Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 102

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 102
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ied on products from China to 145% which has made export of our products to the United State impossible.
We must develop markets in Asia and other regions to mitigate the natively impact caused by this tariff war. We have started research
in Thailand and Southern East Asia markets.

Results of Operations

The following table summarizes our consolidated statements
of operations for the periods indicated. This information should be read together with our CFS and related
notes included elsewhere in this report. The operating results in any period are not necessarily of the results that may be expected for
any future period.

  62  

For the years ended December 31, 2024 and 2023

                                                                                   For the years ended                                                                                     
                                                                                   December 31,                                                                                            
                                                                                   2024                                     2023                      Change                               
                                                                                   USD                                      USD                       USD                                  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Selected Consolidated Statements of Operations and Comprehensive Loss Data:                                                                                                              
  Revenues                                                                         $                         7,506,551      $          6,443,357      $            1,063,194         16.5  
  Cost of goods sold                                                                                        (5,831,949                (5,464,591                    (367,359          6.7  
  Cost of goods sold – idle capacity                                                                          (362,894                  (345,424                     (17,469          5.1  
  Gross profit                                                                                               1,311,708                   633,342                     678,366        107.1  
  Selling and marketing                                                                                     (1,102,778                   (59,841                  (1,042,937      1,742.8  
  General and administrative                                                                                (3,403,903                (4,440,314                   1,036,411        (23.3  
  Research and development                                                                                    (649,753                         —                    (649,753            —  
  Finance costs                                                                                                (25,834                   (26,935                       1,011         (4.1  
  Loss from operations                                                                                      (3,870,560                (3,893,748                      23,188         (0.6  
  Other income (expenses)                                                                                      263,487                   448,467                    (184,980        (41.2  
  Loss before provision for income taxes                                                                    (3