SHANGHAI, Aug. 8, 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
Trading Business
|
|
$
|
143,361,714
|
|
|
|
61
|
%
|
|
$
|
68,132,237
|
|
|
|
43
|
%
|
|
$
|
75,229,477
|
|
|
|
110
|
%
|
|
Revenue from
financing
services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SME
financing solutions
|
|
|
87,269,959
|
|
|
|
37
|
%
|
|
|
87,133,963
|
|
|
|
54
|
%
|
|
|
135,996
|
|
|
|
0
|
%
|
|
Supply chain financing
solutions
|
|
|
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
financing service
|
|
|
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,
2022
|
|
|
December 31,
2021
|
|
|
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
authorized, 4,006,263 and 3,981,263 shares issued, and
3,944,075 and
3,981,263 shares outstanding as of December 31, 2022
and 2021, respectively
|
|
|
40,063
|
|
|
|
39,813
|
|
|
Class B common stock,
$0.01 par value, 1,000,000 shares authorized, no shares
issued and outstanding as of December 31, 2022 and
2021
|
|
|
-
|
|
|
|
-
|
|
|
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
TAX
|
|
|
-
|
|
|
|
-
|
|
|
|
(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
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
continuing operations
|
|
|
(28,952,923)
|
|
|
|
23,857,102
|
|
|
|
2,250,373
|
|
|
Net cash (used in)
provided by operating activities from
discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
436,389
|
|
|
NET CASH (USED IN)
PROVIDED BY OPERATING
ACTIVITIES
|
|
|
(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
continuing operations
|
|
|
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
ACTIVITIES
|
|
|
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
operations
|
|
|
(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
ACTIVITIES
|
|
|
(8,344,324)
|
|
|
|
70,527,541
|
|
|
|
18,359,319)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND
CASH EQUIVALENTS
|
|
|
(4,848,722)
|
|
|
|
294,928
|
|
|
|
2,806,981
|
|
|
NET (DECREASE)
INCREASE IN CASH AND CASH
EQUIVALENTS
|
|
|
(24,308,468)
|
|
|
|
69,428,784
|
|
|
|
19,133,437
|
|
|
Less: (decrease) in
cash and cash equivalents from discontinued
operations
|
|
|
|
|
|
|
-
|
|
|
|
(283,314)
|
|
|
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS FROM CONTINUING
OPERATIONS
|
|
|
(24,308,468)
|
|
|
|
69,428,784
|
|
|
|
19,416,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
FROM CONTINUING
OPERATIONS-BEGINNING
|
|
|
91,627,041
|
|
|
|
22,198,257
|
|
|
|
2,781,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
FROM CONTINUING
OPERATIONS-ENDING
|
|
$
|
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
OPERATIONS ARE COMPRISED OF THE
FOLLOWING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
View original
content:https://www.prnewswire.com/news-releases/nisun-international-reports-financial-results-for-fiscal-year-2022-301895933.html
SOURCE Nisun International Enterprise Development Group Co.,
Ltd