Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document Information Line Items | |
Entity Registrant Name | NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001603993 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-37829 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 105,994,692 | $ 63,901,329 |
Restricted cash | 643,020 | 3,417,244 |
Short-term investments | 18,659,413 | 11,700,400 |
Accounts receivable, net | 28,967,293 | 18,931,346 |
Advance to suppliers, net | 17,406,052 | 46,968,549 |
Receivables from supply chain solutions | 38,035,826 | 43,475,981 |
Inventories | 48,819,585 | 31,609,877 |
Prepaid expenses and other current assets | 29,629,649 | 10,890,083 |
TOTAL CURRENT ASSETS | 288,155,530 | 230,894,809 |
NON-CURRENT ASSETS: | ||
Property and equipment, net | 725,806 | 719,574 |
Intangible assets, net | 1,302,682 | 1,795,234 |
Right-of-use assets, net | 2,639,192 | 3,349,432 |
Equity investments | 355,064 | 373,292 |
Investment in limited partnership | 14,913,539 | |
Goodwill | 22,651,104 | 23,814,005 |
Deferred tax assets, net | 14,852 | 310,577 |
Long-term investments | 4,137,189 | 7,249,319 |
TOTAL NON-CURRENT ASSETS | 31,825,889 | 52,524,972 |
TOTAL ASSETS | 319,981,419 | 283,419,781 |
CURRENT LIABILITIES: | ||
Accounts payable | 37,109,910 | 40,925,155 |
Short-term bank loans | 551,625 | 434,959 |
Accrued expenses and other current liabilities | 10,054,282 | 6,090,582 |
Operating lease liabilities - current | 897,816 | 1,008,766 |
Payables to supply chain solutions | 10,815,864 | 9,122,978 |
Advances from customer | 61,733,220 | 21,827,387 |
Taxes payable | 3,361,634 | 2,748,474 |
TOTAL CURRENT LIABILITIES | 124,822,233 | 90,469,990 |
Operating lease liabilities – non-current | 1,883,981 | 2,425,597 |
Deferred tax liabilities | 360,280 | 727,326 |
TOTAL LIABILITIES | 127,066,494 | 93,622,913 |
SHAREHOLDERS’ EQUITY: | ||
Treasury shares | (373,358) | (355,844) |
Additional paid-in capital | 130,503,387 | 130,503,387 |
Retained earnings | 63,534,936 | 53,214,304 |
Statutory reserves | 10,166,600 | 9,167,845 |
Unearned compensation | ||
Accumulated other comprehensive (loss) income | (15,115,268) | (6,937,950) |
COMMON SHAREHOLDERS’ EQUITY | 188,756,360 | 185,631,805 |
Non-controlling interests | 4,158,565 | 4,165,063 |
TOTAL SHAREHOLDERS’ EQUITY | 192,914,925 | 189,796,868 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 319,981,419 | 283,419,781 |
Class A Common Stock | ||
SHAREHOLDERS’ EQUITY: | ||
Common Stock Value | 40,063 | 40,063 |
Class B Common Stock | ||
SHAREHOLDERS’ EQUITY: | ||
Common Stock Value | ||
Related Party | ||
CURRENT LIABILITIES: | ||
Loan from related party | 28,965 | 8,028,965 |
Due to related parties - current | $ 268,917 | $ 282,724 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Class A Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 4,006,263 | 4,006,263 |
Common stock, shares outstanding | 3,940,865 | 3,944,075 |
Class B Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | ||
Common stock, shares outstanding |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues generated from sales: | ||
Supply chain trading business | $ 66,249,853 | $ 70,727,078 |
Revenues generated from services: | ||
Small and Medium Enterprise financing solutions | 57,956,690 | 44,822,386 |
Supply Chain financing solutions | 2,737,265 | 2,498,446 |
Total revenue generated from services | 60,693,955 | 47,320,832 |
TOTAL REVENUES | 126,943,808 | 118,047,910 |
COST OF REVENUE: | ||
Cost of revenue - services | (39,529,203) | (26,451,468) |
Cost of revenue - sales | (67,342,086) | (69,854,217) |
Business and sales related taxes | (231,103) | (165,506) |
GROSS PROFIT | 19,841,416 | 21,576,719 |
OPERATING EXPENSES: | ||
Selling expenses | 2,637,517 | 261,590 |
General and administrative expenses | 5,489,580 | 5,177,548 |
Research and development expenses | 351,200 | 834,195 |
Bad debt expenses | (235,377) | |
Total operating expenses | 8,242,920 | 6,273,333 |
INCOME FROM OPERATIONS | 11,598,496 | 15,303,386 |
OTHER INCOME (EXPENSE): | ||
Interest and investment income | 1,498,856 | 1,249,509 |
Other income, net | 880,144 | 1,512,562 |
Total other income (expense), net | 2,379,000 | 2,762,071 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 13,977,496 | 18,065,457 |
PROVISION FOR INCOME TAXES | 2,610,535 | 3,414,449 |
NET INCOME FROM CONTINUING OPERATIONS | 11,366,961 | 14,651,008 |
DISCONTINUED OPERATIONS: | ||
(Loss) from discontinued operations, net of tax | (292,069) | |
NET (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | (292,069) | |
NET INCOME | 11,366,961 | 14,358,939 |
Less: net income from continuing operations attributable to non-controlling interest | 47,574 | 330,620 |
Less: net (loss) from discontinued operations attributable to non-controlling interest | (143,114) | |
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS’ | 11,319,387 | 14,171,433 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Foreign currency translation (loss) income | (8,175,831) | (8,182,987) |
COMPREHENSIVE INCOME | 3,143,556 | 5,988,446 |
Comprehensive (loss) attributable to non-controlling interests | (1,487) | 6,658 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHAREHOLDERS’ | $ 3,142,069 | $ 5,995,104 |
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE: | ||
Income from continuing operations (in Dollars per share) | $ 2.87 | $ 3.67 |
(Loss) from discontinued operations (in Dollars per share) | (0.07) | |
TOTAL EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share) | $ 2.87 | $ 3.6 |
Weighted average number of shares outstanding-basic (in Shares) | 3,943,288 | 3,991,263 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Weighted average number of shares outstanding-diluted | 3,943,288 | 3,991,263 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 11,366,961 | $ 14,358,939 |
Net (loss) from discontinued operations | (292,069) | |
Net income from continuing operations | 11,366,961 | 14,651,008 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,294,166 | 639,002 |
Stock-based compensation | 125,630 | |
Bad debt expense | (234,120) | |
Loss on disposition of property and equipment | 4,178 | |
Loss (Income) from investments | (7,296) | 218,929 |
Deferred tax (benefit) expense | (51,609) | (92,798) |
Issuance of stock for services | 185,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (11,089,756) | (4,310,119) |
Advance to suppliers | 28,012,573 | (15,246,921) |
Prepaid expenses and other current assets | (3,140,645) | 1,444,248 |
Operating lease right-of-use assets | (3,115,440) | |
Receivables from supply chain solutions | 3,411,356 | 32,564,078 |
Inventories | (18,988,807) | (17,968,203) |
Accounts payable | (1,839,578) | (25,094,299) |
Advance from customers | 41,474,328 | 9,408,745 |
Taxes payable | 754,075 | (6,205,647) |
Other payables | 4,016,393 | (735,659) |
Payable to supply chain solutions | 2,165,239 | (19,913,058) |
Operating lease liabilities | (490,946) | 3,041,808 |
Accrued expenses and other current liabilities | 567,503 | 340,313 |
Net cash (used in) provided by operating activities from continuing operations | 57,224,015 | (30,063,383) |
Net cash (used in) operating activities of discontinued operations | (356,347) | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 57,224,015 | (30,419,730) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (226,403) | (178,953) |
Purchase of intangible asset | (43,534) | |
Cash paid for acquisitions | (78,944) | |
Purchase of long-term investment | (2,985,921) | |
Cash received on disposal of discontinued operations | ||
Proceeds from sale of short-term investments | 53,004,461 | 49,210,720 |
Proceeds from sale of Long-term investment | 2,792,763 | |
Proceeds from investment in debt securities | 14,204,625 | |
Purchase of short-term investments | (60,463,319) | (21,825,681) |
Repayments from loans to third parties | 471,604 | |
Payments made for loans to third parties | (16,756,578) | |
Net cash provided by (used in) investing activities from continuing operations | (7,016,381) | 24,141,221 |
Net cash (used in) investing activities from discontinued operations | ||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (7,016,381) | 24,141,221 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from short-term bank loans | 139,638 | |
Repayment of short-term bank loans | (11,912) | (773,960) |
Proceeds from third party loans | 1,954,934 | 3,363,632 |
Repayment to related party | (8,000,000) | (1,010,517) |
Repayment of third party loans | (2,252,363) | |
Proceeds from related party | 8,049,187 | |
Capital contribution from non-controlling interest | 37,116 | |
Repurchase Treasury shares | (17,514) | |
Net cash provided by (used in) financing activities from continuing operations | (8,150,101) | 9,628,342 |
Net cash (used in) financing activities from discontinued operations | ||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (8,150,101) | 9,628,342 |
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS | (2,738,394) | (3,539,963) |
NET (DECREASE) IN CASH AND CASH EQUIVALENTS | 39,319,139 | (190,130) |
Add: decrease in cash and cash equivalents from discontinued operations | 356,347 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS | 39,319,139 | 166,217 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH-BEGINNING | 67,318,573 | 91,627,041 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH-ENDING | 106,637,712 | 91,793,258 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Cash paid for income taxes | 1,560,580 | 8,163,616 |
Cash paid for interest | 11,912 | 5,420 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | ||
Accrued lease liabilities | 2,781,797 | 3,396,841 |
Issuance of shares for compensation | 185,000 | |
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS ARE COMPRISED OF THE FOLLOWING: | ||
Cash and cash equivalents | 105,994,692 | 90,988,227 |
Restricted cash | 643,020 | 805,031 |
Total cash, cash equivalents and restricted cash | $ 106,637,712 | $ 91,793,258 |