--Provides full year 2022 financial revenue growth
forecast--
SINGAPORE, April 19, 2022 /PRNewswire/ -- Lion Group
Holding Ltd. ("Lion" or "the Company") (NASDAQ: LGHL), operator of
an all-in-one trading platform that offers a wide spectrum of
products and services and developer of new growth products that
include SPAC sponsorship, NFT, and metaverse-related initiatives,
today announced its unaudited financial results for the full year
ended December 31, 2021.
FINANCIAL AND OPERATING HIGHLIGHTS
All comparisons are made on a year-over-year ("yoy")
basis[1].
[1] Numbers in 2020
are restated due to SEC statement on the accounting of SPAC
warrants issued in May 2021. Detailed restated FY2020 financial
statements in form 20-F/A are available:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001806524/000121390021032286/f20f2020a1_liongroup.htm
|
For the Full Year Ended December 31,
2021
- Total revenues increased by 164.5% to $27.1 million from $10.2
million in the prior year.
- Net income attributable to LGHL was $22,782, compared to a net loss of $2.6 million in the prior year.
- Non-GAAP net income attributable to
LGHL increased by 726% to $3.0
million from $0.4 million in
the prior year.
- Total number of revenue-generating client accounts increased by
5% to 5,261 from 5,010 last year.
- Total revenue-generating CFD (contract for difference) client
trading accounts increased by 7% to 2,866 from 2,668 last
year.
- Total return swap ("TRS") trading volume was $1,074 million.
- Contract-for-difference ("CFD") trading volume increased by
103.4% to 453,687 lots from 223,018 lots last year.
- Futures brokerage trading volume increased by 52.3% to
1,124,805 lots from 738,444 lots last year.
Mr. Chunning (Wilson) Wang, CEO
of Lion, commented: "We concluded the year of 2021 on a strong
note, as revenue doubled and user numbers grew steadily. Our entire
team worked tirelessly to deliver monumental results in 2021 and
remain competitive in the industry, despite challenges attributable
to the ongoing pandemic and capricious regulatory environment.
Non-GAAP net income attributable to LGHL increased by nearly
sevenfold, largely attributable to our diverse products and
high-quality services."
"Our CFD and TRS trading businesses remain stable and continue
to contribute as key drivers of revenue growth. The NFT business
and our Metaverse project also played significant roles in becoming
new revenue sources this year. Lion's NFT project, MetaWords,
created in collaboration with renowned Chinese calligrapher and
conceptual artist Mr. Xu Bing,
attracted numerous users and creators. Relevant MetaWords blind
boxes, containing MetaWords characters as well as fragments of
Xu Bing's Book from the
Ground, have sold out since its launch," Mr. Wang
continued.
"2022 will be a year of reacceleration for Lion. We have
re-located our corporate headquarters to Singapore to further our expansion in
Southeast Asia, after being
granted our trading license in Singapore. To provide a better experience to
our growing global user base and accelerate our market expansion,
we will continue to make decisive investments in core technologies
and services for the years ahead. We are dedicated to providing
high-quality products to our customers and generating long-term
value to our stakeholders," Mr. Wang concluded.
RECENT DEVELOPMENTS
- Granted Trading License in Singapore, Further Expansion into Southeast Asia
On October 4, 2021, Lion announced
its subsidiary, Lion International Financial (Singapore) Pte. Ltd. ("Lion Singapore"), had
been granted a Capital Markets Service License ("CMS License") from
the Monetary Authority of Singapore. The CMS License allows Lion
Singapore to deal in exchange-traded derivatives contracts,
over-the-counter derivatives contracts and spot foreign exchange
contracts for the purposes of leveraged foreign exchange
trading.
- Significant Success of NFT Language Project,
MetaWords
On December 20, 2021, Lion's NFT
project, MetaWords, passed CertiK security audit. MetaWords was
created in collaboration with renown Chinese calligrapher and
conceptual artist Mr. Xu Bing. MetaWords consists of Character
NFTs derived from Mr. Xu's Book of the
Ground.
- Launch of NFT Platform, MetaWords Art
Project
In January 2022, Lion announced
the official launch of its Lion NFT market platform, Lion NFT
(https://lionnft.io/). Simultaneously, the Company introduced its
cooperative NFT art project, MetaWords.
- Successful Blind Box Sales and Auction
In January 2022, Lion also
announced the successful sales of its MetaWords blind boxes. All
2,742 blind boxes, containing MetaWords characters as well as
MetaWords works of Xu Bing's Book
from the Ground, sold out since their first market offering on
January 17, 2022. The auction sale of
six MetaWords characters was completed on January 22, 2022. Lion received an aggregate of
749 Binance Coins, or BNB, net of the incentive credits to
customers, which was approximately $438,000
USD at the spot token price upon the completion of the
sale.
- Introduction of its "Creation Tools"
feature
On January 18, 2022, MetaWords
announced the introduction of its "Creation Tools" feature that
allows users to easily create new characters. True to the essence
of the NFT community's bottom-up method, this new launch confirms
that MetaWords, as a meta-language infrastructure, differs from
other digital collections. Users can log onto lionnft.io and make
their own metaverse creations.
FINANCIAL RESULTS
For the Full Year ended December 31,
2021
Revenues
Total revenues increased by 164.5% yoy to $27.1 million for the year ended December 31, 2021, from $10.2 million for the year ended December 31, 2020, primarily due to an increase
in each segment.
- CFD trading services income. Revenues generated from CFD
trading services increased by 27.5% yoy to US$8.7 million from US$6.8
million in the prior year. The increase was primarily due to
an increase in CFD trading volume, mainly attributable to the
partial recovery of the overall economy and market with the relief
of pandemic in the second half of 2021. Total CFD products
trading volume was 453,687 lots, compared to 223,018 lots in 2020.
The commission revenues derived from CFD trading services in 2021
are approximately 80% related to stock indices and near 20% related
to commodities with a remaining insignificant proportion relating
to other CFD products. In 2020, the two percentages were 68.5% and
31.5%, respectively.
- TRS trading services income. Revenues generated from TRS
trading services income increased to US$13.1
million from US$0.2 million in
the prior year. As one of the core businesses, Lion strategically
directed significant resources to developing and expanding TRS
trading services to customers in 2021. In the meantime, Lion
achieved significant gains from its proprietary TRS trading
activities. TRS trading volume was $1,074
million in 2021.
- Futures and securities brokerage income. Revenues
generated from futures and securities brokerage income increased by
38.0% yoy to US$2.8 million from
US$2.0 million in the prior year. The
increase was primarily due to the rebound of futures market in
Hong Kong in 2021. Total number of
executed futures contracts was 1,124,805 lots, compared to 738,444
lots in 2020.
- Others. Revenue generated from other services increased
by 108.0% yoy to US$2.4 million from
US$1.2 million in the prior year,
primarily attributed to bitcoin mining revenue of $1.7 million generated in 2021.
|
|
Year ended December
31,
|
|
|
2021
|
|
2020
|
|
|
|
US$
|
|
%
|
|
US$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
CFD trading
services
|
|
8,700,009
|
|
32.1
|
|
6,823,677
|
|
66.7
|
|
TRS trading
services
|
|
13,132,833
|
|
48.5
|
|
210,770
|
|
2.0
|
|
Futures and securities
brokerage services
|
|
2,800,543
|
|
10.4
|
|
2,029,669
|
|
19.9
|
|
Others
|
|
2,425,100
|
|
9.0
|
|
1,166,019
|
|
11.4
|
|
Total
|
|
27,058,485
|
|
100.0
|
|
10,230,135
|
|
100.0
|
|
Expenses
Total expenses increased by 117.4% yoy to $27.8 million from US$12.8
million in the prior year, primarily due to increases in
commission expenses, cost of crypto mining, service fees,
professional fees, research and development, communication and
technology, and amortization of debt discounts and
depreciation.
- Commissions and Fees increased by 79.7% yoy to
$3.3 million from $1.8 million in the prior year,
primarily due to an increase in TRS trading commission
expenses by US$1.0 million and an
increase in the futures brokerage commission expenses of
US$0.7 million, partially offset by a
decrease in the insurance brokerage commission expenses of
US$0.2 million, which is in line with
the overall trench of such businesses.
- Compensation Expenses increased by 7.0% yoy to
$4.1 million from $3.8 million in the prior year period, primarily
due to the increase in average compensation and discretionary bonus
paid out in 2021.
- Communication and Technology Expenses increased by 32.7%
yoy to $1.9 million from $1.5 million in the prior year, primarily due to
an increase in trading service fees and market data fees, which was
in line with the launch of TRS trading services.
- Cost of Crypto Mining was $1.2
million in 2021.
- General and Administrative Expenses decreased by 10.9%
yoy to $2.0 million from $2.3 million in the prior year, primarily due to
a portion of share-based compensation granted in 2020 charged into
general and administrative expenses.
- Professional Fees increased by 145.0% yoy to
$3.8 million from $1.6 million in the prior year, primarily due to
the accounting, legal, investor relations, and consulting services
fees additionally incurred after we became a public company in
June 2020, compared to the
corresponding period of 2020, professional fees of US$2.4 million directly associated with the
reverse acquisition with SPAC were charged to equity, instead of
earnings.
- Services Fees for independent contractors and
consultants increased to $3.6 million
from $0.8 million in the prior year
as a result of an increased number of contracted service providers
needed due to the growth of the business lines such as TRS trading
and NFT, as well as a one-off special inventive scheme for the year
ended December 31, 2021.
- Research and Development Expenses were $1.2 million in 2021 in connection with
developing and enhancing the Metaverse project.
- Interest Expenses increased to $1.6 million from $0.2
million in the prior year, primarily attributable to the
amortization of debt discounts of US$0.8
million from convertible debenture, as well as interest of
US$0.8 million paid for loans
borrowed from TRS trading service business partners.
- Depreciation Expenses increased to $0.9 million from $40,556 in the prior year, mainly attributable to
the depreciation of newly acquired copyrighted trading software
programs related to CFD and TRS trading services from March 2021.
- Marketing Expenses increased by 40.3% yoy to $0.9
million from $0.7 million in the prior year, mainly due to
marketing expenses incurred to maintain existing customers and
develop new customers, while promoting the businesses and branding
activities.
- Other Expenses increased to $0.1 million from
$11,464 in the prior year.
Net (loss) income
Net loss was $0.8 million for the
year of 2021, compared to a net loss of $2.6
million in 2020.
Net Income/(loss) attributable to LGHL
Net income attributable to LGHL was US$27,782 for the year of 2021, compared to a net
loss of US$2.6 million in 2020.
Net loss attributable to LGHL ordinary shareholders
per ADS
Diluted net loss per ADS was $0.27
in 2021, compared to a diluted net loss per ADS of $0.25 in 2020.
Non-GAAP Financial Results
Non-GAAP net income attributable to LGHL, excluding change in
fair value of warrant liabilities, stock-based compensation
expenses and amortization of debt discounts and depreciation
expenses, was $3.0 million for the
full year of 2021, compared to non-GAAP net income of $0.4 million for the full year of 2020. Non-GAAP
diluted net income attributable to LGHL per ADS was US$0.09 in 2021, compared to a non-GAAP diluted
net income per ADS of US$0.04 in
2020.
Liquidity
As of December 31, 2021, the
Company's cash and restricted cash were $15.1 million (excluding $0.7 million of restricted cash), compared to
$3.4 million (excluding $1.4 million of restricted cash), as of
December 31, 2020, Net cash used in
operating activities was $20.5
million. Net cash used in investing activities was
$12.1 million. Net cash provided by
financing activities was $43.6
million.
BUSINESS OUTLOOK
Based on current market and operating conditions, the Company
expects revenue to grow to approximately $41
million for the full year 2022, representing approximately
50% growth on a year-over-year basis, primarily driven by our TRS
and CFD trading business. This estimate does not include potential
revenues from our SPAC business dealings. This forecast reflects
the Company's current and preliminary views, which is subject to
change, including any potential future impact of the COVID-19
pandemic, the effects of which are difficult to analyze and
predict.
Non-GAAP Financial Measures
This press release includes reconciliations of the most
comparable financial measures calculated and presented in
accordance with accounting principles generally accepted in the
U.S. ("GAAP") to non-GAAP financial measures. The Company's
calculation of Non-GAAP (loss) income (net loss or income before
change in fair value of warrant liabilities, stock-based
compensation and amortization of debt discounts and depreciation
expenses) and Non-GAAP EPS differs from EPS based on net (loss)
income because it does not include change in fair value of warrant
liabilities, stock-based compensation and amortization of debt
discounts and depreciation expenses, which are non-cash charges.
The Company believes that the non-GAAP measures provide useful
information about our core operating results, enhance the overall
understanding of our past performance and future prospects and
allow for greater visibility with respect to key metrics used by
our management in its financial and operational
decision-making.
For more information on the non-GAAP financial measures, please
see the table captioned "Unaudited Reconciliations of Non-GAAP and
GAAP Financial Results" set forth at the end of this press
release.
About Lion
Lion Group Holding Ltd. (Nasdaq: LGHL) operates an all-in one,
state-of-the-art trading platform that offer a wide spectrum of
products and services, including (i) total return service (TRS)
trading, (ii) contract-for-difference (CFD) trading, (iii)
insurance brokerage, and (iv) futures and securities brokerage. In
addition, Lion owns a professional and experienced SPAC sponsorship
team to become a leader in the SPAC arena, helping guide private
companies through their listing journey while creating value for
Lion itself. Lion is also fully committed to building the world's
top one-stop, cross-chain, high-expansion non-fungible token (NFT)
marketplace and entering metaverse space through blockchain
technology. Additional information may be found at
http://ir.liongrouphl.com.
Safe Harbor Statement
This press release contains, "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Lion's actual results may
differ from their expectations, estimates and projections and
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate,"
"intend," "plan," "may," "will," "could," "should," "believes,"
"predicts," "potential," "might" and "continues," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, but are not
limited to, statements about: Lion's goals and strategies; our
ability to retain and increase the number of users, members and
advertising customers, and expand its service offerings; Lion's
future business development, financial condition and results of
operations; expected changes in Lion's revenues, costs or
expenditures; the impact of the COVID-19 pandemic; competition in
the industry; relevant government policies and regulations relating
to our industry; general economic and business conditions globally
and in China; and assumptions
underlying or related to any of the foregoing. Lion cautions that
the foregoing list of factors is not exclusive. Lion cautions
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Lion does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is based,
subject to applicable law.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in Lion's
periodic filings with the SEC, including Lion's Annual Report on
Form 20-F for the fiscal year ended December
31, 2020. Lion's SEC filings are available publicly on the
SEC's website at www.sec.gov.
CONTACTS
Lion Group Holding
Tel: +65 88773871
Email:ir@liongrouphl.com
ICR, LLC
William Zima
Tel: +1 203 682 8233
Email: ir@liongrouphl.com
LION GROUP HOLDING
LTD
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
(LOSS)
|
(in dollar
amount)
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
(as
restated)
|
|
Revenues
|
|
|
|
|
|
|
|
|
CFD trading
services
|
|
$
8,700,009
|
|
$
6,823,677
|
|
|
TRS trading
services
|
|
13,132,833
|
|
210,770
|
|
|
Futures and securities
brokerage services
|
|
2,800,543
|
|
2,029,669
|
|
|
Others
|
|
2,425,100
|
|
1,166,019
|
|
|
|
|
|
|
|
|
27,058,485
|
|
10,230,135
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
Commissions and fees
expenses
|
|
(3,317,692)
|
|
(1,845,994)
|
|
|
Compensation
expenses
|
|
(4,069,203)
|
|
(3,802,793)
|
|
|
Occupancy
expenses
|
|
(778,881)
|
|
(683,160)
|
|
|
Communication and
technology expenses
|
|
(1,929,981)
|
|
(1,454,050)
|
|
|
Cost of crypto
mining
|
|
(1,163,846)
|
|
-
|
|
|
General and
administrative expenses
|
|
(2,016,582)
|
|
(2,264,318)
|
|
|
Professional
fees
|
|
(3,836,817)
|
|
(1,565,834)
|
|
|
Research and
development
|
|
(1,205,040)
|
|
-
|
|
|
Services
fees
|
|
(3,574,579)
|
|
(833,864)
|
|
|
Interest
expenses
|
|
|
|
(1,608,100)
|
|
(183,157)
|
|
|
Depreciation
|
|
(916,916)
|
|
(40,556)
|
|
|
Marketing
|
|
|
(913,675)
|
|
(651,324)
|
|
|
Unrealized loss on
equity securities
|
|
|
(1,916,033)
|
|
-
|
|
|
Payment service
charge
|
|
181,249
|
|
(245,030)
|
|
|
Change in fair value of
option liabilities
|
|
(149,740)
|
|
-
|
|
|
Change in fair value of
warrant liabilities
|
|
(470,804)
|
|
777,266
|
|
|
Other
operating
|
|
(144,175)
|
|
(11,464)
|
|
|
|
|
|
|
|
|
(27,830,815)
|
|
(12,804,278)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
|
(772,330)
|
|
(2,574,143)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(54,367)
|
|
(1,316)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
(826,697)
|
|
$
(2,575,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interests
|
|
849,479
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to LGHL
|
|
$
22,782
|
|
$
(2,575,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
Deemed dividend on the
effect of the down round features
|
|
(6,354,500)
|
|
-
|
|
Dividends and deemed
dividends on preferred shares
|
|
(1,810,204)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to LGHL ordinary shareholders
|
|
$
(8,141,922)
|
|
$
(2,575,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share for both Class A and Class B
|
|
|
|
|
|
- basic and
diluted (i)
|
|
$
(0.27)
|
|
$
(0.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class
A ordinary shares outstanding
|
|
|
|
|
|
- basic and
diluted (i)
|
|
26,046,212
|
|
6,180,795
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class
B ordinary shares outstanding
|
|
|
|
|
|
- basic and
diluted (i)
|
|
4,041,875
|
|
3,962,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Share
and per share data have been retroactively restated to give effect
to the reverse recapitalization
|
LION GROUP HOLDING
LTD
|
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
(in dollar
amount)
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
(as
restated)
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
15,098,151
|
|
$
3,426,467
|
|
|
Restricted cash-bank
balances held on behalf of customers
|
|
653,324
|
|
1,367,630
|
|
|
Securities owned, at
fair value
|
|
15,900,369
|
|
17,622
|
|
|
Receivables from
broker-dealers and clearing organizations
|
|
87,938,377
|
|
8,089,193
|
|
|
Short-term loans
receivable
|
|
-
|
|
2,239,378
|
|
|
Other
receivables
|
|
67,352
|
|
724,708
|
|
|
Prepaids, deposits and
other
|
|
8,741,735
|
|
749,231
|
|
|
|
|
|
|
Total current
assets
|
|
128,399,308
|
|
16,614,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term
investment
|
|
1,550,314
|
|
-
|
|
|
Fixed assets,
net
|
|
17,507,742
|
|
34,919
|
|
|
Other assets
|
|
1,459,467
|
|
6,255,793
|
|
|
Deferred
taxes
|
|
-
|
|
1,128
|
|
|
|
|
|
|
Total Assets
|
|
$
148,916,831
|
|
$
22,906,069
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities,
mezzanine equity and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Payables to
customers
|
|
$
35,959,925
|
|
$
5,221,270
|
|
|
Payables to
broker-dealers and clearing organizations
|
|
53,101,820
|
|
3,845,740
|
|
|
Accrued expenses and
other payables
|
|
1,623,354
|
|
1,802,274
|
|
|
Derivative liabilities,
at fair value
|
|
554,710
|
|
5,653
|
|
|
Short-term
borrowings
|
|
110,000
|
|
293,905
|
|
|
Due to
director
|
|
161,044
|
|
149,522
|
|
|
|
|
|
|
Total current
liabilities
|
|
91,510,853
|
|
11,318,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
debenture
|
|
-
|
|
816,006
|
|
|
Warrant
liabilities
|
|
1,940,625
|
|
1,469,821
|
|
|
|
|
|
|
Total
Liabilities
|
|
93,451,478
|
|
13,604,191
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
Equity
|
|
|
|
|
|
|
Series B Convertible
Preferred Shares - 4,000 shares authorized,
|
|
|
|
|
|
|
|
stated value of $1,000
per share, 4,000 and none shares issued and
outstanding
|
|
|
|
|
|
|
at December 31, 2021
and 2020, respectively
|
|
1,222,771
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Preferred shares,
$0.0001 par value, 50,000,000 shares authorized
|
|
|
|
|
|
|
|
Series A Convertible
Preferred Shares - 345,000 shares
authorized,
|
|
|
|
|
|
|
|
stated value of $1,000
per share, 6,500 and none shares issued and
outstanding
|
|
|
|
|
|
|
at December 31, 2021
and 2020, respectively
|
|
3,929,206
|
|
-
|
|
|
Class A ordinary
shares, $0.0001 par value, 300,000,000 shares
|
|
|
|
|
|
|
|
authorized,
29,677,969 and 9,627,553 shares issued and
outstanding
|
|
|
|
|
|
|
|
at December 31, 2021
and 2020, respectively (i)
|
|
2,968
|
|
963
|
|
|
Class B ordinary
shares, $0.0001 par value, 150,000,000 shares
|
|
|
|
|
|
|
|
authorized, 9,843,096
shares issued and outstanding
|
|
|
|
|
|
|
|
at December 31, 2021
and 2020, respectively (i)
|
|
984
|
|
984
|
|
|
Additional paid in
capital (i)
|
|
54,057,211
|
|
12,269,761
|
|
|
Accumulated
deficit
|
|
(2,929,580)
|
|
(2,952,362)
|
|
|
Accumulated other
comprehensive losses
|
|
(57,532)
|
|
(17,468)
|
|
|
|
|
|
|
Total LGHL
Shareholders' Equity
|
|
55,003,257
|
|
9,301,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
(760,675)
|
|
-
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
54,242,582
|
|
9,301,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities,
Mezzanine Equity and
Shareholders' equity
|
|
$
148,916,831
|
|
$
22,906,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Par value of
ordinary shares, additional paid-in capital and share data have
been retroactively restated to give effect to the reverse
recapitalization.
|
LION GROUP HOLDING
LTD
|
UNAUDITED SUMMARY OF
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS DATA
|
(in dollar
amount)
|
|
|
For the Years Ended
December 31,
|
|
2021
|
2020
|
|
|
|
Net cash (used in)
provided by operating activities
|
$
(20,482,499)
|
$
105,675
|
Net cash used in
investing activities
|
(12,104,687)
|
(6,549,514)
|
Net cash provided by
financing activities
|
43,578,397
|
2,640,316
|
Effect of exchange rate
changes on cash
|
(33,833)
|
16,441
|
Net increase (decrease)
in cash and restricted cash
|
10,957,378
|
(3,787,082)
|
Cash and restricted
cash at beginning of year
|
4,794,097
|
8,581,179
|
Cash and restricted
cash at end of year
|
$
15,751,475
|
$
4,794,097
|
LION GROUP HOLDING
LTD
|
UNAUDITED
RECONCILIATIONS OF NON-GAAP AND GAAP FINANCIAL
RESULTS
|
(in dollar
amount)
|
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
Net income (loss)
attributable to LGHL
|
|
$22,782
|
|
$(2,575,459)
|
|
Stock-based
compensation
|
|
381,800
|
|
3,656,800
|
|
Amortization of debt
discounts
|
|
783,994
|
|
13,288
|
|
Depreciation
expenses
|
|
1,295,470
|
|
40,556
|
|
Change in fair value of
warrant liabilities
|
|
470,804
|
|
(777,266)
|
|
Non-GAAP income
attributable to LGHL before change in fair value of warrant
liabilities,
stock-based
compensation, amortization of debt discounts and depreciation
expenses
|
|
$2,954,850
|
|
$357,919
|
|
|
|
|
|
|
|
Non-GAAP earnings per
share for both Class A and Class B
|
|
|
|
|
|
- basic
(i)
|
|
$0.10
|
|
$0.04
|
|
- diluted
(i)
|
|
$0.09
|
|
$0.04
|
|
|
|
|
|
|
|
Weighted average Class
A ordinary shares outstanding
|
|
|
|
|
|
- basic
(i)
|
|
26,046,212
|
|
6,180,795
|
|
- diluted
(i)
|
|
29,145,497
|
|
6,180,795
|
|
|
|
|
|
|
|
Weighted average Class
B ordinary shares outstanding
|
|
|
|
|
|
- basic and
diluted (i)
|
|
4,041,875
|
|
3,962,294
|
|
|
|
|
|
|
|
(i) Share and per share
data have been retroactively restated to give effect to the reverse
recapitalization
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
Basic
|
|
Fully
Diluted
|
|
Basic
|
|
Fully
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
attributable to LGHL per share for both Class A and
Class B
|
|
$0.00
|
|
$0.00
|
|
$(0.25)
|
|
$(0.25)
|
|
Stock-based
compensation
|
|
0.01
|
|
0.01
|
|
0.36
|
|
0.36
|
|
Amortization of debt
discounts
|
|
0.03
|
|
0.02
|
|
0.00
|
|
0.00
|
|
Depreciation
expenses
|
|
0.04
|
|
0.04
|
|
0.00
|
|
0.00
|
|
Change in fair value of
warrant liabilities
|
|
0.02
|
|
0.01
|
|
(0.08)
|
|
(0.08)
|
|
Non-GAAP earnings
per share for both Class A and Class B
(before change in
fair value of warrant liabilities, stock-based
compensation,
amortization of debt discounts and depreciation
expenses)
|
|
$0.10
|
|
$0.09
|
|
$0.04
|
|
$0.04
|
|
View original
content:https://www.prnewswire.com/news-releases/lion-announces-unaudited-full-year-2021-financial-results-301527649.html
SOURCE Lion Group Holding Ltd.