SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934

 

For the month of December 2023

 

Commission File Number: 001-37829

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD

(Registrant’s name)

 

21F, 55 Loushanguan Rd

Changning District Shanghai 200336

People’s Republic of China 

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.:

 

Form 20-F  ☒          Form 40-F  ☐

 

 

 

 

 

 

Explanatory Note:

 

The Registrant is furnishing this Report on Form 6-K to provide its unaudited interim financial statements for the six months ended June 30, 2023 and incorporate such financial statements into the Registrant’s registration statement referenced below.

 

This Form 6-K is hereby incorporated by reference into the registration statement of the Registrant on Form F-3 (Registration No. 333-256550) and into each prospectus outstanding under the foregoing registration statement, to the extent not superseded by documents or reports subsequently filed or furnished by the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

 

Financial Statements and Exhibits.

 

The following exhibit is attached.

 

Exhibit   Description
99.1   Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2023
99.2   Press Release, dated December 19, 2023, titled “Nisun International Reports Unaudited Financial Results for the First Half of 2023”
101.INS   Inline XBRL Instance Document
101.SCH   Inline XBRL Taxonomy Extension Schema Document
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document
104   Cover Page Interactive Data File formatted as Inline XBRL and contained in Exhibit 101

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Nisun International Enterprise
Development Group Co., Ltd
     
Date: December 19, 2023 By: /s/ Xiaoyun Huang
  Name:  Xiaoyun Huang
  Title:

Chief Executive Officer

(Principal Executive Officer) and

Duly Authorized Officer

 

 

2

 

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  $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 
           
LIABILITIES          
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 
Loan from related party   28,965    8,028,965 
Due to related parties - current   268,917    282,724 
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:          
Class A common stock, $0.01 par value, 30,000,000 and 30,000,000 shares authorized, 4,006,263 and 4,006,263 shares issued, and 3,940,865 and 3,944,075 shares outstanding as of June 30, 2023 and December 31, 2022, respectively   40,063    40,063 
Class B common stock, $0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2023 and December 31, 2022   
-
    
-
 
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 

 

 

 

 

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  $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  $2.87   $3.67 
(Loss) from discontinued operations   
-
    (0.07)
TOTAL EARNINGS (LOSS) PER COMMON SHARE  $2.87   $3.60 
Weighted average number of shares outstanding-basic and diluted
   3,943,288    3,991,263 

 

2

 

 

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  $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 

 

 

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Exhibit 99.2 

 

Nisun International Reports Unaudited Financial Results for the First Half of 2023

 

SHANGHAI, China, December 19, 2023 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd (“Nisun” or the “Company”) (Nasdaq: NISN), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced its unaudited financial results for the six months ended June 30, 2023.

 

Mr. Xiaoyun Huang,  Chief Executive Officer of Nisun, commented, “We are pleased to announce our revenues remained resilient for the six months ended June 30, 2023, with an increase of 8% to $126.9 million from the same period of the prior year, despite the downward pressure and widespread business contraction across industries in China. Our cash and cash equivalents experienced an aggregate growth of 66%, as compared to December 31, 2022, which reflected our robust operational results. We have continued to proactively rebalance our business portfolio to optimize our resources and bolster our competitiveness in the supply chain sector. Leveraging our innovative solutions and integrated resources, we are committed to actively exploring business opportunities through strategic collaborations to broaden our market presence, diversify our product and service offerings, and boost our profitability. In addition, we will continue to implement the marketing strategies that we believe will allow us to develop our brand awareness and better position ourselves within the market. Moving forward, we will continue to align our business model and operations with our core value for greater performance and remain dedicated to providing our clients with effective and high-quality supply chain solutions. We firmly believe that our strategic business optimization and expansion will enhance our competitive edges, establish a strong foundation for future growth and bring long-term benefits for our shareholders.”

 

Financial Results for the Six Months Ended June 30, 2023

 

All comparisons made on a year-over-year (“yoy”) basis.

 

Revenue

 

  ● Total revenue increased by 8% to $126.9 million from $118.0 million in the six months ended June 30, 2022, with increases in revenues from financing services offset by a decrease in revenue from supply chain trading business.

 

  ● Revenue from Supply Chain Trading Business decreased by 6% to $66.2 million from $70.7 million in prior year period, primarily due to the reduction of the Company’s the chemical products supply chain business and its further focus on agricultural products supply chain trading and services as a result of the changes in its business strategies. 

 

  ● Revenue from Financing Services increased by 28% to $60.7 million from $47.3 million in prior year period.

 

  ● Revenues generated from the Small and Medium Enterprise (SME) financing solutions business increased by 29% to $58.0 million from $44.8 million in the prior year period, primarily due to increased demand from SME customers seeking alternative financing solutions to bank financing.

 

  ● Revenue generated from supply chain financing solutions increased by 10% to $2.7 million from $2.5 million in the prior year period, primarily due to extended business lines and increased supply chain transaction volume.

 

    For the six months ended June 30,     Changes  
    2023     %     2022     %     ($)     (%)  
Revenue from Supply Chain Trading Business   $ 66,249,853       52 %   $ 70,727,078       60 %     (4,477,225 )     (6 )%
Revenue from financing services:                                                
SME financing solutions     57,956,690       46 %     44,822,386       38 %     13,134,304       29 %
Supply chain financing solutions     2,737,265       2 %     2,498,446       2 %     238,819       10 %
Total revenue from financing service     60,693,955       51 %     47,320,832       40 %     13,373,123       28 %
Total revenue   $ 126,943,808       100 %   $ 118,047,910       100 %     8,895,898       8 %

 

 

 

 

Cost of revenue

 

Cost of revenue was $107.1 million, compared to $96.5 million in the prior year period, representing an increase of 11%. The increase was primarily attributable to the increase in personnel costs as a result of the growth in the scale of the SME financing solutions business and the increase in the cost of sales of the supply chain trading business primarily due to the increase in the sales costs incurred by a subsidiary acquired in 2022, Qingdao Sailang International Trade Co., Ltd.

 

Gross Profit

 

Gross profit decreased by 8% to $19.8 million from $21.6 million in the prior year period, due to the increases in the costs of revenue. Gross margin was 15.6% and 18.3% for the six months ended June 30, 2023 and 2022, respectively. The decrease in gross margin was primarily due to the increase in direct cost of revenue from supply chain trading business. 

 

Operating Expenses 

 

Total operating expense increased by 31% to $8.2 million from $6.3 million in the prior year period. The increase was primarily attributable to the significant increases in selling expenses as a result of the addition of sales channels for marketing and distribution purposes.

 

  ● Selling expenses increased by 908% to $2.6 million from $0.3 million in the prior year period. The increase in selling expenses was mainly due to increased advertising channels.

 

  ● General and administrative expenses increased by 6% to $5.5 million from $5.2 million in the prior year period. The increase in general and administrative expenses was mainly because of increased professional fees and company personnel compensation in the first half of fiscal 2023.

 

  ● R&D expenses decreased by 58% to $0.3 million from $0.8 million in the prior year period. The decrease in the R&D expenses was primarily due to the fact that there was no new R&D projects during the six months ended June 30, 2023.

 

  ● Bad debt expenses were $(0.2) million for the first half of 2023. There were no bad debt expenses in the relevant periods. The decrease in the bad debt expenses was because in the six months ended June 30, 2023, we recovered the bad debts accrued during the second half of fiscal 2022.

 

Other Income (Expense), net

  

The Company had a net other income of $2.4 million, compared to $2.8 million in the prior year period. The decrease was due to foreign exchange gain realized from capital injection into PRC operating entities in the first half of 2022, whereas there was no related exchange gain in the same period of 2023.  

 

Net Income

  

In the six months ended June 30, 2023, the Company achieved a net income of $11.4 million, compared to $14.4 million in the same period of the prior year, primarily attributable to the decrease in gross profit from the supply chain business.

 

Net Income per Share

 

Net income per share was $2.87 in the six months ended June 30, 2023, compared to $3.55 in the prior year period. The weighted average number of shares was 3,943,288 and 3,991,263 in the six months ended June 30, 2023 and 2022, respectively.

 

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Financial Condition and Cash Flow

 

As of June 30, 2023, the Company had cash, cash equivalents and restricted cash of $106.6 million, compared to $67.3 million as of December 31, 2022. However, the Company’s short-term investment was $18.7 million as of June 30, 2023, compared to $11.7 million as of December 31, 2022.

 

In the six months ended June 30, 2023, net cash provided by operating activities was approximately $57.2 million, net cash used in investing activities was $7.0 million, and net cash used in financing activities was $8.2 million.

 

In the six months ended June 30, 2022, net cash used in operating activities was approximately $30.4 million, net cash provided by investing activities was $24.1 million, and net cash provided by financing activities was $9.6 million.

 

 

3

 

 

About Nisun International Enterprise Development Group Co., Ltd

 

Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its industry experience, Nisun is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun continues to deepen the field of industry segmentation through industrial and financial integration, by cultivating/creating an ecosystem of openness and empowerment. Nisun has built a linked platform that incorporates supply chain, banking, securities, trust, insurance, funds, state-owned enterprises, among other businesses. Focusing on industry-finance linkages, Nisun aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com.

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release contains information about Nisun’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun encourages you to review other factors that may affect its future results in Nisun’s registration statement and in its other filings with the Securities and Exchange Commission. Nisun assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law.

 

Contacts:

 

Nisun International Enterprise Development Group Co., Ltd

Investor Relations

Tel: +86 (21) 2357-0055

Email: ir@cnisun.com

 

Ascent Investor Relations LLC

Tina Xiao

Email: investors@ascent-ir.com

Tel: +1 (646) 932-7242

 

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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  $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 
           
LIABILITIES          
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 
Loan from related party   28,965    8,028,965 
Due to related parties - current   268,917    282,724 
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:          
Class A common stock, $0.01 par value, 30,000,000 and 30,000,000 shares authorized, 4,006,263 and 4,006,263 shares issued, and 3,940,865 and 3,944,075 shares outstanding as of June 30, 2023 and December 31, 2022, respectively   40,063    40,063 
Class B common stock, $0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2023 and  December 31, 2022   -    - 
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 

 

5

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS 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  $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  $2.87   $3.67 
(Loss) from discontinued operations   -    (0.07)
TOTAL EARNINGS (LOSS) PER COMMON SHARE  $2.87   $3.60 
Weighted average number of shares outstanding-basic and diluted   3,943,288    3,991,263 

 

6

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

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  $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 

 

 

7

 
v3.23.4
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
v3.23.4
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
v3.23.4
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
v3.23.4
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
v3.23.4
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
v3.23.4
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
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