Financial reports / Nisun International Enterprise Development Group Co., Ltd | Tables in SEC filings

NISN Nisun International Enterprise Development Group Co., Ltd

Annual report (foreign)

(EXPRESSED IN US DOLLARS)

	2023		2022		2021

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	17,703,680	$	17,780,058	$	30,506,522
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		2,238,222		2,113,732		2,180,038
Stock-based compensation		-		125,630		498,825
Shares issued for compensation		31,808		185,000		71,175
Bad debt expense		2,215,016		4,509,634		294,536
Impairment of goodwill		5,488,816		777,329		-
Loss on disposition of property and equipment		-		1,385		190,301
Income from investments		(365,359)		(541,578)		(808,464)
Deferred tax (benefit) expense		(710,672)		271,907		275,749
Changes in operating assets and liabilities:
Accounts receivable		(3,086,600)		(2,075,274)		(13,294,924)
Advance to suppliers, net		7,282,068		(39,859,386)		(9,213,279)
Prepaid expenses and other current assets		(5,511,142)		(4,734,501)		(3,464,939)
Receivables from supply chain solutions		(18,651,357)		11,372,841		(48,202,128)
Inventories		(246,818)		(25,530,993)		(3,931,400)
Accounts payable		5,722,300		7,693,011		33,620,611
Advance from customers		16,986,750		19,085,377		3,375,769
Taxes payable		1,478,316		(5,574,048)		5,575,502
Other payables		3,232,387		-		2,576,570
Payable to supply chain solutions		4,096,141		(15,198,883)		25,608,622
Operating lease liabilities		(834,381)		(855,242)		(952,495)
Accrued expenses and other current liabilities		(1,569,395)		1,501,078		(1,049,489)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		35,499,780		(28,952,923)		23,857,102

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment		(503,957)		(652,585)		(186,705)
Purchase of intangible assets		(44,029)		(74,710)		(18,281)
Cash (paid) received in connection with Nami acquisition		-		-		(7,007,905)
Cash paid in connection with acquisition, net of cash received		-		(530,322)		-
Cash received on disposal of discontinued operations		-		-		14,950,730
Proceeds from sale of short-term investments		103,458,984		78,595,280		4,894,270
Proceeds from sale of Long-term investment		7,061,233		-		-
Proceeds from investment in debt securities		14,366,013		-		-
Purchase of short-term investments		(104,365,028)		(51,567,746)		(39,526,099)
Purchase of Long-term investments		-		(7,430,511)		-
Collection of loans to third parties		-		-		1,643,203
Proceeds from disposal of subsidiary		71,514		-		-
Loans to third parties		(229,161)		(501,905)		-
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		19,815,569		17,837,501		(25,250,787)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans		1,553,471		445,831		784,609
Proceeds from issuance of common shares and pre-funded warrants		-		-		70,794,465
Proceeds from third-party loans		1,977,145		36,770,626		-
Repayment of short-term bank loans		(29,961)		(1,239,983)		-
Repayment of third-party loans		(2,277,954)		(41,491,973)		-
Repayment to related parties		-		(10,097)		(1,803,374)
Repayment of loan from related parties		(8,028,965)		(2,500,000)		-
Purchase of treasury shares		94,252		(355,844)		-
Capital contribution from non-controlling interest		(35,290)		37,116		751,841
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(6,747,302)		(8,344,324)		70,527,541

EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS		(1,234,680)		(4,848,722)		294,928
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		47,333,367		(24,308,468)		69,428,784

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM CONTINUING OPERATIONS-BEGINNING		67,318,573		91,627,041		22,198,257

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM CONTINUING OPERATIONS-ENDING	$	114,651,940	$	67,318,573	$	91,627,041

SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for income taxes	$	4,530,963	$	10,385,495	$	5,546,082
Cash paid for interest	$	29,961	$	496,932	$	370,356

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Repayment payable for business disposition		279,037		-		-
Receivable from disposal of subsidiary	$	-	$	289,973	$	-
Lease liabilities arising from obtaining right-of-use assets		295,220		4,070,163		-
Issuance of shares for share-based compensation	$	-	$	-	$	71,175

CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS ARE COMPRISED OF THE FOLLOWING:
Cash and cash equivalents	$	114,454,844	$	63,901,329	$	91,447,620
Restricted cash		197,096		3,417,244		179,421
Total cash, cash equivalents and restricted cash	$	114,651,940	$	67,318,573	$	91,627,041

	Year ended December 31,										Changes		Changes
	2022		%			2021		%			($)		(%)
Revenue from financial 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 financial services		90,812,551		39	%		92,067,474		57	%		(1,254,923)		(1	)%
Revenue from supply chain trading		143,361,714		61	%		68,132,237		43	%		75,229,477		110	%
Total revenue	$	234,174,265		100	%	$	160,199,711		100	%	$	73,974,554		46	%

	Payment due by December 31,
	Total		2024		2025		2026		2027
Operating lease commitments for property management expenses under lease agreement	$	366,243	$	104,641	$	104,641	$	104,641	$	52,320

	December 31, 2023		December 31, 2022
ASSETS:
Cash and cash equivalents	$	7,676,349	$	23,091,162
Due from intercompany and others		10,805,488		11,005,498
TOTAL CURRENT ASSETS		18,481,837		34,096,660
Other non-current assets		-		-
Investment in subsidiaries, VIE, and VIEs’ subsidiaries		180,681,532		159,855,586
TOTAL ASSETS	$	199,163,369	$	193,952,246
LIABILITIES
CURRENT LIABILITIES
Accrued expenses and other liabilities	$	364,498	$	8,320,441
TOTAL CURRENT LIABILITIES		364,498		8,320,441
Commitments and contingencies
Shareholders’ equity*
Class A common stock, $0.01 par value, 30,000,000 and 30,000,000 shares authorized, 4,017,596 and 4,006,263 shares issued and 3,952,865 and 3,944,075 shares outstanding as of December 31, 2023 and 2022 respectively.		40,176		40,063
Class B common stock, $0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding.		-		-
Treasury shares, at cost		(261,592)		(355,844)
Additional paid-in capital		130,535,082		130,503,387
Retained earnings		68,395,637		53,214,304
Statutory reserve		11,564,250		9,167,845
Accumulated other comprehensive loss		(11,474,682)		(6,937,950)
Total shareholders’ equity		198,798,871		185,631,805
Total liabilities and shareholders’ equity	$	199,163,369	$	193,952,246

Named Executive Officers and Directors	Amount of Beneficial Ownership(1)		Percentage Ownership
Directors and Named Executive Officers:
Jinbao Li, Chairman of the Board(2)		156,272		3.89	%
Xin Liu, Chief Executive Officer and Director		-		-
Changjuan Liang, Chief Financial Officer(3)		6,700		*
Xiaoyun Huang, Director(4)		28,817		*
Christian DeAngelis, Director(5)		3,150		*
Sheng Tang, Director(6)		6,300		*
Haiying Xiang, Director		-		-
Jing Li, Director		-		-
All directors and executive officers as a group (8 persons)		201,239		5.00	%

5% Beneficial Owners:
NiSun International Enterprise Management Group Co., Ltd.(7)		777,840		19.36	%

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