981,051

Loss from operations

(1,327,504)

(333,508)

Other income (expense):

Other income, net

109,788

46,949

Interest expense

(28,110)

(22,785)

Total other income, net

81,678

24,164

Loss before income taxes

(1,245,826)

(309,344)

Income taxes expense (recovery)

89,581

(2,059)

Net loss and comprehensive loss

(1,335,407)

(307,285)

Net loss attributable to non-controlling interest

–

(3,025)

Net loss attributable to common stockholders

(1,335,407)

(304,260)

Other comprehensive loss

Foreign currency translation gain

12,993

3,122

Comprehensive loss

(1,322,414)

(304,163)

Less: comprehensive loss attributable to non-controlling interest

–

(3,119)

Comprehensive loss attributable to the common shareholders

$

(1,322,414)

$

(301,044)

Loss per share – basic and diluted

$

(0.18)

$

(0.05)

Weighted average shares outstanding – basic and diluted*

7,500,000

6,000,000

  

 

LAKESIDE HOLDING LIMITED

CONDENSSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the Three Months Ended

September 30,

2024

2023

Cash flows from operating activities:

  Net loss

$

(1,335,407)

$

(307,285)

Adjustments to reconcile net loss to net cash provided by operating
  activities:

  Depreciation – G&A

17,995

17,995

  Depreciation – cost of revenue

18,164

18,165

  Amortization of operating lease assets

466,723

219,571

  Depreciation of right-of-use finance assets

7,595

7,332

  Provision of allowance for expected credit loss

12,837

52,122

  Deferred tax expense (benefit)

89,581

(2,059)

  Loss from derecognition of shares in subsidiary

–

73,151

Changes in operating assets and liabilities:

  Accounts receivable – third parties

282,864

(138,491)

  Accounts receivable – related parties

257,924

(65,995)

  Contract assets

88,205

26,213

  Due from related parties

(77,812)

49,182

  Prepayment, other deposit

(176,572)

2,623

  Accounts payables – third parties

(402,895)

133,904

  Accounts payables – related parties

(156,850)

141,213

  Accrued expense and other payables

(24,876)

37,739

  Operating lease liabilities

(470,260)

(225,023)

Net cash (used in) provided by operating activities

(1,402,784)

40,357

Cash flows from investing activities:

  Payment made for investment in other entity

–

(29,906)

  Net cash outflow from deconsolidation of a subsidiary (Appendix A)

–

(48,893)

  Prepayment for system installation

(32,507)

–

  Acquisition of property and equipment

(5,772)

–

Net cash used in investing activities

(38,279)

(78,799)

Cash flows from financing activities:

  Proceeds from loans

–

225,000

  Repayment of loans

(265,456)

(122,137)

  Repayment of equipment and vehicle loans

(27,990)

(29,678)

  Principal payment of finance lease liabilities

(7,632)

(6,425)

  Proceeds from initial public offering, net of share issuance costs

5,351,281

–

  Advanced to related parties

(126,227)

–

  Repayment to shareholders

(879,574)

–

Net cash provided by financing activities

4,044,402

66,760

Effect of exchange rate changes on cash and cash equivalents

12,386

3,216

Net decrease in cash and cash equivalent

2,615,725

31,534

Cash and cash equivalent, beginning of the period

123,550

174,018

Cash and cash equivalent, end of the period

$

2,739,275

$

205,552

SUPPLEMENTAL DISCLOSURES OF CASH FLOW
  INFORMATION:

  Cash paid for income tax

$

—

$

—

  Cash paid for interest

$

6,274

$

6,462

SUPPLEMENTAL SCHEDULE OF NON-CASH IN FINANCING
  ACTIVITIES

  Deferred offering costs within due to shareholders

$

—

$

230,000

NON-CASH ACTIVITIES

Right of use assets obtained in exchange for operating lease
  obligations

$

1,244,140

$

—

Right of use assets obtained in exchange for finance lease obligation

$

—

$

—

APPENDIX A – Net cash outflow from deconsolidation of a
  subsidiary

  Working capital, net

$

29,812

  Investment in other entity recognized

(15,741)

  Elimination of NCl at deconsolidation of a subsidiary

10,187

  Loss from deconsolidation of a subsidiary

(73,151)

  Cash

$

(48,893)

 

 

View original content:https://www.prnewswire.com/news-releases/lakeside-holding-provides-first-quarter-of-fiscal-year-2025-results-302307095.html

SOURCE Lakeside Holding Limited

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MINTO APARTMENT REIT ANNOUNCES NOVEMBER 2024 CASH DISTRIBUTION

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November 15, 2024

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̶  Amount represents a 3% increase from previous level  ̶

OTTAWA, ON, Nov. 15, 2024 /CNW/ – Minto Apartment Real Estate Investment Trust (the “REIT”) (TSX: MI.UN) today announced a cash distribution of $0.04333 per REIT unit for the month of November 2024. Payment will be made on December 16, 2024 to unitholders of record as at November 30, 2024.

As previously announced, the amount of the November distribution represents a 3% increase from the prior level, resulting in an increase in the annualized amount of the REIT’s distribution from $0.505 per unit to $0.52 per unit.

About Minto Apartment Real Estate Investment Trust

Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa and Calgary. For more information on Minto Apartment REIT, please visit the REIT’s website at: https://www.mintoapartmentreit.com.

Forward-Looking Statements

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the REIT’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended monthly distributions of the REIT. The forward-looking statements in this news release are based on certain assumptions, including without limitation that the REIT will have sufficient cash to pay its distributions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed and referenced under the heading “Risks and Uncertainties” in the REIT’s Q3 2024 management’s discussion and analysis dated November 12, 2024, which is available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Minto Apartment Real Estate Investment Trust

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Equinox, Inc. Provides Notification of Cybersecurity Incident

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51 minutes ago

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November 15, 2024

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ALBANY, N.Y., Nov. 15, 2024 /PRNewswire/ — Equinox, Inc. (“Equinox”), a nonprofit provider of various counseling and health services, has learned of a cybersecurity incident that involved the personal and / or protected health information belonging to certain current and former clients, and to a number of staff. On November 15, 2024, Equinox formally notified potentially affected individuals with available address information and provided resources to assist them.

On April 29, 2024, Equinox discovered unusual activity within its digital environment. Upon discovering this activity, Equinox immediately took steps to secure its systems and enlisted independent cybersecurity forensic experts to conduct an investigation. During this time, Equinox was vigilant and able to safely minimize any disruptions to its daily operations and service delivery.

As a result of an independent forensic investigation into the incident, Equinox learned that an unauthorized actor accessed and potentially acquired certain files stored within its internal systems. Following a comprehensive review of the potentially affected data, on September 16, 2024, Equinox determined that certain employee and client information may have been subject to the unauthorized access. This information varies between individuals, but may have included names, addresses, dates of birth, Social Security numbers, passport numbers, financial account information, driver’s license and/or state identification number, medical treatment or diagnosis information, health insurance information, and/or medication-related information.

Equinox has no evidence that any of the information potentially impacted in connection with this incident has been misused. Nonetheless, Equinox has implemented additional security features to help prevent similar incidents from occurring in the future. Equinox has also reported this matter to the NYS Attorney General, NYS Division of State Police, NYS Department of State’s Division of Consumer Protection, and the Federal Office of Civil Rights.

Notification letters were mailed to impacted individuals on November 15, 2024. The letters include information about this incident and about steps that potentially impacted individuals can take to monitor and help protect their personal and protected health information. Equinox has established a toll-free call center to answer questions about the incident and to address related concerns. The call center can be reached at (866) 531-3185, Monday through Friday from 9:00 AM to 9:00 PM Eastern time.

The privacy and protection of its clients and staff and their private information is a top priority of Equinox. Equinox deeply regrets any inconvenience or concern this incident may cause.

Equinox, Inc. is a human services agency with deep roots in the Capital Region dating back to 1947. Equinox provides compassionate services and life-enhancing opportunities to youth and adults—and their families—who are impacted by domestic violence, substance use and addictions, mental health disorders, homelessness, and the challenges of living amid poverty and violence.

View original content:https://www.prnewswire.com/news-releases/equinox-inc-provides-notification-of-cybersecurity-incident-302307303.html

SOURCE Equinox, Inc.

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Greenberg Traurig Helps United Way Worldwide Launch Star-Studded Hurricane Relief Benefit

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November 15, 2024

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Global law firm Greenberg Traurig, LLP provided a variety of legal support to United Way Worldwide in support of its Benefit for Hurricane Relief.

WASHINGTON, Nov. 15, 2024 /PRNewswire-PRWeb/ — Global law firm Greenberg Traurig, LLP provided a variety of legal support to United Way Worldwide in support of its Benefit for Hurricane Relief.

The one-hour special, a collaborative effort with Paramount Global that aired on CBS Television and CMT Nov. 2., brought together leading artists from across genres to mobilize communities and raise critically needed funds for relief and recovery efforts to support communities across the Southeast United States that were devastated by Hurricanes Helene and Milton.

The televised fundraising event featured performances by acclaimed artists including Brittney Spencer, Chris Janson, Clay Aiken, Jonathan McReynolds, and Tyler Hubbard. The special also included appearances by numerous entertainment industry luminaries such as the Backstreet Boys, Blake Shelton, Kelsea Ballerini, Stephen Colbert, and the Zac Brown Band, alongside community heroes Mark Starling and Tank Spencer.

The Greenberg Traurig team was led by Labor & Employment Shareholder Johnine P. Barnes in Washington, D.C., and Entertainment, Media & Sports Shareholder Paul Sarker in New York.

Learn more about the benefit event on United Way’s website.

About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 48 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2024 BTI “Leading Edge Law Firm” for delivering on client expectations for the future and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: http://www.gtlaw.com.

Media Contact

Jacob Fischler, Greenberg Traurig, LLP, +1 202.533.2373, fischlerj@gtlaw.com, https://www.gtlaw.com/en

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View original content:https://www.prweb.com/releases/greenberg-traurig-helps-united-way-worldwide-launch-star-studded-hurricane-relief-benefit-302307415.html

SOURCE Greenberg Traurig, LLP; Greenberg Traurig, LLP

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