SHANGHAI, Aug. 9, 2023 /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 fiscal year ended December 31, 2022.
Mr. Xiaoyun Huang, Chief Executive Officer of Nisun, commented, “We are pleased to end fiscal year 2022 with solid financial performance, despite the uncertain market conditions during this period. Our total revenue reached $234.2 million in fiscal year 2022, representing an increase of 46% from fiscal year 2021, demonstrating our strong capabilities to execute strategic initiatives successfully. In fiscal year 2022, we have been committed to scaling our supply chain trading business, particularly agricultural supply chain operations. While acknowledging the challenges in our existing business, we have been actively seeking qualified partners for new business opportunities. As mentioned in our recent press releases, many of our new business partnerships established beyond their infancy, we expect to distinguish ourselves from other industry participants by prioritizing the expansion of our business, providing quality supply chain services to our clients and improving our brand awareness. In the second half of 2023 and beyond, we will continue to deepen the comprehensive coverage and dynamic cycle of the agricultural supply chain to support China’s grand strategy of rural revitalization. We will also continue to focus on enhancing our operating efficiency, aiming to sustain our long-term competitiveness in the market and creating long-term value for our shareholders.”
Financial Results for the Fiscal Year Ended December 31, 2022
All comparisons made on a year-over-year (“yoy”) basis.
Revenue
- Total revenue increased by 46% to $234.2 million from $160.2 million in fiscal year 2021, primarily with increases in revenue from supply chain trading sales. The increase in total revenues was primarily due to the Company’s ability to expand its business, attract higher quality customers, and achieve a higher customer retention.
- Revenue from Supply Chain Trading Business increased by 110% to $143.4 million from $68.1 million in fiscal year 2021, primarily due to the Company’s expansion of its supply chain trading business in various industries such as the agricultural industry and retail industry.
- Revenue from Financing Services slightly decreased by 1% to $90.8 million from $92.1 million in the prior year period.
- Revenues generated from the Small and Medium Enterprise (SME) financing solutions business increased modestly to $87.3 million from $87.1 million in the prior year period.
- Revenue generated from supply chain financing solutions decreased by 28% to $3.5 million from $4.9 million in the prior year period, primarily due to the reason that the Company shifted the focus of business development from the supply chain financing solutions to supply chain trading.
|
For the Year ended December 31, |
Changes |
|||||||||||||||||||||||
|
2022 |
% |
021 |
% |
($) |
( %) |
|||||||||||||||||||
|
Revenue from Supply Chain |
$ |
143,361,714 |
61 |
% |
$ |
68,132,237 |
43 |
% |
$ |
75,229,477 |
110 |
% |
||||||||||||
|
Revenue from financing |
||||||||||||||||||||||||
|
SME financing solutions |
87,269,959 |
37 |
% |
87,133,963 |
54 |
% |
135,996 |
0 |
% |
|||||||||||||||
|
Supply chain financing |
3,542,592 |
2 |
% |
4,930,289 |
3 |
% |
(1,387,697) |
(28) |
% |
|||||||||||||||
|
Other financing solutions |
– |
0 |
% |
3,222 |
0 |
% |
(3,222) |
(100) |
% |
|||||||||||||||
|
Total revenue from |
90,812,551 |
39 |
% |
92,067,474 |
57 |
% |
(1,254,923) |
(1) |
% |
|||||||||||||||
|
Total revenue |
$ |
234,174,265 |
100 |
% |
$ |
160,199,711 |
100 |
% |
$ |
73,974,554 |
46 |
% |
||||||||||||
Cost of revenue
Cost of revenue was $197.1 million, compared to $106.2 million in the prior year period, representing an increase of 86%. The increase was primarily attributable to increases in cost of revenue from supply chain trading business.
Gross Profit
Gross profit decreased by 31% to $37.0 million, from $54.0 million in the prior year period. The decrease was primarily due to the significant increase in the costs of third-party channels for SME financing solution services, adjusted by an increase in the gross profit of the Company’s supply chain trading business by 393%, which increase was primarily a result of the Company’s ability to expand its business, attract higher quality customers, and achieve higher customer retention. Gross margin was 15.8% and 33.7% for the fiscal year ended December 31, 2022 and 2021, respectively.
Operating Expenses
Total operating expenses increased by 22% to $19.3 million from $15.9 million in the prior year period. The increase was primarily attributable to increases in bad debt expenses, offset by the decrease in selling expenses, general and administrative expenses and research and development (“R&D”) expenses.
- Selling expenses decreased by 15% to $2.0 million from $2.3 million in the prior year period. The decrease in selling expenses was mainly due to the Company’s building up its network in supply chain trading business in various industries and cutting its marketing expenses.
- General and administrative expenses decreased by 3% to $11.3 million from $11.6 million in the prior year period. The decrease in general and administrative expenses was mainly because the Company paid a one-time agreement cancellation fee of $2.5 million in 2021, adjusted by the impairment loss on goodwill incurred in 2022 and increased expenses on business expansion.
- R&D expenses was $1.6 million, unchanged from fiscal year 2021.
- Bad debts expenses were $4.5 million, as compared to $0.3 million in the prior year period. The bad debts expenses incurred in 2022 were primarily because certain suppliers were not be able to fulfill their contractual obligations due to the COVID outbreaks in 2022.
Other Income (Expense), net
The Company had a net other income of $4.8 million, compared to $2.6 million in the prior year period. The increase was due to an increase in investment income from the short-term investments and investment in limited partnership.
Net Income
In fiscal year 2022, the Company achieved a net income of $17.8 million, compared to $30.5 million in the prior year. The decrease was primarily due to the significant increase in the costs of third-party channels.
Net Income per Share
Net income per share was $4.42 in fiscal year 2022, compared to $14.13 in the prior year period. The weighted average number of shares was 3,986,359 and 2,150,683 in the fiscal year ended December 31, 2022 and 2021, respectively.
Financial Condition and Cash Flow
As of December 31, 2022, the Company had cash, cash equivalents and restricted cash of $67.3 million, compared to $91.6 million as of December 31, 2021.
In the fiscal year ended December 31, 2022, net cash used in operating activities was approximately $29.0 million, net cash provided by investing activities was $17.8 million, and net cash used in financing activities was $8.3 million.
In the fiscal year ended December 31, 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.
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, 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. 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: ir@cnisun.com
Ascent Investor Relations LLC
Tina Xiao
Email: tina.xiao@ascent-ir.com
Tel: +1 (917) 609-0333
|
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (EXPRESSED IN US DOLLARS) |
||||||||
|
December 31, |
December 31, |
|||||||
|
ASSETS |
||||||||
|
CURRENT ASSETS: |
||||||||
|
Cash and cash equivalents |
$ |
63,901,329 |
$ |
91,447,620 |
||||
|
Restricted cash |
3,417,244 |
179,421 |
||||||
|
Short-term investments |
11,700,400 |
40,666,617 |
||||||
|
Accounts receivable, net |
18,931,346 |
18,516,150 |
||||||
|
Advance to suppliers, net |
46,968,549 |
9,213,279 |
||||||
|
Receivables from supply chain solutions |
43,475,981 |
59,792,613 |
||||||
|
Inventories |
31,609,877 |
3,979,653 |
||||||
|
Prepaid expenses and other current assets |
10,890,083 |
4,002,675 |
||||||
|
TOTAL CURRENT ASSETS |
230,894,809 |
227,798,028 |
||||||
|
NON-CURRENT ASSETS: |
||||||||
|
Property and equipment, net |
719,574 |
464,156 |
||||||
|
Intangible assets, net |
1,795,234 |
2,850,853 |
||||||
|
Right-of-use assets, net |
3,349,432 |
479,473 |
||||||
|
Equity investments |
373,292 |
404,022 |
||||||
|
Investment in limited partnership |
14,913,539 |
16,207,152 |
||||||
|
Goodwill |
23,814,005 |
25,774,402 |
||||||
|
Deferred tax assets, net |
310,577 |
– |
||||||
|
Long term investment |
7,249,319 |
– |
||||||
|
TOTAL NON-CURRENT ASSETS |
52,524,972 |
46,180,058 |
||||||
|
TOTAL ASSETS |
$ |
283,419,781 |
$ |
273,978,086 |
||||
|
LIABILITIES |
||||||||
|
CURRENT LIABILITIES: |
||||||||
|
Accounts payable |
$ |
40,925,155 |
$ |
34,997,401 |
||||
|
Short-term bank loans |
434,959 |
784,609 |
||||||
|
Accrued expenses and other current liabilities |
6,090,582 |
3,575,836 |
||||||
|
Operating lease liabilities – current |
1,008,766 |
337,698 |
||||||
|
Payables to supply chain solutions |
9,122,978 |
25,922,931 |
||||||
|
Advances from customers |
21,827,387 |
3,429,103 |
||||||
|
Taxes payable |
2,748,474 |
8,851,898 |
||||||
|
Loan from related party |
8,028,965 |
10,528,965 |
||||||
|
Due to related parties – current |
282,724 |
295,336 |
||||||
|
TOTAL CURRENT LIABILITIES |
90,469,990 |
88,723,777 |
||||||
|
Operating lease liabilities – non-current |
2,425,597 |
148,988 |
||||||
|
Deferred tax liabilities |
727,326 |
504,033 |
||||||
|
TOTAL LIABILITIES |
93,622,913 |
89,376,798 |
||||||
|
SHAREHOLDERS’ EQUITY*: |
||||||||
|
Class A common stock, $0.01 par value, 30,000,000 and 4,000,000 shares |
40,063 |
39,813 |
||||||
|
Class B common stock, $0.01 par value, 1,000,000 shares authorized, no shares |
– |
– |
||||||
|
Treasury shares |
(355,844) |
– |
||||||
|
Additional paid-in capital |
130,503,387 |
130,318,637 |
||||||
|
Retained earnings |
53,214,304 |
37,819,226 |
||||||
|
Statutory reserves |
9,167,845 |
6,942,111 |
||||||
|
Unearned compensation |
– |
(125,630) |
||||||
|
Accumulated other comprehensive income |
(6,937,950) |
5,632,199 |
||||||
|
COMMON SHAREHOLDERS’ EQUITY |
185,631,805 |
180,626,356 |
||||||
|
Non-controlling interests |
4,165,063 |
3,974,932 |
||||||
|
TOTAL SHAREHOLDERS’ EQUITY |
189,796,868 |
184,601,288 |
||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
283,419,781 |
$ |
273,978,086 |
||||
|
* |
The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split. |
|
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (EXPRESSED IN US DOLLARS) |
||||||||||||
|
For the Year Ended December 31, |
||||||||||||
|
2022 |
2021 |
2020 |
||||||||||
|
REVENUES: |
||||||||||||
|
Revenue generated from services: |
||||||||||||
|
Small and Medium Enterprise financing solutions |
$ |
87,269,959 |
$ |
87,133,963 |
$ |
40,779,794 |
||||||
|
Supply Chain financing solutions |
3,542,592 |
4,930,289 |
1,369,859 |
|||||||||
|
Other financing solutions |
– |
3,222 |
40,538 |
|||||||||
|
Total revenue generated from services |
90,812,551 |
92,067,474 |
42,190,191 |
|||||||||
|
Revenue generated from sales: |
||||||||||||
|
Supply chain trading business |
143,361,714 |
68,132,237 |
– |
|||||||||
|
Total revenues |
234,174,265 |
160,199,711 |
42,190,191 |
|||||||||
|
COST OF REVENUE: |
||||||||||||
|
Cost of revenue – services |
(55,472,076) |
(37,989,001) |
(19,740,267) |
|||||||||
|
Cost of revenue – sales |
(140,880,063) |
(67,628,806) |
– |
|||||||||
|
Business and sales related taxes |
(772,830) |
(533,760) |
(233,389) |
|||||||||
|
GROSS PROFIT |
37,049,296 |
54,048,144 |
22,216,535 |
|||||||||
|
OPERATING EXPENSES: |
||||||||||||
|
Selling expenses |
1,977,617 |
2,323,403 |
3,181,810 |
|||||||||
|
General and administrative expenses |
11,288,871 |
11,641,567 |
8,188,736 |
|||||||||
|
Research and development expenses |
1,563,718 |
1,599,728 |
817,770 |
|||||||||
|
Bad debt expense |
4,509,634 |
294,536 |
– |
|||||||||
|
Total operating expenses |
19,339,840 |
15,859,234 |
12,188,316 |
|||||||||
|
INCOME FROM OPERATIONS |
17,709,456 |
38,188,910 |
10,028,219 |
|||||||||
|
OTHER INCOME (EXPENSE): |
||||||||||||
|
Interest and investment income |
2,790,768 |
2,122,903 |
585,177 |
|||||||||
|
Other income (expense), net |
2,021,688 |
464,210 |
244,274 |
|||||||||
|
Total other income, net |
4,812,456 |
2,587,113 |
829,451 |
|||||||||
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
22,521,912 |
40,776,023 |
10,857,670 |
|||||||||
|
PROVISION FOR INCOME TAXES |
4,741,854 |
10,269,501 |
941,064 |
|||||||||
|
NET INCOME FROM CONTINUING OPERATIONS |
17,780,058 |
30,506,522 |
9,916,606 |
|||||||||
|
DISCONTINUED OPERATIONS: |
||||||||||||
|
(Loss) from discontinued operations, net of tax |
– |
– |
(23,107,066) |
|||||||||
|
Net gain on sale of discontinued operations, net of tax |
– |
– |
136,050 |
|||||||||
|
NET (LOSS) FROM DISCONTINUED OPERATIONS, NET OF |
– |
– |
(22,971,016) |
|||||||||
|
NET INCOME (LOSS) |
17,780,058 |
30,506,522 |
(13,054,410) |
|||||||||
|
Net (income) attributable to non-controlling interests |
(159,246) |
(126,161) |
(37,380) |
|||||||||
|
NET INCOME (LOSS) – Nisun International’s shareholders |
$ |
17,620,812 |
$ |
30,380,361 |
$ |
(13,091,790) |
||||||
|
OTHER COMPREHENSIVE INCOME (LOSS) |
||||||||||||
|
Foreign currency translation (loss) income |
(12,576,380) |
2,039,011 |
5,507,420 |
|||||||||
|
COMPREHENSIVE INCOME (LOSS) |
5,044,432 |
32,419,372 |
(7,584,370) |
|||||||||
|
Comprehensive loss attributable to non-controlling interests |
6,231 |
2,051 |
2,172 |
|||||||||
|
COMPREHENSIVE INCOME (LOSS) |
$ |
5,050,663 |
$ |
32,421,423 |
$ |
(7,582,198) |
||||||
|
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON |
||||||||||||
|
Income from continuing operations |
$ |
4.42 |
$ |
14.13 |
$ |
5.32 |
||||||
|
Income (loss) from discontinued operations |
– |
– |
(12.36) |
|||||||||
|
NET EARNINGS (LOSS) PER COMMON SHARE |
$ |
4.42 |
$ |
14.13 |
$ |
(7.04) |
||||||
|
Weighted average number of shares outstanding-basic and diluted* |
3,986,359 |
2,150,683 |
1,858,767 |
|||||||||
|
* |
The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split. |
|
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 (EXPRESSED IN US DOLLARS) |
||||||||||||
|
2022 |
2021 |
2020 |
||||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||||||
|
Net income (loss) |
$ |
17,780,058 |
$ |
30,506,522 |
$ |
(13,054,410) |
||||||
|
Net (loss) from discontinued operations |
– |
– |
(22,971,016) |
|||||||||
|
Net income from continuing operations |
17,780,058 |
30,506,522 |
9,916,606 |
|||||||||
|
Adjustments to reconcile net income to net cash provided by (used |
||||||||||||
|
Depreciation and amortization |
2,113,732 |
2,180,038 |
1,686,518 |
|||||||||
|
Stock-based compensation |
125,630 |
498,825 |
1,097,415 |
|||||||||
|
Shares issued for compensation |
185,000 |
71,175 |
– |
|||||||||
|
Bad debt expense |
4,509,634 |
294,536 |
– |
|||||||||
|
Impairment of goodwill |
777,329 |
– |
– |
|||||||||
|
Loss on disposition of property and equipment |
1,385 |
190,301 |
42,534 |
|||||||||
|
(Income) from investments |
(541,578) |
(808,464) |
(169,720) |
|||||||||
|
Deferred tax (benefit) expense |
271,907 |
275,749 |
(584,760) |
|||||||||
|
Changes in operating assets and liabilities: |
||||||||||||
|
Accounts receivable |
(2,075,274) |
(13,294,924) |
573,418 |
|||||||||
|
Advance to suppliers, net |
(39,859,386) |
(9,213,279) |
– |
|||||||||
|
Prepaid expenses and other current assets |
(4,734,501) |
(3,464,939) |
16,009 |
|||||||||
|
Receivables from supply chain solutions |
11,372,841 |
(48,202,128) |
(10,741,981) |
|||||||||
|
Inventories |
(25,530,993) |
(3,931,400) |
– |
|||||||||
|
Accounts payable |
7,693,011 |
33,620,611 |
1,014,227 |
|||||||||
|
Advance from customers |
19,085,377 |
3,375,769 |
(17,977) |
|||||||||
|
Taxes payable |
(5,574,048) |
5,575,502 |
1,609,498 |
|||||||||
|
Other payables |
– |
2,576,570 |
(2,112,886) |
|||||||||
|
Payable to supply chain solutions |
(15,198,883) |
25,608,622 |
– |
|||||||||
|
Operating lease liabilities |
(855,242) |
(952,495) |
(580,628) |
|||||||||
|
Accrued expenses and other current liabilities |
1,501,078 |
(1,049,489) |
502,100 |
|||||||||
|
Net cash (used in) provided by operating activities from |
(28,952,923) |
23,857,102 |
2,250,373 |
|||||||||
|
Net cash (used in) provided by operating activities from |
– |
– |
436,389 |
|||||||||
|
NET CASH (USED IN) PROVIDED BY OPERATING |
(28,952,923) |
23,857,102 |
2,686,762 |
|||||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||||||
|
Acquisition of property and equipment |
(652,585) |
(186,705) |
(204,904) |
|||||||||
|
Purchase of intangible assets |
(74,710) |
(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 |
|||||||||
|
Cash paid in connection with acquisition, net of cash received |
(530,322) |
– |
– |
|||||||||
|
Investment in limited partnership |
– |
– |
(15,589,966) |
|||||||||
|
Cash received on disposal of discontinued operations |
– |
14,950,730 |
– |
|||||||||
|
Proceeds from sale of short-term investments |
78,595,280 |
4,894,270 |
– |
|||||||||
|
Purchase of short-term investments |
(51,567,746) |
(39,526,099) |
(3,065,134) |
|||||||||
|
Purchase of Long-term investments |
(7,430,511) |
– |
– |
|||||||||
|
Collection of loans to third parties |
– |
1,643,203 |
11,019,545 |
|||||||||
|
Loans to third parties |
(501,905) |
– |
(1,810,495) |
|||||||||
|
Net cash provided by (used in) investing activities from |
17,837,501 |
(25,250,787) |
(4,712,912) |
|||||||||
|
Net cash (used in) investing activities from discontinued operations |
– |
– |
(6,713) |
|||||||||
|
NET CASH PROVIDED BY (USED IN) INVESTING |
17,837,501 |
(25,250,787) |
(4,719,625) |
|||||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||||||
|
Proceeds from short-term bank loans |
445,831 |
784,609 |
– |
|||||||||
|
Proceeds from issuance of common shares and pre-funded warrants |
– |
70,794,465 |
– |
|||||||||
|
Proceeds from private placement |
– |
– |
6,503,378 |
|||||||||
|
Proceeds from third-party loans |
36,770,626 |
– |
– |
|||||||||
|
Repayment of short-term bank loans |
(1,239,983) |
– |
– |
|||||||||
|
Repayment of third-party loans |
(41,491,973) |
– |
– |
|||||||||
|
Repayment to related parties |
(10,097) |
(1,803,374) |
(6,803,115) |
|||||||||
|
Advances from related parties |
– |
– |
1,303,556 |
|||||||||
|
Loan from related parties |
– |
– |
10,528,965 |
|||||||||
|
Repayment of loan from related parties |
(2,500,000) |
– |
– |
|||||||||
|
Purchase of treasury shares |
(355,844) |
– |
– |
|||||||||
|
Capital contribution from non-controlling interest |
37,116 |
751,841 |
3,065,134 |
|||||||||
|
Capital contribution by shareholder |
– |
– |
4,550,000 |
|||||||||
|
Net cash (used in) provided by financing activities from continuing |
(8,344,324) |
70,527,541 |
19,147,918 |
|||||||||
|
Net cash (used in) financing activities from discontinued operations |
– |
– |
(788,599) |
|||||||||
|
NET CASH (USED IN) PROVIDED BY FINANCING |
(8,344,324) |
70,527,541 |
18,359,319) |
|||||||||
|
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND |
(4,848,722) |
294,928 |
2,806,981 |
|||||||||
|
NET (DECREASE) INCREASE IN CASH AND CASH |
(24,308,468) |
69,428,784 |
19,133,437 |
|||||||||
|
Less: (decrease) in cash and cash equivalents from discontinued |
– |
(283,314) |
||||||||||
|
NET (DECREASE) INCREASE IN CASH AND CASH |
(24,308,468) |
69,428,784 |
19,416,751 |
|||||||||
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
91,627,041 |
22,198,257 |
2,781,506 |
|||||||||
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
67,318,573 |
$ |
91,627,041 |
$ |
22,198,257 |
||||||
|
SUPPLEMENTAL CASH FLOW DISCLOSURES: |
||||||||||||
|
Cash paid for income taxes |
$ |
10,385,495 |
$ |
5,546,082 |
$ |
552,783 |
||||||
|
Cash paid for interest |
$ |
496,932 |
$ |
370,356 |
$ |
124,778 |
||||||
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: |
||||||||||||
|
Amount payable to related parties for business acquisition |
$ |
– |
$ |
– |
$ |
7,007,905 |
||||||
|
Issuance of shares for business acquisition |
$ |
– |
$ |
– |
$ |
18,330,776 |
||||||
|
Receivable from disposal of subsidiary |
$ |
289,973 |
$ |
– |
$ |
14,950,730 |
||||||
|
Issuance of shares for share-based compensation |
$ |
– |
$ |
71,175 |
$ |
1,721,870 |
||||||
|
CASH AND CASH EQUIVALENTS FROM CONTINUING |
||||||||||||
|
Cash and cash equivalents |
$ |
63,901,329 |
$ |
91,447,620 |
$ |
22,135,310 |
||||||
|
Restricted cash |
3,417,244 |
179,421 |
62,947 |
|||||||||
|
Total cash, cash equivalents and restricted cash |
$ |
67,318,573 |
$ |
91,627,041 |
$ |
22,198,257 |
||||||
