Business
Golden Bull Limited Reports Six Months Ended June 30, 2019 Financial Results
BEIJING, Jan. 30, 2020 /PRNewswire/ -- Golden Bull Limited (NASDAQ: DNJR) ("Golden Bull" or the "Company"), formerly an online finance marketplace, or
About this update from Bit Digital, Inc.
[{"type":"text","content":"BEIJING, Jan. 30, 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 financial results for the six months ended June 30, 2019. As previously announced, as a result of a policy change by the Chinese government, the Company shut down its peer-to-peer lending business and is commencing operations in the auto rental business and bitcoin mining business.\n\nSix Months Ended June 30, 2019 Financial Highlights (all comparable to the prior year period):\nTotal revenues for the six months ended June 30, 2019 decreased by 13% to approximately $4.5 million from approximately $5.2 million for the six months ended June 30, 2018. Total number of loans facilitated for the six months ended June 30, 2019 decreased by 15.4% to 2,615 loans facilitated from 3,090 loans facilitated for the six months ended June 30, 2018. Total loan volume in dollar facilitated for the six months ended June 30, 2019 decreased by 15.3% to approximately $66 million from $77.9 million for the six months ended June 30, 2018. Net loss for the six months ended June 30, 2019 increased by 769.5% to approximately $6.5 million from approximately $0.7 million for the six months ended June 30, 2018. Management Commentary\nFrom the first half of 2019, the total loans decreased greatly. It is mainly because of the recession of the \"P2P\" business in China. With the policy change from the regulatory authorities, P2P companies were suffering revenue decreasing and default loans increasing. As one of the \"P2P\" companies, we were affected greatly resulting the loss for the first half of 2019. The emerging of increasing default loans had led to the decreased lenders and more default loans on our platform. The lenders' confidence had been damaged. Many lenders decided to stop lending and some borrowers stopped paying on purpose given the business environment. However, we expect our new businesses to drive the growth for the Company.\nRecent Developments\nNasdaq Request for information\nOn November 11, 2019, Nasdaq Regulation requested information from Golden Bull Limited (the \"Company\") in connection with a suspension of trading in the Company's securities. The request and su...