Industry News

TMCNet:  Golden Bull Limited Reports Unaudited Twelve Months Ended December 31, 2019 Financial Results

[March 24, 2020]

Golden Bull Limited Reports Unaudited Twelve Months Ended December 31, 2019 Financial Results

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


-


 

 

 

Cision 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


[ Back To The Blockchain Domain's Homepage ]


FEATURED RESOURCE


Social media is impacting the value of your cryptocurrency. This cross-platform audit will show how to improve consumer and influencer sentiment.

CONTACT US