JL 6-K 2024 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13a-16

OR 15d-16 UNDER THE SECURITIES EXCHANGE ACTOF 1934

March 27, 2024.

Commission File Number 001-41901

J-Long Group Limited

(Registrant’s Name)

Flat F, 8/F, Houston Industrial Building32-40 Wang Lung Street, Tsuen WanNew Territories, Hong Kong

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS REPORT ONFORM 6-K

Press Release

On March 25, 2024, J-Long Group Limited announced its interim financial results as of and for the six-month period ended September 30, 2023 (“Interim Results”).

The information disclosed under on this Form 6-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as expressly set forth in such filing.

A copy of the press release announcing the Interim Results is included as Exhibit 99.1 to this Form 6-K.

Interim Financial Report

REPORT ON FORM 6-K FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2023

	Page
Unaudited<br> Consolidated Balance Sheet as of September 30, 2023 and Audited Consolidated Balance Sheet as of March 31, 2023	2
Unaudited<br>Consolidated Statements of Income and Comprehensive Income for the Six-Month Periods Ended September 30, 2023 and 2022	3

J-LONG GROUP LIMITED UNAUDITED CONSOLIDATED BALANCE SHEETS


		September 30,
		2023

		(Unaudited)
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net
Accounts receivable, net – related parties
Investment in marketable debt securities
Inventories
Notes receivable
Prepaid expenses and other current assets, net
Due from related parties
Total current assets
Property, plant and equipment, net
Right-of-use assets – Operating lease
Deferred cost
Deferred tax assets
Total non-current assets
TOTAL ASSETS
Liabilities
Current liabilities:
Bank loans – current
Operating lease liabilities – current
Operating lease liabilities – current – related parties
Accounts payable, accruals and other current liabilities
Accounts payable – related parties
Contract liabilities
Due to related parties
Income taxes payable
Total current liabilities
Non-current liabilities
Bank loans – non-current
Operating lease liabilities – non-current – related parties
Total non-current liabilities
TOTAL LIABILITIES
Commitments and contingencies
Shareholders’ equity
Ordinary shares US0.0000375 par value each; 1,360,000,000 shares authorized; 30,000,000 shares issued and outstanding
Additional Paid-in Capital
Accumulated other comprehensive income/(loss)	)		)
Retained earnings
Total shareholders’ equity
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

All values are in US Dollars.

J-LONG GROUP LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

	For the six months ended September 30,
	2022		2023

	(Unaudited)		(Unaudited)
Revenues
Cost of sales
Gross profit
Operating expenses:
Selling and marketing expenses
General and administrative expenses
Total operating expenses
Income from operations
Other income (expenses):
Other income (expenses)
Currency exchange gain
Interest (expenses) income, net		)		)
Total other income (expense)
Income before tax expense
Income tax expense
Net income
Other comprehensive income/(loss)
Unrealized gain (losses) on investment in marketable debt securities, net of tax
Total comprehensive income
Net income per share attributable to ordinary shareholders
Basic and diluted
Weighted average number of ordinary shares used in computing net income per share
Basic and diluted

All values are in US Dollars.

Management’s Discussion and Analysis of Results of Operationsand Liquidity and Capital Resources

Overview:

●	Revenue<br> was approximately US$14.6 million for the six months ended September 30, 2023, representing<br> a decrease of approximately 34.9% from the same period in 2022.
●	Net income was approximately US$1.4 million for the six months ended September 30, 2023 (2022: approximately<br> US$3.4 million).
---	---

SixMonth Financial Results Ended September 30, 2023

Revenue. Revenue decreased by approximately 34.9% from approximately US$22.4 million for the six months ended September 30, 2022, to approximately US$14.6 million for the six months ended September 30, 2023. During the six months ended September 30, 2023, revenue decreased mainly due to a decrease in the sales of heat transfers of approximately US$11.8 million from the same period in 2022 that was set off by an increase in the sales of the other products of approximately US$4 million.

Selling, general and administrative expenses. Selling, general and administrative expenses increased by approximately 22% from approximately US$2.0 million for the six months ended September 30, 2022 to approximately US$2.4 million for the six months ended September 30, 2023, which was mainly due to (i) an increase in payroll to our staff and fees to our directors; (ii) increase in depreciation of right-of-use due to an increase of rental fee for the warehouses and offices.

Other income, net. Other net income decreased by approximately US$0.1 million from approximately US$0.3 million for the six months ended September 30, 2022 to approximately US$0.2 million for the six months ended September 30, 2023, which was mainly due to the subsidy from the Employment Support Scheme launched by the Hong Kong government received during 30 September 2022.

Income tax expense. Income tax expense decreased to US$0.3 million for the for the six months ended September 30, 2023 (six months ended September 30, 2022: approximately US$0.7 million) which was mainly due to the decrease in net income.

Net income. Net income decreased by approximately US$2.0 million to approximately US$1.4 million, which was mainly due to the decrease in revenue.

Basic and diluted EPS. Basic and diluted EPS were approximately US$0.05 per ordinary share for the six months ended September 30, 2023, as compared to US$0.11 per ordinary share for the six months ended September 30, 2022, respectively.

Liquidity and Capital Resources

As of September 30, 2023, the Company had cash of US$768,159, total current assets of $17,018,359, and total current liabilities of US$6,259,310. Net current assets were US$10,759,049 and working capital ratio was 0.36. As of September 30, 2023, the Company’s total assets and total liabilities amounted to US$20,753,700 and US$7,986,428, respectively. As of September 30, 2023, the Company’s total stockholder’s equity amounted to US$12,767,272 and its gearing ratio (bank loan divided by stockholder’s equity) was 18.3%.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, credit risk support, or other benefits.

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated March 25, 2024

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

J-Long Group Limited
By:	/s/ Edwin Wong
Name:	Edwin Wong
Title:	Chief Executive Officer and Director

Date: March 27, 2024

Exhibit 99.1

J-Long Group Limited Announces First Half2024 Unaudited Financial Results

HONG KONG, March 25, 2024 (GLOBE NEWSWIRE) -- J-Long Group Limited (“JL” or the “Company”) (NASDAQ: JL), JL conducts its primary operations of appareltrims solution services in Hong Kong, today announced its unaudited financial results for the six months ended September 30, 2023.

Overview:

●	Revenue<br> was approximately US$14.6 million for the six months ended September 30, 2023, representing<br> a decrease of approximately 34.9% from the same period in 2022.
●	Net income was approximately US$1.4 million for the six months ended September 30, 2023 (2022: approximately<br> US$3.4 million).
---	---

Six Month Financial Results Ended September30, 2023

**Revenue.**Revenue decreased by approximately 34.9% from approximately US$22.4 million for the six months ended September 30, 2022, to approximately US$14.6 million for the six months ended September 30, 2023. During the six months ended September 30, 2023, revenue decreased mainly due to a decrease in the sales of heat transfers of approximately US$11.8 million from the same period in 2022 that was set off by an increase in the sales of the other products of approximately US$4 million.

**Selling, general and administrative expenses.**Selling, general and administrative expenses increased by approximately 22% from approximately US$2.0 million for the six months ended September 30, 2022 to approximately US$2.4 million for the six months ended September 30, 2023, which was mainly due to (i) an increase in payroll to our staff and fees to our directors; (ii) increase in depreciation of right-of-use due to an increase of rental fee for the warehouses and offices.

**Other income, net.**Other net income decreased by approximately US$0.1 million from approximately US$0.3 million for the six months ended September 30, 2022 to approximately US$0.2 million for the six months ended September 30, 2023, which was mainly due to the subsidy from the Employment Support Scheme launched by the Hong Kong government received during 30 September 2022.

**Income tax expense.**Income tax expense decreased to US$0.3 million for the for the six months ended September 30, 2023 (six months ended September 30, 2022: approximately US$0.7 million) which was mainly due to the decrease in net income.

Net income. Net income decreased by approximately US$2.0 million to approximately US$1.4 million, which was mainly due to the decrease in revenue.

Basic and diluted EPS. Basic and diluted EPS were approximately US$0.05 per ordinary share for the six months ended September 30, 2023, as compared to US$0.11 per ordinary share for the six months ended September 30, 2022, respectively.

Liquidity and Capital Resources

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, credit risk support, or other benefits.

About J-Long Group Limited

J-Long Group Limited is an established distributor in Hong Kong of reflective and non-reflective garment trims including, among others, heat transfers, fabrics, woven labels and tapes, sewing badges, piping, zipper pullers and drawcords. The Company offer a wide range of services to cater to customers’ needs in reflective and non-reflective garment trims, including market trend analysis, product design and development and production and quality control. For more information, visit the Company’s website at http://j-long.com.

Safe Harbor Statement

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify 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. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

Hong Kong:

J-Long Group Limited

Edwin Wong, CEO and Director

[email protected] +852 3693 2110

J-LONG GROUP LIMITED UNAUDITED CONSOLIDATED BALANCE SHEETS

		September 30,
		2023

		(Unaudited)
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net
Accounts receivable, net – related parties
Investment in marketable debt securities
Inventories
Notes receivable
Prepaid expenses and other current assets, net
Due from related parties
Total current assets
Property, plant and equipment, net
Right-of-use assets – Operating lease
Deferred cost
Deferred tax assets
Total non-current assets
TOTAL ASSETS
Liabilities
Current liabilities:
Bank loans – current
Operating lease liabilities – current
Operating lease liabilities – current – related parties
Accounts payable, accruals and other current liabilities
Accounts payable – related parties
Contract liabilities
Due to related parties
Income taxes payable
Total current liabilities
Non-current liabilities
Bank loans – non-current
Operating lease liabilities – non-current – related parties
Total non-current liabilities
TOTAL LIABILITIES
Commitments and contingencies
Shareholders’ equity
Ordinary shares US0.0000375 par value each; 1,360,000,000 shares authorized; 30,000,000 shares issued and outstanding
Additional Paid-in Capital
Accumulated other comprehensive income/(loss)	)		)
Retained earnings
Total shareholders’ equity
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

All values are in US Dollars.

J-LONG GROUP LIMITED<br> UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
	For the six months ended September 30,
	2022		2023

	(Unaudited)		(Unaudited)
Revenues
Cost of sales
Gross profit
Operating expenses:
Selling and marketing expenses
General and administrative expenses
Total operating expenses
Income from operations
Other income (expenses):
Other income (expenses)
Currency exchange gain
Interest (expenses) income, net		)		)
Total other income (expense)
Income before tax expense
Income tax expense
Net income
Other comprehensive income/(loss)
Unrealized gain (losses) on investment in marketable debt securities, net of tax
Total comprehensive income
Net income per share attributable to ordinary shareholders
Basic and diluted
Weighted average number of ordinary shares used in computing net income per share
Basic and diluted

All values are in US Dollars.