Form 6-K Nisun International Ente For: May 17

May 17, 2022 6:13 AM EDT

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 Under

the Securities Exchange Act of 1934

 

For the month of May 2022

 

Commission File Number: 001-37829

 

NISUN INTERNATIONAL ENTERPRISE

DEVELOPMENT GROUP CO., LTD

(Registrant’s name)

 

C9, 99 Danba Rd

Putuo District, Shanghai

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.:

 

Form 20-F  ☒           Form 40-F ☐ 

 

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 

 

 

 

Exhibit Index

 

Exhibit   Description
     
99.1   Press release dated May 17, 2022, titled “Nisun International Reports Fiscal Year 2021 Financial Results”

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Nisun International Enterprise Development Group Co., Ltd
     
Date: May 17, 2022 By: /s/ Xiaoyun Huang
  Name:  Xiaoyun Huang
  Title:

Chief Executive Officer

(Principal Executive Officer) and
Duly Authorized Officer

 

 

2

 

 

Exhibit 99.1

 

Nisun International Reports Fiscal Year 2021 Financial Results

 

SHANGHAI, China, May 17, 2022 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd. (“Nisun” or the “Company”) (Nasdaq: NISN), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced its financial results for the year ended December 31, 2021.

 

Mr. Xiaoyun Huang, Chairman and Chief Executive Officer of Nisun International, commented, “We are pleased to report strong overall performance in 2021, as revenue increased by 280% and net income from continuing operations more than tripled that of 2020. The Company’s supply chain business played a major role in advancing our growth strategy, allowing us to leverage our technological advantages and integrate our resources to operate from a position of greater strength and unlock our full potential. In addition, we began to focus on the agricultural field in 2021 and cooperated with numerous enterprises, gradually working to improve the domestic agricultural supply chain by eliminating gaps between production and sales to boost efficiency.”

 

“For 2022, we will maintain comprehensive coverage and dynamic circulation in the agricultural supply chain to support China’s greater strategy for rural revitalization, while expanding our business internationally. We remain dedicated to providing our clients with effective, high-quality supply chain solutions and driving long-term value for our shareholders,” Mr. Huang concluded.

 

Financial Results for the Full Year Ended December 31, 2021

(All comparisons made on a year-over-year (“yoy”) basis)

 

Revenues

 

Total revenue increased by 280% to $160.2 million in 2021 from $42.2 million in 2020, with increases in revenue from both financial services and supply chain trading businesses. The increase in total revenues was primarily attributable to business expansion, higher-quality customers and an improved customer retention rate.

 

Revenue from Financial Services increased by 118% to $92.1 million from $42.2 million in prior year.

 

Revenues generated from the Small- and Medium-Enterprise (“SME”) financing solutions business increased by 114% to $87.1 million from $40.8 million in the prior year, primarily due to increased demand from SME customers seeking alternative financing solutions to bank financing.

 

Revenue generated from supply chain financing solutions increased by 260% to $4.9 million from $1.4 million in the prior year, primarily due to the Company’s expansion of its supply chain solutions business to various industries, including energy, retail and agriculture.

 

Revenue from Supply Chain Trading Business was $68.1 million. The Company launched its supply chain trading business in July 2021 after securing high-quality customers and resources through its supply chain financing solutions business. The Company expects revenue from its supply chain trading business will continue to grow.

 

   Year ended December 31,   Changes   Changes 
   2021   %   2020   %   ($)   (%) 
Revenue from financial services:                        
SME financing solutions  $87,133,963    54%  $40,779,794    97%   46,354,169    114%
Supply chain financing solutions   4,930,289    3%   1,369,859    3%   3,560,430    260%
Other financing solutions   3,222    0%   40,538    0%   (37,316)   (92)%
Total revenue from financial service  $92,067,474    57%  $42,190,191    100%   49,877,283    118%
Revenue from Supply Chain Trading Business   68,132,237    43%   -    -%   68,132,237    100%
Total revenue   160,199,711    100%   42,190,191    100%   118,009,520    280%

 

 

 

 

Cost of revenue

 

Cost of revenue was $106.2 million in 2021, compared to $20.0 million in 2020, representing an increase of 432%. The increase was primarily attributable to increases in revenue and additional operational and staff costs incurred in 2021.

 

Gross Profit

 

Gross profit from continuing operations increased by 143% to $54.0 million from $22.2 million in the prior year. The increase was primarily due to the fact that the Company commenced its financial services business in July 2019 and has experienced a significant increase in demand from SME enterprises in mainland China to seek standardized financing solutions as alternatives to bank financing.

 

Operating Expenses 

 

Total operating expenses increased by 30% to $15.9 million from $12.2 million in the prior year. The increase was primarily attributable to increases in general and administrative expenses and research and development (“R&D”) expenses, offset by a decrease in selling expenses.

 

Selling expenses decreased by 27% to $2.3 million from $3.2 million in the prior year. The decrease in expenses was mainly a result of the Company’s efforts in cutting marketing costs.

 

General and administrative expenses increased by 46% to $11.9 million from $8.2 million in the prior year. The increase in general and administrative expenses was mainly because: (i) more labor and managerial expenses incurred in 2021 as a result of the Company’s expansion in its supply chain business in 2021, and (ii) the Company spent approximately $2.5 million more in professional fees for financing activities and public company compliance.

 

R&D expenses increased by 96% to $1.6 million from $0.8 million in the prior year. The increased R&D expenses were primarily used to enhance and develop the functionalities of the Company’s supply chain solutions and other financing service apps and platforms.

  

   Year ended December 31,   Changes   Changes 
   2021   %   2020   %   ($)   (%) 
Selling expenses  $2,323,403    15%  $3,181,810    26%   (858,407)   (27)%
General and administrative expenses   11,936,103    75%   8,188,736    67%   3,747,367    46%
Research and development expenses   1,599,728    10%   817,770    7%   781,958    96%
Total operating expenses  $15,859,234    100%  $12,188,316    100%   3,670,918    30%

 

2

 

 

Other income (expense), net

  

In 2021, the Company had a net other income of $2.6 million, compared to $0.8 million in 2020. The increase was due to an increase in investment income from short-term investments and investment in limited partnerships.

 

Net income (loss)

 

In 2021, the Company achieved net income of $30.5 million, compared to net loss of approximately $13.1 million in 2020. The increase was primarily attributable to a significant increase in revenue from the financial services business and disposal of the equipment and engineering business in 2020.

 

Net income from continuing operations increased by 208% to $30.5 million from $9.9 million in prior year, primarily due to the significant increase in revenue and related gross profit from financing solution services.

 

Net income (loss) per share

 

Net income per share was $1.41 for fiscal year 2021, compared to a net loss per share of $0.71 for fiscal year 2020. Net income per share from continuing operations was $1.41 for fiscal 2021, compared to $0.53 for fiscal 2020.

 

The weighted average number of shares was 21,506,828 and 18,587,674 for the years ended December 31, 2021 and 2020, respectively.

 

Financial Condition and Cash Flow

 

As of December 31, 2021, the Company had cash, cash equivalents and restricted cash of $91.6 million, compared to $22.2 million as of December 31, 2020.

 

In 2021, net cash provided by operating activities was approximately $23.9 million, net cash used in investing activities was $25.3 million, and net cash provided by financing activities was $70.5 million.

 

In 2020, net cash provided by operating activities was approximately $2.3 million, net cash used in investing activities was $4.7 million, and net cash provided by financing activities was $19.1 million.

 

Recent Development and Updates

 

Strategic Collaborations to further expand the supply chain business:

 

The Company cooperated with enterprises in various industries to further expand its supply chain business. These collaborations are expected to enhance the Company’s development advantages in its five core industries of agriculture, e-commerce, gold, coal and chemicals, connecting innovative resources to facilitate value-sharing.

 

The Company started to focus on agricultural industries in 2021 and entered into strategic collaborations with renowned domestic enterprises, such as Henan Wanbang International Agricultural Product Logistics Park and Henan Fulushi Industrial Co., Ltd., cooperating on supply chain solution services to support the trade of agricultural products.

 

The Company held an investment cooperation ceremony with Gansu Silu Huixiang Trading Co., Ltd., a wholly-owned subsidiary of Jiuquan Jingtou Group. During the ceremony, the two parties entered into an agreement to establish a supply chain joint venture company in Jiuquan City, Gansu Province, to provide specialized supply chain services to local enterprises.

 

The Company entered into a strategic cooperation agreement with Shanghai Bailian Group to procure intelligent appliances, such as computer, communication and consumer electronics (“3C Products”). The two parties will share resources and create an effective bridge between supply and demand to establish a new supply chain model and further develop new communication channels in China’s retail industry. In addition, the two parties will join together to promote ongoing expansion and transformation of the 3C Products market in China.

 

3

 

 

The Company entered into a strategic cooperation with Zhumadian Industry Investment Group, a state-owned enterprise located in south Henan Province. Under this cooperation, the two parties will establish a new company, Zhumadian City Industry Investment Nisun Supply Chain Co., Ltd. with RMB 500 million in registered capital. This newly established company will serve as a link between the local government and enterprises to further growth of the local economy and small businesses.

 

Acquisition:

 

On January 14, 2022, Fintech (Henan) Supply Chain Management Co., Ltd, a subsidiary of Fintech (Shanghai) Digital Technology Co., Ltd and a controlled affiliate of the Company, entered into a share acquisition agreement with Henan Youjiatian Agricultural Technology Co., Ltd. (“Youjiatian”) and its sole shareholder to acquire a 51% equity interest in Youjiatian. This acquisition is expected to further facilitate Nisun’s expansion into the agricultural industry.

 

About Nisun International Enterprise Development Group Co., Ltd

 

Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its rich industry experience, Nisun is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries and controlled companies, Nisun provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun continues to deepen the field of industry segmentation through industrial and financial integration, by cultivating/creating an ecosystem of openness and empowerment. Nisun has built a linked platform that incorporates supply chain, banking, securities, trust, insurance, funds, state-owned enterprises, among other businesses. Focusing on industry-finance linkages, Nisun aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com.

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release contains information about Nisun’s view of its future expectations, plans and prospects that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun encourages you to review other factors that may affect its future results in Nisun’s registration statement and in its other filings with the Securities and Exchange Commission. Nisun assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law.

 

Contacts:

 

Nisun International Enterprise Development Group Co., Ltd
Investor Relations
Tel: +86 (21) 2357-0055
Email: [email protected]

 

ICR, LLC
Tel: +1 203 682 8233
Email: [email protected]

 

4

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2021 AND 2020

(EXPRESSED IN US DOLLARS)

 

   December 31,
2021
   December 31,
2020
 
ASSETS        
CURRENT ASSETS:        
Cash and cash equivalents  $91,447,620   $22,135,310 
Restricted cash   179,421    62,947 
Short-term investments   40,666,617    4,680,843 
Accounts receivable, net   18,516,150    4,939,912 
Advance to suppliers, net   9,213,279    - 
Receivables from supply chain solutions   59,792,613    10,741,981 
Inventories   3,979,653    - 
Prepaid expenses and other current assets   4,002,675    971,839 
Loans to third parties - current portion   -    1,915,709 
Receivable from sale of discontinued operations   -    14,950,730 
TOTAL CURRENT ASSETS   227,798,028    60,399,271 
           
NON-CURRENT ASSETS:          
Property and equipment, net   464,156    655,643 
Intangible assets, net   2,850,853    3,726,602 
Right-of-use assets, net   479,473    1,464,745 
Equity investments   404,022    484,864 
Investment in limited partnership and other investments   16,207,152    15,736,927 
Goodwill   25,774,402    25,172,407 
Deferred tax assets, net   -    456,370 
TOTAL NON-CURRENT ASSETS   46,180,058    47,697,558 
TOTAL ASSETS  $273,978,086   $108,096,829 
           
LIABILITIES          
CURRENT LIABILITIES:          
Accounts payable  $34,997,401   $1,312,560 
Short-term bank loans   784,609    - 
Accrued expenses and other current liabilities   3,575,836    2,001,031 
Operating lease liabilities - current   337,698    736,854 
Payables to supply chain solutions   25,922,931    - 
Advances from customer   3,429,103    11,624 
Taxes payable   8,851,898    3,133,038 
Loan from related party   10,528,965    10,528,965 
Due to related parties - current   295,336    2,071,309 
Purchase price payable for acquisition of NAMI   -    7,007,905 
TOTAL CURRENT LIABILITIES   88,723,777    26,803,286 
           
Operating lease liabilities – non-current   148,988    680,130 
Deferred tax liabilities   504,033    676,015 
TOTAL LIABILITIES   89,376,798    28,159,431 
           
SHAREHOLDERS’ EQUITY:          
Class A common stock, $0.001 par value, 40,000,000 shares authorized, 39,812,629 and 20,555,129 shares issued and outstanding as of December 31, 2021 and 2020, respectively   39,813    20,555 
Class B common stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2021 and 2020   -    - 
Additional paid-in capital   130,318,637    59,472,255 
Retained earnings   37,819,226    9,629,712 
Statutory reserves   6,942,111    4,751,264 
Unearned compensation   (125,630)   (624,455)
Accumulated other comprehensive income   5,632,199    3,593,188 
COMMON SHAREHOLDERS’ EQUITY   180,626,356    76,842,519 
Non-controlling interests   3,974,932    3,094,879 
TOTAL SHAREHOLDERS’ EQUITY   184,601,288    79,937,398 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $273,978,086   $108,096,829 

 

5

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021, 2020 AND 2019

(EXPRESSED IN US DOLLARS)

 

   For the Year Ended December 31, 
   2021   2020   2019 
REVENUES:            
Revenue generated from services:            
Small and Medium Enterprise financing solutions  $87,133,963   $40,779,794   $2,522,143 
Supply Chain financing solutions   4,930,289    1,369,859    - 
Other financing solutions   3,222    40,538    3,381 
Total revenue generated from services   92,067,474    42,190,191    2,525,524 
Revenue generated from sales:               
Supply chain trading business   68,132,237    -    - 
Total revenues   160,199,711    42,190,191    2,525,524 
                
COST OF REVENUE:               
Cost of revenue - services   (37,989,001)   (19,740,267)   - 
Cost of revenue - sales   (67,628,806)   -    - 
Business and sales related taxes   (533,760)   (233,389)   (19,492)
GROSS PROFIT   54,048,144    22,216,535    2,506,032 
                
OPERATING EXPENSES:               
Selling expenses   2,323,403    3,181,810    93,620 
General and administrative expenses   11,936,103    8,188,736    1,082,631 
Research and development expenses   1,599,728    817,770    155,216 
Total operating expenses   15,859,234    12,188,316    1,331,467 
INCOME FROM OPERATIONS   38,188,910    10,028,219    1,174,565 
                
OTHER INCOME (EXPENSE):               
Interest and investment income   2,122,903    585,177    - 
Other income (expense), net   464,210    244,274    1,371 
Total other income (expense), net   2,587,113    829,451    1,371 
                
INCOME BEFORE PROVISION FOR INCOME TAXES   40,776,023    10,857,670    1,175,936 
                
PROVISION (BENEFIT) FOR INCOME TAXES   10,269,501    941,064    (55,731)
NET INCOME FROM CONTINUING OPERATIONS   30,506,522    9,916,606    1,231,667 
                
DISCONTINUED OPERATIONS:               
(Loss) income from discontinued operations, net of tax   -    (23,107,066)   1,508,323 
Net gain on sale of discontinued operations, net of tax   -    136,050    - 
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX   -    (22,971,016)   1,508,323 
NET INCOME (LOSS)   30,506,522    (13,054,410)   2,739,990 
 Net income attributable to non-controlling interests   126,161    37,380    - 
NET INCOME (LOSS)  $30,380,361   $(13,091,790)  $2,739,990 
                
OTHER COMPREHENSIVE INCOME (LOSS)               
Foreign currency translation income (loss)   2,039,011    5,507,420    (561,091)
COMPREHENSIVE INCOME (LOSS)   32,419,372    (7,584,370)   2,178,899 
Comprehensive loss attributable to non-controlling interests   (2,051)   (2,172)   - 
COMPREHENSIVE INCOME (LOSS)  $32,421,423   $(7,582,198)  $2,178,899 
                
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE:               
                
Income from continuing operations  $1.41   $0.53   $0.08 
Income (loss) from discontinued operations   -    (1.24)   0.09 
TOTAL EARNINGS (LOSS) PER COMMON SHARE  $1.41   $(0.71)  $0.17 
                
Weighted average number of shares outstanding-basic and diluted   21,506,828    18,587,674    16,269,577 

 

6

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019

(EXPRESSED IN US DOLLARS)

 

   2021   2020   2019 
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net income (loss)  $30,506,522   $(13,054,410)  $2,739,990 
Net (loss) income from discontinued operations   -    (22,971,016)   1,508,323 
Net income from continuing operations   30,506,522    9,916,606    1,231,667 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:               
Depreciation and amortization   2,180,038    1,686,518    242,409 
Stock-based compensation   498,825    1,097,415    - 
Shares issued for compensation   71,175    -    - 
Provision for doubtful accounts   294,536    -    - 
Loss on disposition of property and equipment   190,301    42,534    - 
(Income) from investments   (808,464)   (169,720)   - 
Deferred tax expense (benefit)   275,749    (584,760)   (55,731)
Changes in operating assets and liabilities:               
Accounts receivable   (13,294,924)   573,418    (815,534)
Advance to suppliers   (9,213,279)   -    - 
Prepaid expenses and other current assets   (3,464,939)   16,009    (108,150)
(Increase) in operating lease right-of-use assets   -    (56,831)   - 
Receivables from supply chain solutions   (48,202,128)   (10,741,981)   - 
Inventories   (3,931,400)   -    - 
Accounts payable   33,620,611    1,014,227    - 
Advance from customers   3,375,769    (17,977)   - 
Taxes payable   5,575,502    1,609,498    54,474 
Other payables   2,576,570    (2,112,886)   - 
Payable to supply chain solutions   25,608,622    -    - 
Operating lease liabilities   (952,495)   (523,797)   - 
Accrued expenses and other current liabilities   (1,049,489)   502,100    49,574 
Net cash provided by operating activities from continuing operations   23,857,102    2,250,373    598,709 
Net cash provided by (used in) operating activities from discontinued operations   -    436,389    (263,476)
NET CASH PROVIDED BY OPERATING ACTIVITIES   23,857,102    2,686,762    335,233 
                
CASH FLOWS FROM INVESTING ACTIVITIES:               
Acquisition of property and equipment   (186,705)   (204,904)   (237,548)
Purchase of intangible asset   (18,281)   (94,400)   - 
Proceeds from disposal of equipment   -    41,688    - 
Cash (paid) received in connection with Nami acquisition   (7,007,905)   4,990,754    2,043,176 
Investment in limited partnership and other investments   -    (15,589,966)   - 
Cash received on disposal of discontinued operations   14,950,730    -    - 
Proceeds from sale of short-term investments   4,894,270    -    - 
Purchase of short-term investments   (39,526,099)   (3,065,134)   - 
Collection of loans to third parties   1,643,203    11,019,545    - 
Loans to third parties   -    (1,810,495)   (3,611,682)
Net cash (used in) investing activities from continuing operations   (25,250,787)   (4,712,912)   (1,806,054)
Net cash (used in) investing activities from discontinued operations   -    (6,713)   (157,440)
NET CASH (USED IN) INVESTING ACTIVITIES   (25,250,787)   (4,719,625)   (1,963,494)
                
CASH FLOWS FROM FINANCING ACTIVITIES:               
Proceeds from short-term bank loans   784,609    -    - 
Proceeds from issuance of common shares and pre-funded warrants   70,794,465    -    - 
Proceeds from private placement   -    6,503,378    - 
Repayment to related party   (1,803,374)   (6,803,115)   - 
Advances from related parties   -    1,303,556    566,360 
Loan from related parties   -    10,528,965    - 
Capital contribution from non-controlling interest   751,841    3,065,134    - 
Capital contribution by shareholder   -    4,550,000    3,582,781 
Net cash provided by financing activities from continuing operations   70,527,541    19,147,918    4,149,141 
Net cash (used in) financing activities from discontinued operations   -    (788,599)   (996,355)
NET CASH PROVIDED BY FINANCING ACTIVITIES   70,527,541    18,359,319    3,152,786 
                
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS   294,928    2,806,981    (184,449)
NET INCREASE IN CASH AND CASH EQUIVALENTS   69,428,784    19,133,437    1,340,076 
Less: (decrease) in cash and cash equivalents from discontinued operations   -    (283,314)   (1,440,823)
NET INCREASE IN CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS   69,428,784    19,416,751    2,780,899 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM CONTINUING OPERATIONS-BEGINNING   22,198,257    2,781,506    607 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM CONTINUING OPERATIONS-ENDING  $91,627,041   $22,198,257   $2,781,506 
                
SUPPLEMENTAL CASH FLOW DISCLOSURES:               
Cash paid for income taxes  $5,546,082   $552,783   $5,158 
Cash paid for interest  $370,356   $124,778   $147,900 
                
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:               
Payment payable to related parties for business acquisition  $-   $7,007,905   $7,000,000 
Issuance of shares for business acquisition  $-   $18,330,776   $11,426,289 
Receivable from sale of discontinued operations  $-   $14,950,730   $- 
Issuance of shares for share-based compensation  $71,175   $1,721,870    $ 
                
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS ARE COMPRISED OF THE FOLLOWING:               
Cash and cash equivalents  $91,447,620   $22,135,310   $2,756,490 
Restricted cash   179,421    62,947    25,016 
Total cash, cash equivalents and restricted cash  $91,627,041   $22,198,257   $2,781,506 

 

 

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