Exhibit 99.1
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2023 AND DECEMBER 31, 2022
(EXPRESSED IN US DOLLARS)
June 30, 2023 | December 31, 2022 | |||||||
ASSETS | (Unaudited) | |||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash | ||||||||
Short-term investments | ||||||||
Accounts receivable, net | ||||||||
Advance to suppliers, net | ||||||||
Receivables from supply chain solutions | ||||||||
Inventories | ||||||||
Prepaid expenses and other current assets | ||||||||
TOTAL CURRENT ASSETS | ||||||||
NON-CURRENT ASSETS: | ||||||||
Property and equipment, net | ||||||||
Intangible assets, net | ||||||||
Right-of-use assets, net | ||||||||
Equity investments | ||||||||
Investment in limited partnership | ||||||||
Goodwill | ||||||||
Deferred tax assets, net | ||||||||
Long-term investments | ||||||||
TOTAL NON-CURRENT ASSETS | ||||||||
TOTAL ASSETS | $ | $ | ||||||
LIABILITIES | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | $ | ||||||
Short-term bank loans | ||||||||
Accrued expenses and other current liabilities | ||||||||
Operating lease liabilities - current | ||||||||
Payables to supply chain solutions | ||||||||
Advances from customer | ||||||||
Taxes payable | ||||||||
Loan from related party | ||||||||
Due to related parties - current | ||||||||
TOTAL CURRENT LIABILITIES | ||||||||
Operating lease liabilities – non-current | ||||||||
Deferred tax liabilities | ||||||||
TOTAL LIABILITIES | ||||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Class A common stock, $ | ||||||||
Class B common stock, $ | ||||||||
Treasury shares | ( | ) | ( | ) | ||||
Additional paid-in capital | ||||||||
Retained earnings | ||||||||
Statutory reserves | ||||||||
Unearned compensation | ||||||||
Accumulated other comprehensive (loss) income | ( | ) | ( | ) | ||||
COMMON SHAREHOLDERS’ EQUITY | ||||||||
Non-controlling interests | ||||||||
TOTAL SHAREHOLDERS’ EQUITY | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ |
NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(EXPRESSED IN US DOLLARS)
(Unaudited)
For the Six Months Ended June 30, | ||||||||
2023 | 2022 | |||||||
REVENUES: | ||||||||
Revenues generated from sales: | ||||||||
Supply chain trading business | $ | $ | ||||||
Revenues generated from services: | ||||||||
Small and Medium Enterprise financing solutions | ||||||||
Supply Chain financing solutions | ||||||||
Total revenue generated from services | ||||||||
TOTAL REVENUES | ||||||||
COST OF REVENUE: | ||||||||
Cost of revenue - services | ( | ) | ( | ) | ||||
Cost of revenue - sales | ( | ) | ( | ) | ||||
Business and sales related taxes | ( | ) | ( | ) | ||||
GROSS PROFIT | ||||||||
OPERATING EXPENSES: | ||||||||
Selling expenses | ||||||||
General and administrative expenses | ||||||||
Research and development expenses | ||||||||
Bad debt expenses | ( | ) | ||||||
Total operating expenses | ||||||||
INCOME FROM OPERATIONS | ||||||||
OTHER INCOME (EXPENSE): | ||||||||
Interest and investment income | ||||||||
Other income, net | ||||||||
Total other income (expense), net | ||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | ||||||||
PROVISION FOR INCOME TAXES | ||||||||
NET INCOME FROM CONTINUING OPERATIONS | ||||||||
DISCONTINUED OPERATIONS: | ||||||||
(Loss) from discontinued operations, net of tax | ( | ) | ||||||
NET (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | ( | ) | ||||||
NET INCOME | ||||||||
Less: net income from continuing operations attributable to non-controlling interest | ||||||||
Less: net (loss) from discontinued operations attributable to non-controlling interest | ( | ) | ||||||
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS’ | $ | $ | ||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Foreign currency translation (loss) income | ( | ) | ( | ) | ||||
COMPREHENSIVE INCOME | ||||||||
Comprehensive (loss) attributable to non-controlling interests | ( | ) | ||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHAREHOLDERS’ | $ | $ | ||||||
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE: | ||||||||
Income from continuing operations | $ | $ | ||||||
(Loss) from discontinued operations | ( | ) | ||||||
TOTAL EARNINGS (LOSS) PER COMMON SHARE | $ | $ | ||||||
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE SIX MOTHS ENDED JUNE 30, 2023 AND 2022
(EXPRESSED IN US DOLLARS)
(Unaudited)
For the Six Months Ended June 30, | ||||||||
2023 | 2022 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | $ | ||||||
Net (loss) from discontinued operations | - | ( | ) | |||||
Net income from continuing operations | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | ||||||||
Stock-based compensation | ||||||||
Bad debt expense | ( | ) | ||||||
Loss on disposition of property and equipment | ||||||||
Loss (Income) from investments | ( | ) | ||||||
Deferred tax (benefit) expense | ( | ) | ( | ) | ||||
Issuance of stock for services | ||||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | ( | ) | ( | ) | ||||
Advance to suppliers | ( | ) | ||||||
Prepaid expenses and other current assets | ( | ) | ||||||
Operating lease right-of-use assets | ( | ) | ||||||
Receivables from supply chain solutions | ||||||||
Inventories | ( | ) | ( | ) | ||||
Accounts payable | ( | ) | ( | ) | ||||
Advance from customers | ||||||||
Taxes payable | ( | ) | ||||||
Other payables | ( | ) | ||||||
Payable to supply chain solutions | ( | ) | ||||||
Operating lease liabilities | ( | ) | ||||||
Accrued expenses and other current liabilities | ||||||||
Net cash (used in) provided by operating activities from continuing operations | ( | ) | ||||||
Net cash (used in) operating activities of discontinued operations | ( | ) | ||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | ( | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Acquisition of property and equipment | ( | ) | ( | ) | ||||
Purchase of intangible asset | ( | ) | ||||||
Cash paid for acquisitions | ( | ) | ||||||
Purchase of long-term investment | ( | ) | ||||||
Cash received on disposal of discontinued operations | ||||||||
Proceeds from sale of short-term investments | ||||||||
Proceeds from sale of Long-term investment | ||||||||
Proceeds from investment in debt securities | ||||||||
Purchase of short-term investments | ( | ) | ( | ) | ||||
Repayments from loans to third parties | ||||||||
Payments made for loans to third parties | ( | ) | ||||||
Net cash provided by (used in) investing activities from continuing operations | ( | ) | ||||||
Net cash (used in) investing activities from discontinued operations | ||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | ( | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from short-term bank loans | ||||||||
Repayment of short-term bank loans | ( | ) | ( | ) | ||||
Proceeds from third party loans | ||||||||
Repayment to related party | ( | ) | ( | ) | ||||
Repayment of third party loans | ( | ) | ||||||
Proceeds from related party | ||||||||
Capital contribution from non-controlling interest | ||||||||
Repurchase Treasury shares | ( | ) | ||||||
Net cash provided by (used in) financing activities from continuing operations | ( | ) | ||||||
Net cash (used in) financing activities from discontinued operations | ||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | ( | ) | ||||||
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS | ( | ) | ( | ) | ||||
NET (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | ) | ||||||
Add: decrease in cash and cash equivalents from discontinued operations | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS | ||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH-BEGINNING | ||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH-ENDING | $ | $ | ||||||
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||||||||
Cash paid for income taxes | $ | $ | ||||||
Cash paid for interest | $ | $ | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | ||||||||
Accrued lease liabilities | $ | $ | ||||||
Issuance of shares for compensation | $ | $ | ||||||
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS ARE COMPRISED OF THE FOLLOWING: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash | ||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
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