10-Q 1 eoss-20240630.htm FORM 10-Q EOS INC.
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UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
 
 
Form 10-Q
 
 
 
 
 
x
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
FOR THE QUARTERLY PERIOD ENDED:
June 30
, 2024
 
 
 
¨
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
 
 
FOR THE TRANSITION PERIOD FROM __________ TO __________
 
 
Commission File Number: 000-55661
 
 
EOS Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
 
30-0873246
(State or other jurisdiction of

incorporation or organization)
 
(I.R.S. Employer
 
Identification No.)
 
2F., No. 157, Sec. 2, Nanjing E. Rd., Zhongshan Dist., 
Taipei City 104075 Taiwan (Republic of China) 
(Address of principal executive offices, Zip Code)
 
 
+8862-2586-8300
 
(Registrant’s telephone number, including area code)
 
 
 
N/A
 
 
(Former name or former address, if changed since last report)
 
 
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
 
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
None
 
None
 
None
 
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 
x
 No 
¨
 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
x
  No 
¨
 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
 
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
x
 
Emerging growth company
x
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
¨
 
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes 
¨
 No 
x
 
 
As of 
August 19, 2024
, the number of shares of registrant’s common stock outstanding is 604,781,560.
 

 
 
 

 
 
EOS, Inc. 
 
Table of Contents
 
 
 
 
 
2
 
 
PART I — FINANCIAL INFORMATION
 
 
Item 1. Financial Statements.
 
 
The following unaudited interim condensed consolidated financial statements of EOS Inc. are included in this Quarterly Report on Form 10-Q:
 
 
INDEX TO FINANCIAL STATEMENT
 
 
 
 
 
F-1
 
 
EOS, INC. AND SUBSIDIARIES
 
Condensed Consolidated Balance Sheets
 
As of June 30, 2024 and December 31, 2023
 
(In U.S. Dollars, except share data or otherwise stated) 
Unaudited
 
 
 
 
June 30,
 
 
December 31,
 
 
 
2024
 
 
2023
 
ASSETS
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
10,703
 
 
$
14,307
 
Accounts receivable
 
 
66,590
 
 
 
224,590
 
Inventory, net
 
 
30,735
 
 
 
79,482
 
Advances to suppliers
 
 
171,243
 
 
 
161,179
 
Security deposits
 
 
8,395
 
 
 
3,802
 
Prepaid expenses and other current assets
 
 
3,162
 
 
 
3,959
 
Total Current Assets
 
$
290,828
 
 
$
487,319
 
Non-Current Assets
 
 
 
 
 
 
 
 
Property and equipment, net
 
$
5,173
 
 
$
5,660
 
Operating lease right of use asset
 
 
71,456
 
 
 
4,192
 
Total Non-Current Assets
 
$
76,629
 
 
$
9,852
 
Total Assets
 
$
367,457
 
 
$
497,171
 
LIABILITIES AND SHAREHOLDERS’ DEFICIT
 
 
Current Liabilities
 
 
 
 
 
 
 
 
Accounts payable
 
$
-
 
 
$
9,761
 
Other payable and accrued expenses
 
 
223,308
 
 
 
309,103
 
Due to shareholders
 
 
46,612
 
 
 
74,065
 
Income taxes payable
 
 
42,838
 
 
 
45,318
 
Other current liabilities
 
 
1,125,000
 
 
 
1,000,000
 
Operating lease liabilities - current
 
 
15,833
 
 
 
2,818
 
Current portion of long-term loan payables
 
 
49,887
 
 
 
53,165
 
Total Current Liabilities
 
$
1,503,478
 
 
$
1,494,230
 
Non-Current Liabilities
 
 
 
 
 
 
 
 
Long-term loan payables
 
$
36,946
 
 
$
65,210
 
Operating lease liabilities - non-current
 
 
55,623
 
 
 
1,374
 
Total Non-Current Liabilities
 
$
92,569
 
 
$
66,584
 
Total Liabilities
 
$
1,596,047
 
 
$
1,560,814
 
Commitments and Contingencies
 
 
 
 
 
 
 
 
Shareholders’ Deficit
 
 
Preferred stock ($0.001 par value, 5,000,000 shares authorized, 1,500,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)
 
$
1,500
 
 
$
1,500
 
Common stock ($0.001 par value; 1,000,000,000
shares authorized, 604,781,560 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)
 
 
604,781
 
 
 
604,781
 
Additional paid in capital
 
 
175,268
 
 
 
175,268
 
Deferred stock compensation
 
 
(40,674
)
 
 
(40,674
)
Accumulated loss
 
 
(1,996,777
)
 
 
(1,802,695
)
Accumulated other comprehensive income (loss)
 
 
27,312
 
 
 
(1,823
)
Total Shareholders’ Deficit 
 
$
(1,228,590
)
 
$
(1,063,643
)
Total Liabilities and Shareholders’ Deficit
$
367,457
 
$
497,171
  
 
F-2
 
 
EOS, INC. AND SUBSIDIARIES
 
Condensed Consolidated Statements of Operations and Comprehensive 
Loss for the Three and Six Months Ended June 30, 2024 and 2023
 
(In U.S. Dollars, except share data or otherwise stated)
 
Unaudited
 
 
 
 
Three Months Ended
 
 
Three Months Ended
 
 
Six Months Ended
 
 
Six Months Ended
 
 
 
June 30,
 
 
June 30,
 
 
June 30,
 
 
June 30,
 
 
 
202
4
 
 
202
3
 
 
202
4
 
 
202
3
 
Net sales
 
$
19,703
 
 
$
82,426
 
 
$
73,827
 
 
$
253,505
 
Cost of sales
 
 
(14,899
)
 
 
(28,530
)
 
 
(65,405
)
 
 
(86,703
)
Gross profit
 
 
4,804
 
 
 
53,896
 
 
 
8,422
 
 
 
166,802
 
Selling, general and administrative expenses
 
 
(212,877
)
 
 
(218,537
)
 
 
(418,521
)
 
 
(460,863
)
Loss from operations
 
 
(208,073
)
 
 
(164,641
)
 
 
(410,099
)
 
 
(294,061
)
Other income (expense)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest
expense
 
 
(1,092
)
 
 
(1,226
)
 
 
(1,924
)
 
 
(2,609
)
Other income
 
 
58,291
 
 
 
759
 
 
 
217,941
 
 
 
1,425
 
Total other income (expense)
 
 
57,199
 
 
 
(467
)
 
 
216,017
 
 
 
(1,184
)
Loss before income tax expense
 
 
(150,874
)
 
 
(165,108
)
 
 
(194,082
)
 
 
(295,245
 
Income tax expenses
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Net Loss
 
$
(150,874
)
 
$
(165,108
)
 
$
(194,082
)
 
$
(295,245
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
attributable to non-controlling interests
 
$
-
 
 
 
(2,882
)
 
 
-
 
 
 
(4,782
)
Net
loss
attributable to EOS and subsidiaries
 
 
(150,874
)
 
 
(162,226
)
 
 
(194,082
)
 
 
(290,463
)
Foreign currency translation adjustment, net of tax
 
 
8,542
 
 
 
8,532
 
 
 
29,135
 
 
 
7,738
 
Comprehensive loss
 
$
(142,332
)
 
$
(156,576
)
 
$
(164,947
)
 
$
(287,507
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic and diluted
 
$
(0.000
)
 
$
(0.001
)
 
$
(0.000
)
 
$
(0.002
)
Weighted average number of common shares:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic and diluted
 
 
604,781,560
 
 
 
183,781,560
 
 
 
428,008,957
 
 
 
183,781,560
 
  
 
 
F-3
 
 
EOS, INC. AND SUBSIDIARIES
 
Condensed Consolidated Statements of Changes in Shareholders’ Deficit
 
For the Six
M
onths
E
nded June 30, 2024 and 2023
 
(In U.S. Dollars, except share data or otherwise stated)
 
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
Equity
 
 
 
 
 
 
 
 
 
Common Stock
 
 
Preferred Stock
 
 
Deferred
 
 
Additional
 
 
 
 
 
other
 
 
attributable
 
 
Non-
 
 
Total
 
 
 
 
Number of
 
 
 
 
 
Number of
 
 
 
 
 
Stock
 
 
Paid-in
 
 
Accumulated
 
 
Comprehensive
 
 
to
 
 
Controlling
 
 
Shareholder’
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Compensation
 
 
Capital
 
 
los
s
 
 
Income (Loss)
 
 
EOS, Inc.
 
 
interest
 
 
 Deficit
 
Balance at December 31, 2022
 
 
183,781,560
 
 
$
183,781
 
 
 
1,500,000