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 | ||||||||||||||
Cash and cash equivalents | 34,485 | 2,334,425 | ||||||||||||
Other receivables | 1,893,080 | 142,255 | ||||||||||||
Prepaid costs and expenses | 3,187,052 | |||||||||||||
Total current assets | 1,927,565 | 5,663,732 | ||||||||||||
PROPERTY AND EQUIPMENT, NET | 683,626 | 723,777 | ||||||||||||
OTHER ASSETS | ||||||||||||||
Restricted cash | 600,000 | 600,000 | ||||||||||||
Deposits for rental vehicles | 3,246,277 | 2,482,592 | ||||||||||||
Deposits for property and equipment | 110,000 | |||||||||||||
Prepaid expenses | - | 2,200,506 | ||||||||||||
Deferred tax assets | - | 810,863 | ||||||||||||
Total other assets | 3,956,277 | 6,093,961 | ||||||||||||
Total assets | 6,567,468 | 12,481,470 | ||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Other payables and accrued liabilities | 1,622,755 | 355,434 | ||||||||||||
Taxes payable | (233,447) | 47,785 | ||||||||||||
December 31, | December 31, | |||||||||||||
2019 | 2018 | |||||||||||||
USD | USD | |||||||||||||
Total current liabilities | 1,389,308 | 403,219 | ||||||||||||
NON CURRENT LIABILITIES | ||||||||||||||
Long term payable | 120,000 | |||||||||||||
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 | ||||||||||||||
shares issued and outstanding of December 31, 2018 and December 31, 2017* | 148,992 | 148,992 | ||||||||||||
Shares subscription receivables | (45,457) | (45,457) | ||||||||||||
Additional paid-in capital | 15,855,220 | 15,855,220 | ||||||||||||
Statutory reserves | 6,189 | 6,189 | ||||||||||||
Accumulated deficit | (11,105,447) | (4,319,902) | ||||||||||||
Accumulated other comprehensive income (loss) | (108,940) | (33,947) | ||||||||||||
Total shareholders' equity | 4,750,557 | 11,611,095 | ||||||||||||
NONCONTROLLING INTEREST | 307,603 | 467,156 | ||||||||||||
Total shareholders' equity | 5,058,160 | 12,078,251 | ||||||||||||
Total liabilities and shareholders' equity | 6,567,468 | 12,481,470 | ||||||||||||
*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 | |||||||||
Transaction Fees | 4,588,038.00 | 3,994,195 | 3,307,984 | ||||||
Management Fees | 4,399,578 | 4,037,700 | |||||||
Sales taxes | - | (504,572) | (391,927) | ||||||
Total operating revenues, net | 4,588,038 | 7,889,201 | 6,953,757 | ||||||
OPERATING EXPENSES | |||||||||
Selling | (6,956,606) | (4,940,784) | (3,910,646) | ||||||
General and administrative | (2,476,987) | (6,685,377) | (3,916,736) | ||||||
Research and development | (137,423) | (447,884) | (485,852) | ||||||
Total operating expenses | (9,571,016) | (12,074,045) | (8,313,234) | ||||||
LOSS FROM OPERATIONS | (4,982,978) | (4,184,844) | (1,359,477) | ||||||
OTHER INCOME (EXPENSE) | |||||||||
Interest income | 24,530 | 17,166 | |||||||
Other finance expenses | (1,241,482) | (9,064) | (1,703) | ||||||
Other income (expenses) | 93,581 | 171,082 | 75,648 | ||||||
Total other income, net | (1,147,901) | 186,548 | 91,111 | ||||||
(LOSS) INCOME BEFORE INCOME TAXES (BENEFITS) | (6,130,879) | (3,998,297) | (1,268,366) | ||||||
PROVISION (BENEFIT) FOR INCOME TAXES | |||||||||
Current | - | 84,401 | 10,542 | ||||||
Deferred | 806,803 | (545,572) | (282,083) | ||||||
Total provision (benefit) for income taxes | 806,803 | (461,171) | (271,541) | ||||||
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) | |||||||||
Foreign currency translation adjustment | (82,410) | (391,463) | 574,628 | ||||||
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 | |||||||||
Basic and diluted* | 14,645,593 | 14,392,001 | 6,815,134 | ||||||
EARNINGS (LOSS) PER SHARE | |||||||||
Basic and diluted* | (0.46) | (0.24) | (0.14) | ||||||
*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 | |||
Variable interest entity acquired and contributed by shareholders | - | - | - | 17,853 | - | - | - | - | 17,853 | |||||||||||
Noncontrolling interests acquired and contributed by shareholders | - | - | - | 348,323 | - | - | - | (348,323) | - | |||||||||||
Capital restructuring | 10,942,360 | 109,424 | - | (109,424) | - | - | - | - | - | |||||||||||
Issuance of ordinary shares to service providers | 2,031,640 | 20,316 | - | 4,009,684 | - | - | - | - | 4,030,000 | |||||||||||
Net loss attributable to Golden Bull Limited | - | - | - | - | - | (942,368) | - | - | (942,368) | |||||||||||
Net loss attributable to noncontrolling interest | - | - | - | - | - | - | - | (54,457) | (54,457) | |||||||||||
Foreign currency translation | - | - | - | - | - | - | 526,793 | 47,835 | 574,628 | |||||||||||
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 | |||||||||||
Issuance of original ordinary shares through Initial public offering, net | 1,550,000 | 15,500 | - | 2,465,554 | - | - | - | - | 2,481,054 | |||||||||||
Issuance of over-allotment ordinary shares | 232,500 | 2,325 | - | 839,325 | 841,650 | |||||||||||||||
Issuance of exercised warrants shares | 63,645 | 636 | - | (636) | - | |||||||||||||||
Issuance of ordinary shares to service consultants | 53,040 | 530 | - | 238,150 | 238,680 | |||||||||||||||
Net loss attributable to Golden Bull Limited | - | - | - | - | - | (3,425,981) | (3,425,981) | |||||||||||||
Net loss attributable to noncontrolling interest | - | - | - | - | - | - | - | (111,145) | (111,145) | |||||||||||
Foreign currency translation | - | - | - | - | - | - | (364,653) | (26,810) | (391,463) | |||||||||||
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 | - | |||||||||||||||||||
Net loss attributable to Golden Bull Limited | (6,785,546) | (6,785,546) | ||||||||||||||||||
Net loss attributable to noncontrolling interest | - | - | - | - | - | - | - | (152,136) | (152,136) | |||||||||||
Foreign currency translation | - | - | - | - | - | - | (74,993) | (7,417) | (82,410) | |||||||||||
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: | ||||||||||||
Net income (loss) | (6,937,682) | (3,537,126) | (996,825) | |||||||||
Adjustments to reconcile net income (loss) to net cash used in | ||||||||||||
operating activities: | ||||||||||||
Depreciation and amortization | 30,199 | 82,872 | 57,603 | |||||||||
Loss on disposal of equipment | - | 144 | ||||||||||
Deferred tax expenses (benefits) | 810,863 | (545,572) | (282,083) | |||||||||
Amortization of stock compensation expenses for services | 758,750 | 488,334 | ||||||||||
Change in operating assets and liabilities | ||||||||||||
Other receivables | (1,750,825) | 47,043 | (208,266) | |||||||||
Prepaid costs and expenses | 5,387,558 | (1,872,945) | (1,184,885) | |||||||||
Security deposits | - | 55,876 | ||||||||||
Accounts payable | - | - | ||||||||||
Other payables and accrued liabilities | 1,267,321 | 2,287 | 238,913 | |||||||||
Deferred revenues | - | (13,651) | ||||||||||
Deferred rent liabilities | - | (13,410) | ||||||||||
Increase in Long term other payable | 120,000 | |||||||||||
Taxes payable | (281,232) | 14,615 | (50,489) | |||||||||
Net cash used in operating activities | (1,353,798) | (5,050,076) | (1,908,739) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of property and equipment | (753,094) | (49,082) | ||||||||||
Deposits for property and equipment | (110,000) | |||||||||||
Deposits for rental vehicles | (763,685) | (2,580,632) | - | |||||||||
Cash acquired through variable interest entity | - | 17,868 | ||||||||||
Net cash used in investing activities | (873,685) | (3,333,726) | (31,214) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from issuance of ordinary shares through initial public offerings, net | 5,944,147 | - | ||||||||||
Prepaid initial public offerings costs | - | (389,635) | ||||||||||
Net cash provided by (used in) financing activities | 0 | 5,944,147 | (389,635) | |||||||||
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 year | 2,934,425 | 5,456,778 | 7,378,920 | |||||||||
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, end of year | 634,485 | 2,934,425 | 5,456,778 | |||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||
Cash paid for income tax | 84,402 | 10,542.42 | ||||||||||
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES | ||||||||||||
Capital contribution on shares subscription receivables | - | - | ||||||||||
Noncontrolling interests acquired and contributed by shareholders | - | 348,323 | ||||||||||
Issuance of ordinary shares to consultants and service providers | 238,680 | 4,030,000 | ||||||||||
Prepaid initial public offerings costs offset against initial public offerings proceeds | 2,382,763 | - | ||||||||||
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SOURCE Golden Bull Limited