6-K
AIOS Tech Inc. (AIOS)
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM 6-K
Reportof Foreign Private Issuer
Pursuantto Rule 13a-16 or 15d-16 Under
theSecurities Exchange Act of 1934
Forthe month of December 2020
CommissionFile Number: 001-37829
NISUNINTERNATIONAL ENTERPRISE
DEVELOPMENTGROUP CO., LTD
(Registrant’s name)
C9,99 Danba Rd
PutuoDistrict, Shanghai
People’sRepublic 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 ☐
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Exhibit Index
| Exhibit | Description |
|---|---|
| 99.1 | Press release dated December 31, 2020, titled “Nisun International Reports Financial Results for the First Half of 2020” |
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:<br> December 31, 2020 | By: | /s/<br> Xiaoyun Huang |
| Name: | Xiaoyun<br> Huang | |
| Title: | Chief<br> Executive Officer | |
| (Principal<br> Executive Officer) and <br><br>Duly Authorized Officer |
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Exhibit 99.1
Nisun International Reports FinancialResults for the First Half of 2020
SHANGHAI, China, December 31, 2020 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd (“Nisun” or the “Company”) (Nasdaq: NISN), a provider of innovative comprehensive solutions through the integration of technology, industry, and finance, today announced its unaudited financial results for the six months ended June 30, 2020.
Mr. Xiaoyun Huang, Chairman and Chief Executive Officer of Nisun International, commented, “In July 2019, we shifted our business model to focus on SME financing and supply chain solutions. To streamline our new businesses, we completed a disposition of our legacy equipment and engineering business in November 2020. We sold this business for a loss largely due to current market conditions; however, we believe our entry into the financial services industry represents significantly greater growth opportunities for Nisun moving forward. We have made excellent progress in our business transition and are pleased to report solid results for the first half of 2020. We are glad to see healthy growth and meaningful profits from the core businesses, despite challenges related to the COVID-19 pandemic. Under the leadership of the newly combined management team, the Company has made measurable progress in earnings growth. Our revenues from financial services generated $13.5 million in the first half of 2020, compared to $2.5 million in all of 2019. We are optimistic about our ongoing growth as we continue to establish a more sustainable supply chain business model. As we head into the new year, Nisun remains committed to providing more flexible, convenient, and resilient supply chain services to all of our clients.”
Financial Results for the Six MonthsEnded June 30, 2020
The financial results for thefirst half 2019 were derived from the manufacturing and installation of intelligent valves, used in the pharmaceutical,biological, food and beverage, and other clean industries, which were reported as a “net loss from discontinuedoperations.” Because the Company commenced its SME financing and supply chain solutions business in July 2019, thecomparative figures of revenues, cost, and expenses were reported as nil for the first half 2019.
Revenues
Total revenue in the first half of 2020 was $13.5 million. The Company commenced its financial service business in July 2019, which provides a set of financing solutions to small-and mid-size enterprises, including design, issuance, distribution, and management of financial products. The revenue from SME financing solutions was $13.3 million, primarily due to Nisun’s ability to help small- and mid-size enterprises finance up to $903 million (RMB6.34 billion).
The Company commenced its supply chain solution business in January 2020. With a focus on finance industry linkages, the Company aims to serve the upstream and downstream of the supply chain industry while facilitating supply-side sub-sector reform. Revenue generated from supply chain solutions includes financing and management services to downstream suppliers. In the first half of 2020, revenue from the Company’s supply chain solutions was $0.2 million, which primarily stemmed from approximately $7.5 million (RMB52.4 million) in financing and management services.
Selling, General and AdministrativeExpenses
Selling, general and administrative expenses are comprised of advertising and marketing costs, office rent and expenses, costs associated with staff and support personnel who manage the Company’s business activities, and professional fees paid to third parties. The Company incurred selling, general and administrative expenses of approximately $3.9 million in the six months ended June 30, 2020, as compared to approximately $0.4 million in the prior year period, an increase of approximately $3.5 million attributable to our financial service business operations.
Net loss from discontinued operations
In the first half of 2020, the Company recorded impairment charge of $9.9 million on the assets of its discontinued operations, which resulted in a net loss of $10.3 million from discontinued operations, compared to a net loss of $0.3 million in the first half of 2019.
Net incomeand Income (loss) per share
In the first half of 2020, net loss of $6.2 million was primarily derived from $4.1 million of net income from the Company’s financial service business and net loss of $10.3 million from discontinued operations.
Net loss per share was $0.34 in the first half of 2020, compared to a net loss per share of $0.04 in the prior year period. The weighted average number of shares was 18,167,603 in the first half of 2020, compared to 16,269,577 in the comparative prior year period.
Financial Condition and Cash Flow
As of June 30, 2020, the Company had cash, cash equivalents and restricted cash of $15.9 million, compared to $2.8 million as of December 31, 2019. This increase was primarily attributable to $2.4 million in operating activities, $5.1 million in cash acquired in connection with the Nami acquisition, proceeds of $6.5 million from private placement transactions, and a contribution of $4.6 million from Nisun Cayman, a major shareholder. The funds were mainly used in the financial service business.
Net cash provided from operating activities in the first half of 2020 was $2.4 million from the Company’s financial services business, compared to $0.4 million used in the prior year period, primarily due to the discontinuation of the manufacturing and installation business.
Net cash provided from investing activities was $6.4 million in the first half of 2020, primarily attributable to the $5.1 million in cash acquired in connection with the Company’s acquisition of Nami, as well as $1.7 million repayment from loans to third parties less $.3 million in new loans to third parties, compared to nil in the prior year period.
Net cash provided by financing activities was $4.4 million in the first half of 2020, primarily due to proceeds of $6.5 million from private placement transactions and $4.6 million of capital contribution from Nisun Cayman, offset by a $6.7 million payment for the purchase of Nisun BVI, compared to $0.4 million for the same period of last year.
Recent Development
Acquisitionof Nami Holding (Cayman) Co., Ltd.
On May 12, 2020, the Company entered into a share purchase agreement (the “Agreement”) to acquire Nami Holding (Cayman) Co., Ltd. (“Nami Cayman”), an exempted company organized under the law of the Cayman Islands, from Nami Holding (BVI) Co., Ltd (SPV), a British Virgin Islands limited company (the “Seller”). Pursuant to the Agreement, the Company purchased all of the issued and outstanding shares of Nami Cayman from the Seller for approximately $25.5 million (RMB180 million) (the “Purchase Price”). Under the terms of the Agreement, the Purchase Price will be paid by means of RMB50 million in cash and 1,562,726 of our common shares valued at $11.73 issued to the Seller.
Nami Cayman, along with its subsidiaries, provide financial solutions to small- and mid-size enterprises in China. Nisun expects to achieve significant synergies from the acquisition, which will complement the Company’s financial services business.
Appointment of New Chief Executive Officer
On September 4, 2020, the Board appointed Mr. Xiaoyun Huang as Chairman and Chief Executive Officer, effective on September 4, 2020. Mr. Huang has over 10 years of experience in the fintech industry. Prior to joining Nisun, Mr. Huang served as President and CEO of Huizhong Business Consulting, where he played an instrumental role in the formation of development plans and as a major driver of growth for the overall business. Previously, he served as Chairman and General Manager of Beijing Hengtai Puhui Information Services and as President and CEO of Hangzhou Rongdu Technology. He has participated many high-profile projects, including CSRC, NEEQ, E-Capital Transfer, Shanghai Clearing House, Beijing Financial Assets Exchange, Hundsun Technologies, and many others. Mr. Huang holds a B.S. degree in Computer Science and Technology from Shanghai University of Electric Power.
Name Change to Nisun International EnterpriseDevelopment Group Co., Ltd
On November 16, 2020, the Company announced it had changed its name from Hebron Technology Co., Ltd. to Nisun International Enterprise Development Group Co., Ltd (“Nisun International”). In addition, the Company’s ticker symbol on the Nasdaq Capital Market had changed to “NISN” from “HEBT,” effective on November 16, 2020. The new corporate name reflects the Company’s current core business and enables different service segments to integrate various brands under one corporate identity.
Strategic Collaboration with Shanghai Petroleumand Natural Gas Exchange
On November 21, 2020, Fintech (Shanghai) Digital Technology Co., Ltd, a contractually-controlled affiliate of the Company, entered into a strategic collaboration agreement with Shanghai Petroleum and Natural Gas Exchange (“SHPGX”), a national trading platform for energy products. The two parties agreed to collaborate in the expansion of technology-supported services to members of SHPGX’s trading platform through the provision of supply chain management and financial services, targeting upstream and downstream enterprises in the energy industry.
Dispositionof Hong Kong Xibolun Technology Co., Ltd
On November 30, 2020, the Company completed the previously announced Equity Transfer (the “Disposition”). The Company sold all equity interests in its subsidiary, Hong Kong Xibolun Technology Co., Ltd. (“Hebron HK”), pursuant to the terms of an agreement (the “Equity Transfer Agreement”), dated November 30, 2020, to Wise Metro Development Co., Ltd. for approximately $13.9 million (RMB98.3 million), to be paid in cash or cash equivalents. Through the Hebron HK Equity Transfer, the Company sold all the equity interests it held in Zhejiang Xibolun Automation Project Technology Co., Ltd, Wenzhou Xibolun Fluid Equipment Co., Ltd., and Xuzhou Weijia Biotechnology Co., Ltd. The manufacturing and installation business have been presented as discontinued operation (“Discontinued Operations”). The sale of Hebron HK is expected to result in a loss of approximately $11.8 million upon disposal.
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Formation of New Subsidiary Nisun (Shandong)Industry Development Co., Ltd.
On December 15, 2020, the Company announced that it reached a preliminary agreement with the government of Tai’an, Shandong province, to form a new subsidiary, Nisun (Shandong) Industry Development Co., Ltd. As part of its strategic plan for 2021, Nisun (Shandong) Industry Development Co., Ltd. will act as a key operations platform and holding platform for all of Nisun’s existing Chinese subsidiaries. The new subsidiary is expected to launch in spring of 2021.
About Nisun International EnterpriseDevelopment 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 rich 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://www.fintaike.com.
Cautionary Note Regarding Forward-LookingStatements
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
Shaokang (Ken) Lu
Tel: +86 (21) 2357-0055
Email: lushaokang@cninsun.com
ICR, LLC
Tel: +1 203 682 8233
Email: nisun@icrinc.com
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENTGROUP CO., LTD AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
As OF JUNE 30, 2020 AND DECEMBER 31,2019
(EXPRESSED INUS DOLLARS)
| December 31, <br> 2019* | |||||
|---|---|---|---|---|---|
| ASSETS | |||||
| CURRENT ASSETS | |||||
| Cash and cash equivalents | 15,916,743 | $ | 2,756,490 | ||
| Restricted cash | 5,773 | 25,016 | |||
| Accounts receivable, net | 5,163,159 | 1,233,038 | |||
| Interest receivable | 103,785 | - | |||
| Prepayments and advances to suppliers, net | 1,371,230 | 171,027 | |||
| Other receivables, net | 4,061,751 | 101,111 | |||
| Loan to third parties - current portion | 6,239,266 | 2,434,715 | |||
| Due from Hebron HK | 9,199,014 | 9,201,432 | |||
| Short-term investment | 1,427,085 | - | |||
| Prepaid expenses and other current assets | 60,497 | 8,064 | |||
| Assets to be divested - current | 29,593,848 | 36,985,779 | |||
| TOTAL CURRENT ASSETS | 73,142,151 | 52,916,672 | |||
| NON-CURRENT ASSETS | |||||
| Property and equipment, net | 652,075 | 287,057 | |||
| Intangible assets, net | 3,863,269 | 4,189,350 | |||
| Operating lease right-of-use assets, net | 1,673,007 | 502,670 | |||
| Loans to third parties - long-term portion | 3,113,898 | 2,872,820 | |||
| Equity investments | 493,394 | 500,715 | |||
| Goodwill | 23,283,990 | 11,074,864 | |||
| Deferred tax assets, net | 19,748 | 20,040 | |||
| Assets to be divested – non-current | 18,600,560 | 21,636,501 | |||
| TOTAL NON-CURRENT ASSETS | 51,699,941 | 41,084,017 | |||
| TOTAL ASSETS | 124,842,092 | $ | 94,000,689 | ||
| LIABILITIES | |||||
| CURRENT LIABILITIES | |||||
| Accounts payable | 566,832 | $ | 224,045 | ||
| Accrued expenses and other current liabilities | 2,987,286 | 674,169 | |||
| Operating lease liabilities - current | 853,237 | 138,133 | |||
| Advances from customer | 824,071 | 28,728 | |||
| Taxes payable | 1,532,435 | 138,157 | |||
| Due to related parties - current | 997,819 | 7,759,443 | |||
| Consideration for acquisition | 25,477,346 | - | |||
| Liabilities to be divested - current | 28,826,594 | 28,472,022 | |||
| TOTAL CURRENT LIABILITIES | 62,065,620 | 37,434,697 | |||
| Operating lease liabilities – non-current | 826,319 | 368,019 | |||
| Deferred tax liabilities | 709,190 | 805,826 | |||
| Liabilities to be divested – non-current | 1,355,689 | 1,456,634 | |||
| TOTAL LIABILITIES | 64,956,818 | 40,065,176 | |||
| SHAREHOLDERS’ EQUITY: | |||||
| Class A common stock, 0.001 par value, 40,000,000 and 40,000,000 shares authorized, 18,992,403 and 17,710,471 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively. | 18,992 | 17,710 | |||
| Additional paid-in capital | 41,143,042 | 28,369,076 | |||
| Retained earnings | 21,326,570 | 27,472,766 | |||
| Accumulated other comprehensive loss | (2,593,523 | ) | (1,914,232 | ) | |
| COMMON SHAREHOLDERS’ EQUITY | 59,895,081 | 53,945,320 | |||
| Non-controlling interests | (9,807 | ) | (9,807 | ) | |
| TOTAL SHAREHOLDERS’ EQUITY | 59,885,274 | 53,935,513 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 124,842,092 | $ | 94,000,689 |
All values are in US Dollars.
| * | The amounts have been reclassified to conform with the<br>Company’s decision to classify Hebron HK as assets and liabilities to be divested. |
|---|
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENTGROUP CO., LTD AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OFOPERATIONS AND COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2020AND 2019
(EXPRESSED IN US DOLLARS)
(Unaudited)
| For the Six Months Ended<br> June 30, | ||||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| REVENUE | ||||||
| SME financing solutions | $ | 13,259,133 | $ | - | ||
| Supply chain solutions | 193,783 | - | ||||
| Other financing solutions | 21,120 | - | ||||
| TOTAL REVENUE | 13,474,036 | - | ||||
| COST OF REVENUE AND RELATED TAX | ||||||
| Cost of revenue | (5,266,144 | ) | - | |||
| Business and sales related tax | (68,391 | ) | - | |||
| GROSS PROFIT | 8,139,501 | - | ||||
| OPERATING EXPENSES | ||||||
| Selling expenses | 450,426 | 15,281 | ||||
| General and administrative expenses | 3,357,386 | 336,387 | ||||
| Research and development expenses | 59,496 | - | ||||
| Total operating expenses | 3,867,308 | 351,668 | ||||
| INCOME (LOSS) FROM OPERATIONS | 4,272,193 | (351,668 | ) | |||
| OTHER INCOME (EXPENSE) | ||||||
| Interest and investment income | 180,513 | - | ||||
| Other income (expense), net | 2,941 | (657 | ) | |||
| Total other income (expense), net | 183,454 | (657 | ) | |||
| INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 4,455,647 | (352,325 | ) | |||
| PROVISION FOR INCOME TAXES | 307,354 | - | ||||
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | $ | 4,148,293 | $ | (352,325 | ) | |
| LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | (10,294,489 | ) | (325,026 | ) | ||
| NET INCOME(LOSS) | $ | (6,146,196 | ) | $ | (677,351 | ) |
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||
| Foreign currency translation adjustment | (679,291 | ) | 53,784 | |||
| TOTAL COMPREHENSIVE (LOSS) | $ | (6,825,487 | ) | $ | (623,567 | ) |
| Basic and diluted income (loss) per common share | ||||||
| Income per share from continuing operations | $ | 0.23 | $ | (0.02 | ) | |
| Loss per share from discontinued operations | (0.57 | ) | (0.02 | ) | ||
| Total | $ | (0.34 | ) | $ | (0.04 | ) |
| Weighted average number of shares outstanding | ||||||
| Basic and diluted | 18,167,603 | 16,269,577 |
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENTGROUP CO., LTD AND UBSIDIARIES
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE SIX MOTHS ENDED JUNE 30, 2020AND 2019
(EXPRESSED IN US DOLLARS)
(Unaudited)
| For the Six Months Ended<br><br> June 30, | ||||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
| Net income (loss) | $ | (6,146,196 | ) | $ | (677,351 | ) |
| Net loss from discontinued operations | (10,294,489 | ) | (325,026 | ) | ||
| Net income (loss) from continued operations | 4,148,293 | (352,325 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided<br>by (used in) operating activities: | ||||||
| Depreciation and amortization | 622,812 | - | ||||
| Stock-based compensation | 860,457 | - | ||||
| Loss (income) from investments | (114,930 | ) | - | |||
| Deferred tax expense (benefit) | (85,246 | ) | - | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | (40,711 | ) | - | |||
| Prepaid expenses and other current assets | (3,742,853 | ) | - | |||
| Accounts payable | 347,340 | - | ||||
| Advance from customers | 797,100 | - | ||||
| Taxes payable | 231,784 | - | ||||
| Operating lease liabilities | (141,625 | ) | - | |||
| Accrued expenses and other current liabilities | (511,492 | ) | - | |||
| Net Cash Provided by (Used in) Operating Activities from Continuing Operations | 2,370,929 | (352,325 | ) | |||
| Net Cash (Used in) Operating Activities from Discontinued Operations | (510,306 | ) | (209,040 | ) | ||
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,860,623 | (561,365 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
| Acquisition of property and equipment | (25,768 | ) | - | |||
| Purchase of intangible asset | (22,713 | ) | - | |||
| Acquisition of cash in connection with acquisition of Nami | 5,062,170 | - | ||||
| Repayments from loans to third parties | 1,706,351 | - | ||||
| Payments made for loans to third parties | (284,392 | ) | - | |||
| Net cash provided from investing activities from continuing operations | 6,435,648 | - | ||||
| Net cash (used in) investing activities from discontinued operations | - | (12,429 | ) | |||
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 6,435,648 | (12,429 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
| Repayment made to related party | (6,678,943 | ) | - | |||
| Proceeds from private placement | 6,503,378 | - | ||||
| Capital contribution by majority shareholder | 4,550,000 | - | ||||
| Net cash provided from investing activities from continuing operations | 4,374,435 | |||||
| Net cash (used in) investing activities from discontinued operations | - | (404,751 | ) | |||
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 4,374,435 | (404,751 | ) | |||
| EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS | (40,002 | ) | 27 | |||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 12,630,704 | (978,518 | ) | |||
| Cash<br> and cash equivalent and restricted cash from continuing operations - Beginning | 2,781,506 | 631 | ||||
| Cash<br> and cash equivalent and restricted cash from discontinued operations - Beginning | 696,157 | 3,071,612 | ||||
| CASH AND CASH EQUIVALENT AND RESTRICTED CASH-BEGINNING | 3,477,663 | 3,072,243 | ||||
| Cash<br> and cash equivalent and restricted cash from continuing operations - Ending | 15,922,516 | 93 | ||||
| Cash<br> and cash equivalent and restricted cash from discontinued operations - Ending | 185,851 | 2,093,632 | ||||
| CASH AND CASH EQUIVALENT AND RESTRICTED CASH-ENDING | $ | 16,108,367 | $ | 2,093,725 | ||
| SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||||||
| Cash paid for income taxes | $ | 13,972 | $ | - | ||
| Cash paid for interest | $ | - | $ | - | ||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | ||||||
| Financing for acquisition of Nami | $ | 25,477,346 | $ | - | ||
| Accrued lease liabilities | $ | 1,679,556 | - | |||
| CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATION ARE COMPRISED<br>OF THE FOLLOWING: | ||||||
| Cash and cash equivalent | $ | 15,916,743 | $ | 93 | ||
| Restricted cash | 5,773 | - | ||||
| Total cash, cash equivalents and restricted cash | $ | 15,922,516 | $ | 93 |
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