{"id":5952,"date":"2024-07-13T00:32:26","date_gmt":"2024-07-12T17:32:26","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=5952"},"modified":"2024-07-13T00:32:26","modified_gmt":"2024-07-12T17:32:26","slug":"nisun-international-reports-financial-results-for-fiscal-year-2023-nisun-achieves-65-revenue-growth-and-ends-the-year-with-29-0-cash-per-share","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=5952","title":{"rendered":"Nisun International Reports Financial Results for Fiscal Year 2023: Nisun Achieves 65% Revenue Growth and Ends the Year with $29.0 Cash Per Share"},"content":{"rendered":"

SHANGHAI<\/span><\/span>, July 12, 2024<\/span><\/span> \/PRNewswire\/ — Nisun International Enterprise Development Group Co., Ltd. (“Nisun International” or the “Company”) (NASDAQ: NISN), a technology and industry driven integrated supply chain solutions provider, today announced its financial results for the fiscal year ended December 31, 2023<\/span>.<\/p>\n

Financial Highlights:<\/p>\n

Revenue:\u00a0Total revenue for the year was $386.7 million<\/span>, representing a 65% increase compared to $234.2 million<\/span> in 2022. Gross Profit:\u00a0Gross profit increased to $40.0 million<\/span> from $37.0 million<\/span> in the previous year. Net Income:\u00a0Net income for 2023 was $17.7 million<\/span>. Cash and Cash Equivalents:\u00a0The Company ended the year with $114.5 million<\/span> in cash and cash equivalents. Earnings per Share (EPS):\u00a0The Company reported earnings of $4.46<\/span> per share, with a cash per share value of $29.0<\/span>. <\/p>\n

CEO’s Comments:<\/p>\n

Xin Liu<\/span>, CEO of Nisun International, commented, “We are thrilled to report another year of outstanding financial performance, underscoring the success of our strategic initiatives and operational excellence. Our revenue growth of 65% is a testament to our robust supply chain solutions. \u00a0We have made significant strides in expanding our supply chain capabilities,\u00a0 diversifying into other agricultural products. These efforts have positioned us well for sustained growth and profitability.”<\/p>\n

Mr. Liu continued, “Despite our strong financial performance, substantial cash reserves of $29<\/span>.0\u00a0per share, and robust earnings, our stock trades at just over one times annual earnings\u00a0by the end of June. We believe this significantly undervalues our company. The Board of Directors and I are actively considering strategic alternatives to unlock shareholder value and better align our market valuation with the intrinsic value of our company. Our strong cash position and ongoing growth initiatives provide a solid foundation for these efforts.”<\/p>\n

Operational Highlights:<\/p>\n

Supply Chain Trading and Solutions:\u00a0Nisun International continues to enhance its supply chain trading and financing solutions capabilities, leveraging state-of-the-art technology to streamline operations and reduce costs. The Company successfully managed the daily supply of 3.6 to 6 million eggs to major online platforms across key regions. Geographical Expansion:\u00a0The Company’s supply chain operations now span multiple regions, enabling delivery of a diverse range of products. This extensive network ensures seamless operations and strengthens Nisun’s market presence. Diversification:\u00a0Nisun has expanded its supply chain solutions to include other agricultural products, positioning the Company for substantial growth in the agricultural sector. <\/p>\n

Looking Ahead:<\/p>\n

Mr. Liu added, “Our commitment to innovation and excellence remains unwavering as we continue to drive growth and create value for our shareholders. The strategic expansion of our supply chain\u00a0solution \u00a0will enable us to meet the evolving needs of our customers and capitalize on new market opportunities. We are excited about the future and confident in our ability to achieve even greater success.”<\/p>\n

Investor Relations:<\/p>\n

For more information, please visit the Investor Relations section of\u00a0Nisun International’s \u00a0website at: www.nisun-international.com<\/a>.<\/p>\n

About Nisun International:<\/p>\n

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. 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.<\/p>\n

Cautionary Note Regarding Forward-Looking Statements<\/p>\n

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.<\/p>\n

For more information, please contact:<\/p>\n

Nisun International Enterprise Development Group Co., Ltd<\/p>\n

Investor Relations
Tel: +86 (21) 2357-0055
Email: ir@cnisun.com<\/a>\u00a0<\/p>\n

Horizon Research Management Consultancy
Michael Wei<\/span>
Email: hwey@horizonconsultancy.co<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS<\/span><\/p>\n

(EXPRESSED IN US DOLLARS)<\/span><\/p>\n

<\/p>\n

December\u00a031,
2023<\/span><\/p>\n

December\u00a031,
2022<\/span><\/p>\n

ASSETS<\/span><\/p>\n

CURRENT ASSETS:<\/span><\/p>\n

Cash and cash equivalents<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

114,454,844<\/span><\/p>\n

$<\/span><\/p>\n

63,901,329<\/span><\/p>\n

<\/p>\n

Restricted cash<\/span><\/p>\n

197,096<\/span><\/p>\n

<\/p>\n

3,417,244<\/span><\/p>\n

<\/p>\n

Short-term investments<\/span><\/p>\n

12,788,629<\/span><\/p>\n

<\/p>\n

11,700,400<\/span><\/p>\n

<\/p>\n

Accounts receivable, net<\/span><\/p>\n

21,120,795<\/span><\/p>\n

<\/p>\n

18,931,346<\/span><\/p>\n

<\/p>\n

Advance to suppliers, net<\/span><\/p>\n

38,602,304<\/span><\/p>\n

<\/p>\n

46,968,549<\/span><\/p>\n

<\/p>\n

Receivables from supply chain solutions<\/span><\/p>\n

59,167,029<\/span><\/p>\n

<\/p>\n

43,475,981<\/span><\/p>\n

<\/p>\n

Inventories<\/span><\/p>\n

30,953,583<\/span><\/p>\n

<\/p>\n

31,609,877<\/span><\/p>\n

<\/p>\n

Prepaid expenses and other current assets<\/span><\/p>\n

16,018,778<\/span><\/p>\n

<\/p>\n

10,890,083<\/span><\/p>\n

<\/p>\n

TOTAL CURRENT ASSETS<\/span><\/p>\n

293,303,058<\/span><\/p>\n

<\/p>\n

230,894,809<\/span><\/p>\n

NON-CURRENT ASSETS:<\/span><\/p>\n

Property and equipment, net<\/span><\/p>\n

881,276<\/span><\/p>\n

<\/p>\n

719,574<\/span><\/p>\n

<\/p>\n

Intangible assets, net<\/span><\/p>\n

882,828<\/span><\/p>\n

<\/p>\n

1,795,234<\/span><\/p>\n

<\/p>\n

Right-of-use assets, net<\/span><\/p>\n

2,384,590<\/span><\/p>\n

<\/p>\n

3,349,432<\/span><\/p>\n

<\/p>\n

Equity investments<\/span><\/p>\n

368,528<\/span><\/p>\n

<\/p>\n

373,292<\/span><\/p>\n

<\/p>\n

Investment in limited partnership<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

14,913,539<\/span><\/p>\n

<\/p>\n

Goodwill<\/span><\/p>\n

17,659,983<\/span><\/p>\n

<\/p>\n

23,814,005<\/span><\/p>\n

<\/p>\n

Deferred tax assets, net<\/span><\/p>\n

418,571<\/span><\/p>\n

<\/p>\n

310,577<\/span><\/p>\n

<\/p>\n

Long term investment<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

7,249,319<\/span><\/p>\n

<\/p>\n

TOTAL NON-CURRENT ASSETS<\/span><\/p>\n

22,595,776<\/span><\/p>\n

<\/p>\n

52,524,972<\/span><\/p>\n

<\/p>\n

TOTAL ASSETS<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

315,898,834<\/span><\/p>\n

$<\/span><\/p>\n

283,419,781<\/span><\/p>\n

LIABILITIES<\/span><\/p>\n

CURRENT LIABILITIES:<\/span><\/p>\n

Accounts payable<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

45,463,753<\/span><\/p>\n

$<\/span><\/p>\n

40,925,155<\/span><\/p>\n

<\/p>\n

Short-term bank loans<\/span><\/p>\n

1,971,859<\/span><\/p>\n

<\/p>\n

434,959<\/span><\/p>\n

<\/p>\n

Accrued expenses and other current liabilities<\/span><\/p>\n

7,245,358<\/span><\/p>\n

<\/p>\n

6,090,582<\/span><\/p>\n

<\/p>\n

Operating lease liabilities – current<\/span><\/p>\n

861,087<\/span><\/p>\n

<\/p>\n

1,008,766<\/span><\/p>\n

<\/p>\n

Payables to supply chain solutions<\/span><\/p>\n

12,947,708<\/span><\/p>\n

<\/p>\n

9,122,978<\/span><\/p>\n

<\/p>\n

Advances from customers<\/span><\/p>\n

38,153,915<\/span><\/p>\n

<\/p>\n

21,827,387<\/span><\/p>\n

<\/p>\n

Taxes payable<\/span><\/p>\n

4,145,920<\/span><\/p>\n

<\/p>\n

2,748,474<\/span><\/p>\n

<\/p>\n

Loan from related party<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

8,028,965<\/span><\/p>\n

<\/p>\n

Liabilities of financial guarantee<\/span><\/p>\n

22,335<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

Due to related parties – current<\/span><\/p>\n

274,652<\/span><\/p>\n

<\/p>\n

282,724<\/span><\/p>\n

<\/p>\n

TOTAL CURRENT LIABILITIES<\/span><\/p>\n

111,086,587<\/span><\/p>\n

<\/p>\n

90,469,990<\/span><\/p>\n

Operating lease liabilities \u2013 non-current<\/span><\/p>\n

1,643,076<\/span><\/p>\n

<\/p>\n

2,425,597<\/span><\/p>\n

<\/p>\n

Deferred tax liabilities<\/span><\/p>\n

114,650<\/span><\/p>\n

<\/p>\n

727,326<\/span><\/p>\n

<\/p>\n

TOTAL NON-CURRENT LIABILITIES<\/span><\/p>\n

1,757,726<\/span><\/p>\n

<\/p>\n

3,152,923<\/span><\/p>\n

<\/p>\n

TOTAL LIABILITIES<\/span><\/p>\n

112,844,313<\/span><\/p>\n

<\/p>\n

93,622,913<\/span><\/p>\n

SHAREHOLDERS’ EQUITY*:<\/span><\/p>\n

Class A common stock, $0.01 par value, 30,000,000 and 30,000,000 shares <\/span><\/p>\n

\u00a0 \u00a0authorized, 4,017,596 and 4,006,263 shares issued, and 3,952,198 and 3,944,075 <\/span><\/p>\n

\u00a0 \u00a0shares outstanding as of December 31, 2023 and 2022, respectively<\/span><\/p>\n

40,176<\/span><\/p>\n

<\/p>\n

40,063<\/span><\/p>\n

<\/p>\n

Class B common stock, $0.01 par value, 1,000,000 shares authorized, no shares <\/span><\/p>\n

\u00a0 \u00a0issued and outstanding as of December 31, 2023 and 2022<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

Treasury shares<\/span><\/p>\n

(261,592)<\/span><\/p>\n

<\/p>\n

(355,844)<\/span><\/p>\n

<\/p>\n

Additional paid-in capital<\/span><\/p>\n

130,535,082<\/span><\/p>\n

<\/p>\n

130,503,387<\/span><\/p>\n

<\/p>\n

Retained earnings<\/span><\/p>\n

68,395,637<\/span><\/p>\n

<\/p>\n

53,214,304<\/span><\/p>\n

<\/p>\n

Statutory reserves<\/span><\/p>\n

11,564,250<\/span><\/p>\n

<\/p>\n

9,167,845<\/span><\/p>\n

<\/p>\n

Accumulated other comprehensive loss<\/span><\/p>\n

(11,474,682)<\/span><\/p>\n

<\/p>\n

(6,937,950)<\/span><\/p>\n

<\/p>\n

COMMON SHAREHOLDERS’ EQUITY<\/span><\/p>\n

198,798,871<\/span><\/p>\n

<\/p>\n

185,631,805<\/span><\/p>\n

<\/p>\n

Non-controlling interests<\/span><\/p>\n

4,255,650<\/span><\/p>\n

<\/p>\n

4,165,063<\/span><\/p>\n

<\/p>\n

TOTAL SHAREHOLDERS’ EQUITY<\/span><\/p>\n

203,054,521<\/span><\/p>\n

<\/p>\n

189,796,868<\/span><\/p>\n

<\/p>\n

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

315,898,834<\/span><\/p>\n

$<\/span><\/p>\n

283,419,781<\/span><\/p>\n

* The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES<\/span><\/p>\n

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)<\/span><\/p>\n

(EXPRESSED IN US DOLLARS)<\/span><\/p>\n

<\/p>\n

For the Year Ended December 31,<\/span><\/p>\n

<\/p>\n

2023<\/span><\/p>\n

2022<\/span><\/p>\n

2021<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0REVENUES:<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0Revenue generated from services:<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Small and Medium Enterprise financing solutions<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

101,823,899<\/span><\/p>\n

$<\/span><\/p>\n

87,269,959<\/span><\/p>\n

$<\/span><\/p>\n

87,133,963<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Supply Chain financing solutions<\/span><\/p>\n

6,153,645<\/span><\/p>\n

<\/p>\n

3,542,592<\/span><\/p>\n

<\/p>\n

4,930,289<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Other financing solutions<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

3,222<\/span><\/p>\n

<\/p>\n

Total revenue generated from services<\/span><\/p>\n

107,977,544<\/span><\/p>\n

<\/p>\n

90,812,551<\/span><\/p>\n

<\/p>\n

92,067,474<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Revenue generated from sales:<\/span><\/p>\n

Supply chain trading business<\/span><\/p>\n

278,693,355<\/span><\/p>\n

<\/p>\n

143,361,714<\/span><\/p>\n

<\/p>\n

68,132,237<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Total revenues<\/span><\/p>\n

386,670,899<\/span><\/p>\n

<\/p>\n

234,174,265<\/span><\/p>\n

<\/p>\n

160,199,711<\/span><\/p>\n

\u00a0 \u00a0COST OF REVENUE:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Cost of revenue – services<\/span><\/p>\n

(68,154,833)<\/span><\/p>\n

<\/p>\n

(55,472,076)<\/span><\/p>\n

<\/p>\n

(37,989,001)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Cost of revenue – sales<\/span><\/p>\n

(278,002,800)<\/span><\/p>\n

<\/p>\n

(140,880,063)<\/span><\/p>\n

<\/p>\n

(67,628,806)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Business and sales related taxes<\/span><\/p>\n

(527,336)<\/span><\/p>\n

<\/p>\n

(772,830)<\/span><\/p>\n

<\/p>\n

(533,760)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0GROSS PROFIT<\/span><\/p>\n

39,985,930<\/span><\/p>\n

<\/p>\n

37,049,296<\/span><\/p>\n

<\/p>\n

54,048,144<\/span><\/p>\n

\u00a0 \u00a0OPERATING EXPENSES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Selling expenses<\/span><\/p>\n

(1,525,692)<\/span><\/p>\n

<\/p>\n

(1,977,617)<\/span><\/p>\n

<\/p>\n

(2,323,403)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 General and administrative expenses<\/span><\/p>\n

(10,859,011)<\/span><\/p>\n

<\/p>\n

(10,511,542)<\/span><\/p>\n

<\/p>\n

(11,641,567)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Research and development expenses<\/span><\/p>\n

(1,093,457)<\/span><\/p>\n

<\/p>\n

(1,563,718)<\/span><\/p>\n

<\/p>\n

(1,599,728)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Bad debt expense<\/span><\/p>\n

(2,215,016)<\/span><\/p>\n

<\/p>\n

(4,509,634)<\/span><\/p>\n

<\/p>\n

(294,536)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Goodwill Impairment Loss<\/span><\/p>\n

(5,488,816)<\/span><\/p>\n

<\/p>\n

(777,329)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

Total operating expenses<\/span><\/p>\n

(21,181,992)<\/span><\/p>\n

<\/p>\n

(19,339,840)<\/span><\/p>\n

<\/p>\n

(15,859,234)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0INCOME FROM OPERATIONS<\/span><\/p>\n

18,803,938<\/span><\/p>\n

<\/p>\n

17,709,456<\/span><\/p>\n

<\/p>\n

38,188,910<\/span><\/p>\n

\u00a0 \u00a0OTHER INCOME :<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Interest and investment income<\/span><\/p>\n

2,557,588<\/span><\/p>\n

<\/p>\n

2,790,768<\/span><\/p>\n

<\/p>\n

2,122,903<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Other income , net<\/span><\/p>\n

2,159,301<\/span><\/p>\n

<\/p>\n

2,021,688<\/span><\/p>\n

<\/p>\n

464,210<\/span><\/p>\n

<\/p>\n

Total other income, net<\/span><\/p>\n

4,716,889<\/span><\/p>\n

<\/p>\n

4,812,456<\/span><\/p>\n

<\/p>\n

2,587,113<\/span><\/p>\n

INCOME BEFORE PROVISION FOR INCOME TAXES<\/span><\/p>\n

23,520,827<\/span><\/p>\n

<\/p>\n

22,521,912<\/span><\/p>\n

<\/p>\n

40,776,023<\/span><\/p>\n

PROVISION\u00a0FOR INCOME TAXES<\/span><\/p>\n

(5,817,147)<\/span><\/p>\n

<\/p>\n

(4,741,854)<\/span><\/p>\n

<\/p>\n

(10,269,501)<\/span><\/p>\n

NET INCOME<\/span><\/p>\n

17,703,680<\/span><\/p>\n

<\/p>\n

17,780,058<\/span><\/p>\n

<\/p>\n

30,506,522<\/span><\/p>\n

<\/p>\n

Net income attributable to non-controlling interests<\/span><\/p>\n

(125,942)<\/span><\/p>\n

<\/p>\n

(159,246)<\/span><\/p>\n

<\/p>\n

(126,161)<\/span><\/p>\n

<\/p>\n

NET INCOME – Nisun International’s shareholders<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

17,577,738<\/span><\/p>\n

$<\/span><\/p>\n

17,620,812<\/span><\/p>\n

$<\/span><\/p>\n

30,380,361<\/span><\/p>\n

OTHER COMPREHENSIVE INCOME (LOSS)<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Foreign currency translation (loss) income<\/span><\/p>\n

(4,536,797)<\/span><\/p>\n

<\/p>\n

(12,576,380)<\/span><\/p>\n

<\/p>\n

2,039,011<\/span><\/p>\n

<\/p>\n

COMPREHENSIVE INCOME<\/span><\/p>\n

13,040,941<\/span><\/p>\n

<\/p>\n

5,044,432<\/span><\/p>\n

<\/p>\n

32,419,372<\/span><\/p>\n

<\/p>\n

Comprehensive loss attributable to non-controlling interests<\/span><\/p>\n

65<\/span><\/p>\n

<\/p>\n

6,231<\/span><\/p>\n

<\/p>\n

2,051<\/span><\/p>\n

<\/p>\n

COMPREHENSIVE INCOME<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

13,041,006<\/span><\/p>\n

$<\/span><\/p>\n

5,050,663<\/span><\/p>\n

$<\/span><\/p>\n

32,421,423<\/span><\/p>\n

BASIC AND DILUTED EARNINGS PER COMMON SHARE:<\/span><\/p>\n

NET EARNINGS PER COMMON SHARE<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

4.46<\/span><\/p>\n

$<\/span><\/p>\n

4.42<\/span><\/p>\n

$<\/span><\/p>\n

14.13<\/span><\/p>\n

Weighted average number of shares outstanding-basic and diluted*<\/span><\/p>\n

3,943,793<\/span><\/p>\n

<\/p>\n

3,986,359<\/span><\/p>\n

<\/p>\n

2,150,683<\/span><\/p>\n

* The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES<\/span><\/p>\n

CONDENSED STATEMENTS OF CASH FLOWS<\/span><\/p>\n

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 and 2021<\/span><\/p>\n

(EXPRESSED IN US DOLLARS)<\/span><\/p>\n

<\/p>\n

2023<\/span><\/p>\n

2022<\/span><\/p>\n

2021<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0CASH FLOWS FROM OPERATING ACTIVITIES:<\/span><\/p>\n

<\/p>\n

Net income<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

17,703,680<\/span><\/p>\n

$<\/span><\/p>\n

17,780,058<\/span><\/p>\n

$<\/span><\/p>\n

30,506,522<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Adjustments to reconcile net income to net cash provided by (used <\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0in) operating activities:<\/span><\/p>\n

Depreciation and amortization<\/span><\/p>\n

2,238,222<\/span><\/p>\n

<\/p>\n

2,113,732<\/span><\/p>\n

<\/p>\n

2,180,038<\/span><\/p>\n

<\/p>\n

Stock-based compensation<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

125,630<\/span><\/p>\n

<\/p>\n

498,825<\/span><\/p>\n

<\/p>\n

Shares issued for compensation<\/span><\/p>\n

31,808<\/span><\/p>\n

<\/p>\n

185,000<\/span><\/p>\n

<\/p>\n

71,175<\/span><\/p>\n

<\/p>\n

Bad debt expense<\/span><\/p>\n

2,215,016<\/span><\/p>\n

<\/p>\n

4,509,634<\/span><\/p>\n

<\/p>\n

294,536<\/span><\/p>\n

<\/p>\n

Impairment of goodwill<\/span><\/p>\n

5,488,816<\/span><\/p>\n

<\/p>\n

777,329<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

Loss on disposition of property and equipment<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

1,385<\/span><\/p>\n

<\/p>\n

190,301<\/span><\/p>\n

<\/p>\n

Income from investments<\/span><\/p>\n

(365,359)<\/span><\/p>\n

<\/p>\n

(541,578)<\/span><\/p>\n

<\/p>\n

(808,464)<\/span><\/p>\n

<\/p>\n

Deferred tax (benefit) expense<\/span><\/p>\n

(710,672)<\/span><\/p>\n

<\/p>\n

271,907<\/span><\/p>\n

<\/p>\n

275,749<\/span><\/p>\n

<\/p>\n

Changes in operating assets and liabilities:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Accounts receivable<\/span><\/p>\n

(3,086,600)<\/span><\/p>\n

<\/p>\n

(2,075,274)<\/span><\/p>\n

<\/p>\n

(13,294,924)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Advance to suppliers, net<\/span><\/p>\n

7,282,068<\/span><\/p>\n

<\/p>\n

(39,859,386)<\/span><\/p>\n

<\/p>\n

(9,213,279)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Prepaid expenses and other current assets<\/span><\/p>\n

(5,511,142)<\/span><\/p>\n

<\/p>\n

(4,734,501)<\/span><\/p>\n

<\/p>\n

(3,464,939)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Receivables from supply chain solutions<\/span><\/p>\n

(18,651,357)<\/span><\/p>\n

<\/p>\n

11,372,841<\/span><\/p>\n

<\/p>\n

(48,202,128)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Inventories<\/span><\/p>\n

(246,818)<\/span><\/p>\n

<\/p>\n

(25,530,993)<\/span><\/p>\n

<\/p>\n

(3,931,400)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Accounts payable<\/span><\/p>\n

5,722,300<\/span><\/p>\n

<\/p>\n

7,693,011<\/span><\/p>\n

<\/p>\n

33,620,611<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Advance from customers<\/span><\/p>\n

16,986,750<\/span><\/p>\n

<\/p>\n

19,085,377<\/span><\/p>\n

<\/p>\n

3,375,769<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Taxes payable<\/span><\/p>\n

1,478,316<\/span><\/p>\n

<\/p>\n

(5,574,048)<\/span><\/p>\n

<\/p>\n

5,575,502<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Other payables<\/span><\/p>\n

3,232,387<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

2,576,570<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Payable to supply chain solutions<\/span><\/p>\n

4,096,141<\/span><\/p>\n

<\/p>\n

(15,198,883)<\/span><\/p>\n

<\/p>\n

25,608,622<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operating lease liabilities<\/span><\/p>\n

(834,381)<\/span><\/p>\n

<\/p>\n

(855,242)<\/span><\/p>\n

<\/p>\n

(952,495)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Accrued expenses and other current liabilities<\/span><\/p>\n

(1,569,395)<\/span><\/p>\n

<\/p>\n

1,501,078<\/span><\/p>\n

<\/p>\n

(1,049,489)<\/span><\/p>\n

<\/p>\n

NET CASH (USED IN) PROVIDED BY OPERATING <\/span><\/p>\n

\u00a0 \u00a0ACTIVITIES<\/span><\/p>\n

35,499,780<\/span><\/p>\n

<\/p>\n

(28,952,923)<\/span><\/p>\n

<\/p>\n

23,857,102<\/span><\/p>\n

CASH FLOWS FROM INVESTING ACTIVITIES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Acquisition of property and equipment<\/span><\/p>\n

(503,957)<\/span><\/p>\n

<\/p>\n

(652,585)<\/span><\/p>\n

<\/p>\n

(186,705)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Purchase of intangible assets<\/span><\/p>\n

(44,029)<\/span><\/p>\n

<\/p>\n

(74,710)<\/span><\/p>\n

<\/p>\n

(18,281)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Cash (paid) received in connection with Nami acquisition<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

(7,007,905)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Cash paid in connection with acquisition, net of cash received<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

(530,322)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Cash received on disposal of discontinued operations<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

14,950,730<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from sale of short-term investments<\/span><\/p>\n

103,458,984<\/span><\/p>\n

<\/p>\n

78,595,280<\/span><\/p>\n

<\/p>\n

4,894,270<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from sale of Long-term investment<\/span><\/p>\n

7,061,233<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from investment in debt securities<\/span><\/p>\n

14,366,013<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Purchase of short-term investments<\/span><\/p>\n

(104,365,028)<\/span><\/p>\n

<\/p>\n

(51,567,746)<\/span><\/p>\n

<\/p>\n

(39,526,099)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Purchase of Long-term investments<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

(7,430,511)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Collection of loans to third parties<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

1,643,203<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from disposal of subsidiary<\/span><\/p>\n

71,514<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Loans to third parties<\/span><\/p>\n

(229,161)<\/span><\/p>\n

<\/p>\n

(501,905)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

NET CASH PROVIDED BY (USED IN) INVESTING <\/span><\/p>\n

\u00a0 \u00a0ACTIVITIES<\/span><\/p>\n

19,815,569<\/span><\/p>\n

<\/p>\n

17,837,501<\/span><\/p>\n

<\/p>\n

(25,250,787)<\/span><\/p>\n

CASH FLOWS FROM FINANCING ACTIVITIES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from short-term bank loans<\/span><\/p>\n

1,553,471<\/span><\/p>\n

<\/p>\n

445,831<\/span><\/p>\n

<\/p>\n

784,609<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from issuance of common shares and pre-funded warrants<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

70,794,465<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from third-party loans<\/span><\/p>\n

1,977,145<\/span><\/p>\n

<\/p>\n

36,770,626<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Repayment of short-term bank loans<\/span><\/p>\n

(29,961)<\/span><\/p>\n

<\/p>\n

(1,239,983)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Repayment of third-party loans<\/span><\/p>\n

(2,277,954)<\/span><\/p>\n

<\/p>\n

(41,491,973)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Repayment to related parties<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

(10,097)<\/span><\/p>\n

<\/p>\n

(1,803,374)<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Repayment of loan from related parties<\/span><\/p>\n

(8,028,965)<\/span><\/p>\n

<\/p>\n

(2,500,000)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Purchase of treasury shares<\/span><\/p>\n

94,252<\/span><\/p>\n

<\/p>\n

(355,844)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Capital contribution from non-controlling interest<\/span><\/p>\n

(35,290)<\/span><\/p>\n

<\/p>\n

37,116<\/span><\/p>\n

<\/p>\n

751,841<\/span><\/p>\n

<\/p>\n

NET CASH (USED IN) PROVIDED BY FINANCING <\/span><\/p>\n

\u00a0 \u00a0ACTIVITIES<\/span><\/p>\n

(6,747,302)<\/span><\/p>\n

<\/p>\n

(8,344,324)<\/span><\/p>\n

<\/p>\n

70,527,541<\/span><\/p>\n

EFFECT OF EXCHANGE RATE CHANGE ON CASH AND <\/span><\/p>\n

\u00a0 \u00a0CASH EQUIVALENTS<\/span><\/p>\n

(1,234,680)<\/span><\/p>\n

<\/p>\n

(4,848,722)<\/span><\/p>\n

<\/p>\n

294,928<\/span><\/p>\n

<\/p>\n

NET (DECREASE) INCREASE IN CASH AND CASH <\/span><\/p>\n

\u00a0 \u00a0EQUIVALENTS<\/span><\/p>\n

47,333,367<\/span><\/p>\n

<\/p>\n

(24,308,468)<\/span><\/p>\n

<\/p>\n

69,428,784<\/span><\/p>\n

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH <\/span><\/p>\n

\u00a0 \u00a0FROM CONTINUING OPERATIONS-BEGINNING<\/span><\/p>\n

67,318,573<\/span><\/p>\n

<\/p>\n

91,627,041<\/span><\/p>\n

<\/p>\n

22,198,257<\/span><\/p>\n

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH <\/span><\/p>\n

\u00a0 \u00a0FROM CONTINUING OPERATIONS-ENDING<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

114,651,940<\/span><\/p>\n

$<\/span><\/p>\n

67,318,573<\/span><\/p>\n

$<\/span><\/p>\n

91,627,041<\/span><\/p>\n

SUPPLEMENTAL CASH FLOW DISCLOSURES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Cash paid for income taxes<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

4,530,963<\/span><\/p>\n

$<\/span><\/p>\n

10,385,495<\/span><\/p>\n

$<\/span><\/p>\n

5,546,082<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Cash paid for interest<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

29,961<\/span><\/p>\n

$<\/span><\/p>\n

496,932<\/span><\/p>\n

$<\/span><\/p>\n

370,356<\/span><\/p>\n

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Repayment payable for business disposition<\/span><\/p>\n

279,037<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Receivable from disposal of subsidiary<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

–<\/span><\/p>\n

$<\/span><\/p>\n

289,973<\/span><\/p>\n

$<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Lease liabilities arising from obtaining right-of-use
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0assets<\/span><\/p>\n

295,220<\/span><\/p>\n

<\/p>\n

4,070,163<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

\u00a0 \u00a0 \u00a0 Issuance of shares for share-based compensation<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

–<\/span><\/p>\n

$<\/span><\/p>\n

–<\/span><\/p>\n

$<\/span><\/p>\n

71,175<\/span><\/p>\n

CASH AND CASH EQUIVALENTS FROM CONTINUING <\/span><\/p>\n

\u00a0 \u00a0OPERATIONS ARE COMPRISED OF THE FOLLOWING:<\/span><\/p>\n

Cash and cash equivalents<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

114,454,844<\/span><\/p>\n

$<\/span><\/p>\n

63,901,329<\/span><\/p>\n

$<\/span><\/p>\n

91,447,620<\/span><\/p>\n

<\/p>\n

Restricted cash<\/span><\/p>\n

197,096<\/span><\/p>\n

<\/p>\n

3,417,244<\/span><\/p>\n

<\/p>\n

179,421<\/span><\/p>\n

<\/p>\n

Total cash, cash equivalents and restricted cash<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

114,651,940<\/span><\/p>\n

$<\/span><\/p>\n

67,318,573<\/span><\/p>\n

$<\/span><\/p>\n

91,627,041<\/span><\/p>\n

<\/p><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

SHANGHAI<\/span><\/span>, July 12, 2024<\/span><\/span> \/PRNewswire\/ — Nisun International Enterprise Development Group Co., Ltd. (“Nisun International” or the “Company”) (NASDAQ: NISN), a technology and industry driven integrated supply chain solutions provider, today announced its financial results for the fiscal year ended December 31, 2023<\/span>.<\/p>\n

Financial Highlights:<\/p>\n

Revenue:\u00a0Total revenue for the year was $386.7 million<\/span>, representing a 65% increase compared to $234.2 million<\/span> in 2022. Gross Profit:\u00a0Gross profit increased to $40.0 million<\/span> from $37.0 million<\/span> in the previous year. Net Income:\u00a0Net income for 2023 was $17.7 million<\/span>. Cash and Cash Equivalents:\u00a0The Company ended the year with $114.5 million<\/span> in cash and cash equivalents. Earnings per Share (EPS):\u00a0The Company reported earnings of $4.46<\/span> per share, with a cash per share value of $29.0<\/span>. <\/p>\n

CEO’s Comments:<\/p>\n

Xin Liu<\/span>, CEO of Nisun International, commented, “We are thrilled to report another year of outstanding financial performance, underscoring the success of our strategic initiatives and operational excellence. Our revenue growth of 65% is a testament to our robust supply chain solutions. \u00a0We have made significant strides in expanding our supply chain capabilities,\u00a0 diversifying into other agricultural products. These efforts have positioned us well for sustained growth and profitability.”<\/p>\n

Mr. Liu continued, “Despite our strong financial performance, substantial cash reserves of $29<\/span>.0\u00a0per share, and robust earnings, our stock trades at just over one times annual earnings\u00a0by the end of June. We believe this significantly undervalues our company. The Board of Directors and I are actively considering strategic alternatives to unlock shareholder value and better align our market valuation with the intrinsic value of our company. Our strong cash position and ongoing growth initiatives provide a solid foundation for these efforts.”<\/p>\n

Operational Highlights:<\/p>\n

Supply Chain Trading and Solutions:\u00a0Nisun International continues to enhance its supply chain trading and financing solutions capabilities, leveraging state-of-the-art technology to streamline operations and reduce costs. The Company successfully managed the daily supply of 3.6 to 6 million eggs to major online platforms across key regions. Geographical Expansion:\u00a0The Company’s supply chain operations now span multiple regions, enabling delivery of a diverse range of products. This extensive network ensures seamless operations and strengthens Nisun’s market presence. Diversification:\u00a0Nisun has expanded its supply chain solutions to include other agricultural products, positioning the Company for substantial growth in the agricultural sector. <\/p>\n

Looking Ahead:<\/p>\n

Mr. Liu added, “Our commitment to innovation and excellence remains unwavering as we continue to drive growth and create value for our shareholders. The strategic expansion of our supply chain\u00a0solution \u00a0will enable us to meet the evolving needs of our customers and capitalize on new market opportunities. We are excited about the future and confident in our ability to achieve even greater success.”<\/p>\n

Investor Relations:<\/p>\n

For more information, please visit the Investor Relations section of\u00a0Nisun International’s \u00a0website at: www.nisun-international.com<\/a>.<\/p>\n

About Nisun International:<\/p>\n

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. 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.<\/p>\n

Cautionary Note Regarding Forward-Looking Statements<\/p>\n

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.<\/p>\n

For more information, please contact:<\/p>\n

Nisun International Enterprise Development Group Co., Ltd<\/p>\n

Investor Relations
Tel: +86 (21) 2357-0055
Email: ir@cnisun.com<\/a>\u00a0<\/p>\n

Horizon Research Management Consultancy
Michael Wei<\/span>
Email: hwey@horizonconsultancy.co<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS<\/span><\/p>\n

(EXPRESSED IN US DOLLARS)<\/span><\/p>\n<\/p>\n

December\u00a031,
2023<\/span><\/p>\n

December\u00a031,
2022<\/span><\/p>\n

ASSETS<\/span><\/p>\n

CURRENT ASSETS:<\/span><\/p>\n

Cash and cash equivalents<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

114,454,844<\/span><\/p>\n

$<\/span><\/p>\n

63,901,329<\/span><\/p>\n<\/p>\n

Restricted cash<\/span><\/p>\n

197,096<\/span><\/p>\n<\/p>\n

3,417,244<\/span><\/p>\n<\/p>\n

Short-term investments<\/span><\/p>\n

12,788,629<\/span><\/p>\n<\/p>\n

11,700,400<\/span><\/p>\n<\/p>\n

Accounts receivable, net<\/span><\/p>\n

21,120,795<\/span><\/p>\n<\/p>\n

18,931,346<\/span><\/p>\n<\/p>\n

Advance to suppliers, net<\/span><\/p>\n

38,602,304<\/span><\/p>\n<\/p>\n

46,968,549<\/span><\/p>\n<\/p>\n

Receivables from supply chain solutions<\/span><\/p>\n

59,167,029<\/span><\/p>\n<\/p>\n

43,475,981<\/span><\/p>\n<\/p>\n

Inventories<\/span><\/p>\n

30,953,583<\/span><\/p>\n<\/p>\n

31,609,877<\/span><\/p>\n<\/p>\n

Prepaid expenses and other current assets<\/span><\/p>\n

16,018,778<\/span><\/p>\n<\/p>\n

10,890,083<\/span><\/p>\n<\/p>\n

TOTAL CURRENT ASSETS<\/span><\/p>\n

293,303,058<\/span><\/p>\n<\/p>\n

230,894,809<\/span><\/p>\n

NON-CURRENT ASSETS:<\/span><\/p>\n

Property and equipment, net<\/span><\/p>\n

881,276<\/span><\/p>\n<\/p>\n

719,574<\/span><\/p>\n<\/p>\n

Intangible assets, net<\/span><\/p>\n

882,828<\/span><\/p>\n<\/p>\n

1,795,234<\/span><\/p>\n<\/p>\n

Right-of-use assets, net<\/span><\/p>\n

2,384,590<\/span><\/p>\n<\/p>\n

3,349,432<\/span><\/p>\n<\/p>\n

Equity investments<\/span><\/p>\n

368,528<\/span><\/p>\n<\/p>\n

373,292<\/span><\/p>\n<\/p>\n

Investment in limited partnership<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

14,913,539<\/span><\/p>\n<\/p>\n

Goodwill<\/span><\/p>\n

17,659,983<\/span><\/p>\n<\/p>\n

23,814,005<\/span><\/p>\n<\/p>\n

Deferred tax assets, net<\/span><\/p>\n

418,571<\/span><\/p>\n<\/p>\n

310,577<\/span><\/p>\n<\/p>\n

Long term investment<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

7,249,319<\/span><\/p>\n<\/p>\n

TOTAL NON-CURRENT ASSETS<\/span><\/p>\n

22,595,776<\/span><\/p>\n<\/p>\n

52,524,972<\/span><\/p>\n<\/p>\n

TOTAL ASSETS<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

315,898,834<\/span><\/p>\n

$<\/span><\/p>\n

283,419,781<\/span><\/p>\n

LIABILITIES<\/span><\/p>\n

CURRENT LIABILITIES:<\/span><\/p>\n

Accounts payable<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

45,463,753<\/span><\/p>\n

$<\/span><\/p>\n

40,925,155<\/span><\/p>\n<\/p>\n

Short-term bank loans<\/span><\/p>\n

1,971,859<\/span><\/p>\n<\/p>\n

434,959<\/span><\/p>\n<\/p>\n

Accrued expenses and other current liabilities<\/span><\/p>\n

7,245,358<\/span><\/p>\n<\/p>\n

6,090,582<\/span><\/p>\n<\/p>\n

Operating lease liabilities – current<\/span><\/p>\n

861,087<\/span><\/p>\n<\/p>\n

1,008,766<\/span><\/p>\n<\/p>\n

Payables to supply chain solutions<\/span><\/p>\n

12,947,708<\/span><\/p>\n<\/p>\n

9,122,978<\/span><\/p>\n<\/p>\n

Advances from customers<\/span><\/p>\n

38,153,915<\/span><\/p>\n<\/p>\n

21,827,387<\/span><\/p>\n<\/p>\n

Taxes payable<\/span><\/p>\n

4,145,920<\/span><\/p>\n<\/p>\n

2,748,474<\/span><\/p>\n<\/p>\n

Loan from related party<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

8,028,965<\/span><\/p>\n<\/p>\n

Liabilities of financial guarantee<\/span><\/p>\n

22,335<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

Due to related parties – current<\/span><\/p>\n

274,652<\/span><\/p>\n<\/p>\n

282,724<\/span><\/p>\n<\/p>\n

TOTAL CURRENT LIABILITIES<\/span><\/p>\n

111,086,587<\/span><\/p>\n<\/p>\n

90,469,990<\/span><\/p>\n

Operating lease liabilities \u2013 non-current<\/span><\/p>\n

1,643,076<\/span><\/p>\n<\/p>\n

2,425,597<\/span><\/p>\n<\/p>\n

Deferred tax liabilities<\/span><\/p>\n

114,650<\/span><\/p>\n<\/p>\n

727,326<\/span><\/p>\n<\/p>\n

TOTAL NON-CURRENT LIABILITIES<\/span><\/p>\n

1,757,726<\/span><\/p>\n<\/p>\n

3,152,923<\/span><\/p>\n<\/p>\n

TOTAL LIABILITIES<\/span><\/p>\n

112,844,313<\/span><\/p>\n<\/p>\n

93,622,913<\/span><\/p>\n

SHAREHOLDERS’ EQUITY*:<\/span><\/p>\n

Class A common stock, $0.01 par value, 30,000,000 and 30,000,000 shares <\/span><\/p>\n

\u00a0 \u00a0authorized, 4,017,596 and 4,006,263 shares issued, and 3,952,198 and 3,944,075 <\/span><\/p>\n

\u00a0 \u00a0shares outstanding as of December 31, 2023 and 2022, respectively<\/span><\/p>\n

40,176<\/span><\/p>\n<\/p>\n

40,063<\/span><\/p>\n<\/p>\n

Class B common stock, $0.01 par value, 1,000,000 shares authorized, no shares <\/span><\/p>\n

\u00a0 \u00a0issued and outstanding as of December 31, 2023 and 2022<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

Treasury shares<\/span><\/p>\n

(261,592)<\/span><\/p>\n<\/p>\n

(355,844)<\/span><\/p>\n<\/p>\n

Additional paid-in capital<\/span><\/p>\n

130,535,082<\/span><\/p>\n<\/p>\n

130,503,387<\/span><\/p>\n<\/p>\n

Retained earnings<\/span><\/p>\n

68,395,637<\/span><\/p>\n<\/p>\n

53,214,304<\/span><\/p>\n<\/p>\n

Statutory reserves<\/span><\/p>\n

11,564,250<\/span><\/p>\n<\/p>\n

9,167,845<\/span><\/p>\n<\/p>\n

Accumulated other comprehensive loss<\/span><\/p>\n

(11,474,682)<\/span><\/p>\n<\/p>\n

(6,937,950)<\/span><\/p>\n<\/p>\n

COMMON SHAREHOLDERS’ EQUITY<\/span><\/p>\n

198,798,871<\/span><\/p>\n<\/p>\n

185,631,805<\/span><\/p>\n<\/p>\n

Non-controlling interests<\/span><\/p>\n

4,255,650<\/span><\/p>\n<\/p>\n

4,165,063<\/span><\/p>\n<\/p>\n

TOTAL SHAREHOLDERS’ EQUITY<\/span><\/p>\n

203,054,521<\/span><\/p>\n<\/p>\n

189,796,868<\/span><\/p>\n<\/p>\n

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

315,898,834<\/span><\/p>\n

$<\/span><\/p>\n

283,419,781<\/span><\/p>\n

* The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES<\/span><\/p>\n

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)<\/span><\/p>\n

(EXPRESSED IN US DOLLARS)<\/span><\/p>\n<\/p>\n

For the Year Ended December 31,<\/span><\/p>\n<\/p>\n

2023<\/span><\/p>\n

2022<\/span><\/p>\n

2021<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0REVENUES:<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0Revenue generated from services:<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Small and Medium Enterprise financing solutions<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

101,823,899<\/span><\/p>\n

$<\/span><\/p>\n

87,269,959<\/span><\/p>\n

$<\/span><\/p>\n

87,133,963<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Supply Chain financing solutions<\/span><\/p>\n

6,153,645<\/span><\/p>\n<\/p>\n

3,542,592<\/span><\/p>\n<\/p>\n

4,930,289<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Other financing solutions<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

3,222<\/span><\/p>\n<\/p>\n

Total revenue generated from services<\/span><\/p>\n

107,977,544<\/span><\/p>\n<\/p>\n

90,812,551<\/span><\/p>\n<\/p>\n

92,067,474<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Revenue generated from sales:<\/span><\/p>\n

Supply chain trading business<\/span><\/p>\n

278,693,355<\/span><\/p>\n<\/p>\n

143,361,714<\/span><\/p>\n<\/p>\n

68,132,237<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Total revenues<\/span><\/p>\n

386,670,899<\/span><\/p>\n<\/p>\n

234,174,265<\/span><\/p>\n<\/p>\n

160,199,711<\/span><\/p>\n

\u00a0 \u00a0COST OF REVENUE:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Cost of revenue – services<\/span><\/p>\n

(68,154,833)<\/span><\/p>\n<\/p>\n

(55,472,076)<\/span><\/p>\n<\/p>\n

(37,989,001)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Cost of revenue – sales<\/span><\/p>\n

(278,002,800)<\/span><\/p>\n<\/p>\n

(140,880,063)<\/span><\/p>\n<\/p>\n

(67,628,806)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Business and sales related taxes<\/span><\/p>\n

(527,336)<\/span><\/p>\n<\/p>\n

(772,830)<\/span><\/p>\n<\/p>\n

(533,760)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0GROSS PROFIT<\/span><\/p>\n

39,985,930<\/span><\/p>\n<\/p>\n

37,049,296<\/span><\/p>\n<\/p>\n

54,048,144<\/span><\/p>\n

\u00a0 \u00a0OPERATING EXPENSES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Selling expenses<\/span><\/p>\n

(1,525,692)<\/span><\/p>\n<\/p>\n

(1,977,617)<\/span><\/p>\n<\/p>\n

(2,323,403)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 General and administrative expenses<\/span><\/p>\n

(10,859,011)<\/span><\/p>\n<\/p>\n

(10,511,542)<\/span><\/p>\n<\/p>\n

(11,641,567)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Research and development expenses<\/span><\/p>\n

(1,093,457)<\/span><\/p>\n<\/p>\n

(1,563,718)<\/span><\/p>\n<\/p>\n

(1,599,728)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Bad debt expense<\/span><\/p>\n

(2,215,016)<\/span><\/p>\n<\/p>\n

(4,509,634)<\/span><\/p>\n<\/p>\n

(294,536)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Goodwill Impairment Loss<\/span><\/p>\n

(5,488,816)<\/span><\/p>\n<\/p>\n

(777,329)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

Total operating expenses<\/span><\/p>\n

(21,181,992)<\/span><\/p>\n<\/p>\n

(19,339,840)<\/span><\/p>\n<\/p>\n

(15,859,234)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0INCOME FROM OPERATIONS<\/span><\/p>\n

18,803,938<\/span><\/p>\n<\/p>\n

17,709,456<\/span><\/p>\n<\/p>\n

38,188,910<\/span><\/p>\n

\u00a0 \u00a0OTHER INCOME :<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Interest and investment income<\/span><\/p>\n

2,557,588<\/span><\/p>\n<\/p>\n

2,790,768<\/span><\/p>\n<\/p>\n

2,122,903<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Other income , net<\/span><\/p>\n

2,159,301<\/span><\/p>\n<\/p>\n

2,021,688<\/span><\/p>\n<\/p>\n

464,210<\/span><\/p>\n<\/p>\n

Total other income, net<\/span><\/p>\n

4,716,889<\/span><\/p>\n<\/p>\n

4,812,456<\/span><\/p>\n<\/p>\n

2,587,113<\/span><\/p>\n

INCOME BEFORE PROVISION FOR INCOME TAXES<\/span><\/p>\n

23,520,827<\/span><\/p>\n<\/p>\n

22,521,912<\/span><\/p>\n<\/p>\n

40,776,023<\/span><\/p>\n

PROVISION\u00a0FOR INCOME TAXES<\/span><\/p>\n

(5,817,147)<\/span><\/p>\n<\/p>\n

(4,741,854)<\/span><\/p>\n<\/p>\n

(10,269,501)<\/span><\/p>\n

NET INCOME<\/span><\/p>\n

17,703,680<\/span><\/p>\n<\/p>\n

17,780,058<\/span><\/p>\n<\/p>\n

30,506,522<\/span><\/p>\n<\/p>\n

Net income attributable to non-controlling interests<\/span><\/p>\n

(125,942)<\/span><\/p>\n<\/p>\n

(159,246)<\/span><\/p>\n<\/p>\n

(126,161)<\/span><\/p>\n<\/p>\n

NET INCOME – Nisun International’s shareholders<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

17,577,738<\/span><\/p>\n

$<\/span><\/p>\n

17,620,812<\/span><\/p>\n

$<\/span><\/p>\n

30,380,361<\/span><\/p>\n

OTHER COMPREHENSIVE INCOME (LOSS)<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Foreign currency translation (loss) income<\/span><\/p>\n

(4,536,797)<\/span><\/p>\n<\/p>\n

(12,576,380)<\/span><\/p>\n<\/p>\n

2,039,011<\/span><\/p>\n<\/p>\n

COMPREHENSIVE INCOME<\/span><\/p>\n

13,040,941<\/span><\/p>\n<\/p>\n

5,044,432<\/span><\/p>\n<\/p>\n

32,419,372<\/span><\/p>\n<\/p>\n

Comprehensive loss attributable to non-controlling interests<\/span><\/p>\n

65<\/span><\/p>\n<\/p>\n

6,231<\/span><\/p>\n<\/p>\n

2,051<\/span><\/p>\n<\/p>\n

COMPREHENSIVE INCOME<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

13,041,006<\/span><\/p>\n

$<\/span><\/p>\n

5,050,663<\/span><\/p>\n

$<\/span><\/p>\n

32,421,423<\/span><\/p>\n

BASIC AND DILUTED EARNINGS PER COMMON SHARE:<\/span><\/p>\n

NET EARNINGS PER COMMON SHARE<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

4.46<\/span><\/p>\n

$<\/span><\/p>\n

4.42<\/span><\/p>\n

$<\/span><\/p>\n

14.13<\/span><\/p>\n

Weighted average number of shares outstanding-basic and diluted*<\/span><\/p>\n

3,943,793<\/span><\/p>\n<\/p>\n

3,986,359<\/span><\/p>\n<\/p>\n

2,150,683<\/span><\/p>\n

* The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES<\/span><\/p>\n

CONDENSED STATEMENTS OF CASH FLOWS<\/span><\/p>\n

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 and 2021<\/span><\/p>\n

(EXPRESSED IN US DOLLARS)<\/span><\/p>\n<\/p>\n

2023<\/span><\/p>\n

2022<\/span><\/p>\n

2021<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0CASH FLOWS FROM OPERATING ACTIVITIES:<\/span><\/p>\n<\/p>\n

Net income<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

17,703,680<\/span><\/p>\n

$<\/span><\/p>\n

17,780,058<\/span><\/p>\n

$<\/span><\/p>\n

30,506,522<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Adjustments to reconcile net income to net cash provided by (used <\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0in) operating activities:<\/span><\/p>\n

Depreciation and amortization<\/span><\/p>\n

2,238,222<\/span><\/p>\n<\/p>\n

2,113,732<\/span><\/p>\n<\/p>\n

2,180,038<\/span><\/p>\n<\/p>\n

Stock-based compensation<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

125,630<\/span><\/p>\n<\/p>\n

498,825<\/span><\/p>\n<\/p>\n

Shares issued for compensation<\/span><\/p>\n

31,808<\/span><\/p>\n<\/p>\n

185,000<\/span><\/p>\n<\/p>\n

71,175<\/span><\/p>\n<\/p>\n

Bad debt expense<\/span><\/p>\n

2,215,016<\/span><\/p>\n<\/p>\n

4,509,634<\/span><\/p>\n<\/p>\n

294,536<\/span><\/p>\n<\/p>\n

Impairment of goodwill<\/span><\/p>\n

5,488,816<\/span><\/p>\n<\/p>\n

777,329<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

Loss on disposition of property and equipment<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

1,385<\/span><\/p>\n<\/p>\n

190,301<\/span><\/p>\n<\/p>\n

Income from investments<\/span><\/p>\n

(365,359)<\/span><\/p>\n<\/p>\n

(541,578)<\/span><\/p>\n<\/p>\n

(808,464)<\/span><\/p>\n<\/p>\n

Deferred tax (benefit) expense<\/span><\/p>\n

(710,672)<\/span><\/p>\n<\/p>\n

271,907<\/span><\/p>\n<\/p>\n

275,749<\/span><\/p>\n<\/p>\n

Changes in operating assets and liabilities:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Accounts receivable<\/span><\/p>\n

(3,086,600)<\/span><\/p>\n<\/p>\n

(2,075,274)<\/span><\/p>\n<\/p>\n

(13,294,924)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Advance to suppliers, net<\/span><\/p>\n

7,282,068<\/span><\/p>\n<\/p>\n

(39,859,386)<\/span><\/p>\n<\/p>\n

(9,213,279)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Prepaid expenses and other current assets<\/span><\/p>\n

(5,511,142)<\/span><\/p>\n<\/p>\n

(4,734,501)<\/span><\/p>\n<\/p>\n

(3,464,939)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Receivables from supply chain solutions<\/span><\/p>\n

(18,651,357)<\/span><\/p>\n<\/p>\n

11,372,841<\/span><\/p>\n<\/p>\n

(48,202,128)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Inventories<\/span><\/p>\n

(246,818)<\/span><\/p>\n<\/p>\n

(25,530,993)<\/span><\/p>\n<\/p>\n

(3,931,400)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Accounts payable<\/span><\/p>\n

5,722,300<\/span><\/p>\n<\/p>\n

7,693,011<\/span><\/p>\n<\/p>\n

33,620,611<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Advance from customers<\/span><\/p>\n

16,986,750<\/span><\/p>\n<\/p>\n

19,085,377<\/span><\/p>\n<\/p>\n

3,375,769<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Taxes payable<\/span><\/p>\n

1,478,316<\/span><\/p>\n<\/p>\n

(5,574,048)<\/span><\/p>\n<\/p>\n

5,575,502<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Other payables<\/span><\/p>\n

3,232,387<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

2,576,570<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Payable to supply chain solutions<\/span><\/p>\n

4,096,141<\/span><\/p>\n<\/p>\n

(15,198,883)<\/span><\/p>\n<\/p>\n

25,608,622<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operating lease liabilities<\/span><\/p>\n

(834,381)<\/span><\/p>\n<\/p>\n

(855,242)<\/span><\/p>\n<\/p>\n

(952,495)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Accrued expenses and other current liabilities<\/span><\/p>\n

(1,569,395)<\/span><\/p>\n<\/p>\n

1,501,078<\/span><\/p>\n<\/p>\n

(1,049,489)<\/span><\/p>\n<\/p>\n

NET CASH (USED IN) PROVIDED BY OPERATING <\/span><\/p>\n

\u00a0 \u00a0ACTIVITIES<\/span><\/p>\n

35,499,780<\/span><\/p>\n<\/p>\n

(28,952,923)<\/span><\/p>\n<\/p>\n

23,857,102<\/span><\/p>\n

CASH FLOWS FROM INVESTING ACTIVITIES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Acquisition of property and equipment<\/span><\/p>\n

(503,957)<\/span><\/p>\n<\/p>\n

(652,585)<\/span><\/p>\n<\/p>\n

(186,705)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Purchase of intangible assets<\/span><\/p>\n

(44,029)<\/span><\/p>\n<\/p>\n

(74,710)<\/span><\/p>\n<\/p>\n

(18,281)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Cash (paid) received in connection with Nami acquisition<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

(7,007,905)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Cash paid in connection with acquisition, net of cash received<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

(530,322)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Cash received on disposal of discontinued operations<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

14,950,730<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from sale of short-term investments<\/span><\/p>\n

103,458,984<\/span><\/p>\n<\/p>\n

78,595,280<\/span><\/p>\n<\/p>\n

4,894,270<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from sale of Long-term investment<\/span><\/p>\n

7,061,233<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from investment in debt securities<\/span><\/p>\n

14,366,013<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Purchase of short-term investments<\/span><\/p>\n

(104,365,028)<\/span><\/p>\n<\/p>\n

(51,567,746)<\/span><\/p>\n<\/p>\n

(39,526,099)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Purchase of Long-term investments<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

(7,430,511)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Collection of loans to third parties<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

1,643,203<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from disposal of subsidiary<\/span><\/p>\n

71,514<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Loans to third parties<\/span><\/p>\n

(229,161)<\/span><\/p>\n<\/p>\n

(501,905)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

NET CASH PROVIDED BY (USED IN) INVESTING <\/span><\/p>\n

\u00a0 \u00a0ACTIVITIES<\/span><\/p>\n

19,815,569<\/span><\/p>\n<\/p>\n

17,837,501<\/span><\/p>\n<\/p>\n

(25,250,787)<\/span><\/p>\n

CASH FLOWS FROM FINANCING ACTIVITIES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from short-term bank loans<\/span><\/p>\n

1,553,471<\/span><\/p>\n<\/p>\n

445,831<\/span><\/p>\n<\/p>\n

784,609<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from issuance of common shares and pre-funded warrants<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

70,794,465<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Proceeds from third-party loans<\/span><\/p>\n

1,977,145<\/span><\/p>\n<\/p>\n

36,770,626<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Repayment of short-term bank loans<\/span><\/p>\n

(29,961)<\/span><\/p>\n<\/p>\n

(1,239,983)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Repayment of third-party loans<\/span><\/p>\n

(2,277,954)<\/span><\/p>\n<\/p>\n

(41,491,973)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Repayment to related parties<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

(10,097)<\/span><\/p>\n<\/p>\n

(1,803,374)<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Repayment of loan from related parties<\/span><\/p>\n

(8,028,965)<\/span><\/p>\n<\/p>\n

(2,500,000)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Purchase of treasury shares<\/span><\/p>\n

94,252<\/span><\/p>\n<\/p>\n

(355,844)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Capital contribution from non-controlling interest<\/span><\/p>\n

(35,290)<\/span><\/p>\n<\/p>\n

37,116<\/span><\/p>\n<\/p>\n

751,841<\/span><\/p>\n<\/p>\n

NET CASH (USED IN) PROVIDED BY FINANCING <\/span><\/p>\n

\u00a0 \u00a0ACTIVITIES<\/span><\/p>\n

(6,747,302)<\/span><\/p>\n<\/p>\n

(8,344,324)<\/span><\/p>\n<\/p>\n

70,527,541<\/span><\/p>\n

EFFECT OF EXCHANGE RATE CHANGE ON CASH AND <\/span><\/p>\n

\u00a0 \u00a0CASH EQUIVALENTS<\/span><\/p>\n

(1,234,680)<\/span><\/p>\n<\/p>\n

(4,848,722)<\/span><\/p>\n<\/p>\n

294,928<\/span><\/p>\n<\/p>\n

NET (DECREASE) INCREASE IN CASH AND CASH <\/span><\/p>\n

\u00a0 \u00a0EQUIVALENTS<\/span><\/p>\n

47,333,367<\/span><\/p>\n<\/p>\n

(24,308,468)<\/span><\/p>\n<\/p>\n

69,428,784<\/span><\/p>\n

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH <\/span><\/p>\n

\u00a0 \u00a0FROM CONTINUING OPERATIONS-BEGINNING<\/span><\/p>\n

67,318,573<\/span><\/p>\n<\/p>\n

91,627,041<\/span><\/p>\n<\/p>\n

22,198,257<\/span><\/p>\n

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH <\/span><\/p>\n

\u00a0 \u00a0FROM CONTINUING OPERATIONS-ENDING<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

114,651,940<\/span><\/p>\n

$<\/span><\/p>\n

67,318,573<\/span><\/p>\n

$<\/span><\/p>\n

91,627,041<\/span><\/p>\n

SUPPLEMENTAL CASH FLOW DISCLOSURES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Cash paid for income taxes<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

4,530,963<\/span><\/p>\n

$<\/span><\/p>\n

10,385,495<\/span><\/p>\n

$<\/span><\/p>\n

5,546,082<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Cash paid for interest<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

29,961<\/span><\/p>\n

$<\/span><\/p>\n

496,932<\/span><\/p>\n

$<\/span><\/p>\n

370,356<\/span><\/p>\n

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 Repayment payable for business disposition<\/span><\/p>\n

279,037<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Receivable from disposal of subsidiary<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

–<\/span><\/p>\n

$<\/span><\/p>\n

289,973<\/span><\/p>\n

$<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Lease liabilities arising from obtaining right-of-use
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0assets<\/span><\/p>\n

295,220<\/span><\/p>\n<\/p>\n

4,070,163<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

\u00a0 \u00a0 \u00a0 Issuance of shares for share-based compensation<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

–<\/span><\/p>\n

$<\/span><\/p>\n

–<\/span><\/p>\n

$<\/span><\/p>\n

71,175<\/span><\/p>\n

CASH AND CASH EQUIVALENTS FROM CONTINUING <\/span><\/p>\n

\u00a0 \u00a0OPERATIONS ARE COMPRISED OF THE FOLLOWING:<\/span><\/p>\n

Cash and cash equivalents<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

114,454,844<\/span><\/p>\n

$<\/span><\/p>\n

63,901,329<\/span><\/p>\n

$<\/span><\/p>\n

91,447,620<\/span><\/p>\n<\/p>\n

Restricted cash<\/span><\/p>\n

197,096<\/span><\/p>\n<\/p>\n

3,417,244<\/span><\/p>\n<\/p>\n

179,421<\/span><\/p>\n<\/p>\n

Total cash, cash equivalents and restricted cash<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

114,651,940<\/span><\/p>\n

$<\/span><\/p>\n

67,318,573<\/span><\/p>\n

$<\/span><\/p>\n

91,627,041<\/span><\/p>\n<\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-5952","post","type-post","status-publish","format-standard","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/5952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5952"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/5952\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}