Golden Bull Limited Reports Unaudited Twelve Months Ended December 31, 2019 Financial Results

News provided by

Golden Bull Limited

Mar 24, 2020, 22:36 ET

BEIJING, March 24, 2020 /PRNewswire/ -- Golden Bull Limited (NASDAQ: DNJR) ("Golden Bull" or the "Company"), formerly an online finance marketplace, or "peer-to-peer" ("P2P") lending company in China that provided borrowers access to short-term loans today announced its unaudited financial results for the twelve months ended December 31, 2019. The filing date for audited financial statements is April 30, 2020 unless extended for the effects of coronavirus. As previously announced, the Company shut down its peer-to-peer lending business and is commencing operations in the auto rental business and bitcoin mining business.

In order to remain in compliance with NASDAQ's Minimum Bid Price requirement, the Company will effect a reverse stock split if necessary.

Twelve Months Ended December 31, 2019 Financial Highlights (all comparable to the prior year period):

  • Total revenues for the twelve months ended December 31, 2019 decreased by 41.8% to approximately $4.6 million from approximately $7.9 million for the twelve months ended December 31, 2018.
  • Net loss for the twelve months ended December 31, 2019 increased by 97.1% to approximately $6.9 million from approximately $3.5 million for twelve months ended December 31, 2018.

GOLDEN BULL LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)



December 31,

December 31,


2019

2018


USD

USD






CURRENT ASSETS




     Cash and cash equivalents

34,485

2,334,425

     Other receivables

1,893,080

142,255

     Prepaid costs and expenses


3,187,052

          Total current assets

1,927,565

5,663,732






PROPERTY AND EQUIPMENT, NET

683,626

723,777






OTHER ASSETS






     Restricted cash

600,000

600,000

     Deposits for rental vehicles

3,246,277

2,482,592

     Deposits for property and equipment

110,000


     Prepaid expenses

-

2,200,506

     Deferred tax assets

-

810,863

          Total other assets

3,956,277

6,093,961






Total assets

6,567,468

12,481,470






CURRENT LIABILITIES




Other payables and accrued liabilities

1,622,755

355,434

Taxes payable

(233,447)

47,785








December 31,

December 31,


2019

2018


USD

USD






Total current liabilities

1,389,308

403,219






NON CURRENT LIABILITIES




     Long term payable

120,000


Total Non current liabilities

120,000








Total liabilities

1,509,308

403,219






COMMITMENTS AND CONTINGENCIES










SHAREHOLDERS' EQUITY




     Common shares, $0.01 par value, 50,000,000 shares authorized, 14,899,185 and 13,000,000



          shares issued and outstanding of December 31, 2018 and December 31,
           2017*

148,992

148,992

     Shares subscription receivables

(45,457)

(45,457)

     Additional paid-in capital

15,855,220

15,855,220

     Statutory reserves

6,189

6,189

     Accumulated deficit

(11,105,447)

(4,319,902)

     Accumulated other comprehensive income (loss)

(108,940)

(33,947)

          Total shareholders' equity

4,750,557

11,611,095






NONCONTROLLING INTEREST

307,603

467,156






          Total shareholders' equity


5,058,160

12,078,251






          Total liabilities and shareholders' equity

6,567,468

12,481,470






*Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.












GOLDEN BULL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)






For the years ended December 31,


2019

2018

2017


USD

USD

USD

OPERATING REVENUES






     Transaction Fees

4,588,038.00

3,994,195

3,307,984

     Management Fees


4,399,578

4,037,700

     Sales taxes

-

(504,572)

(391,927)

          Total operating revenues, net

4,588,038

7,889,201

6,953,757








OPERATING EXPENSES






     Selling

(6,956,606)

(4,940,784)

(3,910,646)

     General and administrative

(2,476,987)

(6,685,377)

(3,916,736)

     Research and development

(137,423)

(447,884)

(485,852)

          Total operating expenses

(9,571,016)

(12,074,045)

(8,313,234)








LOSS FROM OPERATIONS

(4,982,978)

(4,184,844)

(1,359,477)








OTHER INCOME (EXPENSE)






     Interest income


24,530

17,166

     Other finance expenses

(1,241,482)

(9,064)

(1,703)

     Other income (expenses)

93,581

171,082

75,648

          Total other income, net

(1,147,901)

186,548

91,111








(LOSS) INCOME BEFORE INCOME TAXES (BENEFITS)

(6,130,879)

(3,998,297)

(1,268,366)








PROVISION (BENEFIT) FOR INCOME TAXES






     Current

-

84,401

10,542

     Deferred

806,803

(545,572)

(282,083)

          Total provision (benefit) for income taxes

806,803

(461,171)

(271,541)








NET INCOME (LOSS)

(6,937,682)

(3,537,126)

(996,825)








Less: Net income (loss) attributable to noncontrolling interest

(152,136)

(111,145)

(54,457)








NET INCOME (LOSS) ATTRIBUTABLE TO GOLDEN BULL LIMITED

(6,785,546)

(3,425,981)

(942,368)








NET INCOME (LOSS)

(6,937,682)

(3,537,126)

(996,825)








OTHER COMPREHENSIVE INCOME (LOSS)






     Foreign currency translation adjustment

(82,410)

(391,463)

574,628


















For the years ended December 31,


2019

2018

2017


USD

USD

USD








COMPREHENSIVE LOSS

(7,020,092)

(3,928,588)

(422,197)








Less: Comprehensive loss attributable to noncontrolling interest

(159,553)

(137,955)

(6,622)








COMPREHENSIVE LOSS ATTRIBUTABLE TO GOLDEN BULL LIMITED

(6,860,539)

(3,790,633)

(415,575)








WEIGHTED AVERAGE NUMBER OF COMMON SHARES






     Basic and diluted*

14,645,593

14,392,001

6,815,134








EARNINGS (LOSS) PER SHARE








     Basic and diluted*

(0.46)

(0.24)

(0.14)

*Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.






GOLDEN BULL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(UNAUDITED)

























Retained earnings

Accumulated








Shares

Additional


 (accumulated deficit)

other




Ordinary Shares

Subscription

paid-in

Statutory




comprehensive


Noncontrolling


Shares*

Par Value

Receivables

capital

reserves

Unrestricted

loss

interest

 Total

BALANCE, December 31, 2016

26,000

$

260

$

(45,457)

$

8,046,392

$

6,189

$

48,447

$

(196,087)

$

960,056

$

8,819,800

     Variable interest entity acquired and contributed by shareholders

-

-

-

17,853

-

-

-

-

17,853

     Noncontrolling interests acquired and contributed by shareholders

-

-

-

348,323

-

-

-

(348,323)

-

     Capital restructuring

10,942,360

109,424

-

(109,424)

-

-

-

-

-

     Issuance of ordinary shares to service providers

2,031,640

20,316

-

4,009,684

-

-

-

-

4,030,000

     Net loss attributable to Golden Bull Limited

-

-

-

-

-

(942,368)

-

-

(942,368)

     Net loss attributable to noncontrolling interest

-

-

-

-

-

-

-

(54,457)

(54,457)

     Foreign currency translation

-

-

-

-

-

-

526,793

47,835

574,628

BALANCE, December 31, 2017

13,000,000

130,000

(45,457)

12,312,828

6,189

(893,921)

330,706

605,111

12,445,456

     Issuance of original ordinary shares through Initial public offering, net

1,550,000

15,500

-

2,465,554

-

-

-

-

2,481,054

     Issuance of over-allotment ordinary shares

232,500

2,325

-

839,325








841,650

     Issuance of exercised warrants shares

63,645

636

-

(636)








-

     Issuance of ordinary shares to service consultants

53,040

530

-

238,150








238,680

     Net loss attributable to Golden Bull Limited

-

-

-

-

-

(3,425,981)




(3,425,981)

     Net loss attributable to noncontrolling interest

-

-

-

-

-

-

-

(111,145)

(111,145)

     Foreign currency translation

-

-

-

-

-

-

(364,653)

(26,810)

(391,463)

BALANCE, December 31, 2018

14,899,185

$

148,992

$

(45,457)

$

15,855,220

$

6,189

$

(4,319,902)

$

(33,947)

$

467,156

$

12,078,252

     Issuance of original ordinary shares through Initial public offering, net









-

-

-

-

     Issuance of over-allotment ordinary shares















-

     Issuance of exercised warrants shares















-

     Issuance of ordinary shares to service consultants















-

     Net loss attributable to Golden Bull Limited









(6,785,546)




(6,785,546)

     Net loss attributable to noncontrolling interest

-

-

-

-

-

-

-

(152,136)

(152,136)

     Foreign currency translation

-

-

-

-

-

-

(74,993)

(7,417)

(82,410)

BALANCE, December 31, 2019

14,899,185

$

148,992

$

(45,457)

$

15,855,220

$

6,189

$

(11,105,447)

$

(108,940)

$

307,603

$

5,058,160

*Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.
















GOLDEN BULL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)





For the years ended December 31,


2019

2018

2017


USD

USD

USD

CASH FLOWS FROM OPERATING ACTIVITIES:







     Net income (loss)

(6,937,682)

(3,537,126)

(996,825)

     Adjustments to reconcile net income (loss) to net cash used in







          operating activities:







               Depreciation and amortization

30,199

82,872

57,603

               Loss on disposal of equipment



-

144

               Deferred tax expenses (benefits)

810,863

(545,572)

(282,083)

               Amortization of stock compensation expenses for services



758,750

488,334

          Change in operating assets and liabilities







               Other receivables

(1,750,825)

47,043

(208,266)

               Prepaid costs and expenses

5,387,558

(1,872,945)

(1,184,885)

               Security deposits



-

55,876

               Accounts payable



-

-

               Other payables and accrued liabilities

1,267,321

2,287

238,913

               Deferred revenues



-

(13,651)

               Deferred rent liabilities



-

(13,410)

               Increase in Long term other payable

120,000





               Taxes payable

(281,232)

14,615

(50,489)

                  Net cash used in operating activities

(1,353,798)

(5,050,076)

(1,908,739)









CASH FLOWS FROM INVESTING ACTIVITIES:







     Purchases of property and equipment



(753,094)

(49,082)

     Deposits for property and equipment

(110,000)





     Deposits for rental vehicles

(763,685)

(2,580,632)

-

     Cash acquired through variable interest entity



-

17,868

               Net cash used in investing activities

(873,685)

(3,333,726)

(31,214)









CASH FLOWS FROM FINANCING ACTIVITIES:







     Proceeds from issuance of ordinary shares through initial public offerings, net



5,944,147

-

     Prepaid initial public offerings costs



-

(389,635)

              Net cash provided by (used in) financing activities

0

5,944,147

(389,635)









EFFECT OF EXCHANGE RATE ON CASH

(72,457)

(82,699)

407,446









INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(2,299,940)

(2,522,354)

(1,922,142)









CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of
year

2,934,425

5,456,778

7,378,920









CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, end of year

634,485

2,934,425

5,456,778









SUPPLEMENTAL CASH FLOW INFORMATION:







     Cash paid for income tax





84,402

10,542.42









NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES







     Capital contribution on shares subscription receivables



-

-

     Noncontrolling interests acquired and contributed by shareholders



-

348,323

     Issuance of ordinary shares to consultants and service providers



238,680

4,030,000

     Prepaid initial public offerings costs offset against initial public offerings proceeds



2,382,763

-

SOURCE Golden Bull Limited

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