BEIJING, March 7, 2022 /PRNewswire/ -- TIAN RUIXIANG
Holdings Ltd (Nasdaq: TIRX) (the "Company"),
a China-based insurance broker conducting business through its
variable interest entity in China,
announced today its financial results for the fiscal year ended
October 31, 2021.
Mr. Zhe Wang, Chairman of the board of the directors and
Chief Executive Officer of the Company, commented, "In fiscal year
2021, our revenue was down by 14.1% to $2.79
million, which was primarily caused by a decrease in the
commissions generated from individual accidental insurance of
approximately $0.36 million and a
decrease in the risk management services revenue of approximately
$0.18 million. However, we are
pleased with the establishment of our Yunnan Branch in November 2021, through which we were able to
expand the geographic coverage of our insurance brokerage services.
In the past year, we also hired more sales professionals to market
and sell insurance products. We plan to focus on growing our
property and group insurance business, as well as expanding our
sales channels to enhance corporate client services, such as
our risk management services. At the same time, we will
continue to explore health insurance business opportunities.
Looking forward, we remain confident in our business strategy to
achieve growth and create long-term value for our
shareholders."
Fiscal Year 2021 Financial Highlights
|
For the Fiscal
Years Ended October 31,
|
|
($ in millions,
except per share data)
|
2021
|
|
2020
|
|
%
Change
|
|
Revenue
|
2.79
|
|
3.25
|
|
-14.1%
|
|
Operating
expenses
|
5.04
|
|
2.69
|
|
87.6%
|
|
(Loss)
income from operations
|
(2.25)
|
|
0.56
|
|
NM
|
|
Operating
margin
|
(80.8)%
|
|
17.2%
|
|
NM
|
|
Net (loss)
income
|
(1.94)
|
|
0.63
|
|
NM
|
|
(Loss)
income per share
|
(0.23)
|
|
0.13
|
|
NM
|
|
|
Note: NM refers to
"Not Meaningful"
|
- Revenue decreased by 14.1% to $2.79
million for fiscal year 2021, from $3.25 million for fiscal year 2020, primarily
attributable to a decrease in commissions from individual
accidental insurance of approximately $0.36
million resulting from the loss of an insurance company
partner and a decrease in our risk management services revenue from
the provision of insurance related risk management services of
approximately $0.18 million.
- Operating expenses increased by 87.6% to $5.04 million for fiscal year 2021, from
$2.69 million for fiscal year
2020.
- Operating margin was (80.8)% for fiscal year 2021, compared to
17.2% for fiscal year 2020.
- Net loss was $1.94 million for
fiscal year 2021, compared to net income of $0.63 million for fiscal year 2020.
- Loss per share was $0.23 for
fiscal year 2021, compared to income per share of $0.13 for fiscal year 2020.
Fiscal Year 2021 Financial Results
Revenue
Revenue decreased by $0.46
million, or 14.1%, to $2.79
million for fiscal year 2021, from $3.25 million for fiscal year 2020. This decrease
was primarily attributable to a decrease in commissions from
individual accidental insurance of approximately $0.36 million resulting from the loss of an
insurance company partner and a decrease in our risk management
services revenue from the provision of insurance-related risk
management services of approximately $0.18
million.
Operating Expenses
Third-party and related-party selling and marketing expenses
increased by $0.96 million, or 61.6%,
to $2.52 million for fiscal year
2021, from $1.56 million for fiscal
year 2020. The increase in selling and marketing expenses was
mainly attributable to the increase in our marketing activities,
the launch of aggressive advertising campaigns and the increase in
the number of sales professionals to sell insurance products.
Third-party and related-party general and administrative
expenses increased by $1.40 million,
or 123.4%, to $2.53 million for
fiscal year 2021, from $1.13 million
for fiscal year 2020. The increase in general and administrative
expenses was primarily attributable to increased professional fees,
compensation and related benefits, rent and related utility
expenses, directors' and officers' liability insurance premiums and
travel and entertainment expenses.
Total operating expenses increased by $2.36 million,
or 87.6%, to $5.04 million for fiscal year 2021,
from $2.69 million for fiscal year 2020.
(Loss) Income from Operations
Loss from operations was $2.25
million for fiscal year 2021, compared to income from
operations of $0.56 million for
fiscal year 2020.
The operating margin was (80.8)% for fiscal year 2021, compared
to an operating margin of 17.2% for fiscal year 2020.
Other Income (Expense)
Other income (expense) primarily included interest income from
third-party and related-party notes receivable and bank deposits,
interest expense incurred from our third-party and related-party
borrowings, and miscellaneous income. Other income was $0.33 million for fiscal year 2021, compared to
other income of $0.20 million for
fiscal year 2020.
(Loss) Income before Income Tax
Loss before income tax was $1.92 million for fiscal year
2021, compared to income before income tax of $0.76 million for fiscal year 2020.
Income tax expense was $24,529 for fiscal year 2021,
compared to income tax expense of $126,055 for fiscal year 2020.
Net (Loss) Income and (Loss) Income per Share
Net loss was $1.94 million for fiscal year 2021,
compared to net income of $0.63
million for fiscal year 2020. After deduction of net loss
attributable to non-controlling interest, net loss attributable to
TIRX ordinary shareholders was $1.94 million, or loss per
share of $0.23 for fiscal year 2021, compared to net income
attributable to TIRX ordinary shareholders of $0.63 million,
or income per share of $0.13 for fiscal year 2020.
Financial Conditions
As of October 31, 2021, the
Company had cash and cash equivalents of $30.02 million, compared to cash and cash
equivalents of $6.14 million as of
October 31, 2020. Total working
capital was $30.51 million as of
October 31, 2021, compared to working
capital of $8.27 million as of
October 31, 2020.
Net cash used in operating activities was $1.36 million for fiscal year 2021, compared to
net cash used in operating activities of $0.05 million for fiscal year 2020.
Net cash used in investing activities was $7,503,411 for fiscal year 2021, compared to net
cash used in investing activities of $3,457 for fiscal year 2020.
Net cash provided by financing activities was $32.64 million for fiscal year 2021, compared to
net cash used in financing activities of $0.48 million for fiscal year 2020.
About TIAN RUIXIANG Holdings Ltd
TIAN RUIXIANG Holdings Ltd, headquartered in Beijing,
China, is an insurance broker
operating in China through its China-based variable interest entity. It
distributes a wide range of insurance products, which are
categorized into two major groups: (1) property and casualty
insurance, such as automobile insurance, commercial property
insurance, liability insurance; and (2) life insurance, such as
individual and group life insurance. Additionally, the Company also
provides risk management services to institutional customers. For
more information, visit the company's website
at http://ir.tianrx.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review risk factors that may affect its future results in the
Company's registration statement and in its other filings with the
SEC.
For investor and media enquiries, please
contact:
TIAN RUIXIANG Holdings Ltd
Investor Relations
Department
Email: ir@tianrx.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com
|
TIAN RUIXIANG
HOLDINGS LTD AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(IN U.S.
DOLLARS)
|
|
|
|
As of October
31,
|
|
|
2021
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
30,024,372
|
|
$
|
6,137,689
|
|
Restricted
cash
|
|
|
819,269
|
|
|
785,806
|
|
Accounts
receivable
|
|
|
320,848
|
|
|
1,247,059
|
|
Deferred offering
costs
|
|
|
—
|
|
|
895,567
|
|
Prepaid expenses and
other current assets
|
|
|
465,650
|
|
|
494,476
|
|
|
|
|
|
|
|
|
Total Current
Assets
|
|
|
31,630,139
|
|
|
9,560,597
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
|
|
|
Note
receivable
|
|
|
7,500,000
|
|
|
—
|
|
Interest
receivable
|
|
|
113,014
|
|
|
—
|
|
Property and equipment,
net
|
|
|
11,265
|
|
|
15,097
|
|
Intangible assets,
net
|
|
|
147,538
|
|
|
160,219
|
|
Right-of-use assets,
operating leases, net
|
|
|
760,229
|
|
|
317,141
|
|
Other non-current
assets
|
|
|
188,281
|
|
|
7,419
|
|
|
|
|
|
|
|
|
Total Non-current
Assets
|
|
|
8,720,327
|
|
|
499,876
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
40,350,466
|
|
$
|
10,060,473
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
Taxes
payable
|
|
$
|
493,196
|
|
$
|
548,630
|
|
Salary
payable
|
|
|
103,168
|
|
|
129,711
|
|
Accrued liabilities and
other payables
|
|
|
95,664
|
|
|
180,394
|
|
Due to related
parties
|
|
|
2,564
|
|
|
241,097
|
|
Operating lease
liabilities
|
|
|
423,124
|
|
|
170,082
|
|
Operating lease
liabilities - related party
|
|
|
—
|
|
|
18,737
|
|
|
|
|
|
|
|
|
Total Current
Liabilities
|
|
|
1,117,716
|
|
|
1,288,651
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
Operating lease
liabilities - noncurrent portion
|
|
|
237,848
|
|
|
123,404
|
|
Operating lease
liabilities - related party - noncurrent portion
|
|
|
—
|
|
|
9,705
|
|
|
|
|
|
|
|
|
Total Non-current
Liabilities
|
|
|
237,848
|
|
|
133,109
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
1,355,564
|
|
|
1,421,760
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies - (Note 17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
TIAN RUIXIANG
Holdings Ltd Shareholders' Equity:
|
|
|
|
|
|
|
|
Ordinary shares: $0.001
par value; 50,000,000 shares authorized;
|
|
|
|
|
|
|
|
Class A ordinary
shares: $0.001 par value; 47,500,000 shares authorized; 10,100,000
and 3,750,000 shares issued
and outstanding at October 31, 2021 and 2020,
respectively
|
|
|
10,100
|
|
|
3,750
|
|
Class B ordinary
shares: $0.001 par value; 2,500,000 shares authorized; 1,250,000
shares issued and outstanding at
October 31, 2021 and 2020
|
|
|
1,250
|
|
|
1,250
|
|
Additional paid-in
capital
|
|
|
39,776,761
|
|
|
7,696,468
|
|
(Accumulated deficit)
retained earnings
|
|
|
(1,090,060)
|
|
|
884,076
|
|
Statutory
reserve
|
|
|
199,653
|
|
|
170,066
|
|
Accumulated other
comprehensive income (loss)
|
|
|
96,709
|
|
|
(117,392)
|
|
Total TIAN RUIXIANG
Holdings Ltd shareholders' equity
|
|
|
38,994,413
|
|
|
8,638,218
|
|
Non-controlling
interest
|
|
|
489
|
|
|
495
|
|
|
|
|
|
|
|
|
Total
Equity
|
|
|
38,994,902
|
|
|
8,638,713
|
|
|
|
|
|
|
|
|
Total Liabilities and
Equity
|
|
$
|
40,350,466
|
|
$
|
10,060,473
|
|
TIAN RUIXIANG
HOLDINGS LTD AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
|
|
(IN U.S.
DOLLARS)
|
|
|
|
For the Years Ended October 31,
|
|
|
2021
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
$
|
2,675,611
|
|
$
|
2,954,798
|
|
$
|
2,002,217
|
|
Risk management
services
|
|
|
115,006
|
|
|
294,546
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
|
2,790,617
|
|
|
3,249,344
|
|
|
2,002,217
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
2,516,368
|
|
|
1,519,783
|
|
|
773,650
|
|
Selling and marketing -
related parties
|
|
|
1,129
|
|
|
38,426
|
|
|
23,922
|
|
General and
administrative - professional fees
|
|
|
1,011,053
|
|
|
94,363
|
|
|
123,512
|
|
General and
administrative - compensation and related benefits
|
|
|
948,900
|
|
|
743,062
|
|
|
651,490
|
|
General and
administrative - related parties
|
|
|
20,391
|
|
|
14,215
|
|
|
19,180
|
|
General and
administrative - other
|
|
|
546,580
|
|
|
279,353
|
|
|
307,793
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
|
|
5,044,421
|
|
|
2,689,202
|
|
|
1,899,547
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM
OPERATIONS
|
|
|
(2,253,804)
|
|
|
560,142
|
|
|
102,670
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
315,070
|
|
|
88,948
|
|
|
275,168
|
|
Interest income -
related party
|
|
|
—
|
|
|
102,074
|
|
|
—
|
|
Interest
expense
|
|
|
(725)
|
|
|
—
|
|
|
(18,218)
|
|
Interest expense -
related parties
|
|
|
—
|
|
|
—
|
|
|
(613)
|
|
Other income
|
|
|
19,411
|
|
|
8,991
|
|
|
54,988
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income,
net
|
|
|
333,756
|
|
|
200,013
|
|
|
311,325
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE
INCOME TAXES
|
|
|
(1,920,048)
|
|
|
760,155
|
|
|
413,995
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
TAXES
|
|
|
24,529
|
|
|
126,055
|
|
|
238,208
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME
|
|
$
|
(1,944,577)
|
|
$
|
634,100
|
|
$
|
175,787
|
|
|
|
|
|
|
|
|
|
|
|
LESS: NET LOSS
ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
|
|
(28)
|
|
|
(3)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO TIAN RUIXIANG HOLDINGS LTD ORDINARY
SHAREHOLDERS
|
|
$
|
(1,944,549)
|
|
$
|
634,103
|
|
$
|
175,787
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE (LOSS)
INCOME:
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME
|
|
|
(1,944,577)
|
|
|
634,100
|
|
|
175,787
|
|
OTHER COMPREHENSIVE
INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
Unrealized foreign
currency translation gain (loss)
|
|
|
214,123
|
|
|
420,719
|
|
|
(70,429)
|
|
COMPREHENSIVE (LOSS)
INCOME
|
|
$
|
(1,730,454)
|
|
$
|
1,054,819
|
|
$
|
105,358
|
|
LESS: COMPREHENSIVE
(LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING
INTEREST
|
|
|
(6)
|
|
|
21
|
|
|
(4)
|
|
COMPREHENSIVE (LOSS)
INCOME ATTRIBUTABLE TO TIAN RUIXIANG HOLDINGS LTD
ORDINARY SHAREHOLDERS
|
|
$
|
(1,730,448)
|
|
$
|
1,054,798
|
|
$
|
105,362
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME PER
ORDINARY SHARE ATTRIBUTABLE TO TIAN RUIXIANG
HOLDINGS LTD ORDINARY SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
*
|
|
$
|
(0.23)
|
|
$
|
0.13
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
ORDINARY SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
*
|
|
|
8,610,615
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
* The shares and per
share amounts are presented on a retroactive basis.
|
|
TIAN RUIXIANG
HOLDINGS LTD AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(IN U.S.
DOLLARS)
|
|
|
|
For the Years Ended October 31,
|
|
|
2021
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(1,944,577)
|
|
$
|
634,100
|
|
$
|
175,787
|
|
Adjustments to
reconcile net (loss) income to net cash (used in) provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
and amortization of intangible assets
|
|
|
27,447
|
|
|
27,829
|
|
|
34,713
|
|
Amortization of
right-of-use assets
|
|
|
227,661
|
|
|
199,709
|
|
|
—
|
|
Impair loss
|
|
|
696
|
|
|
—
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
969,374
|
|
|
(1,021,727)
|
|
|
91,432
|
|
Security
deposit
|
|
|
(43,750)
|
|
|
2,837
|
|
|
(3,963)
|
|
Prepaid expenses and
other current assets
|
|
|
(74,120)
|
|
|
(8,582)
|
|
|
(356,117)
|
|
Interest
receivable
|
|
|
(113,014)
|
|
|
—
|
|
|
16,745
|
|
Due from related
parties
|
|
|
—
|
|
|
—
|
|
|
447,778
|
|
Insurance premiums
payable
|
|
|
—
|
|
|
—
|
|
|
(198,717)
|
|
Taxes
payable
|
|
|
(78,932)
|
|
|
204,532
|
|
|
(56,272)
|
|
Accrued liabilities
and other payables
|
|
|
(123,052)
|
|
|
108,765
|
|
|
40,826
|
|
Due to related
parties
|
|
|
12,025
|
|
|
(6,970)
|
|
|
36,841
|
|
Operating lease
liabilities - related party
|
|
|
(29,355)
|
|
|
(25,834)
|
|
|
—
|
|
Operating lease
liabilities
|
|
|
(194,341)
|
|
|
(162,828)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH (USED IN)
PROVIDED BY OPERATING ACTIVITIES
|
|
|
(1,363,938)
|
|
|
(48,169)
|
|
|
229,053
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(3,411)
|
|
|
(3,457)
|
|
|
(12,012)
|
|
Purchase of intangible
asset
|
|
|
—
|
|
|
—
|
|
|
(183,115)
|
|
Investment in
note receivable
|
|
|
(7,500,000)
|
|
|
—
|
|
|
—
|
|
Payments of notes
receivable - related party
|
|
|
—
|
|
|
(17,158,967)
|
|
|
—
|
|
Proceed received from
repayments of notes receivable - related party
|
|
|
—
|
|
|
17,158,967
|
|
|
232,133
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH (USED IN)
PROVIDED BY INVESTING ACTIVITIES
|
|
|
(7,503,411)
|
|
|
(3,457)
|
|
|
37,006
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
Proceeds received from
note payable
|
|
|
75,581
|
|
|
—
|
|
|
—
|
|
Repayment of note
payable
|
|
|
(75,581)
|
|
|
—
|
|
|
—
|
|
Repayments made for
borrowings
|
|
|
—
|
|
|
—
|
|
|
(369,483)
|
|
Proceeds received from
related parties' borrowings
|
|
|
1,893,932
|
|
|
1,987,256
|
|
|
—
|
|
Repayments made for
related parties' borrowings
|
|
|
(2,272,145)
|
|
|
(2,099,420)
|
|
|
(8,400)
|
|
Proceeds received from
initial public offering
|
|
|
12,300,000
|
|
|
—
|
|
|
—
|
|
Disbursements for
initial public offering costs
|
|
|
(1,489,388)
|
|
|
—
|
|
|
—
|
|
Proceeds received from
the June 2021 public offering
|
|
|
24,562,500
|
|
|
—
|
|
|
—
|
|
Disbursements for the
June 2021 public offering costs
|
|
|
(2,352,418)
|
|
|
(371,081)
|
|
|
(493,899)
|
|
Capital contribution
from shareholders
|
|
|
—
|
|
|
5,000
|
|
|
464
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
|
|
32,642,481
|
|
|
(478,245)
|
|
|
(871,318)
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
|
145,014
|
|
|
486,780
|
|
|
(55,593)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
|
23,920,146
|
|
|
(43,091)
|
|
|
(660,852)
|
|
|
|
|
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH - beginning of year
|
|
|
6,923,495
|
|
|
6,966,586
|
|
|
7,627,438
|
|
|
|
|
|
|
|
|
|
|
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH - end of year
|
|
$
|
30,843,641
|
|
$
|
6,923,495
|
|
$
|
6,966,586
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
Cash paid
for:
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
725
|
|
$
|
—
|
|
$
|
33,675
|
|
Income
taxes
|
|
$
|
2,251
|
|
$
|
—
|
|
$
|
283,267
|
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING
AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
Payments made by
related parties on the Company's behalf
|
|
$
|
119,886
|
|
$
|
141,449
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
|
$
|
6,137,689
|
|
$
|
6,243,029
|
|
$
|
6,712,880
|
|
Restricted cash at
beginning of year
|
|
|
785,806
|
|
|
723,557
|
|
|
914,558
|
|
Total cash, cash
equivalents and restricted cash at beginning of year
|
|
$
|
6,923,495
|
|
$
|
6,966,586
|
|
$
|
7,627,438
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of year
|
|
$
|
30,024,372
|
|
$
|
6,137,689
|
|
$
|
6,243,029
|
|
Restricted cash at end
of year
|
|
|
819,269
|
|
|
785,806
|
|
|
723,557
|
|
Total cash, cash
equivalents and restricted cash at end of year
|
|
$
|
30,843,641
|
|
$
|
6,923,495
|
|
$
|
6,966,586
|
View original
content:https://www.prnewswire.com/news-releases/tian-ruixiang-holdings-ltd-reports-fiscal-year-2021-financial-results-301496454.html
SOURCE TIAN RUIXIANG Holdings Ltd