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: ir@cnisun.com
ICR, LLC
Tel: +1 203 682 8233
Email: nisun@icrinc.com
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,
2021
|
|
|
December 31,
2020
|
|
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
issued and outstanding as of December 31, 2021 and 2020,
respectively
|
|
|
39,813
|
|
|
|
20,555
|
|
Class B common stock,
$0.001 par value, 10,000,000 shares authorized, no shares issued
and outstanding
as of December 31, 2021 and 2020
|
|
|
-
|
|
|
|
-
|
|
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
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
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
EQUIVALENTS
|
|
|
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
CONTINUING OPERATIONS
|
|
|
69,428,784
|
|
|
|
19,416,751
|
|
|
|
2,780,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH FROM
CONTINUING OPERATIONS-BEGINNING
|
|
|
22,198,257
|
|
|
|
2,781,506
|
|
|
|
607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH FROM
CONTINUING OPERATIONS-ENDING
|
|
$
|
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
ARE COMPRISED OF THE FOLLOWING:
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
View original
content:https://www.prnewswire.com/news-releases/nisun-international-reports-fiscal-year-2021-financial-results-301548638.html
SOURCE Nisun International Enterprise Development Group Co.,
Ltd