VS MEDIA Holdings Ltd Files 6-K with Q2 2024 Financials

TL;DR

VS MEDIA Holdings Ltd dropped its Q2 2024 6-K, showing updated financials vs. year-end 2023.

AI Summary

VS MEDIA Holdings Ltd filed a 6-K report for the period ending June 30, 2024. The filing includes financial data for the six months ended June 30, 2024, and comparative data for the fiscal year ended December 31, 2023. Key financial statement items such as common stock, additional paid-in capital, and accumulated deficit are presented for both periods.

Why It Matters

This filing provides investors with an update on VS MEDIA Holdings Ltd's financial position and performance for the first half of 2024, allowing for comparison with prior periods.

Risk Assessment

Risk Level: low — This filing is a routine financial disclosure (6-K) and does not appear to contain significant new risks or material adverse events.

Key Numbers

• Q2 2024 — Reporting Period (Financials for the six months ended June 30, 2024, are detailed.)
• 2023-12-31 — Prior Year End (Comparative financial data from the previous fiscal year-end is included.)

Key Players & Entities

• VS MEDIA Holdings Ltd (company) — Filer of the report
• 20240630 (date) — End of reporting period
• 20241223 (date) — Filing date
• 0001951294 (company) — Central Index Key for VS MEDIA Holdings Ltd

FAQ

Key Financial Figures

• $4,023,993 — June 30, 2024, we recorded a revenue of $4,023,993, representing an increase of $497,236 o
• $497,236 — $4,023,993, representing an increase of $497,236 or 14.10% from revenue of $3,526,757 fo
• $3,526,757 — e of $497,236 or 14.10% from revenue of $3,526,757 for the six months ended June 30, 2023.
• $2,161,033 — m Campaign-Based Marketing Services was $2,161,033 for the six months ended June 30, 2024,
• $1,780,085 — nths ended June 30, 2024, compared with $1,780,085 for the six months ended June 30, 2023,
• $1,318,273 — timization-Based Marketing Services was $1,318,273 for the six months ended June 30, 2024,
• $1,337,378 — nths ended June 30, 2024, compared with $1,337,378 for the six months ended June 30, 2022,
• $416,276 — ervices from Social Media Platforms was $416,276 for the six months ended June 30, 2024,
• $409,294 — nths ended June 30, 2024, compared with $409,294 for the six months ended June 30, 2023,
• $128,411 — s to creators and direct customers, was $128,411 for the six months ended June 30, 2024,
• $0 — nths ended June 30, 2024, compared with $0 for the six months ended June 30, 2023.
• $436,604 — hs ended June 30, 2024 was increased by $436,604 or 18.36% as comparable to the same per
• $60,632 — ded June 30, 2024 slightly increased by $60,632 or 5.28% as comparable to the same peri
• $3,411,389 — months ended June 30, 2024 increased to $3,411,389 compared with $2,768,829 for the compar
• $2,768,829 — 4 increased to $3,411,389 compared with $2,768,829 for the comparable period of 2023, repr

Filing Documents

• form6-k.htm (6-K) — 1153KB
• logo_001.jpg (GRAPHIC) — 4KB
• form6-k_001.jpg (GRAPHIC) — 50KB
• 0001493152-24-051829.txt ( ) — 6639KB
• vsme-20240630.xsd (EX-101.SCH) — 51KB
• vsme-20240630_cal.xml (EX-101.CAL) — 65KB
• vsme-20240630_def.xml (EX-101.DEF) — 193KB
• vsme-20240630_lab.xml (EX-101.LAB) — 347KB
• vsme-20240630_pre.xml (EX-101.PRE) — 295KB
• form6-k_htm.xml (XML) — 1153KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of December 2024 . Commission File Number: 001-41817 VS MEDIA HOLDINGS LIMITED (Translation of registrant's name into English) Ms. Nga Fan Wong, Chief Executive Officer 6/F, KOHO , 75 Hung To Road , Kwun Tong , Hong Kong Telephone: +852 2865 9992 (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 Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____ Note : Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____ Note : Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the VS MEDIA HOLDINGS LIMITED AND SUBSIDIARIES Announces Unaudited Financial Results For the Six Months Ended June 30, 2024 PRELIMINARY NOTE The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes that appear in Form 20-F filed to the SEC on April 30, 2024. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this report. All amounts included herein with respect to the six months ended June 30, 2024 and 2023 ("Interim Financial Statements") are derived from our unaudited condensed consolidated financial statements for the six months ended June 30, 2024 and 2023 included elsewhere in this report. These Interim Financial MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations For the six months ended June 30, 2024 and 2023 Six month ended June 30, Variance 2024 2023 $ % Revenues, net $ 4,023,993 $ 3,526,757 497,236 14.10 Cost of revenues (3,411,389 ) (2,768,829 ) 642,560 23.21 Gross profit 612,604 757,928 (145,324 ) (19.17 ) Marketing expenses (207,023 ) (85,043 ) 121,980 143.43 General and administrative expenses (3,378,763 ) (2,859,903 ) 518,860 18.14 Total operating expenses (3,585,786 ) (2,944,946 ) 640,840 21.76 Operating loss (2,973,182 ) (2,187,018 ) 786,164 35.95 Other income (expense) Share-based compensation (239,430 ) — 239,430 N/A Other income 1,515 15,530 (14,015 ) (90.24 ) Interest income 3,895 — 3,895 N/A Interest expense (131,271 ) (147,608 ) (16,337 ) (11.07 ) Total other expense, net (365,291 ) (132,078 ) 233,213 176.57 Loss before taxes (3,338,473 ) (2,319,096 ) 1,019,377 43.96 Provision for income taxes — — — — Net loss $ (3,338,473 ) $ (2,319,096 ) 1,019,377 43.96 Revenue We primarily generate our revenue by providing marketing services to brands and social media platforms and by selling products to our creators and customers. We recognize all our revenue on a gross basis, comprising (i) Marketing Services—service fees from brands and advertising revenue from social media platforms, which are essentially the exact amount brands and social media platforms pay us; and (ii) Social Commerce—product sales to creators and customers. Marketing Services are further subdivided into Campaign-Based Marketing Services, Optimization-Based Marketing Services and Marketing Services from Social Media Platforms. 2 We use revenue to assess our business growth, evaluate our market share, and review our scale of operations; measure our performance, identify trends affecting our business; establish our budgets, measure the effectiveness of sales and marketing, and determine our operational efficiencies. Six months ended June 30, Variance 2024 % 2023 % Amount % Campaign-B

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