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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)

 

 

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SOURCE Lakeside Holding Limited

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American Pipelining Supplies (APS) Expands Offerings as Authorized U.S. Sales, Training, and Support Provider for IMS Robotics

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November 16, 2024

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ANDERSON, S.C., Nov. 15, 2024 /PRNewswire/ — American Pipelining Supplies (APS), a prominent supplier of trenchless pipeline renewal and repair solutions, proudly announces a strategic partnership with IMS Robotics. This partnership makes APS the leading provider of sales, training, services, and after-sales support for IMS Robotics, in the United States. Through this collaboration, APS is poised to elevate the standard for trenchless repair by bringing IMS’s world-class robotic technology to professionals across the nation.

APS, known for its unwavering commitment to quality and innovation, will now serve as the central hub for IMS Robotics’ state-of-the-art robotic solutions, which are designed to enhance efficiency and precision in pipeline rehabilitation. As part of this new partnership, APS will offer hands-on training, expert consultation, and dedicated after-sales support to ensure clients have everything needed for successful project implementation and maintenance.

“With our new role as the U.S. sales, and support provider for IMS Robotics, we’re excited to bring this innovative technology directly to our clients and equip them with the resources to succeed,” said Jake Saltzman – CEO of American Pipelining Supplies. “IMS Robotics’ advanced systems perfectly align with our goal of providing comprehensive trenchless solutions that improve accuracy, safety, and operational ease. Our expanded offerings mean that our customers will have direct access to cutting-edge robotic tools with training and support at every step.”

APS will conduct expert-led training programs tailored to optimize the performance of IMS’s robotic systems in the field. Additionally, APS’s dedicated service and after-sales team will support pipeline professionals with maintenance, troubleshooting, and upgrades, ensuring smooth operation and maximizing the return on investment.

“Since 1992, IMS Robotics Group has been a pioneer in developing innovative and practical solutions in modern environmental technology. As a leading global manufacturer of specialized equipment for sewer cleaning and rehabilitation, we are proud to be recognized as market leaders in house connection and main sewer milling machines. When selecting a distributor and partner to represent our products, we take great care in choosing organizations that share our commitment to quality, customer service, and industry expertise,” says Steve Webster – Managing Director of IMS Robotics USA. “In an industry where quick and reliable responses to customer needs are critical, we are proud to announce our partnership with American Pipelining Supplies (APS). Jake and his team at APS have consistently demonstrated unparalleled knowledge, dedication, and a strong understanding of our industry. Their reputation for excellence and reliability makes them an ideal partner to represent the IMS Robotics product line in both sales and service. We are excited to collaborate with APS and look forward to a long and prosperous relationship, delivering world-class solutions to meet the evolving needs of our customers.”

Through this collaboration, APS and IMS Robotics are positioned to redefine the landscape of trenchless repair, combining cutting-edge technologies with hands-on, customer-focused support. With this APS and IMS Robotics partnership, pipeline renewal and repair professionals can expect an unprecedented level of access to tools and expertise that drive efficiency and success in every project.

About American Pipelining Supplies:
Based in South Carolina, American Pipelining Supplies is a leader in the pipelining supply industry, delivering high-quality trenchless repair and pipe renewal solutions and now specializing in robotic technologies, sales, training, and support. Learn more about APS.

About IMS Robotics:
IMS Robotics is an internationally recognized innovator in robotic systems for pipeline rehabilitation, delivering robust and adaptable robotic solutions that are designed to maximize efficiency and precision in the pipeline renewal industry. Learn more about IMS.

Media Team
Public Relations
BRANDefenders Media
media@brandefenders.com

This release was issued through WebWire®. For more information, visit http://www.webwire.com.

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SOURCE American Pipelining Supplies

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Learnologyworld Launches “Pay Later” Option and Expands Online Courses

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November 16, 2024

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This move will help Learnologyworld remove financial barriers to IT certification and skill development and provide immediate access to materials with payments deferred.

LOS ANGELES, Nov. 15, 2024 /PRNewswire/ — Learnologyworld, a leading provider of affordable certification training, announces the launch of its “Pay Later” payment option. The company has also expanded its range of online courses to meet the growing demand for IT certifications. The “Pay Later” option offers students the flexibility to receive training materials immediately and pay after two days via PayPal. This ensures that learners can advance their careers even when they don’t have immediate access to funds. The goal is to provide an essential support system for learners facing financial barriers, particularly in today’s uncertain economic climate.

As job requirements in technology become more strict, IT certifications have become a vital asset to the workforce. Studies show that certified IT professionals earn, on average, 30 percent more than their non-certified peers. Certifications serve as an industry standard, providing proof of expertise to potential employers, particularly for individuals without formal degrees.

In addition, the online learning industry is projected to grow by over nine percent year over year. This flexibility and accessibility of digital platforms have made professional development attainable for individuals balancing commitments to work, family, and study. Learnologyworld’s online courses for the aforementioned IT certifications help meet those needs through a self-paced, flexible approach to certification preparation. The courses cover programming, network management, cybersecurity, and much more.

“Certifications aren’t something you just add onto your resume. They’re essential credentials for people who want to establish or advance their careers in IT,” said Manuel End, co-founder and CEO of Learnologyworld. “Our ‘Pay Later’ option helps make sure that anyone with the drive to learn can access quality education.”

Emma Müller, chief technology officer at Learnology, added, “We’re constantly looking for ways to make learning more affordable and accessible. Online learning has become one of the top ways for job seekers and full-time employees to work around their busy schedules, and our new courses will help make the most in-demand skills more accessible to those individuals.”

Learnologyworld also offers interactive study guides and personalized exam vouchers for certifications offered by renowned brands like CompTIA, LPI, CWNP, Python Institute and ISQTB. The vouchers allow students to purchase a code online and then redeem the code at an authorized testing center to take a certification test, simplifying the process of paying for tests and identifying legitimate testing centers.

About Learnologyworld

Learnologyworld is an educational platform dedicated to affordable and accessible IT certification training. Through an array of online courses, study guides, and practice exams, Learnologyworld helps aspiring IT professionals achieve their career goals. The company’s focus on flexibility and affordability has made it a trusted partner for learners around the world.

Press Contact:

Bella Rose
7402177670
https://www.learnologyworld.net/

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SOURCE Learnologyworld

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GW Allen acquires Gage Western and Allen Measurement Services

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1 hour ago

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November 16, 2024

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WACO, Texas, Nov. 15, 2024 /PRNewswire/ — GW Allen, LLC (“GW Allen” or the “Company”) announced today it has entered into two separate definitive agreements to acquire 100% of the equity interests of Gage Western, LLC and Allen Measurement Services, LLC. The acquisitions position GW Allen as one of the largest third-party meter proving service companies in the United States. Kevin Fields, a proven veteran in the measurement industry, will lead the new Company as its CEO.

Mr. Fields noted, “We are excited to announce the acquisition of two high-quality meter proving companies. These acquisitions create a larger network of measurement equipment to better serve the needs of our customers across the United States. With the quality processes of Gage Western and the customer service of Allen Measurement Services, GW Allen will strive to deliver excellence in all aspects of the measurement business.” 

GW Allen Chairman, Coleman Curry, added, “These acquisitions mark our first step in establishing a significant presence within the measurement industry. We will seek to organically expand our services offerings to include a variety of additional measurement services, including lab analysis, calibrations and software services.”

About GW Allen
GW Allen operates 15 custody transfer provers, four allocation provers and a flow loop in Midland, Texas. Headquartered in Waco, Texas, the Company employs 25 people and has plans to expand its position in the measurement sector throughout the United States. Our motto is — Excellence. Measured.

About Mr. Kevin Fields
Mr. Fields began his measurement career at Coastal Flow Measurement in 1984 where he helped grow the company from one (1) prover in 1989 to 35 provers and 55 employees in 2018 at which time the company was sold. After the successful sale, Mr. Fields served as an executive of Flow Measurement Devices, or FMD, from 2018 to 2022. Most recently Mr. Fields has supported e9 Treatments movement into the midstream industry. Mr. Fields is regarded as one of the most influential measurement executives in the industry having introduced the first portable small volume prover (Synctrak) and publishing many papers on measurement services including: Operational Experiences of Small Volume Prover, Master Meter Water Prover Calibration, and Pycnometers and Densitometer Operations.

Contact:
Mr. Kevin Fields
Chief Executive Officer
GW, Allen, LLC
Kevinfields@gw-allen.com

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SOURCE Donovan Ventures

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