UNITED STATES
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: 001-41785

Able View Global Inc.

(Exact name of Registrant as specified in its charter)

Floor 16, Dushi Headquarters Building

No. 168, Middle Xizang Road

Shanghai, 200001, People’s Republic of China

+86 185 0177 0425

(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 ☐

ABLE VIEW GLOBAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2024 and December 31, 2023
(Expressed in U.S. dollar)

Able View Global Inc. (the “Company”) furnishes under the cover of Form 6-K the following:

	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	9,054,254	$	13,328,156
Accounts receivable		12,605,035		14,475,994
Prepayments and other current assets		6,754,391		3,286,579
Amount due from related parties		—		18,311
Inventories		14,177,640		17,426,085
Total Current Assets		42,591,320		48,535,125

Non-current Assets
Property and equipment, net		542,383		676,646
Right of use assets, net		1,415,033		1,680,547
Deferred tax assets		5,186,135		2,749,408
Other non-current assets		1,090,023		1,264,969
Total Non-current Assets		8,233,574		6,371,570

Total Assets	$	50,824,894	$	54,906,695

LIABILITIES AND SHAREHOLDERS’ (DEFICITS) EQUITY
Current Liabilities
Short-term borrowings	$	7,659,016	$	2,884,519
Accounts payable		1,999,864		3,647,682
Advance from customers		4,473,963		239,073
Income tax payable		2,741,088		4,887,126
Lease liabilities		752,429		761,904
Other payable and accrued expenses		2,082,543		2,680,306
Amount due to related parties		437,091		552,343
Total Current Liabilities		20,145,994		15,652,953

Lease liabilities, noncurrent		638,711		1,003,943
Amount due to related parties, non-current		23,089,960		26,414,083
Deferred tax liabilities		353,059		420,137
Long-term borrowings		2,180,694		—
Total Liabilities		46,408,418		43,491,116

Commitments and Contingencies

Shareholders’ (Deficits) Equity
Class A Ordinary Shares ($0.0001 par value, 100,000,000 shares authorized; 24,871,433 shares and 24,871,433 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)		2,487		2,487
Class B Ordinary Shares ($0.0001 par value, 500,000,000 shares authorized; 16,766,549 shares and 17,247,383 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)		1,677		1,725
Additional paid-in capital		890,143		1,755,595
Statutory reserve		158,027		158,027
Retained earnings		3,126,338		9,462,217
Accumulated other comprehensive income		237,804		35,528
Total Shareholders’ Equity		4,416,476		11,415,579

Total Liabilities and Shareholders’ (Deficits) Equity	$	50,824,894	$	54,906,695

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

ABLE VIEW GLOBAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
For the Six Months Ended June 30, 2024 and 2023
(Expressed in U.S. dollar, except for share and per share data, unless otherwise noted)

	For the Six Months Ended June 30,
	2024			2023
Revenues
- Product sales to third parties	$	62,674,078		$	81,663,901
- Product sales to related parties		77,193			—
Total revenue		62,751,271			81,663,901

Cost of revenue
- Product sales to third parties		(57,891,551	)		(61,993,686	)
- Product sales to related parties		(77,193	)		—
Total cost of revenue		(57,968,744	)		(61,993,686	)

Gross profit		4,782,527			19,670,215

Operating expenses
Selling and marketing expenses		(9,152,241	)		(9,229,698	)
General and administrative expenses		(3,647,752	)		(2,365,150	)
Total operating expenses		(12,799,993	)		(11,594,848	)

(Loss) income from operations		(8,017,466	)		8,075,367

Other income (expenses), net
Interest expenses, net		(466,351	)		(698,500	)
Other (expenses) income		(135,060	)		151,454
Foreign currency exchange loss		(174,683	)		(856,930	)
Total other expenses, net		(776,094	)		(1,403,976	)

(Loss) income before income taxes		(8,793,560	)		6,671,391

Income tax benefits (expenses)		2,457,681			(1,022,634	)

Net (loss) income		(6,335,879	)		5,648,757

Accretion of convertible redeemable preferred shares		—			(120,000	)
Net income attributable to Able View Global Inc’s preferred shareholders		—			(85,728	)
Net (loss) income attributable to Able View Global Inc’s ordinary shareholders	$	(6,335,879	)	$	5,443,029

Net (loss) income	$	(6,335,879	)	$	5,648,757

Other comprehensive income
Foreign currency translation adjustment		202,276			63,225
Comprehensive (loss) income		(6,133,603	)		5,711,982

Accretion of convertible redeemable preferred shares		—			(120,000	)
Net income attributable to Able View Global Inc’s preferred shareholders		—			(85,728	)
Comprehensive (loss) income attributable to Able View Global Inc’s ordinary shareholders	$	(6,133,603	)	$	5,506,254

(Loss) earnings per share – basic and diluted*	$	(0.15	)	$	0.14

Weighted average shares – basic and diluted*		41,755,549			37,732,310

*	Shares and per share data are presented on a retroactive basis to reflect the reverse recapitalization. (Note 1)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

ABLE VIEW GLOBAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICITS) EQUITY
For the Six Months Ended June 30, 2024 and 2023
(Expressed in U.S. dollar, except for share and per share data, unless otherwise noted)

	Class A Ordinary Shares				Class B Ordinary Shares						Additional								Accumulated other comprehensive			Total shareholders’
	Number of share*		Amount		Number of share*			Amount			paid-in capital			Statutory reserve		Retained earnings			(loss) income			equity (deficits)
Balance as of December 31, 2022		24,871,433	$	2,487		12,860,877		$	1,287		$	2,365,761		$	22,658	$	7,540		$	(4,143	)	$	2,395,590
Accretion of convertible redeemable preferred shares		—		—		—			—			—			—		(120,000	)		—			(120,000	)
Net income		—		—		—			—			—			—		5,648,757			—			5,648,757
Foreign currency translation adjustments		—		—		—			—			—			—		—			63,225			63,225
Balance as of June 30, 2023		24,871,433	$	2,487		12,860,877		$	1,287		$	2,365,761		$	22,658	$	5,536,297		$	59,082		$	7,987,572

Balance as of December 31, 2023		24,871,433	$	2,487		17,247,383		$	1,725		$	1,755,595		$	158,027	$	9,462,217		$	35,528		$	11,415,579
Repurchase and cancellation of Class B ordinary shares (Note 9)		—		—		(480,834	)		(48	)		(865,452	)		—		—			—			(865,500	)
Net loss		—		—		—			—			—			—		(6,335,879	)		—			(6,335,879	)
Foreign currency translation adjustments		—		—		—			—			—			—		—			202,276			202,276
Balance as of June 30, 2024		24,871,433	$	2,487		16,766,549		$	1,677		$	890,143		$	158,027	$	3,126,338		$	237,804		$	4,416,476

*	Shares are presented on a retroactive basis to reflect the reverse recapitalization. (Note 1)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

ABLE VIEW GLOBAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2024 and 2023
(Expressed in U.S. dollar)

	For the Six Months Ended June 30,
	2024			2023
Net cash (used in) provided by operating activities		(7,207,185	)		7,277,110

Cash flows from investing activities:
Purchase of property and equipment		(485	)		(389,506	)
Loans to third parties		—			(1,236,742	)
Advances to related parties		—			(1,885,736	)
Collection of advances from related parties		18,311			1,736,970
Net cash provided by (used in) investing activities		17,826			(1,775,014	)

Cash flows from financing activities:
Proceeds from short-term borrowings		23,750,135			40,465,351
Repayments of short-term borrowings		(18,978,992	)		(46,111,031	)
Borrowings from related parties		9,486,075			5,835,307
Repayment of short-term borrowings to related parties		(12,910,199	)		(4,212,145	)
Borrowings from a third party		2,180,694			—
Payment to repurchase of Class B ordinary shares		(865,500	)		—
Payments of dividends to shareholders		(57,552	)		(57,402	)
Payment of offering costs		—			(1,107,564	)
Net cash provided by (used in) financing activities		2,604,661			(5,187,484	)

Effect of exchange rate changes on cash and cash equivalents		310,796			61,347

Net (decrease) increase in cash and cash equivalents		(4,273,902	)		375,959
Cash and cash equivalents at beginning of period		13,328,156			5,773,380
Cash and cash equivalents at end of period	$	9,054,254		$	6,149,339

Supplemental cash flow information
Cash paid for interest expense	$	167,260		$	711,891
Cash paid for income tax	$	2,224,752		$	143,197

Noncash financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	—		$	2,480,506
Accretion of convertible redeemable preferred shares	$	—		$	120,000

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND BUSINESS DESCRIPTION

History of Able View Global Inc.

Able View Global Inc. (“Able View Global”, or the “Company”) was incorporated as a private company under the laws of Cayman Island on October 11, 2022, as a direct wholly owned subsidiary of Able View Inc. (“Ableview Cayman”). Ableview Cayman was incorporated on January 21, 2021 under the laws of the Cayman Islands as an exempted company with limited liability.

Ableview Cayman owns 100% of the equity interests of Ableview Capital Group Ltd (“Ableview BVI”), an entity incorporated under the laws of British Virgin Islands (“BVI”) on February 10, 2021.

On October 11, 2022 and October 12, 2022, Ableview Cayman set up both Able View Global and Able View Corporation Inc. (the “Merger Sub”) under the laws of the Cayman Islands as exempted companies with limited liability. Ableview Cayman owned 100% of the equity interests of Able View Global and Merger Sub.

Ableview BVI owns 100% of the equity interests of Ableview Brands Limited (“Ableview Brands”), Ableview Management Limited (“Ableview Management”), and CSS Cosmetics (Hong Kong) Limited (“CSS HK”), all are business companies incorporated in accordance with the laws and regulations of Hong Kong on February 25, 2021, May 25, 2021 and December 31, 2021, respectively.

On April 1, 2021, November 16, 2022 and March 21, 2023, Ableview Brands established Shanghai Jingyue Trading Co., Ltd. (“Shanghai Jingyue”), Shanghai Jingnan Medicial Appliances Co., Ltd. (“Shanghai Jingnan”), and Zhejiang Jingxiu Trading Co., Ltd. (“Zhejiang Jingxiu”) all of which are wholly owned subsidiaries in China. On December 7, 2022, Ableview Brands also established Healthy Great Pte. Ltd. (“Ableview Singapore”), a wholly owned subsidiary in Singapore. On January 11, 2022, Ableview Management established CSS Cosmetics (Shanghai) Limited (“CSS Shanghai”), a wholly owned subsidiary in China.

Ableview Management acquired Shanghai Jinglu Trading Co., Ltd. (“Shanghai Jinglu”) and Beijing Jingyuan Trading Co., Ltd. (“Beijing Jingyuan”) from shareholders of Ableview Cayman, and such acquisition was accounted for as acquisition under common control. Shanghai Jinglu and Beijing Jingyuan were set up in China on November 24, 2020 and October 14, 2020, respectively.

Ableview Investment Limited (“Ableview Investment”) was incorporated on October 23, 2019 under the laws of the Cayman Islands as an exempted company with limited liability. The Company commenced operations on November 18, 2015, through its subsidiaries, Able View Enterprise Limited (“Able View”) and its wholly owned subsidiary Shanghai Weitong Trading Co., Ltd. (“Weitong”). Able View is a limited liability company, which was registered and established under the laws of the Hong Kong on November 18, 2015. The PRC operating company, Weitong was incorporated as a PRC entity pursuant to PRC law on May 28, 2015 by two former shareholders. On November 21, 2017, Able View entered into a share transfer agreement with the former shareholders to acquire 100% of the equity interest of Weitong. Pursuant to the share transfer agreement, the closing date was November 21, 2017.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND BUSINESS DESCRIPTION (cont.)

Reorganization of Ableview Cayman

On April 28, 2022, Ableview Cayman entered into an equity transfer agreement with Ableview Investment and the shareholders of Ableview Investment. Pursuant to the equity transfer agreement, each of the shareholders of Ableview Investment transferred to Ableview Cayman their respective equity interests in Ableview Investment (“Equity Transfer”). Because the shareholders of Ableview Cayman and Able View Investment are of the same group, the Equity Transfer was agreed at nil consideration. Upon completion of the Equity Transfer, Ableview Investment became a direct wholly-owned subsidiary of Ableview Cayman.

On April 28, 2022, Ableview Cayman completed the reorganization of entities under common control of its then existing shareholders, who collectively owned 100% of the equity interests of Ableview Investment prior to the reorganization. Ableview Cayman, Ableview BVI, Ableview Brands, and Ableview Management were established as holding companies of Ableview Investment and its subsidiaries, and all of these entities are under common control which results in the consolidation of Ableview Investment and its subsidiaries, which have been accounted for as a reorganization of entities under common control at carrying value.

Ableview Cayman, Ableview BVI, Ableview Brands, Ableview Management and Ableview Investment and its subsidiaries (herein the subsidiaries are collectively referred to as the “Operating Subsidiaries”) are engaged in importing and selling cosmetics and other beauty products to E-commerce platforms and distributor customers.

History of HMAC

Hainan Manaslu Acquisition Corp. (“HMAC”) is a blank check company incorporated as a Cayman Islands exempted company on September 10, 2021, and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The registration statement for HMAC’s Initial Public Offering (“Initial Public Offering”) was declared effective on August 10, 2022.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND BUSINESS DESCRIPTION (cont.)

Reverse recapitalization

On August 17, 2023, Able View Global consummated the transactions contemplated by that certain Business Combination Agreement, dated as of November 21, 2022 (the “Business Combination Agreement”) modified by that certain Waiver Agreement, dated as of June 12, 2023, by and among (i) the Company, (ii) HMAC, (iii) Ableview Cayman, (iv) Merger Sub, and (v) each of the holders of Ableview Cayman’s outstanding shares (collectively, the “Sellers”).

On August 17, 2023, the closing date of the Business Combination (as defined below), pursuant to the Business Combination Agreement, (a) HMAC merged with Merger Sub, with HMAC continuing as the surviving entity in the merger (the “Merger”), as a result of which: (i) HMAC became a wholly-owned subsidiary of the Company and (ii) each issued and outstanding security of HMAC immediately prior to the consummation of the Merger was no longer outstanding and automatically cancelled, in exchange for the right of the holder thereof to receive a substantially equivalent security of the Company, and (b) the Company acquired all of the issued and outstanding shares of Ableview Cayman held by the Sellers in exchange for the Class A Ordinary Shares and Class B Ordinary Shares of the Company (“Business Combination”). As a result of the above transactions, HMAC and Ableview Cayman each became a wholly-owned subsidiary of the Company.

Upon closing of the Business Combination, the Company acquired all of the issued and outstanding securities of Ableview Cayman in exchange for (i) 24,871,433 of the Company’s Class A Ordinary Shares, (ii) 17,487,800 of the Company’s Class B Ordinary Shares, and (iii) earn out payments consisting of up to an additional 1,600,000 of the Company’s Class B Ordinary Shares if the Company’s net revenues for the year ended December 31, 2023 are equal to or in excess of $170 million, and an additional 1,600,000 of the Company’s Class B Ordinary Shares if the Company’s net revenues for the year ended December 31, 2024 are in equal to or in excess of $200 million.

After giving effect to the Business Combination and the issuance of the Class A Ordinary Shares and Class B Ordinary Shares described above, there are 24,871,433 shares of Class A Ordinary Shares issued and outstanding, and 17,487,800 shares of Class B Ordinary Shares issued and outstanding.

Able View Global has also capitalized offering cost of $3,472,759, which was recorded as reduction against additional paid-in capital.

The reverse recapitalization is equivalent to the issuance of securities by the Company for the net monetary assets of HMAC, accompanied by a recapitalization. The Company debited equity for the fair value of the net liabilities of HMAC. In the subsequent financial statements after the Business Combination, the amounts of assets and liabilities for the period before the reverse recapitalization in financial statements, are presented as the Company’s and recognized and measured at their pre-combination carrying amounts.

Disposal of HMAC

On December 18, 2023, HMAC ceased being a subsidiary of the Company as a result of it being disposed to a third party. HMAC was a holding company. The management believed the disposal of HMAC does not represent a strategic shift, in both operating and financing aspects, because it is not changing the way it is running its business. The Company has not shifted the nature of its operations or the major geographic market area. The management believed the deconsolidation of HMAC does not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. The disposal is not accounted for as discontinued operations in accordance with ASC 205-20. On closing of Business Combination with HMAC, the Company debited equity for the fair value of the net liabilities of HMAC. On disposal of HMAC, the Company credited additional paid-in capital of $472,631 from disposal of HMAC, which represented the difference between the consideration of $nil and HMAC’s net liability as of the disposal date.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

The interim unaudited condensed consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States (“US GAAP”).

The unaudited condensed consolidated financial information as of June 30, 2024 and six months ended June 30, 2024 and 2023 has been prepared pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with US GAAP, have been omitted pursuant to those rules and regulations. The unaudited interim financial information should be read in conjunction with the audited financial statements and the notes thereto for the fiscal years ended December 31, 2023 and 2022, included in the Form 20-F filed on April 30, 2024.

In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the interim periods presented. The Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the years ended December 31, 2023 and 2022.

(b) Basis of consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

All intercompany transactions and balances have been eliminated upon consolidation.

(c) Use of estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities on the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates. The Company bases its estimates on past experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are used when accounting for items and matters including, but not limited to, determinations of the useful lives and valuation of long-lived assets, allowances for credit losses for accounts receivable and other receivables, valuation of deferred tax assets, and other provisions and contingencies.

(d) Foreign currency translation

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates on the date of the balance sheet.

The reporting currency of the Company and its subsidiaries is U.S. dollars (“US$”) and the accompanying unaudited condensed consolidated financial statements have been expressed in US$.

In general, for consolidation purposes, assets and liabilities of the Company and its subsidiaries whose functional currency is not the US$, are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of the Company and its subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of shareholders’ equity.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

(d) Foreign currency translation (cont.)

Translation of amounts from HKD and RMB into US$ has been made at the following exchange rates for the respective periods:

	June 30, 2024		December 31, 2023
HKD exchange rate for balance sheet items, except for equity accounts		7.8083		7.8109
RMB exchange rate for balance sheet items, except for equity accounts		7.2672		7.0999

	For the Six Months Ended June 30,
	2024		2023
HKD exchange rate for items in the statements of operations and comprehensive (loss) income, and statements of cash flows		7.8191		7.8394
RMB exchange rate for items in the statements of operations and comprehensive (loss) income, and statements of cash flows		7.2150		6.9283

No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

(e) Accounts receivable

Accounts receivable are recorded at the gross amount less an allowance for expected credit losses and do not bear interest.

On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using the modified retrospective transition method. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption, the Company changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606, including contract assets. The adoption of the guidance had no impact on the allowance for credit losses for accounts receivable.

Upon the adoption of ASU 2016-13, the management maintains an allowance for credit losses and records the allowance for credit losses as an offset to accounts receivable and the estimated credit losses charged to the allowance is classified as “General and administrative expenses” in the unaudited condensed consolidated statements of operations and comprehensive (loss) income. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status, the age of the balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of June 30, 2024 and December 31, 2023, the Company determined no allowances for credit losses were necessary for accounts receivable.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

(f) Inventories

Inventories, consisting of cosmetics and other beauty products available for sale, are stated at the lower of cost or market. Cost of inventories is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to damaged goods and slow-moving merchandise, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write-downs are recorded in cost of revenues in the unaudited condensed consolidated statements of operations and comprehensive (loss) income. For the six months ended June 30, 2024 and 2023, the Company provided inventory writing-downs of $4,875,506 and $nil, respectively, for slow-moving cosmetics products.

(g) Revenue recognition

The Company adopted ASC 606, Revenue from Contracts with Customers (“ASC 606”) on January 1, 2017, using the modified retrospective approach. ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

In accordance with ASC 606, revenues are recognized when control of the promised products is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. The Company also evaluates whether it is appropriate to record the gross amount of product sales. When the Company is a principal, and the Company obtains control of the specified goods before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled to in exchange for the specified goods transferred. Revenues are recorded net of value-added taxes.

Sales of cosmetics and other beauty products

For the six months ended June 30, 2024 and 2023, the Company generated revenues primarily from selling cosmetics and other beauty products. The Company identifies a single performance obligation from contracts which is the sales of cosmetics and other beauty products. The Company recognizes the product revenues on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods, subject to inventory risks and has the discretion in establishing prices. The Company recognizes revenues at a point in time when the control over the cosmetics and other beauty products are transferred to customers.

The Company recognizes revenues net of return allowances and consideration payable to customers when the products are delivered and title is passed to customers. Significant judgement is required to estimate return allowances. For sales with return conditions, the Company reasonably estimates the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized. As of June 30, 2024 and December 31, 2023, the Company did not record return allowance because the Company did not expect a significant reversal in the amount of cumulative revenue.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

(g) Revenue recognition (cont.)

Provision of operation services

The Company also generated revenues from provision of operation services for online stores owned by customers. The operation services cover marketing and promotion of cosmetics products, warehouse management, logistics of products, and customer relationship services. The Company identifies a single performance obligation from contracts. The transaction price is determined by a fixed percentage of sales volume. There were no variable considerations, significant financing components or payments to customers in the agreements with customers. The Company recognizes revenues over time when service is provided. The Company has a right to considerations from the customers in an amount that corresponds directly with the value the Company's performance completed to date. The Company adopted practical expedient under ASC 606-10-55-18, and recognized revenues from provision of operation services based on amounts invoiced to the customers.

Contract balances

The Company classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Company recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of receiving consideration and it has the unconditional right to receive consideration. A contract asset is recorded when the Company has transferred services to the customer before payment is received or is due, and the Company’s right to consideration is conditional on future performance or other factors in the contract. As of June 30, 2024 and December 31, 2023, the Company did not record contract assets.

The Company capitalizes incremental costs incurred to fulfill contracts that (i) relate directly to the contract, (ii) are expected to generate resources that will be used to satisfy the performance obligation under the contract, and (iii) are expected to be recovered through revenue generated under the contract. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates. As of June 30, 2024 and December 31, 2023, the Company had no deferred contract costs.

Contract liabilities are recognized if the Company receives consideration prior to satisfying the performance obligations, which include customer advances and deferred revenue under operation service arrangements. As of June 30, 2024 and December 31, 2023, the Company had customer advances of $4,473,963 and $239,073, respectively. Customer advances of $239,073 and $219,431 as of December 31, 2023 and 2022 were recognized as revenues in the six months ended June 30, 2024 and 2023, respectively. The Company expects to recognize the customer advances of $4,473,963 as of June 30, 2024 in the twelve months ending June 30, 2025.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

(g) Revenue recognition (cont.)

For the six months ended June 30, 2024 and 2023, the Company disaggregate revenue into two revenue streams as the following table:

	For the Six Months Ended June 30,
	2024		2023
Revenues
Sales of cosmetics and other beauty products	$	60,891,362	$	79,302,579
Provision of operation services		1,859,909		2,361,322
Total revenue	$	62,751,271	$	81,663,901

The Company disaggregates revenue by timing of revenues recognition as the following table:

	For the Six Months Ended June 30,
	2024		2023
Revenues
Goods transferred at a point in time	$	60,891,362	$	79,302,579
Services transferred over time		1,859,909		2,361,322
Total revenue	$	62,751,271	$	81,663,901

(h) Recently issued accounting standards

In December 2023, the FASB issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application—General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted.

In July 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance did not have a material impact on its financial position, results of operations and cash flows.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements — codification amendments in response to SEC’s disclosure Update and Simplification initiative which amend the disclosure or presentation requirements of codification subtopic 230-10 Statement of Cash Flows—Overall, 250-10 Accounting Changes and Error Corrections— Overall, 260-10 Earnings Per Share— Overall, 270-10 Interim Reporting— Overall, 440-10 Commitments—Overall, 470-10 Debt—Overall, 505-10 Equity—Overall, 815-10 Derivatives and Hedging—Overall, 860-30 Transfers and Servicing—Secured Borrowing and Collateral, 932-235 Extractive Activities— Oil and Gas—Notes to Financial Statements, 946-20 Financial Services— Investment Companies— Investment Company Activities, and 974-10 Real Estate—Real Estate Investment Trusts—Overall. The amendments represent changes to clarify or improve disclosure and presentation requirements of above subtopics. Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. Also, the amendments align the requirements in the Codification with the SEC’s regulations. For entities subject to existing SEC disclosure requirements or those that must provide financial statements to the SEC for securities purposes without contractual transfer restrictions, the effective date aligns with the date when the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is not allowed. For all other entities, the amendments will be effective two years later from the date of the SEC’s removal.

The Company does not believe the above referenced recently issued but not yet effective accounting standards, if currently adopted, would have a material impact on its the unaudited condensed consolidated financial position, statements of operations and comprehensive (loss) income and cash flows.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

(i) Significant risks and uncertainties

1) Credit risk

Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents, accounts receivable and amounts due from related parties. The maximum exposure of such assets to credit risk is their carrying amount as at the balance sheet dates. As of June 30, 2024, the Company held cash and cash equivalents of $9,054,254, among which $7,919,359 were deposited in financial institutions located in Hong Kong, $977,198 were deposited in financial institutions located in Mainland China, and the remaining were deposited in Singapore and the United States. Each bank account in Mainland China is insured by the government authority with the maximum limit of RMB 500,000 (equivalent to approximately $69,300), while the bank accounts in Hong Kong, are not insured. To limit exposure to credit risk relating to deposits, the Company primarily place cash and cash equivalent deposits with large financial institutions in the PRC and Hong Kong which management believes are of high credit quality and the Company also continually monitors their credit worthiness.

The risk with respect to accounts receivable and amounts due from related parties is mitigated by credit evaluations the Company performs on its customers and its ongoing monitoring processes of outstanding balances.

Most of the Company’s operations are carried out in Hong Kong, while partial of the Company’s business is conducted in mainland China. As mainland China government has exerted more oversight in Hong Kong, the Company’s business, financial condition and results of income may be influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC’s economy. In addition, the Company’s business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation among other factors.

2) Foreign currency risk

Substantially all of the Company’s operating activities and the Company’s assets and liabilities are denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the Peoples’ Bank of China (“PBOC”) or other authorized financial institutions at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3. PREPAYMENTS AND OTHER ASSETS, CURRENT AND NON-CURRENT

Prepayments and other current assets consist of the following:

	June 30, 2024		December 31, 2023
Prepayments and other current assets
Prepayments to suppliers^(a)	$	3,661,313	$	1,021,007
Prepaid marketing and advertising expenses^(b)		749,938		959,479
Tax recoverable		750,469		54,794
Loans to a third party^(c)		500,218		500,051
Due from a supplier ^(d)		401,586		254,597
Compensation receivable^(e)		199,141		398,150
Others		491,726		98,501
	$	6,754,391	$	3,286,579
Other non-current assets
Long-term deposits ^(f)		1,090,023		1,214,903
Others		—		50,066
	$	1,090,023	$	1,264,969

(a)	The balances represented advances to suppliers for purchase of cosmetics and other beauty products.

(b)	The balances represented advances for purchase of online advertising services, which was generally amortized to selling and marketing expenses within three months.

(c)

During the year ended December 31, 2023, the Company made loans to certain third parties to support their working capital. The loans were interest-free and repayable on demand. As of December 31, 2023, the outstanding loans receivable from a third party amounted to $500,051.

During the six months ended June 30, 2024, the Company did not make loans to or collected loans from third parties, and the movement in the balance was due to change in exchange rates. The Company expected to collect the outstanding balance within 12 months.

(d)

To strengthen the supplier relationship, the Company assists the suppliers with online marketing campaigns to promote their products. The Company prepaid the advertising service fees to media, and charged the media cost from the suppliers. As of the date of this report, the outstanding balance as of June 30, 2024 has been fully collected.

(e)

As of June 30, 2024 and December 31, 2023, the Company had compensation receivable due from one supplier. The compensation receivable arose from quality issues of cosmetic products, and the supplier agreed to make cash compensation. For the six months ended June 30, 2024, the Company negotiated with the supplier regarding the amount of compensation and wrote off compensation receivable of $198,866.

(f)

The long-term deposits represented deposits made to certain marketplaces on which the Company sells cosmetic products. The deposits are repayable upon termination of corporation with the marketplaces. Pursuant to the agreements with marketplaces, the corporation terms were generally ranged between two and three years.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	June 30, 2024			December 31, 2023
Vehicles	$	498,635		$	510,385
Office equipment		352,917			360,740
Leasehold improvement		474,901			486,091
Less: accumulated depreciation		(784,070	)		(680,570	)
	$	542,383		$	676,646

Depreciation expense was $120,029 and $83,493 for the six months ended June 30, 2024 and 2023, respectively.

5. SHORT-TERM BORROWNGS

	June 30, 2024		December 31, 2023
Short-term borrowings from financial institutions other than banks	$	4,866,616	$	671,355
Short-term borrowings from banks		2,792,400		2,213,164
	$	7,659,016	$	2,884,519

Short-term borrowings from financial institutions other than banks

During the six months ended June 30, 2024 and 2023, the Company entered into loan agreements with one and two financial institutions, respectively. Pursuant to the loan agreements, the Company borrowed $4,859,894 and $9,732,979 from these financial institutions with maturity dates due through May 2025. The borrowings bore interest rates ranging between 6.0% and 12.3% per annum. For the six months ended June 30, 2024 and 2023, the Company repaid borrowings of $nil and $16,275,367, respectively.

Short-term borrowings from banks

In the year of 2022, the Company entered into one credit revolving loan agreement with one bank, which was subsequently renewed in May 2024. For the six months ended June 30, 2024 and 2023, the Company borrowed $18,890,241 and $30,443,701, respectively, from the bank with maturity dates due through May 2025. The borrowings bore interest rate of 3.5% per annum. For the six months ended June 30, 2024 and 2023, the Company repaid borrowings of $18,701,792 and $29,835,664, respectively, to the bank.

During the six months ended June 30, 2023, the Company entered into one additional loan agreement with another bank, pursuant to which the Company borrowed $288,671 with maturity date in March 2024. The borrowing bore interest rate of 4.0% per annum. For the six months ended June 30, 2024, the Company fully repaid the bank borrowing of $277,200 on maturity date.

ABLE VIEW GLOBAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEC Form 6-K filed by Able View Global Inc.