6-K - AIOS - Equibles

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

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

For the month of October 2024

Commission File Number: 001-37829

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUPCO., 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, 2024 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 S-8 (Registration No. 333-281882) and into each prospectus outstanding under the foregoing registration statement, to the extent not superseded by documents or reports subsequently filed or furnished by the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934,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, 2024
99.2	Press Release, dated October 15, 2024, titled “Nisun International Reports Unaudited Financial Results for the First Half of 2024”
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase<br> Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase<br> Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase<br> Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase<br> Document
104	Cover Page Interactive Data File formatted as<br> Inline XBRL and contained in Exhibit 101

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: October 15, 2024	By:	/s/ Xin Liu
	Name:	Xin Liu
	Title:	Chief Executive Officer<br><br>(Principal Executive Officer) and<br><br>Duly Authorized Officer

Exhibit 99.1

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENTGROUP CO., LTD AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

( IN US DOLLARS)

			December 31,<br> 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	47,864,037		$	114,454,844
Restricted cash	-			197,096
Short-term investments	8,044,415			12,788,629
Accounts receivable, net	31,904,860			21,120,795
Advance to suppliers, net	85,801,726			38,602,304
Receivables from supply chain solutions	34,005,851			59,167,029
Inventories	25,321,304			30,953,583
Prepaid expenses and other current assets	14,575,029			16,018,778
TOTAL CURRENT ASSETS	247,517,222			293,303,058
NON-CURRENT ASSETS:
Property and equipment, net	721,621			881,276
Intangible assets, net	430,354			882,828
Right-of-use assets, net	2,182,671			2,384,590
Equity investments	319,275			368,528
Goodwill	17,253,427			17,659,983
Deferred tax assets, net	408,935			418,571
TOTAL NON-CURRENT ASSETS	21,316,283			22,595,776
TOTAL ASSETS	268,833,505		$	315,898,834
LIABILITIES
CURRENT LIABILITIES:
Accounts payable	15,371,048		$	45,463,753
Short-term bank loans	2,752,092			1,971,859
Accrued expenses and other current liabilities	2,948,837			7,245,358
Operating lease liabilities - current	976,889			861,087
Payables to supply chain solutions	4,295,683			12,947,708
Advances from customer	27,828,709			38,153,915
Taxes payable	4,126,779			4,145,920
Liabilities of financial guarantee	21,821			22,335
Due to related parties - current	268,329			274,652
TOTAL CURRENT LIABILITIES	58,590,187			111,086,587
Operating lease liabilities – non-current	1,386,557			1,643,076
Deferred tax liabilities	29,516			114,650
TOTAL NON-CURRENT LIABILITIES	1,416,073			1,757,726
TOTAL LIABILITIES	60,006,260			112,844,313
SHAREHOLDERS’ EQUITY:*
Class A common stock, 0.01 par value, 30,000,000 and 30,000,000 shares authorized, 4,017,596 and 4,017,596 shares issued, and 3,952,198 and 3,952,198 shares outstanding as of June 30, 2024 and December 31, 2023, respectively	40,176			40,176
Class B common stock, 0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023	-			-
Treasury shares	(228,240	)		(261,592	)
Additional paid-in capital	130,535,082			130,535,082
Retained earnings	78,009,782			68,395,637
Statutory reserves	12,253,635			11,564,250
Accumulated other comprehensive loss	(16,060,474	)		(11,474,682	)
COMMON SHAREHOLDERS’ EQUITY	204,549,961			198,798,871
Non-controlling interests	4,277,284			4,255,650
TOTAL SHAREHOLDERS’ EQUITY	208,827,245			203,054,521
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	268,833,505		$	315,898,834

All values are in US Dollars.

*	The financial statements give retroactive effect to the May<br>18, 2023 one-for-ten reverse share split.

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUPCO., LTD AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOMEAND COMPREHENSIVE INCOME

UNAUDITED ( IN US DOLLARS)

	For the Six Months Ended <br> June 30,
	2024			2023
REVENUES:
Revenues generated from sales:
Supply chain trading business	$	142,079,851		$	66,249,853
Revenues generated from services:
Small and Medium Enterprise financing solutions		48,527,509			57,956,690
Supply Chain financing solutions		1,929,533			2,737,265
Total revenue generated from services		50,457,042			60,693,955
TOTAL REVENUES		192,536,893			126,943,808
COST OF REVENUE:
Cost of revenue - sales		(140,743,9533	)		(67,342,086	)
Cost of revenue - services		(34,253,460	)		(39,529,203	)
Business and sales related taxes		(287,225	)		(231,103	)
GROSS PROFIT		17,252,255			19,841,416
OPERATING EXPENSES:
Selling expenses		(811,360	)		(2,637,517	)
General and administrative expenses		(4,718,918	)		(5,489,580	)
Research and development expenses		(446,877	)		(351,200	)
Expected credit income		262,584			235,377
Total operating expenses		(5,714,571	)		(8,242,920	)
INCOME FROM OPERATIONS		11,537,684			11,598,496
OTHER INCOME (EXPENSE):
Interest and investment income		801,987			1,498,856
Other income, net		425,839			880,144
Total other income, net		1,227,826			2,379,000
INCOME BEFORE PROVISION FOR INCOME TAXES		12,765,510			13,977,496
INCOME TAXE EXPENSES		(2,440,569	)		(2,610,535	)
NET INCOME		10,324,941			11,366,961
Net income attributable to non-controlling interests		(21,411	)		(47,574	)
NET INCOME - Nisun International’s shareholders	$	10,303,530		$	11,319,387
OTHER COMPREHENSIVE LOSS
Foreign currency translation loss		(4,585,569	)		(8,175,831	)
COMPREHENSIVE INCOME		5,717,961			3,143,556
Comprehensive loss attributable to non-controlling interests		(223	)		(1,487	)
COMPREHENSIVE INCOME	$	5,717,738		$	3,142,069
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
NET EARNINGS PER COMMON SHARE	$	2.61		$	2.87
Weighted average number of shares outstanding-basic and diluted*		3,952,198			3,943,288
*	The financial statements give<br>retroactive effect to the May 18, 2023 one-for-ten reverse share split.
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED (IN US DOLLARS)

	For the Six Months Ended<br> June 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	10,324,941		$	11,366,961
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		847,585			1,294,166
Expected credit income		(262,584	)		(234,120	)
Property and equipment written off		1,807			4,178
Income from investments		(287,022	)		(7,296	)
Deferred tax benefit		(83,112	)		(51,609	)
Repurchase Treasury shares		33,352			-
Changes in operating assets and liabilities:
Accounts receivable		(11,262,419	)		(11,089,756	)
Advance to suppliers		(48,309,925	)		28,012,573
Prepaid expenses and other current assets		(976,429	)		(3,140,645	)
Receivables from supply chain solutions		24,053,943			3,411,356
Inventories		4,956,474			(18,988,807	)
Accounts payable		(29,263,247	)		(1,839,578	)
Advance from customers		(9,517,489	)		41,474,328
Taxes payable		75,614			754,075
Other payables		(1,514,377	)		4,016,393
Payable to supply chain solutions		(8,416,415	)		2,165,239
Operating lease liabilities		(83,690	)		(490,946	)
Accrued expenses and other current liabilities		334,742			567,503
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		(69,348,251	)		57,224,015
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment		(11,673	)		(226,403	)
Purchase of intangible asset		(4,316	)		(43,534	)
Proceeds from sale of short-term investments		24,704,041			53,004,461
Proceeds from sale of long-term investment		-			2,792,763
Proceeds from investment in debt securities		-			14,204,625
Purchase of short-term investments		(19,892,871	)		(60,463,319	)
Repayments from loans to third parties		2,079,501			471,604
Payments made for loans to third parties		-			(16,756,578	)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		6,874,682			(7,016,381	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans		1,386,334			139,638
Repayment of short-term bank loans		(624,198	)		(11,912	)
Proceeds from third party loans		-			1,954,934
Repayment to related party		-			(8,000,000	)
Repayment of third party loans		(2,911,302	)		(2,252,363	)
Capital contribution from non-controlling interest		-			37,116
Repurchase Treasury shares		-			(17,514	)
NET CASH USED IN FINANCING ACTIVITIES		(2,149,166	)		(8,150,101	)
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS		(2,165,168	)		(2,738,394	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(66,787,903	)		39,319,139
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH-BEGINNING		114,651,940			67,318,573
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH-ENDING	$	47,864,037		$	106,637,712
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for income taxes	$	3,516,019		$	1,560,580
Cash paid for interest	$	69,664		$	11,912
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Lease liabilities arising from obtaining right-of-use assets	$	266,413		$	-
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS ARE COMPRISED OF THE FOLLOWING:
Cash and cash equivalents	$	47,864,037		$	105,994,692
Restricted cash		-			643,020
Total cash and cash equivalents and restricted cash	$	47,864,037		$	106,637,712

Exhibit 99.2

Nisun International Reports Unaudited FinancialResults for the First Half of 2024

SHANGHAI, China, October 15, 2024 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd (“Nisun” or the “Company”) (Nasdaq: NISN), a provider of innovative comprehensive supply chain solutions through an integration of technology, industry, and finance, today announced its unaudited financial results for the six months ended June 30, 2024.

Financial Results for the Six Months EndedJune 30, 2024

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

Revenue

●	Total revenue increased<br>by 52% to $192.5 million from $126.9 million for the six months ended June 30, 2023, with a significant increase in revenue from the<br>supply chain trading business.
●	Revenue from supply chaintrading business increased by 114% to $142.1 million, from $66.2 million in the same period of the last fiscal year, primarily due<br>to the growth of the Company’s market share in the gold trading business.
---	---
●	Revenue from services<br>decreased by 17% to $50.5 million from $60.7 million in the same period of the last fiscal year.
---	---
●	Revenues generated from the Small and Medium<br> Enterprise (SME) financing solutions business decreased by 16% to $48.5 million from $58.0 million in the same period of the last<br> fiscal year, primarily due to the challenging financial market conditions as a result of the slow-down in the Chinese economy.
---	---
●	Revenue generated from supply<br>chain financing solutions decreased by 30% to $1.9 million from $2.7 million in the same period of the last fiscal year, primarily due<br>to the challenging financial market conditions as a result of the slow-down in the Chinese economy. The Company continues to actively<br>look for other business market opportunities in China.
---	---
	For the six months ended<br> June 30,										Changes
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2024		%			2023		%			()		(%)
	(Unaudited)					(Unaudited)
Revenue generated from sales:
Revenue from supply chain trading business	$	142,079,851		74	%	$	66,249,853		52	%				114	%
Revenue generated from services:
SME financing solutions		48,527,509		25	%		57,956,690		46	%		)		(16	)%
Supply chain financing solutions		1,929,533		1	%		2,737,265		2	%		)		(30	)%
Total revenue from financing services		50,457,042		26	%		60,693,955		48	%		)		(17	)%
Total revenue	$	192,536,893		100	%	$	126,943,808		100	%				52	%

All values are in US Dollars.

Cost of revenue

Cost of revenue was $175.3 million for the six months ended June 30, 2024, compared to $107.1 million in the same period of the last fiscal year, representing an increase of 64%. This increase was primarily due to an increase in the purchase and sale volumes of certain supply chain products in line with the increase in revenue from the supply chain trading business, which has a higher cost of revenue as compared to that incurred in the financing services business.

Gross Profit

Gross profit decreased by 13% to $17.2 million for the six months ended June 30, 2024 from $19.8 million in the same period of the last fiscal year, due to an increase in the costs of revenue, which was partially offset by an increase in revenue. Gross margin as a percentage of revenue was 8.96% and 15.6% for the six months ended June 30, 2024 and 2023, respectively. The decrease in gross margin as a percentage of revenue was primarily due to the significant growth in the Company’s supply chain trading business and to a lesser extent, to a scale reduction in financing services business. Supply chain trading business generally has a lower gross margin as a percentage of revenue as compared to that of our financing services business.

Operating Expenses

Total operating expenses decreased by 31% to $5.7 million for the six months ended June 30, 2024 from $8.2 million in the same period of the last fiscal year. The decrease was primarily attributable to the significant decrease in selling expenses as a result of the decrease in demand in the SME financing solutions services, which led to a reduction in the corresponding channel promotion expenses.

●	Selling expenses decreased<br>by 69% to $0.8 million for the six months ended June 30, 2024 from $2.6 million in the same period of the last fiscal year. The decrease<br>in selling expenses was primarily due to less channel promotion expenses related to the SME financing solution services, as the Company<br>maintained its existing sales channels without adding costs associated with new channel creation.
●	General and administrative expenses decreased by 14% to $4.7 million for the six months ended June 30, 2024 from $5.5 million in the same period of the last fiscal year. The decrease in general and administrative expenses was primarily a result of management’s enhanced cost control measures, including a reduction in unnecessary travel and entertainment costs.
---	---
●	R&D expenses increased by 27% to $0.45 million for the six months ended June 30, 2024 from $0.35 million in same period of the last fiscal year. The increase in the R&D expenses was primarily due to the amortization expenses associated with the platform technology purchased by the Company in June 2023.
---	---
●	Expected credit income increased<br>by 12% to $(0.3) million from $(0.2) million in the prior year period. The increase in the expected credit income was primarily due<br>to the recovery of accounts receivable that were previously provided for in the allowance for credit losses as of December 31, 2023,<br>and the absence of new expected credit loss in the first half of the year.
---	---

Other Income net

The Company had a net other income of $1.2 million for the six months ended June 30, 2024, compared to $2.4 million in the same period of the last fiscal year. The decrease was primarily due to a decrease in interest and investment income as the result of a reduction in short-term investments during the first six months of 2024.

Net Income

In the six months ended June 30, 2024, the Company had a net income of $10.3 million, compared to $11.4 million in the same period of the last fiscal year. The decrease was primarily attributable to the decrease in gross profit as discussed above.

Net Income perShare

Net income per share was $2.61 for the six months ended June 30, 2024, a slight decrease compared to $2.87 in the same period of the last fiscal year. The weighted average number of shares outstanding was 3,952,198 and 3,943,288 in the six months ended June 30, 2024 and 2023, respectively.

Financial Conditionand Cash Flow

As of June 30, 2024, the Company had cash, cash equivalents and restricted cash of $47.8 million, compared to $114.6 million as of December 31, 2023. This decrease was primarily attributable to $69.4 million used in operating activities during the six months ended June 30, 2024.

Net cash used in operating activities increased by $126.6 million to $69.4 million for the six months ended June 30, 2024, compared to net cash provided by operating activities of $57.2 million for the prior fiscal year. The increase in net cash used in operating activities was primarily due to an increase in cash outflows from advances to suppliers of $76.3 million, advances to customers of $51.0 million, payment of other payables related to the supply chain solution business of $10.6 million, which was partially offset by an increase in cash inflow from inventory of $23.9 million.

Net cash provided by investing activities increased by $13.9 million to $6.9 million for the six months ended June 30, 2024, compared to a cash outflow from investing activities of $7.0 million for the same period of the prior fiscal year. The increase in net cash provided by investing activities was primarily due to a decrease in payments made for short-term investment of $40.6 million, and a decrease in payments for loans to third parties of $16.8 million. The decrease was partially offset by a decrease in cash inflows of $28.3 million from proceeds from sale of short-term investments and a decrease in cash proceeds from investments in debt securities of $14.2 million.

Net cash used in financing activities for the six months ended June 30, 2024 was $2.1 million, compared to $8.2 million for the same period in the prior fiscal year. Net cash used in financing activities decreased mainly due to a decrease in payments for loans from related parties of $8 million, which was partially offset by a decrease in proceeds from third party loans of $2.0 million.

About Nisun International Enterprise DevelopmentGroup 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-LookingStatements

This press release contains information aboutNisun’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differmaterially 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 growits business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of newproducts 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 necessaryto meet the requirements of its clients, and its ability to protect its intellectual property. Nisun encourages you to review other factorsthat may affect its future results in Nisun’s registration statement and in its other filings with the Securities and ExchangeCommission. Nisun assumes no obligation to update or revise its forward-looking statements as a result of new information, future eventsor otherwise, except as expressly required by applicable law.

Contacts:

Nisun International Enterprise DevelopmentGroup Co., Ltd

Investor Relations

Tel: +86 (21) 2357-0055

Email: ir@cnisun.com

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENTGROUP CO., LTD AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN US DOLLARS)

			December 31,<br> 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	47,864,037		$	114,454,844
Restricted cash	-			197,096
Short-term investments	8,044,415			12,788,629
Accounts receivable, net	31,904,860			21,120,795
Advance to suppliers, net	85,801,726			38,602,304
Receivables from supply chain solutions	34,005,851			59,167,029
Inventories	25,321,304			30,953,583
Prepaid expenses and other current assets	14,575,029			16,018,778
TOTAL CURRENT ASSETS	247,517,222			293,303,058
NON-CURRENT ASSETS:
Property and equipment, net	721,621			881,276
Intangible assets, net	430,354			882,828
Right-of-use assets, net	2,182,671			2,384,590
Equity investments	319,275			368,528
Goodwill	17,253,427			17,659,983
Deferred tax assets, net	408,935			418,571
TOTAL NON-CURRENT ASSETS	21,316,283			22,595,776
TOTAL ASSETS	268,833,505		$	315,898,834
LIABILITIES
CURRENT LIABILITIES:
Accounts payable	15,371,048		$	45,463,753
Short-term bank loans	2,752,092			1,971,859
Accrued expenses and other current liabilities	2,948,837			7,245,358
Operating lease liabilities - current	976,889			861,087
Payables to supply chain solutions	4,295,683			12,947,708
Advances from customer	27,828,709			38,153,915
Taxes payable	4,126,779			4,145,920
Liabilities of financial guarantee	21,821			22,335
Due to related parties - current	268,329			274,652
TOTAL CURRENT LIABILITIES	58,590,187			111,086,587
Operating lease liabilities – non-current	1,386,557			1,643,076
Deferred tax liabilities	29,516			114,650
TOTAL NON-CURRENT LIABILITIES	1,416,073			1,757,726
TOTAL LIABILITIES	60,006,260			112,844,313
SHAREHOLDERS’ EQUITY:*
Class A common stock, 0.01 par value, 30,000,000 and 30,000,000 shares authorized, 4,017,596 and 4,017,596 shares issued, and 3,952,198 and 3,952,198 shares outstanding as of June 30, 2024 and December 31, 2023, respectively	40,176			40,176
Class B common stock, 0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023	-			-
Treasury shares	(228,240	)		(261,592	)
Additional paid-in capital	130,535,082			130,535,082
Retained earnings	78,009,782			68,395,637
Statutory reserves	12,253,635			11,564,250
Accumulated other comprehensive loss	(16,060,474	)		(11,474,682	)
COMMON SHAREHOLDERS’ EQUITY	204,549,961			198,798,871
Non-controlling interests	4,277,284			4,255,650
TOTAL SHAREHOLDERS’ EQUITY	208,827,245			203,054,521
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	268,833,505		$	315,898,834

All values are in US Dollars.

*	The financial statements give retroactive effect to the May<br>18, 2023 one-for-ten reverse share split.

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD ANDSUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOMEAND COMPREHENSIVE INCOME

UNAUDITED (IN US DOLLARS)

	For the Six Months Ended <br> June 30,
	2024			2023
REVENUES:
Revenues generated from sales:
Supply chain trading business	$	142,079,851		$	66,249,853
Revenues generated from services:
Small and Medium Enterprise financing solutions		48,527,509			57,956,690
Supply Chain financing solutions		1,929,533			2,737,265
Total revenue generated from services		50,457,042			60,693,955
TOTAL REVENUES		192,536,893			126,943,808
COST OF REVENUE:
Cost of revenue - sales		(140,743,953	)		(67,342,086	)
Cost of revenue - services		(34,253,460	)		(39,529,203	)
Business and sales related taxes		(287,225	)		(231,103	)
GROSS PROFIT		17,252,255			19,841,416
OPERATING EXPENSES:
Selling expenses		(811,360	)		(2,637,517	)
General and administrative expenses		(4,718,918	)		(5,489,580	)
Research and development expenses		(446,877	)		(351,200	)
Expected credit income		262,584			235,377
Total operating expenses		(5,714,571	)		(8,242,920	)
INCOME FROM OPERATIONS		11,537,684			11,598,496
OTHER INCOME (EXPENSE):
Interest and investment income		801,987			1,498,856
Other income, net		425,839			880,144
Total other income, net		1,227,826			2,379,000
INCOME BEFORE PROVISION FOR INCOME TAXES		12,765,510			13,977,496
PROVISION FOR INCOME TAXES		(2,440,569	)		(2,610,535	)
NET INCOME		10,324,941			11,366,961
Net income attributable to non-controlling interests		(21,411	)		(47,574	)
NET INCOME - Nisun International’s shareholders	$	10,303,530		$	11,319,387
OTHER COMPREHENSIVE LOSS
Foreign currency translation loss		(4,585,569	)		(8,175,831	)
COMPREHENSIVE INCOME		5,717,961			3,143,556
Comprehensive (loss) attributable to non-controlling interests		(223	)		(1,487
COMPREHENSIVE INCOME	$	5,717,738		$	3,142,069
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
NET EARNINGS PER COMMON SHARE	$	2.61		$	2.87
Weighted average number of shares outstanding-basic and diluted*		3,952,198			3,943,288
*	The financial statements give<br>retroactive effect to the May 18, 2023 one-for-ten reverse share split.
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED (IN US DOLLARS)

	For the Six Months Ended<br> June 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	10,324,941		$	11,366,961
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		847,585			1,294,166
Expected credit income		(262,584	)		(234,120	)
Property and equipment written off		1,807			4,178
Income from investments		(287,022	)		(7,296	)
Deferred tax benefit		(83,112	)		(51,609	)
Repurchase Treasury shares		33,352			-
Changes in operating assets and liabilities:
Accounts receivable		(11,262,419	)		(11,089,756	)
Advance to suppliers		(48,309,925	)		28,012,573
Prepaid expenses and other current assets		(976,429	)		(3,140,645	)
Receivables from supply chain solutions		24,053,943			3,411,356
Inventories		4,956,474			(18,988,807	)
Accounts payable		(29,263,247	)		(1,839,578	)
Advance from customers		(9,517,489	)		41,474,328
Taxes payable		75,614			754,075
Other payables		(1,514,377	)		4,016,393
Payable to supply chain solutions		(8,416,415	)		2,165,239
Operating lease liabilities		(83,690	)		(490,946	)
Accrued expenses and other current liabilities		334,742			567,503
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		(69,348,251	)		57,224,015
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment		(11,673	)		(226,403	)
Purchase of intangible asset		(4,316	)		(43,534	)
Proceeds from sale of short-term investments		24,704,041			53,004,461
Proceeds from sale of long-term investment		-			2,792,763
Proceeds from investment in debt securities		-			14,204,625
Purchase of short-term investments		(19,892,871	)		(60,463,319	)
Repayments from loans to third parties		2,079,501			471,604
Payments made for loans to third parties		-			(16,756,578	)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		6,874,682			(7,016,381	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans		1,386,334			139,638
Repayment of short-term bank loans		(624,198	)		(11,912	)
Proceeds from third party loans		-			1,954,934
Repayment to related party		-			(8,000,000	)
Repayment of third party loans		(2,911,302	)		(2,252,363	)
Capital contribution from non-controlling interest		-			37,116
Repurchase Treasury shares		-			(17,514	)
NET CASH USED IN FINANCING ACTIVITIES		(2,149,166	)		(8,150,101	)
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS		(2,165,168	)		(2,738,394	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(66,787,903	)		39,319,139
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH-BEGINNING		114,651,940			67,318,573
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH-ENDING	$	47,864,037		$	106,637,712
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for income taxes	$	3,516,019		$	1,560,580
Cash paid for interest	$	69,664		$	11,912
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Lease liabilities arising from obtaining right-of-use assets	$	266,413		$	-
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS ARE COMPRISED OF THE FOLLOWING:
Cash and cash equivalents	$	47,864,037		$	105,994,692
Restricted cash		-			643,020
Total cash, cash equivalents and restricted cash	$	47,864,037		$	106,637,712