Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | Nisun International Enterprise Development Group Co., Ltd |
Entity Central Index Key | 0001603993 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 15,916,743 | $ 2,756,490 | |
Restricted cash | 5,773 | 25,016 | |
Accounts receivable, net | 5,163,159 | 1,233,038 | |
Interest receivable | 103,785 | ||
Prepayments and advances to suppliers, net | 1,371,230 | 171,027 | |
Other receivables, net | 4,061,751 | 101,111 | |
Loan to third parties - current portion | 6,239,266 | 2,434,715 | |
Due from Hebron HK | 9,199,014 | 9,201,432 | |
Short-term investment | 1,427,085 | ||
Prepaid expenses and other current assets | 60,497 | 8,064 | |
Assets to be divested - current | 29,593,848 | 36,985,779 | |
TOTAL CURRENT ASSETS | 73,142,151 | 52,916,672 | |
NON-CURRENT ASSETS | |||
Property and equipment, net | 652,075 | 287,057 | |
Intangible assets, net | 3,863,269 | 4,189,350 | |
Operating lease right-of-use assets, net | 1,673,007 | 502,670 | |
Loans to third parties - long-term portion | 3,113,898 | 2,872,820 | |
Equity investments | 493,394 | 500,715 | |
Goodwill | 23,283,990 | 11,074,864 | |
Deferred tax assets, net | 19,748 | 20,040 | |
Assets to be divested – non-current | 18,600,560 | 21,636,501 | |
TOTAL NON-CURRENT ASSETS | 51,699,941 | 41,084,017 | |
TOTAL ASSETS | 124,842,092 | 94,000,689 | |
CURRENT LIABILITIES | |||
Accounts payable | 566,832 | 224,045 | |
Accrued expenses and other current liabilities | 2,987,286 | 674,169 | |
Operating lease liabilities - current | 853,237 | 138,133 | |
Advances from customer | 824,071 | 28,728 | |
Taxes payable | 1,532,435 | 138,157 | |
Due to related parties - current | 997,819 | 7,759,443 | |
Consideration for acquisition | 25,477,346 | ||
Liabilities to be divested - current | 28,826,594 | 28,472,022 | |
TOTAL CURRENT LIABILITIES | 62,065,620 | 37,434,697 | |
Operating lease liabilities – non-current | 826,319 | 368,019 | |
Deferred tax liabilities | 709,190 | 805,826 | |
Liabilities to be divested – non-current | 1,355,689 | 1,456,634 | |
TOTAL LIABILITIES | 64,956,818 | 40,065,176 | |
SHAREHOLDERS’ EQUITY: | |||
Class A common stock, $0.001 par value, 40,000,000 and 40,000,000 shares authorized, 18,992,403 and 17,710,471 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively. | 18,992 | 17,710 | |
Additional paid-in capital | 41,143,042 | 28,369,076 | |
Retained earnings | 21,326,570 | 27,472,766 | |
Accumulated other comprehensive loss | (2,593,523) | (1,914,232) | |
COMMON SHAREHOLDERS' EQUITY | 59,895,081 | 53,945,320 | |
Non-controlling interests | (9,807) | (9,807) | |
TOTAL SHAREHOLDERS’ EQUITY | 59,885,274 | 53,935,513 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 124,842,092 | $ 94,000,689 | |
[1] | The amounts have been reclassified to conform with the Company’s decision to classify Hebron HK as assets and liabilities to be divested. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - Common Class A [Member] - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,992,403 | 17,710,471 |
Common stock, shares outstanding | 18,992,403 | 17,710,471 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUE | ||
SME financing solutions | $ 13,259,133 | |
Supply chain solutions | 193,783 | |
Other financing solutions | 21,120 | |
TOTAL REVENUE | 13,474,036 | |
COST OF REVENUE AND RELATED TAX | ||
Cost of revenue | (5,266,144) | |
Business and sales related tax | (68,391) | |
GROSS PROFIT | 8,139,501 | |
OPERATING EXPENSES | ||
Selling expenses | 450,426 | 15,281 |
General and administrative expenses | 3,357,386 | 336,387 |
Research and development expenses | 59,496 | |
Total operating expenses | 3,867,308 | 351,668 |
INCOME (LOSS) FROM OPERATIONS | 4,272,193 | (351,668) |
OTHER INCOME (EXPENSE) | ||
Interest and investment income | 180,513 | |
Other income (expense), net | 2,941 | (657) |
Total other income (expense), net | 183,454 | (657) |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 4,455,647 | (352,325) |
PROVISION FOR INCOME TAXES | 307,354 | |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | 4,148,293 | (352,325) |
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | (10,294,489) | (325,026) |
NET INCOME(LOSS) | (6,146,196) | (677,351) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Foreign currency translation adjustment | (679,291) | 53,784 |
TOTAL COMPREHENSIVE (LOSS) | $ (6,825,487) | $ (623,567) |
Basic and diluted income (loss) per common share | ||
Income per share from continuing operations | $ 0.23 | $ (0.02) |
Loss per share from discontinued operations | (0.57) | (0.02) |
Total | $ (0.34) | $ (0.04) |
Weighted average number of shares outstanding | ||
Basic and diluted | 18,167,603 | 16,269,577 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (6,146,196) | $ (677,351) |
Net loss from discontinued operations | (10,294,489) | (325,026) |
Net income (loss) from continued operations | 4,148,293 | (352,325) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 622,812 | |
Stock-based compensation | 860,457 | |
Loss (income) from investments | (114,930) | |
Deferred tax expense (benefit) | (85,246) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (40,711) | |
Prepaid expenses and other current assets | (3,742,853) | |
Accounts payable | 347,340 | |
Advance from customers | 797,100 | |
Taxes payable | 231,784 | |
Operating lease liabilities | (141,625) | |
Accrued expenses and other current liabilities | (511,492) | |
Net Cash Provided by (Used in) Operating Activities from Continuing Operations | 2,370,929 | (352,325) |
Net Cash (Used in) Operating Activities from Discontinued Operations | (510,306) | (209,040) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,860,623 | (561,365) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (25,768) | |
Purchase of intangible asset | (22,713) | |
Acquisition of cash in connection with acquisition of Nami | 5,062,170 | |
Repayments from loans to third parties | 1,706,351 | |
Payments made for loans to third parties | (284,392) | |
Net cash provided from investing activities from continuing operations | 6,435,648 | |
Net cash (used in) investing activities from discontinued operations | (12,429) | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 6,435,648 | (12,429) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment made to related party | (6,678,943) | |
Proceeds from private placement | 6,503,378 | |
Capital contribution by majority shareholder | 4,550,000 | |
Net cash provided from investing activities from continuing operations | 4,374,435 | |
Net cash (used in) investing activities from discontinued operations | (404,751) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 4,374,435 | (404,751) |
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS | (40,002) | 27 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 12,630,704 | (978,518) |
Cash and cash equivalent and restricted cash from continuing operations - Beginning | 2,781,506 | 631 |
Cash and cash equivalent and restricted cash from discontinued operations - Beginning | 696,157 | 3,071,612 |
CASH AND CASH EQUIVALENT AND RESTRICTED CASH-BEGINNING | 3,477,663 | 3,072,243 |
Cash and cash equivalent and restricted cash from continuing operations - Ending | 15,922,516 | 93 |
Cash and cash equivalent and restricted cash from discontinued operations - Ending | 185,851 | 2,093,632 |
CASH AND CASH EQUIVALENT AND RESTRICTED CASH-ENDING | 16,108,367 | 2,093,725 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Cash paid for income taxes | 13,972 | |
Cash paid for interest | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | ||
Financing for acquisition of Nami | 25,477,346 | |
Accrued lease liabilities | 1,679,556 | |
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATION ARE COMPRISED OF THE FOLLOWING: | ||
Cash and cash equivalent | 15,916,743 | 93 |
Restricted cash | 5,773 | |
Total cash, cash equivalents and restricted cash | $ 15,922,516 | $ 93 |