Mar 24, 2020 SOURCE: PR NewsWire
Golden Bull Limited Reports Unaudited Twelve Months Ended December 31, 2019 Financial Results
BEIJING, March 24, 2020 /PRNewswire/ -- Golden Bull Limited (NASDAQ: DNJR) ("Golden Bull" or the "Company"), formerly an online finance marketplace, or "peer-to-peer" ("P2P") lending company in China that provided borrowers access to short-term loans today announced its unaudited financial results for the twelve months ended December 31, 2019. The filing date for audited financial statements is April 30, 2020 unless extended for the effects of coronavirus. As previously announced, the Company shut down its peer-to-peer lending business and is commencing operations in the auto rental business and bitcoin mining business.
In order to remain in compliance with NASDAQ's Minimum Bid Price requirement, the Company will effect a reverse stock split if necessary.
Twelve Months Ended December 31, 2019 Financial Highlights (all comparable to the prior year period):
-- Total revenues for the twelve months ended December 31, 2019 decreased
by 41.8% to approximately $4.6 million from approximately $7.9 million
for the twelve months ended December 31, 2018.
-- Net loss for the twelve months ended December 31, 2019 increased by
97.1% to approximately $6.9 million from approximately $3.5 million for
twelve months ended December 31, 2018.
GOLDEN BULL LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31,
December 31,
2019 2018
USD
USD
CURRENT ASSETS
34,485 2,334,425
Cash and cash equivalents
1,893,080 142,255
Other receivables
3,187,052
Prepaid costs and expenses
1,927,565 5,663,732
Total current assets
PROPERTY AND EQUIPMENT, NET 683,626 723,777
OTHER ASSETS
600,000 600,000
Restricted cash
3,246,277 2,482,592
Deposits for rental vehicles
110,000
Deposits for property and equipment
2,200,506
Prepaid expenses
810,863
Deferred tax assets
3,956,277 6,093,961
Total other assets
Total assets 6,567,468 12,481,470
CURRENT LIABILITIES
1,622,755 355,434
Other payables and accrued liabilities
(233,447) 47,785
Taxes payable
December 31, December 31,
2019 2018
USD USD
1,389,308 403,219
Total current liabilities
NON CURRENT LIABILITIES
120,000
Long term payable
Total Non current liabilities 120,000
Total liabilities 1,509,308 403,219
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common shares, $0.01 par value, 50,000,000 shares authorized, 14,899,185 and 13,000,000
148,992 148,992
shares issued and outstanding of December 31, 2018 and December 31,
2017*
(45,457) (45,457)
Shares subscription receivables
15,855,220 15,855,220
Additional paid-in capital
6,189 6,189
Statutory reserves
(11,105,447) (4,319,902)
Accumulated deficit
(108,940) (33,947)
Accumulated other comprehensive income (loss)
4,750,557 11,611,095
Total shareholders' equity
NONCONTROLLING INTEREST 307,603 467,156
5,058,160 12,078,251
Total shareholders' equity
6,567,468 12,481,470
Total liabilities and shareholders' equity
*Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.
GOLDEN BULL LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
For the years ended December 31,
2019 2018 2017
USD
USD
USD
OPERATING REVENUES
4,588,038.00 3,994,195 3,307,984
Transaction Fees
4,399,578 4,037,700
Management Fees
(504,572) (391,927)
Sales taxes
4,588,038 7,889,201 6,953,757
Total operating revenues, net
OPERATING EXPENSES
(6,956,606) (4,940,784) (3,910,646)
Selling
(2,476,987) (6,685,377) (3,916,736)
General and administrative
(137,423) (447,884) (485,852)
Research and development
(9,571,016) (12,074,045) (8,313,234)
Total operating expenses
LOSS FROM OPERATIONS (4,982,978) (4,184,844) (1,359,477)
OTHER INCOME (EXPENSE)
24,530 17,166
Interest income
(1,241,482) (9,064) (1,703)
Other finance expenses
93,581 171,082 75,648
Other income (expenses)
(1,147,901) 186,548 91,111
Total other income, net
(LOSS) INCOME BEFORE INCOME TAXES (BENEFITS) (6,130,879) (3,998,297) (1,268,366)
PROVISION (BENEFIT) FOR INCOME TAXES
84,401 10,542
Current
806,803 (545,572) (282,083)
Deferred
806,803 (461,171) (271,541)
Total provision (benefit) for income taxes
NET INCOME (LOSS) (6,937,682) (3,537,126) (996,825)
Less: Net income (loss) attributable to noncontrolling interest (152,136) (111,145) (54,457)
NET INCOME (LOSS) ATTRIBUTABLE TO GOLDEN BULL LIMITED (6,785,546) (3,425,981) (942,368)
NET INCOME (LOSS) (6,937,682) (3,537,126) (996,825)
OTHER COMPREHENSIVE INCOME (LOSS)
(82,410) (391,463) 574,628
Foreign currency translation adjustment
For the years ended December 31,
2019 2018 2017
USD
USD
USD
COMPREHENSIVE LOSS (7,020,092) (3,928,588) (422,197)
Less: Comprehensive loss attributable to noncontrolling interest (159,553) (137,955) (6,622)
COMPREHENSIVE LOSS ATTRIBUTABLE TO GOLDEN BULL LIMITED (6,860,539) (3,790,633) (415,575)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
14,645,593 14,392,001 6,815,134
Basic and diluted*
EARNINGS (LOSS) PER SHARE
(0.46) (0.24) (0.14)
Basic and diluted*
*Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.
GOLDEN BULL LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED)
Retained earnings
Accumulated
Shares
Additional (accumulated deficit)
other
Ordinary Shares
Subscription
paid-in
Statutory
comprehensive
Noncontrolling
Shares*
Par Value
Receivables
capital
reserves
Unrestricted
loss
interest
Total
---
BALANCE, December 31, 2016 26,000 $
260 $
(45,457) $
8,046,392 $
6,189 $
48,447 $
(196,087) $
960,056 $
8,819,800
- 17,853 17,853
Variable interest entity acquired and contributed by shareholders
- 348,323 (348,323)
Noncontrolling interests acquired and contributed by shareholders
10,942,360 109,424 (109,424) -
Capital restructuring
2,031,640 20,316 4,009,684 4,030,000
Issuance of ordinary shares to service providers
- (942,368) (942,368)
Net loss attributable to Golden Bull Limited
- (54,457) (54,457)
Net loss attributable to noncontrolling interest
- 526,793 47,835 574,628
Foreign currency translation
---
BALANCE, December 31, 2017 13,000,000 130,000 (45,457) 12,312,828 6,189 (893,921) 330,706 605,111 12,445,456
1,550,000 15,500 2,465,554 2,481,054
Issuance of original ordinary shares through Initial public offering, net
232,500 2,325 839,325 841,650
Issuance of over-allotment ordinary shares
63,645 636 (636) -
Issuance of exercised warrants shares
53,040 530 238,150 238,680
Issuance of ordinary shares to service consultants
- (3,425,981) (3,425,981)
Net loss attributable to Golden Bull Limited
- (111,145) (111,145)
Net loss attributable to noncontrolling interest
- (364,653) (26,810) (391,463)
Foreign currency translation
---
BALANCE, December 31, 2018 14,899,185 $
148,992 $
(45,457) $
15,855,220 $
6,189 $
(4,319,902) $
(33,947) $
467,156 $
12,078,252
Issuance of original ordinary shares through Initial public offering, net
Issuance of over-allotment ordinary shares
Issuance of exercised warrants shares
Issuance of ordinary shares to service consultants
(6,785,546) (6,785,546)
Net loss attributable to Golden Bull Limited
- (152,136) (152,136)
Net loss attributable to noncontrolling interest
- (74,993) (7,417) (82,410)
Foreign currency translation
---
BALANCE, December 31, 2019 14,899,185 $
148,992 $
(45,457) $
15,855,220 $
6,189 $
(11,105,447) $
(108,940) $
307,603 $
5,058,160
*Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.
GOLDEN BULL LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the years ended December 31,
2019 2018 2017
USD
USD
USD
CASH FLOWS FROM OPERATING ACTIVITIES:
(6,937,682) (3,537,126) (996,825)
Net income (loss)
Adjustments to reconcile net income (loss) to net cash used in
operating activities:
30,199 82,872 57,603
Depreciation and amortization
144
Loss on disposal of equipment
810,863 (545,572) (282,083)
Deferred tax expenses (benefits)
758,750 488,334
Amortization of stock compensation expenses for services
Change in operating assets and liabilities
(1,750,825) 47,043 (208,266)
Other receivables
5,387,558 (1,872,945) (1,184,885)
Prepaid costs and expenses
55,876
Security deposits
Accounts payable
1,267,321 2,287 238,913
Other payables and accrued liabilities
(13,651)
Deferred revenues
(13,410)
Deferred rent liabilities
120,000
Increase in Long term other payable
(281,232) 14,615 (50,489)
Taxes payable
(1,353,798) (5,050,076) (1,908,739)
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
(753,094) (49,082)
Purchases of property and equipment
(110,000)
Deposits for property and equipment
(763,685) (2,580,632)
Deposits for rental vehicles
17,868
Cash acquired through variable interest entity
(873,685) (3,333,726) (31,214)
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
5,944,147
Proceeds from issuance of ordinary shares through initial public offerings, net
(389,635)
Prepaid initial public offerings costs
0 5,944,147 (389,635)
Net cash provided by (used in) financing activities
EFFECT OF EXCHANGE RATE ON CASH (72,457) (82,699) 407,446
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,299,940) (2,522,354) (1,922,142)
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of 2,934,425 5,456,778 7,378,920
year
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, end of year 634,485 2,934,425 5,456,778
SUPPLEMENTAL CASH FLOW INFORMATION:
84,402 10,542.42
Cash paid for income tax
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES
Capital contribution on shares subscription receivables
348,323
Noncontrolling interests acquired and contributed by shareholders
238,680 4,030,000
Issuance of ordinary shares to consultants and service providers
2,382,763
Prepaid initial public offerings costs offset against initial public offerings proceeds
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SOURCE Golden Bull Limited
