SHANGHAI, Dec. 28,
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 unaudited financial results for the six months ended
June 30, 2022.
Mr. Xiaoyun Huang, Chief
Executive Officer of Nisun, commented, "We are pleased to deliver
strong financial results for the six months ended June 30, 2022 with total revenue up 203%
year-over-year, despite the challenging macroeconomic environment.
To fight against the headwinds of uncertain economy, we focused on
improving our operational efficiency and optimizing our services in
a sustainable and efficient manner. With the strength of our
optimized business model, we continued our efforts to expand our
business, gain more market share and provide solutions to serve our
customers better. Our solid financing performance demonstrate our
excellent business resilience and our strong capability of
navigating the dynamic market."
Mr. Huang continued, "Driven by our growth strategy for our
supply chain business, we are actively strengthening our
technological advantages and integrating our resources to unlock
the potential of commercial value that facilitates sustainable
long-term development. Our initiatives to accelerate our supply
chain business growth in response to customer demands have
generated a rising revenue. We remain dedicated to providing our
clients with effective, high-quality supply chain solutions and
committed to continuously driving shareholder value in the long
run."
Financial Results for the Six Months Ended June 30, 2022
All comparisons made on a year-over-year ("yoy")
basis.
Revenue
- Total revenue increased by 203% to $118.0 million from $38.9
million in the six months ended June
30, 2021, with increases in revenue from both financing
services and supply chain trading businesses. The increase in total
revenue was primarily attributable to the increase in revenue from
supply chain trading business.
- Revenue from Supply Chain Trading Business was
$70.7 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.
- Revenue from Financing Services increased by 22% to
$47.3 million from $38.9 million in prior year period.
- Revenues generated from the Small and Medium Enterprise (SME)
financing solutions business increased by 22% to $44.8 million from $36.6
million in the prior year period, primarily due to increased
demand from SME customers seeking alternative financing solutions
to bank financing.
- Revenue generated from supply chain financing solutions
increased by 8% to $2.5 million from
$2.3 million in the prior year
period, primarily due to extended business lines and increased
supply chain transaction volume.
|
|
For the six months
ended June 30,
|
|
|
Changes
|
|
|
|
2022
|
|
|
%
|
|
|
2021
|
|
|
%
|
|
|
($)
|
|
|
( %)
|
|
Revenue from Supply
Chain Trading Business
|
|
|
70,727,078
|
|
|
|
60
|
%
|
|
|
-
|
|
|
|
0
|
%
|
|
|
70,727,078
|
|
|
|
100
|
%
|
Revenue from
financing services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SME financing
solutions
|
|
$
|
44,822,386
|
|
|
|
38
|
%
|
|
$
|
36,615,078
|
|
|
|
94
|
%
|
|
|
8,207,308
|
|
|
|
22
|
%
|
Supply chain financing
solutions
|
|
|
2,498,446
|
|
|
|
2
|
%
|
|
|
2,313,136
|
|
|
|
6
|
%
|
|
|
185,310
|
|
|
|
8
|
%
|
Other financing
solutions
|
|
|
-
|
|
|
|
0
|
%
|
|
|
435
|
|
|
|
0
|
%
|
|
|
(435)
|
|
|
|
(100)
|
%
|
Total revenue from financing service
|
|
|
47,320,832
|
|
|
|
40
|
%
|
|
|
38,928,649
|
|
|
|
100
|
%
|
|
|
8,392,183
|
|
|
|
22
|
%
|
Total revenue
|
|
$
|
118,047,910
|
|
|
|
100
|
%
|
|
$
|
38,928,649
|
|
|
|
100
|
%
|
|
|
79,119,261
|
|
|
|
203
|
%
|
Cost of revenue
Cost of revenue was $96.5 million,
compared to $20.7 million in the
prior year period, representing an increase of 367%. The increase
primarily attributable to increases in cost of revenue from supply
chain trading business.
Gross Profit
Gross profit increased by 18% to $21.6
million, from $18.3 million in
the prior year period, consistent with growth in revenue. Gross
margin was 18.3% and 46.9% for the six months ended June 30, 2022 and 2021, respectively. The
decrease in gross margin was primarily due to the increases in
direct cost of revenue from supply chain trading
business.
Operating Expenses
Total operating expenses slightly increased by 1% to
$6.3 million from $6.2 million in the prior year period. The
increase was primarily attributable to decreases in selling
expenses, offset by the increase in general and administrative
expenses and research and development ("R&D") expenses.
- Selling expenses decreased by 85% to $0.3 million from $1.8
million in the prior year period. The decrease in selling
expenses was mainly a result of the Company's efforts in cutting
marketing costs.
- General and administrative expenses increased by 35% to
$5.2 million from $3.8 million in the prior year period. The
increase in general and administrative expenses was mainly because
of increased professional and staff compensation in the first half
of fiscal 2022.
- R&D expenses increased by 31% to $0.8 million from $0.6
million in the prior year period. The increased R&D
expenses were primarily used to enhance and develop the
functionalities of the Company's supply chain solutions apps and
platforms.
Other Income (Expense), net
The Company had a net other income of $2.8 million, compared to $1.3 million in the prior year period. The
increase was due to foreign exchange gain realized from capital
injection into PRC operating entities in the first half of 2022.
Net Income
In the six months ended June 30,
2022, the Company achieved a net income of $14.4 million, compared to $10.5 million in the same period of the prior
year, primarily attributable to significant increases in revenue
and gross profit from financing solution services.
Net Income per Share
Net income per share was $0.36 in
the six months ended June 30, 2022,
compared to $0.51 in the prior year
period. The weighted average number of shares was 39,912,629 and
20,555,129 in the six months ended June 30,
2022 and 2021, respectively.
Financial Condition and Cash Flow
As of June 30, 2022, the Company
had cash, cash equivalents and restricted cash of $91.8 million, compared to $91.6 million as of December 31, 2021. However, the Company's
short-term investment was $11.7
million as of June 30, 2022,
compared to $40.7 million as of
December 31, 2021.
In the six months ended June 30,
2022, net cash used in operating activities was
approximately $30.4 million, net cash
provided by investing activities was $24.1
million, and net cash provided by financing activities was
$9.6 million.
In the six months ended June 30,
2021, net cash provided by operating activities was
approximately $13.5 million, net cash
used in investing activities was $24.8
million, and net cash used in financing activities was
$0.6 million.
Conference Call Information
The Company will host an earnings conference call at
8:00 am U.S. Eastern Time
(9:00 pm Beijing Time) on
December 28, 2022. Dial-in details
for the conference call are as follows:
Date:
|
December 28,
2022
|
Time:
|
8:00 am U.S.
Eastern Time
|
International:
|
1-412-902-4272
|
United States Toll
Free:
|
1-888-346-8982
|
China Toll
Free:
|
4001-201203
|
Hong Kong-Local
Toll:
|
852-301-84992
|
Conference
ID
|
Nisun International
Enterprise Development Group Co., Ltd
|
Please dial in at least 15 minutes before the commencement of
the call to ensure timely participation.
For those unable to participate, an audio replay of the
conference call will be available from approximately one hour after
the end of the live call until January 4,
2023. The dial-in for the replay is +1-877-344-7529 within
the United States or
+1-412-317-0088 internationally. The replay access code is No.
8959239.
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.nisun-international.com.
Recent Developments
On December 21, 2022, Fintech
(Henan) Supply Chain Management
Co., Ltd ("Henan Fintech"), a subsidiary of Fintech (Shanghai) Digital Technology Co., Ltd, entered
into a share transfer agreement with Shandong Yongdao Zhihe
Property Management Co., Ltd to sell the 51% of equity interest
Henan Fintech held in Youjiatian to the purchaser for RMB 2 million, or approximately $0.29 million.
On August 17, 2022, the Company
completed the acquisition of Qingdao Sailang International Trade
Co., Ltd ("Qingdao Sailang"), a company engaged in domestic and
international trades of metal ore, for RMB 5
million, or approximately $0.74
million. Following the acquisition, the Company owns 100% of
the equity in Qingdao Sailang through its subsidiary, NiSun Ocean
(Qingdao) Supply Chain Investment
Co., Ltd.
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 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
|
|
AS OF JUNE 30, 2022
AND DECEMBER 31, 2021
|
|
(EXPRESSED IN US
DOLLARS)
|
|
|
|
|
|
June
30,
2022
|
|
|
December 31,
2021
|
|
ASSETS
|
|
(Unaudited)
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
90,988,227
|
|
|
$
|
91,447,620
|
|
Restricted cash
|
|
|
805,031
|
|
|
|
179,421
|
|
Short-term investments
|
|
|
11,657,037
|
|
|
|
40,666,617
|
|
Accounts receivable, net
|
|
|
21,773,427
|
|
|
|
18,516,150
|
|
Advance to suppliers, net
|
|
|
23,513,570
|
|
|
|
9,213,279
|
|
Receivables from supply chain solutions
|
|
|
25,479,070
|
|
|
|
59,792,613
|
|
Inventories
|
|
|
21,116,488
|
|
|
|
3,979,653
|
|
Prepaid expenses and other current assets
|
|
|
2,425,193
|
|
|
|
4,002,675
|
|
Assets of discontinued operations - current
|
|
|
2,192,059
|
|
|
|
-
|
|
TOTAL CURRENT ASSETS
|
|
|
199,940,102
|
|
|
|
227,798,028
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
520,051
|
|
|
|
464,156
|
|
Intangible assets, net
|
|
|
2,318,861
|
|
|
|
2,850,853
|
|
Right-of-use assets, net
|
|
|
3,396,841
|
|
|
|
479,473
|
|
Equity investments
|
|
|
352,139
|
|
|
|
404,022
|
|
Investment in limited partnership and other investments
|
|
|
15,863,334
|
|
|
|
16,207,152
|
|
Goodwill
|
|
|
24,521,872
|
|
|
|
25,774,402
|
|
Long-term investments
|
|
|
2,985,921
|
|
|
|
-
|
|
Assets of discontinued operations – non-current
|
|
|
90,202
|
|
|
|
-
|
|
TOTAL NON-CURRENT
ASSETS
|
|
|
50,049,221
|
|
|
|
46,180,058
|
|
TOTAL
ASSETS
|
|
$
|
249,989,323
|
|
|
$
|
273,978,086
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
9,093,363
|
|
|
$
|
34,997,401
|
|
Short-term bank loans
|
|
|
-
|
|
|
|
784,609
|
|
Accrued expenses and other current liabilities
|
|
|
6,269,465
|
|
|
|
3,575,836
|
|
Operating lease liabilities - current
|
|
|
623,019
|
|
|
|
337,698
|
|
Payables to supply chain solutions
|
|
|
6,015,680
|
|
|
|
25,922,931
|
|
Advances from customer
|
|
|
11,778,616
|
|
|
|
3,429,103
|
|
Taxes payable
|
|
|
2,436,421
|
|
|
|
8,851,898
|
|
Loan from related party
|
|
|
9,528,965
|
|
|
|
10,528,965
|
|
Due to related parties - current
|
|
|
8,054,523
|
|
|
|
295,336
|
|
Liabilities of discontinued operations - current
|
|
|
911,513
|
|
|
|
-
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
54,711,565
|
|
|
|
88,723,777
|
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities – non-current
|
|
|
2,773,822
|
|
|
|
148,988
|
|
Deferred tax
liabilities
|
|
|
390,036
|
|
|
|
504,033
|
|
Liabilities of
discontinued operations - non-current
|
|
|
1,039,317
|
|
|
|
-
|
|
TOTAL
LIABILITIES
|
|
|
58,914,740
|
|
|
|
89,376,798
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
Class A common stock,
$0.001 par value, 310,000,000 and 40,000,000 shares
authorized as of June 30, 2022 and December 31, 2021,
respectively; 40,062,629
and 39,812,629 shares issued and outstanding as of
June 30, 2022 and December
31, 2021, respectively.
|
|
|
40,063
|
|
|
|
39,813
|
|
Class B common stock, $0.001 par value, 10,000,000 shares
authorized, no shares
issued and outstanding as of June 30,
2022 and December 31, 2021
|
|
|
-
|
|
|
|
-
|
|
Additional paid-in capital
|
|
|
130,503,387
|
|
|
|
130,318,637
|
|
Retained earnings
|
|
|
51,990,659
|
|
|
|
37,819,226
|
|
Statutory reserves
|
|
|
6,942,111
|
|
|
|
6,942,111
|
|
Unearned compensation
|
|
|
-
|
|
|
|
(125,630)
|
|
Accumulated other comprehensive (loss) income
|
|
|
(2,550,788)
|
|
|
|
5,632,199
|
|
COMMON SHAREHOLDERS' EQUITY
|
|
|
186,925,432
|
|
|
|
180,626,356
|
|
Non-controlling interests
|
|
|
4,149,151
|
|
|
|
3,974,932
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
191,074,583
|
|
|
|
184,601,288
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
249,989,323
|
|
|
$
|
273,978,086
|
|
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT
GROUP CO., LTD AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
|
FOR THE SIX MONTHS
ENDED JUNE 30, 2022 AND 2021
|
|
(EXPRESSED IN US
DOLLARS)
|
|
(Unaudited)
|
|
|
|
|
|
For the Six Months
Ended
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
REVENUES:
|
|
|
|
|
|
|
Revenue generated from
sales:
|
|
|
|
|
|
|
|
|
Supply
chain trading business
|
|
$
|
70,727,078
|
|
|
$
|
-
|
|
Revenue generated from
services:
|
|
|
|
|
|
|
|
|
Small and
Medium Enterprise financing solutions
|
|
$
|
44,822,386
|
|
|
$
|
36,615,078
|
|
Supply
Chain financing solutions
|
|
|
2,498,446
|
|
|
|
2,313,136
|
|
Other
financing solutions
|
|
|
-
|
|
|
|
435
|
|
Total revenue generated
from services
|
|
|
47,320,832
|
|
|
|
38,928,649
|
|
TOTAL
REVENUES
|
|
|
118,047,910
|
|
|
|
38,928,649
|
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUE:
|
|
|
|
|
|
|
|
|
Cost of revenue -
services
|
|
|
(26,451,468)
|
|
|
|
(20,446,726)
|
|
Cost of revenue -
sales
|
|
|
(69,854,217)
|
|
|
|
-
|
|
Business and sales
related taxes
|
|
|
(165,506)
|
|
|
|
(218,238)
|
|
GROSS
PROFIT
|
|
|
21,576,719
|
|
|
|
18,263,685
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
261,590
|
|
|
|
1,769,400
|
|
General and
administrative expenses
|
|
|
5,177,548
|
|
|
|
3,830,198
|
|
Research and
development expenses
|
|
|
834,195
|
|
|
|
636,488
|
|
Total operating expenses
|
|
|
6,273,333
|
|
|
|
6,236,086
|
|
INCOME FROM
OPERATIONS
|
|
|
15,303,386
|
|
|
|
12,027,599
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
|
Interest and investment
income
|
|
|
1,249,509
|
|
|
|
836,857
|
|
Other income (expense),
net
|
|
|
1,512,562
|
|
|
|
460,187
|
|
Total other income (expense), net
|
|
|
2,762,071
|
|
|
|
1,297,044
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE
PROVISION FOR INCOME TAXES
|
|
|
18,065,457
|
|
|
|
13,324,643
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
|
|
3,414,449
|
|
|
|
2,844,560
|
|
NET INCOME FROM
CONTINUING OPERATIONS
|
|
|
14,651,008
|
|
|
|
10,480,083
|
|
|
|
|
|
|
|
|
|
|
DISCONTINUED
OPERATIONS:
|
|
|
|
|
|
|
|
|
(Loss) from
discontinued operations, net of tax
|
|
|
(292,069)
|
|
|
|
-
|
|
NET (LOSS) FROM
DISCONTINUED OPERATIONS, NET OF TAX
|
|
|
(292,069)
|
|
|
|
-
|
|
NET
INCOME
|
|
|
14,358,939
|
|
|
|
10,480,083
|
|
Less: net income from
continuing operations attributable to non-controlling
interest
|
|
|
330,620
|
|
|
|
93,855
|
|
Less: net (loss) from
discontinued operations attributable to non-controlling
interest
|
|
|
(143,114)
|
|
|
|
-
|
|
NET INCOME
ATTRIBUTABLE TO CONTROLLING INTERESTS
|
|
$
|
14,171,433
|
|
|
$
|
10,386,228
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME (LOSS)
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss) income
|
|
|
(8,182,987)
|
|
|
|
318,858
|
|
COMPREHENSIVE
INCOME
|
|
|
5,988,446
|
|
|
|
10,705,086
|
|
Comprehensive (loss)
attributable to non-controlling interests
|
|
|
(6,658)
|
|
|
|
-
|
|
COMPREHENSIVE INCOME
ATTRIBUTABLE TO SHAREHOLDERS
|
|
$
|
5,995,104
|
|
|
$
|
10,705,086
|
|
BASIC AND DILUTED
EARNINGS (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$
|
0.37
|
|
|
$
|
0.51
|
|
Income (loss) from
discontinued operations
|
|
|
(0.01)
|
|
|
|
-
|
|
TOTAL EARNINGS
(LOSS) PER COMMON SHARE
|
|
$
|
0.36
|
|
|
$
|
0.51
|
|
Weighted average number
of shares outstanding-basic and diluted
|
|
|
39,912,629
|
|
|
|
20,555,129
|
|
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT
GROUP CO., LTD AND SUBSIDIARIES
|
|
CONDENSED STATEMENTS
OF CASH FLOWS
|
|
FOR THE SIX MOTHS
ENDED JUNE 30, 2022 AND 2021
|
|
(EXPRESSED IN US
DOLLARS)
|
|
(Unaudited)
|
|
|
|
|
|
For the Six Months
Ended
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
CASH FLOWS
FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
|
$
|
14,358,939
|
|
|
$
|
10,480,083
|
|
Net
(loss) from discontinued operations
|
|
|
(292,069)
|
|
|
|
-
|
|
Net
income from continuing operations
|
|
|
14,651,008
|
|
|
|
10,480,083
|
|
Adjustments to reconcile net income to net cash provided by
(used in) operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
639,002
|
|
|
|
1,105,022
|
|
Stock-based
compensation
|
|
|
125,630
|
|
|
|
247,565
|
|
Loss (Income) from
investments
|
|
|
218,929
|
|
|
|
(725,519)
|
|
Deferred tax (benefit)
expense
|
|
|
(92,798)
|
|
|
|
259,887
|
|
Issuance of stock for
services
|
|
|
185,000
|
|
|
|
-
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(4,310,119)
|
|
|
|
(2,488,129)
|
|
Advance to suppliers
|
|
|
(15,246,921)
|
|
|
|
-
|
|
Prepaid expenses and other
current assets
|
|
|
1,444,248
|
|
|
|
(1,282,859)
|
|
Operating lease right-of-use
assets
|
|
|
(3,115,440)
|
|
|
|
-
|
|
Receivables from supply chain
solutions
|
|
|
32,564,077
|
|
|
|
(25,141,298)
|
|
Inventories
|
|
|
(17,968,203)
|
|
|
|
-
|
|
Accounts payable
|
|
|
(25,094,299)
|
|
|
|
31,284,968
|
|
Advance from customers
|
|
|
9,408,745
|
|
|
|
1,052,611
|
|
Taxes payable
|
|
|
(6,205,647)
|
|
|
|
(1,550,469)
|
|
Other payables
|
|
|
(735,659)
|
|
|
|
(140,420)
|
|
Payable to supply chain
solutions
|
|
|
(19,913,058)
|
|
|
|
1,108,934
|
|
Operating lease
liabilities
|
|
|
3,041,808
|
|
|
|
(442,024)
|
|
Accrued expenses and other
current liabilities
|
|
|
340,313
|
|
|
|
(261,322)
|
|
Net cash (used in)
provided by operating activities from continuing
operations
|
|
|
(30,063,383)
|
|
|
|
13,507,030
|
|
Net cash (used in)
operating activities from discontinued operations
|
|
|
(356,347)
|
|
|
|
-
|
|
NET CASH (USED IN)
PROVIDED BY OPERATING ACTIVITIES
|
|
|
(30,419,730)
|
|
|
|
13,507,030
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
(178,953)
|
|
|
|
(154,155)
|
|
Purchase of intangible asset
|
|
|
-
|
|
|
|
(14,581)
|
|
Cash paid for acquisitions
|
|
|
(78,944)
|
|
|
|
(7,007,905)
|
|
Purchase of long-term investment
|
|
|
(2,985,921)
|
|
|
|
-
|
|
Cash received on disposal of discontinued operations
|
|
|
-
|
|
|
|
14,950,730
|
|
Proceeds from sale of short-term investments
|
|
|
49,210,720
|
|
|
|
-
|
|
Purchase of short-term investments
|
|
|
(21,825,681)
|
|
|
|
(32,573,879)
|
|
Net cash provided by (used in) investing activities from continuing
operations
|
|
|
24,141,221
|
|
|
|
(24,799,790)
|
|
Net cash (used in)
investing activities from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
NET CASH PROVIDED BY
(USED IN) INVESTING ACTIVITIES
|
|
|
24,141,221
|
|
|
|
(24,799,790)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds from short-term bank loans
|
|
|
-
|
|
|
|
774,401
|
|
Repayment of short-term bank loans
|
|
|
(773,960)
|
|
|
|
-
|
|
Proceeds from third party loans
|
|
|
3,363,632
|
|
|
|
-
|
|
Repayment to related party
|
|
|
(1,010,517)
|
|
|
|
(1,399,602)
|
|
Proceeds from related party
|
|
|
8,049,187
|
|
|
|
-
|
|
Net cash provided by
(used in) financing activities from continuing
operations
|
|
|
9,628,342
|
|
|
|
(625,201)
|
|
Net cash (used in)
financing activities from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
|
|
9,628,342
|
|
|
|
(625,201)
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH
EQUIVALENTS
|
|
|
(3,539,963)
|
|
|
|
(333,090)
|
|
NET
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
(190,130)
|
|
|
|
(12,251,051)
|
|
Add: decrease in
cash and cash equivalents from discontinued
operations
|
|
|
356,347
|
|
|
|
-
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
FROM CONTINUING OPERATIONS
|
|
|
166,217
|
|
|
|
(12,251,051)
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH-
BEGINNING
|
|
|
91,627,041
|
|
|
|
22,198,257
|
|
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH-ENDING
|
|
$
|
91,793,258
|
|
|
$
|
9,947,206
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH
FLOW DISCLOSURES:
|
|
|
|
|
|
|
|
|
Cash paid
for income taxes
|
|
$
|
8,163,616
|
|
|
$
|
3,469,253
|
|
Cash paid
for interest
|
|
$
|
5,420
|
|
|
$
|
19,606
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH ACTIVITIES:
|
|
|
|
|
|
|
|
|
Accrued lease
liabilities
|
|
$
|
3,396,841
|
|
|
$
|
1,679,556
|
|
Issuance of shares for
compensation
|
|
$
|
185,000
|
|
|
$
|
2,150,000
|
|
|
|
|
|
|
|
|
|
|
CASH
AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS
ARE COMPRISED OF THE FOLLOWING:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
90,988,227
|
|
|
$
|
9,790,363
|
|
Restricted
cash
|
|
|
805,031
|
|
|
|
156,843
|
|
Total cash, cash
equivalents and restricted cash
|
|
$
|
91,793,258
|
|
|
$
|
9,947,206
|
|
View original
content:https://www.prnewswire.com/news-releases/nisun-international-reports-unaudited-financial-results-for-the-first-half-of-2022-301710507.html
SOURCE Nisun International Enterprise Development Group Co.,
Ltd