Business
TAOP Reports Financial Results for the Six Months Ended June 30, 2020
SHENZHEN, China, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP), a leading provider of internet-based smart display screens, and a new-media
About this update from Taoping Inc.
[{"type":"text","content":"SHENZHEN, China, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP), a leading provider of internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, today announced its unaudited financial results for the six months ended June 30, 2020.\n Revenue was $3.7 million for the first six months of 2020, a decrease of $3.4 million, compared to $7.1 million for the same period last year. The decrease in sales is largely due to the impact of the COVID-19 pandemic and an unfavorable macro environment in China for the first half year of 2020. The Company incurred a loss from operations of $7.5 million for the first six months of 2020, compared to a loss from operations of $2.2 million for the same period of last year. The increase in loss from operations in the first half of 2020 was mainly attributed to an increase of $5.8 million in allowance for credit losses. Net loss attributable to the Company was $7.7 million for the first six months of 2020, compared to a net loss attributable to the Company of $1.8 million for the same period of last year. The net loss was mainly attributed to the loss from operations. Loss per share was $1.12 for the first six months of 2020, compared to loss per share of $0.24 for the same period of 2019. On July 30, 2020, the Company implemented a one-for-six reverse stock split of the Company’s ordinary shares. The basic and diluted loss per share were retroactively adjusted for all periods presented. Net cash used in operating activities was $1.2 million for the first six months of 2020, compared to net cash used in operating activities of $0.8 million for the first six months of 2019. For the first six months of 2020, negative operating cash flow was mainly attributable to the increased net loss, increase in advances to suppliers and decrease in accounts payable. Working capital deficit was $10.0 million as of June 30, 2020, compared to working capital deficit of $7.0 million as of December 31, 2019. “In first half of 2020, the new-media industry of China experienced a slowdown attributed to the unfavorable macro environment and COVID-19. Recognizing various challenges during this period, we moved quickly to enhance liquidity by raising additional capital and extending bank loans, reduce expense base and cash outflows to further our commit...