Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our
company,” or “MFH”) (Nasdaq: MFH), a digital fintech group powered
by blockchain technology, today announced its financial results for
the twelve months concluded on December 31, 2022. Despite
challenging market conditions, MFH has made remarkable strides in
both its financial performance and business operation. This
includes expanding revenue streams, minimizing company losses,
enhancing liquidity, and optimizing business operations by adopting
a global structure headquartered in the United States and
diversifying the board structure. These measures have collectively
fortified the Company's market position, paving the way for future
growth and expansion.
Full Year Financial
Highlights
- GAAP revenue – MFH generated total
revenue on a consolidated basis in the amounts of $863,438 for the
year ended December 31, 2022, and $670,171 for the year ended
December 31, 2021. The increased revenue comes from the
cryptocurrency mining business and expansion of consultation
services.
- GAAP operating expenses – MFH’s total
operating expenses decreased significantly from $13,273,814 for the
year ended December 31, 2021, to $5,368,222 for the year ended
December 31, 2022. The narrowing expenses comes from the adoption
of new business strategy, efficiency of the management and
operation, optimizing of the compensation structure etc.
- GAAP net loss – MFH’s net loss decreased
significantly from US$21,665,704 for the year ended December 31,
2021, to US$5,634,971 for the year ended December 31, 2022.
- GAAP gross profit – MFH’s gross profit
increased from $32,508 for the year ended December 31, 2021, to
$517,162 for the year ended December 31, 2022.
- As of December 31, 2022, the Company held 125.8584797 Bitcoins
with a book value of $5,972,282; 2,005,537.50 USD Coins with a book
value of $2,003,332; and 104762.0706 Filecoins with a book value of
$315,376.
Full Year Business
Highlights
- Improved Company liquidity
and funding conditions to support operations and growth.
The successful completion of three rounds of financing in the
fiscal year of 2022, totaling $13.15 million, demonstrated investor
confidence in the Company's prospects. These funds will be used to
accelerate the Company's growth plans and further solidify its
position as a leader in the cryptocurrency mining and distributed
computing space.
- Expanded business
lines. The Company diversified its business in the second
half of 2022 and made significant progress in expanding its
operations. The Company's future business plan includes three main
areas: distributed computing and storage services business, digital
consultation services, and blockchain technical services business.
On July 15, 2022, MFH incorporated Mercurity Fintech Technology
Holding Inc. in the U.S., which plans to develop distributed
computing and storage services and digital consultation
services.
- Position for the long-term
growth with cryptocurrency mining machines and web3
infrastructure. The Company's strategic investments in
state-of-the-art cryptocurrency mining machines and web3
infrastructure building technology are made with an aim to own
mining machines capable of gathering, processing, and storing vast
amounts of data, and to further solidify the Company as a pioneer
in the creation of the Web3 framework.
- Dismantling of the VIE
structure and shifting toward a global structure headquartered in
the United States. This progress enables the Company to
better navigate regulatory challenges in the cryptocurrency and
blockchain industry and tap into a broader range of potential
customers and partners. Furthermore, the move enhances the
Company's reputation and credibility as a serious player in the
industry and is likely to attract more investors, partners, and
customers.
- A diversified board
structure and expertise. MFH announced appointment of new
directors to the board, the new board brings a wider range of
perspectives, experiences, and expertise to the table. This can
lead to better decision-making, improved risk management, and the
ability to capitalize on new opportunities.
Mr. Shi Qiu, the Chief Executive Officer
(“CEO”), commented, “The progress we have made in 2022 despite the
challenges we faced is a testament to our resilience and commitment
to excellence. Our successful financing rounds and strategic
investments in cryptocurrency mining machines and web3
infrastructure building technology have positioned us well for
continued growth and success in the years ahead; Our efforts in
restructuring the Company have borne fruit, as demonstrated by the
reduction in net loss and also operating expenses; We shifted
towards a global structure, which positions us to take advantage of
the vast opportunities presented by the North American market. We
are confident that our global presence will enable us to better
serve our clients and expand our offerings; Finally, we diversified
our business offerings to include a broader range of services,
including those focused on reciprocal synergies between blockchain
and traditional finance. We believe that this expansion will not
only provide us with new growth opportunities but will also allow
us to better cater to the evolving needs of our clients. Looking
forward, the Company is poised to maintain its position as a leader
in the industry and deliver long-term value to our
shareholders.”
Full Year Financial Results
For the Year Ended December 31, 2022 Compared to Year Ended
December 31, 2021
Revenue: MFH generated total revenue on a
consolidated basis in the amounts of $863,438 for the year ended
December 31, 2022, and $670,171 for the year ended December 31,
2021.
Cost of Revenue: MFH generated total cost of
revenue on a consolidated basis in the amounts of $1,380,600 for
the year ended December 31, 2022, and $702,679 for the year ended
December 31, 2021.
Operating expenses: MFH’s operating expenses
consist of sales and marketing expenses, general and administrative
expenses, provision for doubtful accounts, (loss)/income on
disposal of intangible assets and impairment loss of intangible
assets. MFH’s total operating expenses were $13,273,814 and
$5,368,222 for the year ended December 31, 2021 and 2022.
Goodwill impairment loss: $8,107,013 goodwill
impairment loss generated by the VIE entities subject to divestment
is shown as loss/income from discontinued operations in the
consolidated income statement for the year ended December 31, 2021.
The balance sheet at the end of 2021 and 2022 resulted in no
goodwill impairment loss.
Loss from disposal of subsidiaries: Due to the
extremely adverse regulatory measures taken by the Chinese
government in 2021 in the field of digital currency production and
transaction, the Company's board of Directors decided on December
10, 2021, to divest the Chinese companies of the related business
controlled through VIE agreements, and the divestiture was
completed on January 15, 2022. The financial statements of the
Company for the year ended December 31, 2022 recognized the loss
from disposal of VIEs as $4,664. No disposal of subsidiaries
occurred in 2021.
Interest Income, net: MFH’s interest income
consists primarily of the interest income from MFH’s cash and
short-term deposits with banks and compensation received for
payments MFH made on behalf of the divested business. MFH generated
$5,118 interest income in 2022 and $1,083 interest income in 2021.
MFH did not incur borrowing interest expenses in 2021 and 2022.
Other Income/(expenses): Other income consists
primarily of the gain generated from the government subsidies. MFH
generated $1,248 other income in 2022 and $143 other expenses in
2021.
Net loss: MFH’s net loss was US$21,665,704 for
the year ended December 31, 2021 compared to US$5,634,971 for the
year ended December 31, 2022. Among them, MFH’s loss from
continuing operations was US$13,305,382 for the year ended December
31, 2021 compared to US$5,634,971 for the year ended December 31,
2022, MFH’s loss from discontinued operations was US$8,360,322 for
the year ended December 31, 2021 compared to US$ nil for the year
ended December 31, 2022.
Full Year Operation Results
In August 2021, MFH added cryptocurrency mining
as one of MFH’s main businesses going forward. MFH entered into
cryptocurrency mining pools by executing a business contract with a
collective mining service provider on October 22, 2021 to provide
computing power to the mining pool and derived USD$664,307 related
revenue in 2021 and USD$783,089 related revenue in the first half
of 2022.
Due to the extremely adverse regulatory measures
taken by the Chinese government in 2021 in the field of digital
currency production and transaction, MFH’s board of directors
decided on December 10, 2021 to divest the Chinese companies of the
related business controlled through VIE agreements, and the
divestiture was completed on January 15, 2022. The disposal of the
VIE entities generated a loss of $4,664.
In late February 2022, Wei Zhu, MFH’s former
acting Chief Financial Officer, former Co-Chief Executive Officer,
and a former member and Co-Chairperson of the Board, and Minghao
Li, a former member of the Board, were suspected of certain
criminal offenses unrelated to MFH’s operations and were detained
by the Economic Crime Investigation Detachment of Sheyang County
Public Security Bureau, Yancheng City, Jiangsu Province, People’s
Republic of China, leading to MFH’s hardware cold wallet and all
cryptocurrencies held by Wei Zhu being seized and impounded by the
Public Security Bureau.
Due to the dismantling of the VIEs and the
cessation of all business related to the digital asset transaction
platforms, as well as the temporary difficulties brought to us by
the incident that MFH’s cryptocurrencies were out of control, the
original Chinese technical team also left in the first half of
2022, and MFH failed to rebuild the technical service team in the
second half of 2022. As a result, MFH’s blockchain technical
services business did not generate any revenue in 2022.
In the second half of 2022, the management and
board of the Company changed, and the future business plan was
recalibrated as a result. The Company's business will include: 1)
Distributed computing and storage services business, including
cryptocurrency mining and distributed computing and storage
services for more other applications; 2) Digital consultation
services, providing digital payment solutions, asset management,
and a continued expansion into online and traditional brokerage
services; 3) Blockchain technical service businesses, providing the
designing and developing of digital asset transaction platforms,
digital asset quantitative investment software and other innovative
and derivative services based on blockchain technologies.
On July 15, 2022, MFH incorporated Mercurity
Fintech Technology Holding Inc.(“MFH Tech”) to develop distributed
computing and storage services (including cryptocurrency mining)
and digital consultation services. On August 23, 2022, MFH Tech
signed a Consulting Agreement with a Chinese media company,
pursuant to which MFH Tech will serve as an independent contractor
in order to facilitate the Client to conduct its initial public
offering, and derived USD$80,000 related revenue in 2022.
On December 15, 2022, MFH entered into an asset
purchase agreement with Huangtong International Co., Ltd.,
providing for the acquisition and purchase of Web3 decentralized
storage infrastructure, including cryptocurrency mining servers,
cables, and other electronic devices, for an aggregate
consideration of USD$5,980,000, payable in MFH’s ordinary shares.
The investment is made with an aim to own mining machines capable
of gathering, processing, and storing vast amounts of data, to
advance the cryptocurrency mining business, and to further solidify
us as a pioneer in the creation of the Web3 framework.
On December 20, 2022, the assets began to be
used for Filecoin mining operations and derived USD$348 related
revenue in 2022.
About Mercurity Fintech Holding
Inc.
Mercurity Fintech Holding Inc. is a digital
fintech group powered by blockchain technology. The Company’s
primary business scope includes digital asset trading, asset
digitization, cross-border remittance, and other services,
providing compliant, professional, and highly efficient digital
financial services to its customers. The Company recently began
narrowing its focus on Bitcoin mining, digital currency investment
and trading, and other related fields. This shift has enabled the
company to deepen its involvement in all aspects of the blockchain
industry, from production to circulation.
Forward-Looking Statements
This announcement contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as “may,” “will,” “expect,” “anticipate,”
“aim,” “estimate,” “intend,” “plan,” “believe,” “potential,”
“continue,” “is/are likely to” or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
For more information, please
contact:
International Elite Capital Inc. Vicky Chueng Tel:
+1(646) 866-7989 Email: mfhfintech@iecapitalusa.com
MERCURITY FINTECH HOLDING
INC.FORMERLY KNOWN AS JMU
LIMITEDCONSOLIDATED STATEMENTS OF OPERATIONS(IN U.S.
DOLLARS, EXCEPT FOR NUMBER OF SHARES AND PER SHARE (OR ADS)
DATA)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year Ended
December 31, |
|
|
Note |
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
( as restated ) |
|
( as restated ) |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Technical services |
|
|
|
|
— |
|
|
|
5,864 |
|
|
|
1,402,300 |
|
Cryptocurrency mining |
|
|
|
|
783,438 |
|
|
|
664,307 |
|
|
|
— |
|
Consultation services |
|
|
|
|
80,000 |
|
|
|
— |
|
|
|
— |
|
Total Revenue |
|
|
|
$ |
863,438 |
|
|
$ |
670,171 |
|
|
$ |
1,402,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Technical services |
|
|
|
|
— |
|
|
|
— |
|
|
|
(79,150 |
) |
Cryptocurrency mining |
|
|
|
|
(1,361,600 |
) |
|
|
(702,679 |
) |
|
|
— |
|
Consultation services |
|
|
|
|
(19,000 |
) |
|
|
— |
|
|
|
— |
|
Total Cost of Revenue |
|
|
|
$ |
(1,380,600 |
) |
|
$ |
(702,679 |
) |
|
$ |
(79,150 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
$ |
(517,162 |
) |
|
$ |
(32,508 |
) |
|
$ |
1,323,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Sales
and marketing |
|
|
|
|
(35,000 |
) |
|
|
— |
|
|
|
— |
|
General
and administrative |
|
|
|
|
(2,156,063 |
) |
|
|
(10,351,357 |
) |
|
|
(1,156,574 |
) |
Provision for doubtful accounts |
|
|
|
|
(3,138 |
) |
|
|
(1,750,909 |
) |
|
|
— |
|
(Loss)/income on disposal of intangible assets |
|
|
|
|
(29,968 |
) |
|
|
121,020 |
|
|
|
— |
|
Impairment loss of intangible assets |
|
9 |
|
|
(3,144,053 |
) |
|
|
(1,292,568 |
) |
|
|
(835,344 |
) |
Impairment loss of
goodwill |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total operating expenses |
|
|
|
$ |
(5,368,222 |
) |
|
$ |
(13,273,814 |
) |
|
$ |
(1,991,918 |
) |
Operating loss from continuing operations |
|
|
|
$ |
(5,885,384 |
) |
|
$ |
(13,306,322 |
) |
|
$ |
(668,768 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income, net |
|
|
|
|
5,118 |
|
|
|
1,083 |
|
|
|
7,983 |
|
Other
income/(expenses), net |
|
|
|
|
1,248 |
|
|
|
(143 |
) |
|
|
(32,533 |
) |
Loss
from disposal of subsidiaries |
|
1 |
|
|
(4,664 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for income taxes |
|
|
|
$ |
(5,883,682 |
) |
|
$ |
(13,305,382 |
) |
|
$ |
(693,318 |
) |
Income
tax benefits |
|
11 |
|
|
248,711 |
|
|
|
— |
|
|
|
— |
|
Loss from continuing operations |
|
|
|
$ |
(5,634,971 |
) |
|
$ |
(13,305,382 |
) |
|
$ |
(693,318 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
Loss
from discontinued operations |
|
1 |
|
|
— |
|
|
|
(8,360,322 |
) |
|
|
(957,955 |
) |
Net loss |
|
|
|
$ |
(5,634,971 |
) |
|
$ |
(21,665,704 |
) |
|
$ |
(1,651,273 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to holders of ordinary shares of
Mercurity Fintech Holding Inc. |
|
|
|
$ |
(5,634,971 |
) |
|
$ |
(21,665,704 |
) |
|
$ |
(1,651,273 |
) |
MERCURITY FINTECH HOLDING
INC.FORMERLY KNOWN AS JMU
LIMITEDCONSOLIDATED STATEMENTS OF OPERATIONS
(CONTINUED)(In U.S. dollars, except for number of shares and per
share (or ADS) data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year Ended
December 31, |
|
|
Note |
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
( as restated ) |
|
( as restated ) |
Numerator |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to holders of ordinary shares of
Mercurity Fintech Holding Inc. |
|
|
|
$ |
(5,634,971 |
) |
|
$ |
(21,665,704 |
) |
|
$ |
(1,651,273 |
) |
Continuing operations |
|
|
|
|
(5,634,971 |
) |
|
|
(13,305,382 |
) |
|
|
(693,318 |
) |
Discontinued operations |
|
|
|
|
— |
|
|
|
(8,360,322 |
) |
|
|
(957,955 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in calculating basic net loss per ordinary
share |
|
2 |
|
|
14,435,674 |
|
|
|
9,720,934 |
|
|
|
6,689,704 |
|
Weighted
average shares used in calculating diluted net loss per ordinary
share |
|
2 |
|
|
14,435,674 |
|
|
|
9,720,934 |
|
|
|
6,689,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
2 |
|
|
(0.39 |
) |
|
|
(2.23 |
) |
|
|
(0.25 |
) |
Diluted |
|
2 |
|
|
(0.39 |
) |
|
|
(2.23 |
) |
|
|
(0.25 |
) |
Net Loss per ordinary share from continuing
operation |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
2 |
|
|
(0.39 |
) |
|
|
(1.37 |
) |
|
|
(0.10 |
) |
Diluted |
|
2 |
|
|
(0.39 |
) |
|
|
(1.37 |
) |
|
|
(0.10 |
) |
Net Loss per ordinary share from discontinued
operation |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
2 |
|
|
— |
|
|
|
(0.86 |
) |
|
|
(0.14 |
) |
Diluted |
|
2 |
|
|
— |
|
|
|
(0.86 |
) |
|
|
(0.14 |
) |
MERCURITY FINTECH HOLDING
INC.FORMERLY KNOWN AS JMU
LIMITEDCONSOLIDATED STATEMENTS OF OPERATIONS
(CONTINUED)(In U.S. dollars, except for number of shares and per
share (or ADS) data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year Ended
December 31, |
|
|
Note |
|
|
2022 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
( as restated ) |
|
( as restated ) |
Net loss |
|
|
|
$ |
(5,634,971 |
) |
|
$ |
(21,665,704 |
) |
|
$ |
(1,651,273 |
) |
Change
in cumulative foreign currency trans adjustment |
|
|
|
|
28,289 |
|
|
|
3,285 |
|
|
|
45,396 |
|
Comprehensive loss |
|
|
|
$ |
(5,606,682 |
) |
|
$ |
(21,662,419 |
) |
|
$ |
(1,605,877 |
) |
MERCURITY FINTECH HOLDING
INC.FORMERLY KNOWN AS JMU
LIMITEDCONSOLIDATED STATEMENTS OF CASH FLOWS(In U.S.
dollars, except for number of shares and per share (or ADS)
data)
|
|
|
|
|
|
|
|
|
|
|
|
For the year Ended
December 31, |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
( as restated ) |
|
( as restated ) |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(5,634,971 |
) |
|
|
(21,665,704 |
) |
|
|
(1,651,273 |
) |
Less:
Net loss from discontinued operations |
|
|
— |
|
|
|
(8,360,322 |
) |
|
|
(957,955 |
) |
Net loss
from continuing operations |
|
|
(5,634,971 |
) |
|
|
(13,305,382 |
) |
|
|
(693,318 |
) |
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
|
Provision for doubtful accounts |
|
|
3,138 |
|
|
|
1,750,909 |
|
|
|
— |
|
Impairment loss of intangible assets |
|
|
3,144,053 |
|
|
|
1,292,568 |
|
|
|
835,344 |
|
Depreciation of fixed assets and amortization of intangible
assets |
|
|
28,950 |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
558,395 |
|
|
|
8,349,862 |
|
|
|
286,132 |
|
Loss
from disposal of subsidiaries |
|
|
4,664 |
|
|
|
— |
|
|
|
— |
|
Other
income/(expenses) |
|
|
23,318 |
|
|
|
— |
|
|
|
— |
|
Changes
in operating assets and liabilities, net of effect of
acquisitions: |
|
|
|
|
|
|
|
|
|
Digital
assets generated from mining business |
|
|
(783,438 |
) |
|
|
(664,307 |
) |
|
|
— |
|
Digital
assets received as payment |
|
|
— |
|
|
|
(5,864 |
) |
|
|
(17,863 |
) |
Digital
assets used to pay expenses |
|
|
— |
|
|
|
2,141,375 |
|
|
|
6,924 |
|
Disposal
of digital assets |
|
|
998,902 |
|
|
|
325,987 |
|
|
|
647 |
|
Accounts
receivable, net of allowance |
|
|
— |
|
|
|
380,510 |
|
|
|
835,533 |
|
Prepaid
expenses and other current assets |
|
|
1,281,109 |
|
|
|
(1,105,481 |
) |
|
|
(740,150 |
) |
Right-of-use assets |
|
|
(873,878 |
) |
|
|
— |
|
|
|
— |
|
Deferred
tax assets |
|
|
(251,005 |
) |
|
|
— |
|
|
|
— |
|
Accounts
payable |
|
|
22,075 |
|
|
|
— |
|
|
|
— |
|
Advance
from customers |
|
|
80,000 |
|
|
|
— |
|
|
|
— |
|
Accrued
expenses and other current liabilities |
|
|
(87,867 |
) |
|
|
(184,429 |
) |
|
|
(161,626 |
) |
Lease
liabilities |
|
|
904,132 |
|
|
|
— |
|
|
|
— |
|
Net cash (used in)/provided by continuing
operations |
|
$ |
(582,423 |
) |
|
$ |
(1,024,252 |
) |
|
$ |
351,623 |
|
Net cash
used in discontinued operations |
|
|
— |
|
|
|
(386,777 |
) |
|
|
(957,591 |
) |
Net cash used in operating activities |
|
$ |
(582,423 |
) |
|
$ |
(1,411,029 |
) |
|
$ |
(605,968 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase
of fixed assets |
|
|
(7,222 |
) |
|
|
— |
|
|
|
— |
|
Loan to
affiliate person |
|
|
(25,000 |
) |
|
|
— |
|
|
|
— |
|
Net cash used in continuing operations |
|
$ |
(32,222 |
) |
|
$ |
— |
|
|
$ |
— |
|
Net cash
provided by discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
144 |
|
Net cash (used in)/provided by investing
activities |
|
$ |
(32,222 |
) |
|
$ |
— |
|
|
$ |
144 |
|
MERCURITY FINTECH HOLDING
INC.FORMERLY KNOWN AS JMU
LIMITEDCONSOLIDATED STATEMENTS OF CASH FLOWS
(CONTINUED)(In U.S. dollars, except for number of shares and per
share (or ADS) data)
|
|
|
|
|
|
|
|
|
|
|
|
For the year Ended
December 31, |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
( as restated ) |
|
( as restated ) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Issuance of common stock |
|
|
7,900,300 |
|
|
|
713,082 |
|
|
|
300,000 |
|
Borrowings |
|
|
400,000 |
|
|
|
935,793 |
|
|
|
— |
|
Cash
paid for debt |
|
|
(579,875 |
) |
|
|
(93,091 |
) |
|
|
— |
|
Net cash provided by continuing operations |
|
$ |
7,720,425 |
|
|
$ |
1,555,784 |
|
|
$ |
300,000 |
|
Net cash
provided by discontinued operations |
|
|
— |
|
|
|
120,419 |
|
|
|
— |
|
Net cash provided by financing activities |
|
$ |
7,720,425 |
|
|
$ |
1,676,203 |
|
|
$ |
300,000 |
|
|
|
|
|
|
|
|
|
|
|
Effect
of exchange rate changes by continuing operations |
|
|
(8,543 |
) |
|
|
2,953 |
|
|
|
43,374 |
|
Effect
of exchange rate changes by discontinued operations |
|
|
— |
|
|
|
403 |
|
|
|
2,022 |
|
Effect of exchange rate changes |
|
$ |
(8,543 |
) |
|
$ |
3,356 |
|
|
$ |
45,396 |
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in cash and cash
equivalents |
|
$ |
7,097,237 |
|
|
$ |
268,530 |
|
|
$ |
(260,428 |
) |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of the
year |
|
$ |
440,636 |
|
|
$ |
174,783 |
|
|
$ |
435,211 |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents of continuing operations, end of the year |
|
|
7,537,873 |
|
|
|
440,636 |
|
|
|
142,557 |
|
Cash and
cash equivalents of discontinued operations, end of the year |
|
|
— |
|
|
|
2,677 |
|
|
|
32,226 |
|
Cash and cash equivalents, end of the year |
|
$ |
7,537,873 |
|
|
$ |
443,313 |
|
|
$ |
174,783 |
|
|
|
|
|
|
|
|
|
|
|
Supplement disclosure of cash flow information Interest paid |
|
|
— |
|
|
|
— |
|
|
|
4 |
|
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