Roan Holdings Group Co., Ltd. Reports 2021 Financial Year Results
BEIJING and HANGZHOU, China, April 22, 2022 /PRNewswire/ -- Roan Holdings Group Co., Ltd. ("Roan" or the "Company") (OTC Pink Sheets: RAHGF and RONWF), a comprehensive solution provider for industrial operation and capital market services, today reported its financial results for the fiscal year ended December 31, 2021. All amounts are in U.S. dollars.
Fiscal year 2021 Highlights:
- Net income increased to $0.76 million for the year ended December 31, 2021 from a net loss of $0.85 million for the year ended December 31, 2020.
- Net earnings per share increased to $0.01 for the year ended December 31, 2021 from a net loss per share of $0.07 for the year ended December 31, 2020.
- Net commission and fees on financial guarantee services was $0.40 million for the year ended December 31, 2021, as compared to $0.29 million for fiscal year 2020, reflecting an increase of 37.93% for business development.
- Operating expenses in total decreased by $0.81 million, to $3.30 million for year ended December 31, 2021 compared to $4.11 million for the year ended December 31, 2020. The decreases were primarily the result of the Company's cost control strategies.
For fiscal years ended December 31 |
|||||
($ millions, except per share data, differences |
2021 |
2020 |
% |
||
Net revenues of services |
$0.79 |
$2.13 |
(62.91%) |
||
Net commission and fees on financial guarantee |
$0.40 |
$0.29 |
37.93% |
||
Total interest and fees income |
$2.41 |
$2.48 |
(2.82%) |
||
Operating income |
$3.61 |
$4.90 |
(26.33%) |
||
Net income |
$0.76 |
($0.85) |
N/A |
||
Net earnings per share – Basic and Diluted |
$0.01 |
($0.07) |
N/A |
Mr. Junfeng Wang, Chairman of the Board commented, "We are pleased to conclude fiscal year 2021 with sound financial performance. Although the external environment is full of challenges, through our service and extensive cooperation experience and resources accumulated over the past 10 years and with more than 500 customers and partners in various industries, the Company further optimized its strategic planning and business layout in 2021, and is in process of reforming operation structure, optimization of management team, integration of market resources, establishment of new business entities, and upgrading of our business services and products to meet Roan's future development needs. As a result, the Company not only achieved substantial improvement in financial performance in 2021, but also turned from a net loss of $0.85 million in fiscal year 2020 to a net profit of $0.76 million in fiscal year 2021. At the same time, Roan has successfully expanded its business into the field of new energy, new materials, and semiconductor related industries, and we obtained our first $0.14 million industrial operation service fee income."
"In the future, through our strategic business layout in industrial operation and capital market services, the Company plans to obtain long-term operation rights for new-generation technologies, products, and services in the fields of new energy, new materials, semiconductors, culture, tourism, and health so as to position ourselves to generate income from our services and products in order to share further the upward trend of these industries," Mr Wang said.
Mr. Wenhao Wang, Chief Financial Officer of Roan, commented: "In 2021, in line with our expectations, we became profitable, turning around from last year's losses. We grew our annual net income by $1.61 million to $0.76 million. We boosted our business development by upgrading our business ecosystem, and we applied cost-efficient strategies that helped us save $0.81 million in operating expenses for the past year. We also have a positive working capital balance of $51.94 million as of December 31, 2021, which makes us believe that the efforts we put in place and the strategic development we are taking will bring us significant improvements to profitability, creating long-term value for our shareholders."
Fiscal Year 2021 Financial Results
Services Revenues
The following table sets forth a breakdown of our revenue by services offered for the years ended December 31, 2021 and 2020:
($ millions, differences due to rounding) |
For the years |
Variance |
||||||||||||
2021 |
2020 |
Amount |
% |
|||||||||||
Management and assessment service |
$ |
0.44 |
$ |
0.02 |
$ |
0.42 |
2100% |
|||||||
Consulting services relating to debt collection |
0.21 |
2.11 |
(1.90) |
(90.05)% |
||||||||||
Industrial operation services |
0.14 |
- |
0.14 |
100.00% |
||||||||||
Revenues from services |
$ |
0.79 |
$ |
2.13 |
$ |
(1.34) |
(62.91)% |
- Management and assessment services
Revenue from management and assessment services was $0.44 million ended December 31, 2021, which was increased 0.42 million or 2100% compared with $0.02 million for the year ended December 31, 2020. The increase was caused by the new contracts of management and assessment services brought significant revenue and cashflow to the Company.
- Consulting services relating to debt collection
Revenue from consulting services relating to debt collection was $0.21 million for the year ended December 31, 2021, a decrease of $1.90 million, or 90.05%, as compared to $2.11 million for the year ended December 31, 2020, which was mainly due to the negative impact of the COVID pandemic. We had less contracts for debt collection service during the year ended December 31, 2021.
- Industrial operation services
On December 31, 2021, Hangzhou Zeshi investment partnership ("Zeshi investment"), a wholly-owned subsidiary of the Company, entered into an agreement with ZhongTan Future New Energy Industry Development (Zhejiang) Co., Ltd. ("ZhongTan"). Revenue of $0.14 million was recognized during the year ended December 31, 2021 after the target customer was located, due diligence and initial negotiation was completed, and requirements of ZhongTan were met.
Revenue for commission and fees on financial guarantee services
Commission and fees on financial guarantee services was $0.46 million for the year ended December 31, 2021, an increase of $0.08 million, or 21.05% as compared to $0.38 million for fiscal year 2020, reflecting an increase for business development.
The provisions for financial guarantee services are related to financial guarantee service business as per the requirement of local government. Provisions for financial guarantee services was $0.06 million for the year ended December 31, 2021, as compared to $0.09 million for last fiscal year.
Interest and fee income
Interest and fee income primarily consisted of interest and fee income generated from loans due from third parties. Interest and fee income was $2.41 million, a decrease of $0.07 million, or 2.82% for the year ended December 31, 2021 as compared to $2.48 million for fiscal year 2020. The decrease was mainly due to a decrease of $0.02 million in interest income from loans due from third parties and a decrease of $0.05 million in interest income on provision deposits with banks.
Operating expenses
Operating expenses in total decreased by $0.81 million, or 19.70% to $3.30 million for year ended December 31, 2021 compared to $4.11 million for the year ended December 31, 2020. The decreases in these expenses were primarily the result of our cost control strategies.
Net income
As a result of the foregoing, we had a net income of $0.76 million for the year ended December 31, 2021, as compared to a net loss of $0.85 million for the year ended December 31, 2020
Cash and cash equivalents
Cash and cash equivalents were $1.95 million as of December 31, 2021, reflecting a decrease of $2.98 million from $4.93 million as at December 31, 2020, primarily because of the repayment of bank loan of $2.94 million during the year ended December 31, 2021.
Working capital
Our working capital was $51.94 million as of December 31, 2021.
Recent developments
On February 28, 2022, the Company signed a five-year industrial operation cooperation agreement with Jiushang (Hangzhou) Semiconductor Technology Co., Ltd. ("Jiushang"). The Company will provide Jiushang with financing and operation services, and cooperate in the transformation and industrialization of Jiushang semiconductor's new technological achievements in the Chinese market.
On December 16, 2021, Hangzhou Zeshi invested RMB 2 million (approximately $0.31 million) in Medium Carbon Future New Energy Industry Development (Zhejiang) Co., Ltd. ("Medium Carbon"), and held 2% its equity. Future New Energy invested RMB 20 million (approximately $3.10 million) and held 20% its equity. The registered capital of Medium Carbon is RMB 100 million (approximately $15.49 million).
On November 24, 2021, Hangzhou Zeshi, a wholly owned subsidiary of the Company invested RMB100,000 (approximately $0.02 million) in Hangzhou Future New Energy Enterprise Management Partnership (Limited Partnership) ("Future New Energy") and held 1% of the equity of Future New Energy. The registered capital of Future New Energy is RMB 10 million (approximately $1.55 million).
About Roan Holdings Group Co., Ltd.
Founded in 2009, Roan Holdings Group Co., Ltd. (OTC Pink: RAHGF and RONWF) is a comprehensive solution provider for industrial operation and capital market services. Adhering to the platform strategy of "cross collaboration, technology empowerment, sustainability and stability, and combination of operation and finance resources", the Company's services focus on the new energy, new materials, and semiconductor industries. At the same time, the Company focuses on the application of innovative technologies in the consumer industry with respect to financial consumption, cultural and tourism consumption, and great health ecosysystem. Roan aims to provide comprehensive solutions and supporting services for diversified institutuional and local government clients across the entire industry chain. Roan has offices in Hangzhou and Beijing and subsidiaries in Hangzhou, Ningbo, Shaoxing and Tianjin. For more information, please visit: www.roanholdingsgroup.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of 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. These forward-looking statements relate to, among others, the consummation of the proposed transaction, and can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations of the consummation of the proposed transaction, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Further information regarding these and other risks, uncertainties or factors are included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
IR Contact:
At the Company:
Katrina Wu
Email: [email protected]
Phone: +86-571-8662 1775
Investor Relations Firm:
Janice Wang
EverGreen Consulting Inc.
Email: [email protected]
Phone: +1 571-464-9470 (from U.S.)
+86 13811768559 (from China)
ROAN HOLDINGS GROUP CO., LTD. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
As of December 31, 2021 and 2020 |
||||||||
(Expressed in U.S. dollar, except for the number of shares) |
||||||||
December 31, |
December 31, |
|||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
1,947,142 |
$ |
4,932,048 |
||||
Restricted cash |
29,693,689 |
25,875,556 |
||||||
Accounts receivable, net |
6,929,529 |
6,939,352 |
||||||
Inventories |
33,598 |
30,348 |
||||||
Loan receivables due from third parties, net |
23,751,471 |
17,670,652 |
||||||
Due from related parties |
5,941 |
94,023 |
||||||
Other current assets |
70,910 |
3,502,550 |
||||||
Other receivables, net |
656,835 |
3,545,753 |
||||||
Total current assets |
63,089,115 |
62,590,282 |
||||||
Pledged deposits |
48,752 |
462,835 |
||||||
Property and equipment, net |
77,073 |
65,073 |
||||||
Intangible assets, net |
3,123,394 |
3,977,867 |
||||||
Right of use assets |
37,313 |
346,017 |
||||||
Goodwill |
267,331 |
261,087 |
||||||
Total non-current assets |
3,553,863 |
5,112,879 |
||||||
Total Assets |
$ |
66,642,978 |
$ |
67,703,161 |
||||
LIABILITIES |
||||||||
Customer pledged deposits |
$ |
7,846 |
$ |
7,664 |
||||
Unearned income |
72,523 |
130,772 |
||||||
Reserve for financial guarantee losses |
651,341 |
579,364 |
||||||
Dividends payable |
480,000 |
480,000 |
||||||
Tax payable |
2,614,257 |
1,767,214 |
||||||
Due to related parties |
123,117 |
281,369 |
||||||
Warrant liabilities |
16,998 |
13,977 |
||||||
Operating lease liabilities, current portion |
65,498 |
191,643 |
||||||
Accrued expenses and other liabilities |
1,155,903 |
1,642,060 |
||||||
Bank loans |
5,961,460 |
8,826,054 |
||||||
Total current liabilities |
11,148,943 |
13,920,117 |
||||||
Operating lease liabilities, noncurrent portion |
- |
102,767 |
||||||
Deferred tax liabilities |
544,355 |
793,848 |
||||||
Total non-current Liabilities |
544,355 |
896,615 |
||||||
Total Liabilities |
$ |
11,693,298 |
$ |
14,816,732 |
||||
Commitments and Contingencies |
- |
- |
||||||
Shareholders' Equity |
||||||||
Ordinary Share, no par value, unlimited shares authorized; 25,287,851 and |
- |
- |
||||||
Class A convertible preferred shares, no par value, unlimited shares authorized; |
$ |
11,711,727 |
$ |
11,025,327 |
||||
Class B convertible preferred shares, no par value, unlimited shares authorized; |
31,087,732 |
31,087,732 |
||||||
Additional paid-in capital |
3,312,189 |
3,312,189 |
||||||
Statutory reserve |
362,797 |
202,592 |
||||||
Accumulated deficit |
(14,805,802) |
(14,330,288) |
||||||
Accumulated other comprehensive income |
3,128,086 |
2,310,369 |
||||||
Total Roan Holdings Group Co., Ltd.'s Shareholders' Equity |
$ |
34,796,729 |
$ |
33,607,921 |
||||
Noncontrolling interests |
20,152,951 |
19,278,508 |
||||||
Total Equity |
54,949,680 |
52,886,429 |
||||||
Total Liabilities and Equity |
$ |
66,642,978 |
$ |
67,703,161 |
ROAN HOLDINGS GROUP CO., LTD. |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
||||||||||||
For the Years Ended December 31, 2021, 2020 and 2019 |
||||||||||||
(Expressed in U.S. dollar, except for the number of shares) |
||||||||||||
For the Years Ended |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Revenues from services |
$ |
793,291 |
$ |
2,128,153 |
$ |
639,220 |
||||||
Revenues from healthcare service packages |
- |
55,301 |
- |
|||||||||
Cost of revenues |
- |
(50,774) |
(8,080) |
|||||||||
Net revenues of services |
793,291 |
2,132,680 |
631,140 |
|||||||||
Commissions and fees on financial guarantee services |
456,944 |
375,471 |
8,797 |
|||||||||
Provision for financial guarantee services |
(57,417) |
(89,865) |
(5,008) |
|||||||||
Commission and fee income on guarantee services, net |
399,527 |
285,606 |
3,789 |
|||||||||
Interest and fees income |
||||||||||||
Interest and fees on direct loans |
- |
- |
1,153 |
|||||||||
Interest income on loans due from third parties |
2,113,918 |
2,131,447 |
34,707 |
|||||||||
Interest income from factoring business |
- |
- |
2,782,332 |
|||||||||
Interest income on deposits with banks |
300,749 |
348,389 |
64,636 |
|||||||||
Total interest and fee income |
2,414,667 |
2,479,836 |
2,882,828 |
|||||||||
Interest expense |
||||||||||||
Interest expenses and fees on secured loans |
- |
- |
(2,218,815) |
|||||||||
Net interest income |
2,414,667 |
2,479,836 |
664,013 |
|||||||||
Provision for loan losses |
- |
- |
(2,244,601) |
|||||||||
Net interest income (loss) after provision for loan losses |
2,414,667 |
2,479,836 |
(1,580,588) |
|||||||||
Operating income (loss) |
3,607,485 |
4,898,122 |
(945,659) |
|||||||||
Total operating expenses |
||||||||||||
Salaries and employee surcharges |
(1,054,509) |
(1,116,482) |
(512,314) |
|||||||||
Other operating expenses |
(2,241,069) |
(2,995,098) |
(1,385,259) |
|||||||||
Changes in fair value of warrant liabilities |
(3,021) |
5,961 |
530,863 |
|||||||||
Total operating expenses |
(3,298,599) |
(4,105,619) |
(1,366,710) |
|||||||||
Other income (expenses) |
||||||||||||
Deconsolidation gain (loss) |
490,283 |
(1,953,248) |
- |
|||||||||
Interest income (expenses), net |
(267,184) |
- |
- |
|||||||||
Other income (expense), net |
554,167 |
76,406 |
- |
|||||||||
Total other income (expenses) |
777,266 |
(1,876,842) |
- |
|||||||||
Income (Loss) before income taxes |
1,086,152 |
(1,084,339) |
(2,312,369) |
|||||||||
Income tax (expenses) recovery |
(328,851) |
229,733 |
(244,741) |
|||||||||
Net income (loss) from continuing operations |
757,301 |
(854,606) |
(2,557,110) |
|||||||||
Net income from discontinued operations, net of income tax |
- |
- |
26,846,018 |
|||||||||
Net income (loss) |
757,301 |
(854,606) |
24,288,908 |
|||||||||
Dividend – convertible redeemable Class A preferred share |
- |
- |
(686,400) |
|||||||||
Net income attributable to noncontrolling interests |
(386,210) |
(838,048) |
(76,108) |
|||||||||
Net income (loss) attributable to Roan Holding Group Co., Ltd.'s |
$ |
371,091 |
$ |
(1,692,654) |
$ |
23,526,400 |
||||||
Other comprehensive (loss) income |
||||||||||||
Foreign currency translation adjustment |
1,308,444 |
3,461,980 |
1,435,262 |
|||||||||
Reclassified to net gain from discontinued operations |
- |
- |
2,691,969 |
|||||||||
1,308,444 |
3,461,980 |
4,127,231 |
||||||||||
Comprehensive income |
2,065,745 |
2,607,374 |
28,416,139 |
|||||||||
Other comprehensive income attributable to noncontrolling interests |
(488,233) |
(1,334,101) |
(97,733) |
|||||||||
Dividend – convertible redeemable Class A preferred share |
- |
- |
(686,400) |
|||||||||
Net income attributable to noncontrolling interests |
(386,210) |
(838,048) |
(76,108) |
|||||||||
Total comprehensive income attributable to Roan Holdings Group |
$ |
1,191,302 |
$ |
435,226 |
$ |
27,555,898 |
||||||
Weighted average number of ordinary share outstanding |
||||||||||||
Basic and Diluted* |
25,287,887 |
25,287,887 |
25,287,887 |
|||||||||
Earnings (Loss) per share |
||||||||||||
Net earnings (loss) per share – Basic and Diluted |
$ |
0.01 |
$ |
(0.07) |
$ |
0.93 |
||||||
Net earnings (loss) per share from continuing operations - Basic and |
$ |
0.01 |
$ |
(0.07) |
$ |
(0.13) |
||||||
Net earnings per share from discontinued operations - Basic and Diluted |
$ |
- |
$ |
- |
$ |
1.06 |
ROAN HOLDINGS GROUP CO., LTD. |
||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
For the Years Ended December 31, 2021, 2020 and 2019 |
||||||||||||
(Expressed in U.S. dollar, except for the number of shares) |
||||||||||||
For the Years Ended |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Cash Flows from Operating Activities: |
||||||||||||
Net income (loss) |
$ |
757,301 |
$ |
(854,606) |
$ |
24,288,908 |
||||||
Less: Net loss from discontinued operations |
- |
- |
26,846,018 |
|||||||||
Net loss from continuing operations |
757,301 |
(854,606) |
(2,557,110) |
|||||||||
Adjustments to reconcile net income to net cash used in operating |
||||||||||||
Depreciation and amortization expenses |
1,134,738 |
1,102,298 |
55,498 |
|||||||||
Provision for credit losses |
48,518 |
316,014 |
- |
|||||||||
Provision for loan losses |
- |
- |
2,244,601 |
|||||||||
Provision for financial guarantee losses |
57,417 |
89,865 |
5,008 |
|||||||||
Deferred tax expenses |
(265,421) |
(1,001,372) |
57,674 |
|||||||||
Changes in fair value of warrant liabilities |
3,021 |
(5,961) |
(530,863) |
|||||||||
Net gain from disposal of fixed assets |
(33,246) |
(136,682) |
- |
|||||||||
Gain from lease modification |
(603) |
22,257 |
- |
|||||||||
Accretion of finance leases |
7,605 |
14,757 |
- |
|||||||||
Gain (loss) from deconsolidation of subsidiaries |
(490,283) |
1,953,248 |
- |
|||||||||
Changes in operating assets and liabilities: |
||||||||||||
Accounts receivable |
(7,495) |
(3,116,533) |
(206,442) |
|||||||||
Inventory |
(3,250) |
(30,348) |
- |
|||||||||
Interest and fees receivable |
- |
- |
(149,013) |
|||||||||
Other current assets |
3,431,640 |
(3,215,702) |
(289,694) |
|||||||||
Other receivables |
2,425,003 |
(3,268,571) |
- |
|||||||||
Pledged deposits and other non-current assets |
414,265 |
359,202 |
- |
|||||||||
Advances from customers |
(58,249) |
7,915 |
(6,702) |
|||||||||
Tax payable |
847,043 |
1,029,919 |
273,589 |
|||||||||
Accrued expenses and other liabilities |
449,971 |
(727,211) |
28,875 |
|||||||||
Net Cash Provided by (Used in) Operating Activities from |
8,717,975 |
(7,461,511) |
(1,074,579) |
|||||||||
Net Cash Used in Operating Activities from Discontinued |
- |
- |
(26,564) |
|||||||||
Net Cash Provided by (Used in) Operating Activities |
8,717,975 |
(7,461,511) |
(1,101,143) |
|||||||||
Cash Flows from Investing Activities: |
||||||||||||
Repayment of loans from factoring customers |
- |
- |
107,833,488 |
|||||||||
Proceeds of loans from third parties |
20,499,442 |
- |
- |
|||||||||
Loans disbursement to third parties |
(26,100,286) |
(3,467,607) |
- |
|||||||||
Loans disbursement to factoring customers |
- |
- |
(43,422,881) |
|||||||||
Purchases of property and equipment |
(54,569) |
- |
(833) |
|||||||||
Acquisition of a subsidiary |
- |
- |
(427,318) |
|||||||||
Acquisition of cash from acquired subsidiary |
- |
- |
21,442,122 |
|||||||||
Proceeds from disposal of discontinued operations |
- |
- |
504,713 |
|||||||||
Net inflow related to deconsolidation of subsidiaries |
788 |
61,121 |
- |
|||||||||
Redemption of short-term investment |
- |
8,690,374 |
- |
|||||||||
Due to (from) related party |
(70,169) |
210,774 |
- |
|||||||||
Proceeds from sale of property and equipment |
40,305 |
837,969 |
- |
|||||||||
Net Cash (Used in) Provided by Investing Activities from Continuing |
(5,684,489) |
6,332,631 |
85,929,291 |
|||||||||
Net Cash Provided by Investing Activities from Discontinued Operations |
- |
- |
35,765 |
|||||||||
Net Cash (Used in) Provided by Investing Activities |
(5,684,489) |
6,332,631 |
85,965,056 |
|||||||||
Cash Flows from Financing Activities: |
||||||||||||
Borrowing from a related party |
- |
- |
279,020 |
|||||||||
Proceeds from bank loans |
5,889,179 |
8,341,311 |
- |
|||||||||
Repayment of bank loans |
(8,927,555) |
- |
- |
|||||||||
Proceeds from secured loans |
- |
- |
43,422,881 |
|||||||||
Repayment of secured loans |
- |
- |
(107,833,488) |
|||||||||
Repayment of third-party loans |
- |
(280,268) |
- |
|||||||||
Repayment of lease liabilities |
(76,102) |
(207,891) |
- |
|||||||||
Net Cash (Used in) Provided by Financing Activities from |
(3,114,478) |
7,853,152 |
(64,131,587) |
|||||||||
Net Cash Used in Financing Activities from Discontinued |
- |
- |
(7,251) |
|||||||||
Net Cash (Used in) Provided by Financing Activities |
(3,114,478) |
7,853,152 |
(64,138,838) |
|||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted |
914,219 |
1,937,807 |
119,326 |
|||||||||
Net increase in cash, cash equivalents, and restricted cash in banks |
833,227 |
8,662,079 |
20,844,401 |
|||||||||
Cash, cash equivalents, and restricted cash in banks at beginning of year |
30,807,604 |
22,145,525 |
1,301,124 |
|||||||||
Cash, cash equivalents, and restricted cash in banks at end of year |
$ |
31,640,831 |
$ |
30,807,604 |
$ |
22,145,525 |
||||||
Supplemental Cash Flow Information |
||||||||||||
Cash paid for interest expense |
$ |
269,400 |
$ |
- |
$ |
- |
||||||
Cash paid for income tax |
$ |
- |
$ |
- |
$ |
- |
||||||
Noncash investing activities |
||||||||||||
Acquisition of a subsidiary by issuance of Class B Preferred Shares |
$ |
- |
$ |
- |
$ |
31,087,732 |
||||||
Receivable from disposal of discontinued operations |
$ |
- |
$ |
- |
$ |
940,829 |
||||||
Right of use assets obtained in exchange for operating lease obligations |
$ |
- |
$ |
- |
$ |
615,000 |
||||||
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the |
||||||||||||
December 31, |
December 31, |
|||||||||||
Cash and cash equivalents |
$ |
1,947,142 |
$ |
4,932,048 |
||||||||
Restricted cash in banks |
29,693,689 |
25,875,556 |
||||||||||
Total cash, cash equivalents and restricted cash |
$ |
31,640,831 |
$ |
30,807,604 |
SOURCE Roan Holdings Group Co., Ltd.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article