Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Document Information Line Items | |
Entity Registrant Name | Nisun International Enterprise Development Group Co., Ltd |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001603993 |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-37829 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
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 | 2,415,193 | 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 |
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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Class A common stock | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 310,000,000 | 40,000,000 |
Common stock, shares issued | 40,062,629 | 39,812,629 |
Common stock, shares outstanding | 40,062,629 | 39,812,629 |
Class B common stock | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | ||
Common stock, shares outstanding |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues generated from sales: | ||
Supply chain trading business | $ 70,727,078 | |
Revenues 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, 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 SHAREHOLDERS’ | 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 (in Dollars per share) | $ 0.37 | $ 0.51 |
(Loss) from discontinued operations (in Dollars per share) | (0.01) | |
TOTAL EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share) | $ 0.36 | $ 0.51 |
Weighted average number of shares outstanding-basic and diluted (in Shares) | 39,912,629 | 20,555,129 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||
Weighted average number of shares outstanding-diluted (in Dollars per share) | 39,912,629 | 20,555,129 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 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 | |
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 | 32,564,078 | (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 of discontinued operations | (356,347) | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (30,419,730) | 13,507,030 |
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) |
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 |
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 |