Nisun International Reports Fiscal Year 2021 Financial Results
SHANGHAI, May 17, 2022 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd. ("Nisun" or the "Company") (Nasdaq: NISN), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced its financial results for the year ended December 31, 2021.
Mr. Xiaoyun Huang, Chairman and Chief Executive Officer of Nisun International, commented, "We are pleased to report strong overall performance in 2021, as revenue increased by 280% and net income from continuing operations more than tripled that of 2020. The Company's supply chain business played a major role in advancing our growth strategy, allowing us to leverage our technological advantages and integrate our resources to operate from a position of greater strength and unlock our full potential. In addition, we began to focus on the agricultural field in 2021 and cooperated with numerous enterprises, gradually working to improve the domestic agricultural supply chain by eliminating gaps between production and sales to boost efficiency."
"For 2022, we will maintain comprehensive coverage and dynamic circulation in the agricultural supply chain to support China's greater strategy for rural revitalization, while expanding our business internationally. We remain dedicated to providing our clients with effective, high-quality supply chain solutions and driving long-term value for our shareholders," Mr. Huang concluded.
Financial Results for the Full Year Ended December 31, 2021
(All comparisons made on a year-over-year ("yoy") basis)
Revenues
Total revenue increased by 280% to $160.2 million in 2021 from $42.2 million in 2020, with increases in revenue from both financial services and supply chain trading businesses. The increase in total revenues was primarily attributable to business expansion, higher-quality customers and an improved customer retention rate.
- ·Revenue from Financial Services increased by 118% to $92.1 million from $42.2 million in prior year.
- Revenues generated from the Small- and Medium-Enterprise ("SME") financing solutions business increased by 114% to $87.1 million from $40.8 million in the prior year, primarily due to increased demand from SME customers seeking alternative financing solutions to bank financing.
- Revenue generated from supply chain financing solutions increased by 260% to $4.9 million from $1.4 million in the prior year, primarily due to the Company's expansion of its supply chain solutions business to various industries, including energy, retail and agriculture.
- Revenue from Supply Chain Trading Business was $68.1 million. The Company launched its supply chain trading business in July 2021 after securing high-quality customers and resources through its supply chain financing solutions business. The Company expects revenue from its supply chain trading business will continue to grow.
Year ended December 31, |
Changes |
Changes |
||||||||||||||||||||||
2021 |
% |
2020 |
% |
($) |
(%) |
|||||||||||||||||||
Revenue from financial services: |
||||||||||||||||||||||||
SME financing solutions |
$ |
87,133,963 |
54 |
% |
$ |
40,779,794 |
97 |
% |
46,354,169 |
114 |
% |
|||||||||||||
Supply chain financing solutions |
4,930,289 |
3 |
% |
1,369,859 |
3 |
% |
3,560,430 |
260 |
% |
|||||||||||||||
Other financing solutions |
3,222 |
0 |
% |
40,538 |
0 |
% |
(37,316) |
(92) |
% |
|||||||||||||||
Total revenue from financial service |
$ |
92,067,474 |
57 |
% |
$ |
42,190,191 |
100 |
% |
49,877,283 |
118 |
% |
|||||||||||||
Revenue from Supply Chain Trading Business |
68,132,237 |
43 |
% |
- |
- |
% |
68,132,237 |
100 |
% |
|||||||||||||||
Total revenue |
160,199,711 |
100 |
% |
42,190,191 |
100 |
% |
118,009,520 |
280 |
% |
|||||||||||||||
Cost of revenue
Cost of revenue was $106.2 million in 2021, compared to $20.0 million in 2020, representing an increase of 432%. The increase was primarily attributable to increases in revenue and additional operational and staff costs incurred in 2021.
Gross Profit
Gross profit from continuing operations increased by 143% to $54.0 million from $22.2 million in the prior year. The increase was primarily due to the fact that the Company commenced its financial services business in July 2019 and has experienced a significant increase in demand from SME enterprises in mainland China to seek standardized financing solutions as alternatives to bank financing.
Operating Expenses
Total operating expenses increased by 30% to $15.9 million from $12.2 million in the prior year. The increase was primarily attributable to increases in general and administrative expenses and research and development ("R&D") expenses, offset by a decrease in selling expenses.
- Selling expenses decreased by 27% to $2.3 million from $3.2 million in the prior year. The decrease in expenses was mainly a result of the Company's efforts in cutting marketing costs.
- General and administrative expenses increased by 46% to $11.9 million from $8.2 million in the prior year. The increase in general and administrative expenses was mainly because: (i) more labor and managerial expenses incurred in 2021 as a result of the Company's expansion in its supply chain business in 2021, and (ii) the Company spent approximately $2.5 million more in professional fees for financing activities and public company compliance.
- R&D expenses increased by 96% to $1.6 million from $0.8 million in the prior year. The increased R&D expenses were primarily used to enhance and develop the functionalities of the Company's supply chain solutions and other financing service apps and platforms.
Year ended December 31, |
Changes |
Changes |
||||||||||||||||||||||||
2021 |
% |
2020 |
% |
($) |
(%) |
|||||||||||||||||||||
Selling expenses |
$ |
2,323,403 |
15 |
% |
$ |
3,181,810 |
26 |
% |
(858,407) |
(27) |
% |
|||||||||||||||
General and administrative expenses |
11,936,103 |
75 |
% |
8,188,736 |
67 |
% |
3,747,367 |
46 |
% |
|||||||||||||||||
Research and development expenses |
1,599,728 |
10 |
% |
817,770 |
7 |
% |
781,958 |
96 |
% |
|||||||||||||||||
Total operating expenses |
$ |
15,859,234 |
100 |
% |
$ |
12,188,316 |
100 |
% |
3,670,918 |
30 |
% |
|||||||||||||||
Other income (expense), net
In 2021, the Company had a net other income of $2.6 million, compared to $0.8 million in 2020. The increase was due to an increase in investment income from short-term investments and investment in limited partnerships.
Net income (loss)
In 2021, the Company achieved net income of $30.5 million, compared to net loss of approximately $13.1 million in 2020. The increase was primarily attributable to a significant increase in revenue from the financial services business and disposal of the equipment and engineering business in 2020.
Net income from continuing operations increased by 208% to $30.5 million from $9.9 million in prior year, primarily due to the significant increase in revenue and related gross profit from financing solution services.
Net income (loss) per share
Net income per share was $1.41 for fiscal year 2021, compared to a net loss per share of $0.71 for fiscal year 2020. Net income per share from continuing operations was $1.41 for fiscal 2021, compared to $0.53 for fiscal 2020.
The weighted average number of shares was 21,506,828 and 18,587,674 for the years ended December 31, 2021 and 2020, respectively.
Financial Condition and Cash Flow
As of December 31, 2021, the Company had cash, cash equivalents and restricted cash of $91.6 million, compared to $22.2 million as of December 31, 2020.
In 2021, net cash provided by operating activities was approximately $23.9 million, net cash used in investing activities was $25.3 million, and net cash provided by financing activities was $70.5 million.
In 2020, net cash provided by operating activities was approximately $2.3 million, net cash used in investing activities was $4.7 million, and net cash provided by financing activities was $19.1 million.
Recent Development and Updates
Strategic Collaborations to further expand the supply chain business:
The Company cooperated with enterprises in various industries to further expand its supply chain business. These collaborations are expected to enhance the Company's development advantages in its five core industries of agriculture, e-commerce, gold, coal and chemicals, connecting innovative resources to facilitate value-sharing.
- The Company started to focus on agricultural industries in 2021 and entered into strategic collaborations with renowned domestic enterprises, such as Henan Wanbang International Agricultural Product Logistics Park and Henan Fulushi Industrial Co., Ltd., cooperating on supply chain solution services to support the trade of agricultural products.
- The Company held an investment cooperation ceremony with Gansu Silu Huixiang Trading Co., Ltd., a wholly-owned subsidiary of Jiuquan Jingtou Group. During the ceremony, the two parties entered into an agreement to establish a supply chain joint venture company in Jiuquan City, Gansu Province, to provide specialized supply chain services to local enterprises.
- The Company entered into a strategic cooperation agreement with Shanghai Bailian Group to procure intelligent appliances, such as computer, communication and consumer electronics ("3C Products"). The two parties will share resources and create an effective bridge between supply and demand to establish a new supply chain model and further develop new communication channels in China's retail industry. In addition, the two parties will join together to promote ongoing expansion and transformation of the 3C Products market in China.
- The Company entered into a strategic cooperation with Zhumadian Industry Investment Group, a state-owned enterprise located in south Henan Province. Under this cooperation, the two parties will establish a new company, Zhumadian City Industry Investment Nisun Supply Chain Co., Ltd. with RMB 500 million in registered capital. This newly established company will serve as a link between the local government and enterprises to further growth of the local economy and small businesses.
Acquisition:
On January 14, 2022, Fintech (Henan) Supply Chain Management Co., Ltd, a subsidiary of Fintech (Shanghai) Digital Technology Co., Ltd and a controlled affiliate of the Company, entered into a share acquisition agreement with Henan Youjiatian Agricultural Technology Co., Ltd. ("Youjiatian") and its sole shareholder to acquire a 51% equity interest in Youjiatian. This acquisition is expected to further facilitate Nisun's expansion into the agricultural industry.
About Nisun International Enterprise Development Group Co., Ltd
Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its rich industry experience, Nisun is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries and controlled companies, Nisun provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun continues to deepen the field of industry segmentation through industrial and financial integration, by cultivating/creating an ecosystem of openness and empowerment. Nisun has built a linked platform that incorporates supply chain, banking, securities, trust, insurance, funds, state-owned enterprises, among other businesses. Focusing on industry-finance linkages, Nisun aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains information about Nisun's view of its future expectations, plans and prospects that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun encourages you to review other factors that may affect its future results in Nisun's registration statement and in its other filings with the Securities and Exchange Commission. Nisun assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law.
Contacts:
Nisun International Enterprise Development Group Co., Ltd
Investor Relations
Tel: +86 (21) 2357-0055
Email: [email protected]
ICR, LLC
Tel: +1 203 682 8233
Email: [email protected]
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
AS OF DECEMBER 31, 2021 AND 2020 |
||||||||
(EXPRESSED IN US DOLLARS) |
||||||||
December 31, |
December 31, |
|||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ |
91,447,620 |
$ |
22,135,310 |
||||
Restricted cash |
179,421 |
62,947 |
||||||
Short-term investments |
40,666,617 |
4,680,843 |
||||||
Accounts receivable, net |
18,516,150 |
4,939,912 |
||||||
Advance to suppliers, net |
9,213,279 |
- |
||||||
Receivables from supply chain solutions |
59,792,613 |
10,741,981 |
||||||
Inventories |
3,979,653 |
- |
||||||
Prepaid expenses and other current assets |
4,002,675 |
971,839 |
||||||
Loans to third parties - current portion |
- |
1,915,709 |
||||||
Receivable from sale of discontinued operations |
- |
14,950,730 |
||||||
TOTAL CURRENT ASSETS |
227,798,028 |
60,399,271 |
||||||
NON-CURRENT ASSETS: |
||||||||
Property and equipment, net |
464,156 |
655,643 |
||||||
Intangible assets, net |
2,850,853 |
3,726,602 |
||||||
Right-of-use assets, net |
479,473 |
1,464,745 |
||||||
Equity investments |
404,022 |
484,864 |
||||||
Investment in limited partnership and other investments |
16,207,152 |
15,736,927 |
||||||
Goodwill |
25,774,402 |
25,172,407 |
||||||
Deferred tax assets, net |
- |
456,370 |
||||||
TOTAL NON-CURRENT ASSETS |
46,180,058 |
47,697,558 |
||||||
TOTAL ASSETS |
$ |
273,978,086 |
$ |
108,096,829 |
||||
LIABILITIES |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ |
34,997,401 |
$ |
1,312,560 |
||||
Short-term bank loans |
784,609 |
- |
||||||
Accrued expenses and other current liabilities |
3,575,836 |
2,001,031 |
||||||
Operating lease liabilities - current |
337,698 |
736,854 |
||||||
Payables to supply chain solutions |
25,922,931 |
- |
||||||
Advances from customer |
3,429,103 |
11,624 |
||||||
Taxes payable |
8,851,898 |
3,133,038 |
||||||
Loan from related party |
10,528,965 |
10,528,965 |
||||||
Due to related parties - current |
295,336 |
2,071,309 |
||||||
Purchase price payable for acquisition of NAMI |
- |
7,007,905 |
||||||
TOTAL CURRENT LIABILITIES |
88,723,777 |
26,803,286 |
||||||
Operating lease liabilities – non-current |
148,988 |
680,130 |
||||||
Deferred tax liabilities |
504,033 |
676,015 |
||||||
TOTAL LIABILITIES |
89,376,798 |
28,159,431 |
||||||
SHAREHOLDERS' EQUITY: |
||||||||
Class A common stock, $0.001 par value, 40,000,000 shares authorized, 39,812,629 and 20,555,129 shares |
39,813 |
20,555 |
||||||
Class B common stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding |
- |
- |
||||||
Additional paid-in capital |
130,318,637 |
59,472,255 |
||||||
Retained earnings |
37,819,226 |
9,629,712 |
||||||
Statutory reserves |
6,942,111 |
4,751,264 |
||||||
Unearned compensation |
(125,630) |
(624,455) |
||||||
Accumulated other comprehensive income |
5,632,199 |
3,593,188 |
||||||
COMMON SHAREHOLDERS' EQUITY |
180,626,356 |
76,842,519 |
||||||
Non-controlling interests |
3,974,932 |
3,094,879 |
||||||
TOTAL SHAREHOLDERS' EQUITY |
184,601,288 |
79,937,398 |
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
273,978,086 |
$ |
108,096,829 |
||||
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2021, 2020 AND 2019 |
||||||||||||
(EXPRESSED IN US DOLLARS) |
||||||||||||
For the Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
REVENUES: |
||||||||||||
Revenue generated from services: |
||||||||||||
Small and Medium Enterprise financing solutions |
$ |
87,133,963 |
$ |
40,779,794 |
$ |
2,522,143 |
||||||
Supply Chain financing solutions |
4,930,289 |
1,369,859 |
- |
|||||||||
Other financing solutions |
3,222 |
40,538 |
3,381 |
|||||||||
Total revenue generated from services |
92,067,474 |
42,190,191 |
2,525,524 |
|||||||||
Revenue generated from sales: |
||||||||||||
Supply chain trading business |
68,132,237 |
- |
- |
|||||||||
Total revenues |
160,199,711 |
42,190,191 |
2,525,524 |
|||||||||
COST OF REVENUE: |
||||||||||||
Cost of revenue - services |
(37,989,001) |
(19,740,267) |
- |
|||||||||
Cost of revenue - sales |
(67,628,806) |
- |
- |
|||||||||
Business and sales related taxes |
(533,760) |
(233,389) |
(19,492) |
|||||||||
GROSS PROFIT |
54,048,144 |
22,216,535 |
2,506,032 |
|||||||||
OPERATING EXPENSES: |
||||||||||||
Selling expenses |
2,323,403 |
3,181,810 |
93,620 |
|||||||||
General and administrative expenses |
11,936,103 |
8,188,736 |
1,082,631 |
|||||||||
Research and development expenses |
1,599,728 |
817,770 |
155,216 |
|||||||||
Total operating expenses |
15,859,234 |
12,188,316 |
1,331,467 |
|||||||||
INCOME FROM OPERATIONS |
38,188,910 |
10,028,219 |
1,174,565 |
|||||||||
OTHER INCOME (EXPENSE): |
||||||||||||
Interest and investment income |
2,122,903 |
585,177 |
- |
|||||||||
Other income (expense), net |
464,210 |
244,274 |
1,371 |
|||||||||
Total other income (expense), net |
2,587,113 |
829,451 |
1,371 |
|||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES |
40,776,023 |
10,857,670 |
1,175,936 |
|||||||||
PROVISION (BENEFIT) FOR INCOME TAXES |
10,269,501 |
941,064 |
(55,731) |
|||||||||
NET INCOME FROM CONTINUING OPERATIONS |
30,506,522 |
9,916,606 |
1,231,667 |
|||||||||
DISCONTINUED OPERATIONS: |
||||||||||||
(Loss) income from discontinued operations, net of tax |
- |
(23,107,066) |
1,508,323 |
|||||||||
Net gain on sale of discontinued operations, net of tax |
- |
136,050 |
- |
|||||||||
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX |
- |
(22,971,016) |
1,508,323 |
|||||||||
NET INCOME (LOSS) |
30,506,522 |
(13,054,410) |
2,739,990 |
|||||||||
Net income attributable to non-controlling interests |
126,161 |
37,380 |
- |
|||||||||
NET INCOME (LOSS) |
$ |
30,380,361 |
$ |
(13,091,790) |
$ |
2,739,990 |
||||||
OTHER COMPREHENSIVE INCOME (LOSS) |
||||||||||||
Foreign currency translation income (loss) |
2,039,011 |
5,507,420 |
(561,091) |
|||||||||
COMPREHENSIVE INCOME (LOSS) |
32,419,372 |
(7,584,370) |
2,178,899 |
|||||||||
Comprehensive loss attributable to non-controlling interests |
(2,051) |
(2,172) |
- |
|||||||||
COMPREHENSIVE INCOME (LOSS) |
$ |
32,421,423 |
$ |
(7,582,198) |
$ |
2,178,899 |
||||||
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE: |
||||||||||||
Income from continuing operations |
$ |
1.41 |
$ |
0.53 |
$ |
0.08 |
||||||
Income (loss) from discontinued operations |
- |
(1.24) |
0.09 |
|||||||||
TOTAL EARNINGS (LOSS) PER COMMON SHARE |
$ |
1.41 |
$ |
(0.71) |
$ |
0.17 |
||||||
Weighted average number of shares outstanding-basic and diluted |
21,506,828 |
18,587,674 |
16,269,577 |
|||||||||
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES |
||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS |
||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 |
||||||||||||
(EXPRESSED IN US DOLLARS) |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||||||
Net income (loss) |
$ |
30,506,522 |
$ |
(13,054,410) |
$ |
2,739,990 |
||||||
Net (loss) income from discontinued operations |
- |
(22,971,016) |
1,508,323 |
|||||||||
Net income from continuing operations |
30,506,522 |
9,916,606 |
1,231,667 |
|||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating |
||||||||||||
Depreciation and amortization |
2,180,038 |
1,686,518 |
242,409 |
|||||||||
Stock-based compensation |
498,825 |
1,097,415 |
- |
|||||||||
Shares issued for compensation |
71,175 |
- |
- |
|||||||||
Provision for doubtful accounts |
294,536 |
- |
- |
|||||||||
Loss on disposition of property and equipment |
190,301 |
42,534 |
- |
|||||||||
(Income) from investments |
(808,464) |
(169,720) |
- |
|||||||||
Deferred tax expense (benefit) |
275,749 |
(584,760) |
(55,731) |
|||||||||
Changes in operating assets and liabilities: |
||||||||||||
Accounts receivable |
(13,294,924) |
573,418 |
(815,534) |
|||||||||
Advance to suppliers |
(9,213,279) |
- |
- |
|||||||||
Prepaid expenses and other current assets |
(3,464,939) |
16,009 |
(108,150) |
|||||||||
(Increase) in operating lease right-of-use assets |
- |
(56,831) |
- |
|||||||||
Receivables from supply chain solutions |
(48,202,128) |
(10,741,981) |
- |
|||||||||
Inventories |
(3,931,400) |
- |
- |
|||||||||
Accounts payable |
33,620,611 |
1,014,227 |
- |
|||||||||
Advance from customers |
3,375,769 |
(17,977) |
- |
|||||||||
Taxes payable |
5,575,502 |
1,609,498 |
54,474 |
|||||||||
Other payables |
2,576,570 |
(2,112,886) |
- |
|||||||||
Payable to supply chain solutions |
25,608,622 |
- |
- |
|||||||||
Operating lease liabilities |
(952,495) |
(523,797) |
- |
|||||||||
Accrued expenses and other current liabilities |
(1,049,489) |
502,100 |
49,574 |
|||||||||
Net cash provided by operating activities from continuing operations |
23,857,102 |
2,250,373 |
598,709 |
|||||||||
Net cash provided by (used in) operating activities from discontinued operations |
- |
436,389 |
(263,476) |
|||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES |
23,857,102 |
2,686,762 |
335,233 |
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||||||
Acquisition of property and equipment |
(186,705) |
(204,904) |
(237,548) |
|||||||||
Purchase of intangible asset |
(18,281) |
(94,400) |
- |
|||||||||
Proceeds from disposal of equipment |
- |
41,688 |
- |
|||||||||
Cash (paid) received in connection with Nami acquisition |
(7,007,905) |
4,990,754 |
2,043,176 |
|||||||||
Investment in limited partnership and other investments |
- |
(15,589,966) |
- |
|||||||||
Cash received on disposal of discontinued operations |
14,950,730 |
- |
- |
|||||||||
Proceeds from sale of short-term investments |
4,894,270 |
- |
- |
|||||||||
Purchase of short-term investments |
(39,526,099) |
(3,065,134) |
- |
|||||||||
Collection of loans to third parties |
1,643,203 |
11,019,545 |
- |
|||||||||
Loans to third parties |
- |
(1,810,495) |
(3,611,682) |
|||||||||
Net cash (used in) investing activities from continuing operations |
(25,250,787) |
(4,712,912) |
(1,806,054) |
|||||||||
Net cash (used in) investing activities from discontinued operations |
- |
(6,713) |
(157,440) |
|||||||||
NET CASH (USED IN) INVESTING ACTIVITIES |
(25,250,787) |
(4,719,625) |
(1,963,494) |
|||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||||||
Proceeds from short-term bank loans |
784,609 |
- |
- |
|||||||||
Proceeds from issuance of common shares and pre-funded warrants |
70,794,465 |
- |
- |
|||||||||
Proceeds from private placement |
- |
6,503,378 |
- |
|||||||||
Repayment to related party |
(1,803,374) |
(6,803,115) |
- |
|||||||||
Advances from related parties |
- |
1,303,556 |
566,360 |
|||||||||
Loan from related parties |
- |
10,528,965 |
- |
|||||||||
Capital contribution from non-controlling interest |
751,841 |
3,065,134 |
- |
|||||||||
Capital contribution by shareholder |
- |
4,550,000 |
3,582,781 |
|||||||||
Net cash provided by financing activities from continuing operations |
70,527,541 |
19,147,918 |
4,149,141 |
|||||||||
Net cash (used in) financing activities from discontinued operations |
- |
(788,599) |
(996,355) |
|||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES |
70,527,541 |
18,359,319 |
3,152,786 |
|||||||||
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH |
294,928 |
2,806,981 |
(184,449) |
|||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
69,428,784 |
19,133,437 |
1,340,076 |
|||||||||
Less: (decrease) in cash and cash equivalents from discontinued operations |
- |
(283,314) |
(1,440,823) |
|||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS FROM |
69,428,784 |
19,416,751 |
2,780,899 |
|||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM |
22,198,257 |
2,781,506 |
607 |
|||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM |
$ |
91,627,041 |
$ |
22,198,257 |
$ |
2,781,506 |
||||||
SUPPLEMENTAL CASH FLOW DISCLOSURES: |
||||||||||||
Cash paid for income taxes |
$ |
5,546,082 |
$ |
552,783 |
$ |
5,158 |
||||||
Cash paid for interest |
$ |
370,356 |
$ |
124,778 |
$ |
147,900 |
||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: |
||||||||||||
Payment payable to related parties for business acquisition |
$ |
- |
$ |
7,007,905 |
$ |
7,000,000 |
||||||
Issuance of shares for business acquisition |
$ |
- |
$ |
18,330,776 |
$ |
11,426,289 |
||||||
Receivable from sale of discontinued operations |
$ |
- |
$ |
14,950,730 |
$ |
- |
||||||
Issuance of shares for share-based compensation |
$ |
71,175 |
$ |
1,721,870 |
$ |
|||||||
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS |
||||||||||||
Cash and cash equivalents |
$ |
91,447,620 |
$ |
22,135,310 |
$ |
2,756,490 |
||||||
Restricted cash |
179,421 |
62,947 |
25,016 |
|||||||||
Total cash, cash equivalents and restricted cash |
$ |
91,627,041 |
$ |
22,198,257 |
$ |
2,781,506 |
||||||
SOURCE Nisun International Enterprise Development Group Co., Ltd
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