Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 95

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 95
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 July 16, 2021, the BOD and Shareholders of the Company approved the Amended and Restated Memorandum and Articles of Association of the Company and our authorized share capital currently is $...  

  Through Intelligent Living Application Group Limited in BVI, we own 100% of the equity interest in Hing Fat, Kambo Locksets, Kambo Hardware and Bamberg, and through Hing Fat, we own 100% of the...  
  On February 6, 2025, the Board of Directors (the “ Board”) of the Company, pursuant to                                                                                                                
  On February 25, 2025, Intelligent Living Application Group Inc. (the “ Company”) entered                                                                                                              

Until 2018, we have maintained a profitable
business with steady growth in our revenues and earnings. In 2018, we experienced the sudden impact caused by the tariff war between
the US and China that resulted in a decrease in or suspension of orders in late 2018 and first half of 2019. Our sales orders from
our customers in the US stabilized and recovered since the middle of 2019 as the market digested information about the tariff war.
However, our factory was temporarily closed in early 2020 and the supply chain and logistics for raw materials and delivery of
finished products were disrupted because of COVID-19. In 2022, there were outbreaks of the Omicron variant of the COVID-19 in Hong
Kong and many other cities in China, including Shenzhen, Shanghai, Guangzhou, Taiyuan, Changchun as well as Dongguan city where
Xingfa is located, and travel restrictions, mandatory COVID-19 tests, quarantine requirements and/or temporary closure of office
buildings and facilities were imposed by local governments. China eased the strict lockdown procedures in early December 2022, which
led to surge in COVID infections in December 2022 and January 2023 and caused disruption our business operations as our migrant
workers from other provinces in the manufacturing factory had to leave and go home early for the new year holidays and did not come
back until March 2023. Our recovery after COVID-19 pandemic was negatively impacted by high interest rate which has caused a slowdown
in real estate market in US, from which we generate most of our revenues. Our revenues were approximately $7.5 million and $6.4
million for the years ended December 31, 2024 and 2023, respectively.