Golden Bull Limited Reports Unaudited Twelve Months Ended December 31, 2019 Financial Results
25 Mars 2020 - 3:36AM
PR Newswire (US)
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
|
|
-
|
|
View original
content:http://www.prnewswire.com/news-releases/golden-bull-limited-reports-unaudited-twelve-months-ended-december-31-2019-financial-results-301029418.html
SOURCE Golden Bull Limited
Copyright 2020 PR Newswire
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