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-16 Under

the Securities Exchange Act of 1934

For the month of August 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 ☐

EXHIBIT INDEX

Exhibit	Description
99.1	Press release dated August 8, 2023

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: August 8, 2023	By:	/s/ Xiaoyun Huang
	Name:	Xiaoyun Huang
	Title:	Chief Executive Officer<br><br> <br>(Principal Executive Officer) and Duly<br><br>Authorized<br> Officer

Exhibit 99.1

Nisun International Reports Financial Resultsfor Fiscal Year 2022

SHANGHAI, China, August 8, 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 financial results for the fiscal year ended December 31, 2022.

Mr. Xiaoyun Huang, Chief Executive Officer of Nisun, commented, “We are pleased to end fiscal year 2022 with solid financial performance, despite the uncertain market conditions during this period. Our total revenue reached $234.2 million in fiscal year 2022, representing an increase of 46% from fiscal year 2021, demonstrating our strong capabilities to execute strategic initiatives successfully. In fiscal year 2022, we have been committed to scaling our supply chain trading business, particularly agricultural supply chain operations. While acknowledging the challenges in our existing business, we have been actively seeking qualified partners for new business opportunities. As mentioned in our recent press releases, many of our new business partnerships established beyond their infancy, we expect to distinguish ourselves from other industry participants by prioritizing the expansion of our business, providing quality supply chain services to our clients and improving our brand awareness. In the second half of 2023 and beyond, we will continue to deepen the comprehensive coverage and dynamic cycle of the agricultural supply chain to support China’s grand strategy of rural revitalization. We will also continue to focus on enhancing our operating efficiency, aiming to sustain our long-term competitiveness in the market and creating long-term value for our shareholders.”

Financial Results for the Fiscal Year EndedDecember 31, 2022

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

Revenue

●	Total<br> revenue increased by 46% to $234.2 million from $160.2 million in fiscal year 2021, primarily<br> with increases in revenue from supply chain trading sales. The increase in total revenues<br> was primarily due to the Company’s ability to expand its business, attract higher quality<br> customers, and achieve a higher customer retention.
●	Revenue from Supply Chain Trading Business increased by 110% to $143.4 million from $68.1 million<br> in fiscal year 2021, primarily due to the Company’s expansion of its supply chain trading<br> business in various industries such as the agricultural industry and retail industry.
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●	Revenue from Financing Services slightly decreased by 1% to $90.8 million from $92.1 million<br> in the prior year period.
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●	Revenues<br> generated from the Small and Medium Enterprise (SME) financing solutions business increased<br> modestly to $87.3 million from $87.1 million in the prior year period.
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●	Revenue<br> generated from supply chain financing solutions decreased by 28% to $3.5 million from $4.9<br> million in the prior year period, primarily due to the reason that the Company shifted the<br> focus of business development from the supply chain financing solutions to supply chain trading.
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	For the Year ended December 31,										Changes
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2022		%			2021		%			()		(%)
Revenue from Supply<br> Chain Trading Business	$	143,361,714		61	%	$	68,132,237		43	%				110	%
Revenue from financing services:
SME financing solutions		87,269,959		37	%		87,133,963		54	%				0	%
Supply chain financing solutions		3,542,592		2	%		4,930,289		3	%		)		(28	)%
Other financing solutions		-		0	%		3,222		0	%		)		(100	)%
Total revenue from financing<br> service		90,812,551		39	%		92,067,474		57	%		)		(1	)%
Total revenue	$	234,174,265		100	%	$	160,199,711		100	%				46	%

All values are in US Dollars.

Cost of revenue

Cost of revenue was $197.1 million, compared to $106.2 million in the prior year period, representing an increase of 86%. The increase was primarily attributable to increases in cost of revenue from supply chain trading business.

Gross Profit

Gross profit decreased by 31% to $37.0 million, from $54.0 million in the prior year period. The decrease was primarily due to the significant increase in the costs of third-party channels for SME financing solution services, adjusted by an increase in the gross profit of the Company’s supply chain trading business by 393%, which increase was primarily a result of the Company’s ability to expand its business, attract higher quality customers, and achieve higher customer retention. Gross margin was 15.8% and 33.7% for the fiscal year ended December 31, 2022 and 2021, respectively.

Operating Expenses

Total operating expenses increased by 22% to $19.3 million from $15.9 million in the prior year period. The increase was primarily attributable to increases in bad debt expenses, offset by the decrease in selling expenses, general and administrative expenses and research and development (“R&D”) expenses.

●	Selling<br> expenses decreased by 15% to $2.0 million from $2.3 million in the prior year period. The<br> decrease in selling expenses was mainly due to the Company’s building up its network<br> in supply chain trading business in various industries and cutting its marketing expenses.
●	General<br> and administrative expenses decreased by 3% to $11.3 million from $11.6 million in the prior<br> year period. The decrease in general and administrative expenses was mainly because the Company<br> paid a one-time agreement cancellation fee of $2.5 million in 2021, adjusted by the impairment<br> loss on goodwill incurred in 2022 and increased expenses on business expansion.
---	---
●	R&D<br> expenses was $1.6 million, unchanged from fiscal year 2021.
---	---
●	Bad<br> debts expenses were $4.5 million, as compared to $0.3 million in the prior year period. The<br> bad debts expenses incurred in 2022 were primarily because certain suppliers were not be<br> able to fulfill their contractual obligations due to the COVID outbreaks in 2022.
---	---

Other Income (Expense),net

The Company had a net other income of $4.8 million, compared to $2.6 million in the prior year period. The increase was due to an increase in investment income from the short-term investments and investment in limited partnership.

Net Income

In fiscal year 2022, the Company achieved a net income of $17.8 million, compared to $30.5 million in the prior year. The decrease was primarily due to the significant increase in the costs of third-party channels.

Net Income perShare

Net income per share was $4.42 in fiscal year 2022, compared to $14.13 in the prior year period. The weighted average number of shares was 3,986,359 and 2,150,683 in the fiscal year ended December 31, 2022 and 2021, respectively.

Financial Condition and Cash Flow

As of December 31, 2022, the Company had cash, cash equivalents and restricted cash of $67.3 million, compared to $91.6 million as of December 31, 2021.

In the fiscal year ended December 31, 2022, net cash used in operating activities was approximately $29.0 million, net cash provided by investing activities was $17.8 million, and net cash used in financing activities was $8.3 million.

In the fiscal year ended December 31, 2021, net cash provided by operating activities was approximately $23.9 million, net cash used in investing activities was $25.3 million, and net cash provided by financing activities was $70.5 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 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://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

Ascent Investor Relations LLC

Tina Xiao

Email: tina.xiao@ascent-ir.com

Tel: +1 (917) 609-0333

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENTGROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(EXPRESSED IN US DOLLARS)

			December 31, <br> 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	63,901,329		$	91,447,620
Restricted cash	3,417,244			179,421
Short-term investments	11,700,400			40,666,617
Accounts receivable, net	18,931,346			18,516,150
Advance to suppliers, net	46,968,549			9,213,279
Receivables from supply chain solutions	43,475,981			59,792,613
Inventories	31,609,877			3,979,653
Prepaid expenses and other current assets	10,890,083			4,002,675
TOTAL CURRENT ASSETS	230,894,809			227,798,028
NON-CURRENT ASSETS:
Property and equipment, net	719,574			464,156
Intangible assets, net	1,795,234			2,850,853
Right-of-use assets, net	3,349,432			479,473
Equity investments	373,292			404,022
Investment in limited partnership	14,913,539			16,207,152
Goodwill	23,814,005			25,774,402
Deferred tax assets, net	310,577			-
Long term investment	7,249,319			-
TOTAL NON-CURRENT ASSETS	52,524,972			46,180,058
TOTAL ASSETS	283,419,781		$	273,978,086
LIABILITIES
CURRENT LIABILITIES:
Accounts payable	40,925,155		$	34,997,401
Short-term bank loans	434,959			784,609
Accrued expenses and other current liabilities	6,090,582			3,575,836
Operating lease liabilities - current	1,008,766			337,698
Payables to supply chain solutions	9,122,978			25,922,931
Advances from customers	21,827,387			3,429,103
Taxes payable	2,748,474			8,851,898
Loan from related party	8,028,965			10,528,965
Due to related parties - current	282,724			295,336
TOTAL CURRENT LIABILITIES	90,469,990			88,723,777
Operating lease liabilities – non-current	2,425,597			148,988
Deferred tax liabilities	727,326			504,033
TOTAL LIABILITIES	93,622,913			89,376,798
SHAREHOLDERS’ EQUITY*:
Class A common stock, 0.01 par value, 30,000,000 and 4,000,000 shares authorized, 4,006,263 and 3,981,263 shares issued, and 3,944,075 and 3,981,263 shares outstanding as of December 31, 2022 and 2021, respectively	40,063			39,813
Class B common stock, 0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and 2021	-			-
Treasury shares	(355,844	)		-
Additional paid-in capital	130,503,387			130,318,637
Retained earnings	53,214,304			37,819,226
Statutory reserves	9,167,845			6,942,111
Unearned compensation	-			(125,630	)
Accumulated other comprehensive income	(6,937,950	)		5,632,199
COMMON SHAREHOLDERS’ EQUITY	185,631,805			180,626,356
Non-controlling interests	4,165,063			3,974,932
TOTAL SHAREHOLDERS’ EQUITY	189,796,868			184,601,288
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	283,419,781		$	273,978,086

All values are in US Dollars.

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

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENTGROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVEINCOME (LOSS)

(EXPRESSED IN US DOLLARS)

	For the Year Ended December 31,
	2022			2021			2020
REVENUES:
Revenue generated from services:
Small and Medium Enterprise financing solutions	$	87,269,959		$	87,133,963		$	40,779,794
Supply Chain financing solutions		3,542,592			4,930,289			1,369,859
Other financing solutions		-			3,222			40,538
Total revenue generated from services		90,812,551			92,067,474			42,190,191
Revenue generated from sales:
Supply chain trading business		143,361,714			68,132,237			-
Total revenues		234,174,265			160,199,711			42,190,191
COST OF REVENUE:
Cost of revenue - services		(55,472,076	)		(37,989,001	)		(19,740,267	)
Cost of revenue - sales		(140,880,063	)		(67,628,806	)		-
Business and sales related taxes		(772,830	)		(533,760	)		(233,389	)
GROSS PROFIT		37,049,296			54,048,144			22,216,535
OPERATING EXPENSES:
Selling expenses		1,977,617			2,323,403			3,181,810
General and administrative expenses		11,288,871			11,641,567			8,188,736
Research and development expenses		1,563,718			1,599,728			817,770
Bad debt expense		4,509,634			294,536			-
Total operating expenses		19,339,840			15,859,234			12,188,316
INCOME FROM OPERATIONS		17,709,456			38,188,910			10,028,219
OTHER INCOME (EXPENSE):
Interest and investment income		2,790,768			2,122,903			585,177
Other income (expense), net		2,021,688			464,210			244,274
Total other income, net		4,812,456			2,587,113			829,451
INCOME BEFORE PROVISION FOR INCOME TAXES		22,521,912			40,776,023			10,857,670
PROVISION FOR INCOME TAXES		4,741,854			10,269,501			941,064
NET INCOME FROM CONTINUING OPERATIONS		17,780,058			30,506,522			9,916,606
DISCONTINUED OPERATIONS:
(Loss) from discontinued operations, net of tax		-			-			(23,107,066	)
Net gain on sale of discontinued operations, net of tax		-			-			136,050
NET (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX		-			-			(22,971,016	)
NET INCOME (LOSS)		17,780,058			30,506,522			(13,054,410	)
Net (income) attributable to non-controlling interests		(159,246	)		(126,161	)		(37,380	)
NET INCOME (LOSS) - Nisun International’s shareholders	$	17,620,812		$	30,380,361		$	(13,091,790	)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation (loss) income		(12,576,380	)		2,039,011			5,507,420
COMPREHENSIVE INCOME (LOSS)		5,044,432			32,419,372			(7,584,370	)
Comprehensive loss attributable to non-controlling interests		6,231			2,051			2,172
COMPREHENSIVE INCOME (LOSS)	$	5,050,663		$	32,421,423		$	(7,582,198	)
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE:
Income from continuing operations	$	4.42		$	14.13		$	5.32
Income (loss) from discontinued operations		-			-			(12.36	)
NET EARNINGS (LOSS) PER COMMON SHARE	$	4.42		$	14.13		$	(7.04	)
Weighted average number of shares outstanding-basic and diluted*		3,986,359			2,150,683			1,858,767
*	The<br>financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.
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NISUN INTERNATIONAL ENTERPRISE DEVELOPMENTGROUP CO., LTD AND SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2022, 2021AND 2020

(EXPRESSED IN US DOLLARS)

	2022			2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	17,780,058		$	30,506,522		$	(13,054,410	)
Net (loss) from discontinued operations		-			-			(22,971,016	)
Net income from continuing operations		17,780,058			30,506,522			9,916,606
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		2,113,732			2,180,038			1,686,518
Stock-based compensation		125,630			498,825			1,097,415
Shares issued for compensation		185,000			71,175			-
Bad debt expense		4,509,634			294,536			-
Impairment of goodwill		777,329			-			-
Loss on disposition of property and equipment		1,385			190,301			42,534
(Income) from investments		(541,578	)		(808,464	)		(169,720	)
Deferred tax (benefit) expense		271,907			275,749			(584,760	)
Changes in operating assets and liabilities:
Accounts receivable		(2,075,274	)		(13,294,924	)		573,418
Advance to suppliers, net		(39,859,386	)		(9,213,279	)		-
Prepaid expenses and other current assets		(4,734,501	)		(3,464,939	)		16,009
Receivables from supply chain solutions		11,372,841			(48,202,128	)		(10,741,981	)
Inventories		(25,530,993	)		(3,931,400	)		-
Accounts payable		7,693,011			33,620,611			1,014,227
Advance from customers		19,085,377			3,375,769			(17,977	)
Taxes payable		(5,574,048	)		5,575,502			1,609,498
Other payables		-			2,576,570			(2,112,886	)
Payable to supply chain solutions		(15,198,883	)		25,608,622			-
Operating lease liabilities		(855,242	)		(952,495	)		(580,628	)
Accrued expenses and other current liabilities		1,501,078			(1,049,489	)		502,100
Net cash (used in) provided by operating activities from continuing operations		(28,952,923	)		23,857,102			2,250,373
Net cash (used in) provided by operating activities from discontinued operations		-			-			436,389
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		(28,952,923	)		23,857,102			2,686,762
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment		(652,585	)		(186,705	)		(204,904	)
Purchase of intangible assets		(74,710	)		(18,281	)		(94,400	)
Proceeds from disposal of equipment		-			-			41,688
Cash (paid) received in connection with Nami acquisition		-			(7,007,905	)		4,990,754
Cash paid in connection with acquisition, net of cash received		(530,322	)		-			-
Investment in limited partnership		-			-			(15,589,966	)
Cash received on disposal of discontinued operations		-			14,950,730			-
Proceeds from sale of short-term investments		78,595,280			4,894,270			-
Purchase of short-term investments		(51,567,746	)		(39,526,099	)		(3,065,134	)
Purchase of Long-term investments		(7,430,511	)		-			-
Collection of loans to third parties		-			1,643,203			11,019,545
Loans to third parties		(501,905	)		-			(1,810,495	)
Net cash provided by (used in) investing activities from continuing operations		17,837,501			(25,250,787	)		(4,712,912	)
Net cash (used in) investing activities from discontinued operations		-			-			(6,713	)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		17,837,501			(25,250,787	)		(4,719,625	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans		445,831			784,609			-
Proceeds from issuance of common shares and pre-funded warrants		-			70,794,465			-
Proceeds from private placement		-			-			6,503,378
Proceeds from third-party loans		36,770,626			-			-
Repayment of short-term bank loans		(1,239,983	)		-			-
Repayment of third-party loans		(41,491,973	)		-			-
Repayment to related parties		(10,097	)		(1,803,374	)		(6,803,115	)
Advances from related parties		-			-			1,303,556
Loan from related parties		-			-			10,528,965
Repayment of loan from related parties		(2,500,000	)		-			-
Purchase of treasury shares		(355,844	)		-			-
Capital contribution from non-controlling interest		37,116			751,841			3,065,134
Capital contribution by shareholder		-			-			4,550,000
Net<br> cash (used in) provided by financing activities from continuing operations		(8,344,324	)		70,527,541			19,147,918
Net cash (used in) financing activities from discontinued operations		-			-			(788,599	)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(8,344,324	)		70,527,541			18,359,319	)
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS		(4,848,722	)		294,928			2,806,981
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(24,308,468	)		69,428,784			19,133,437
Less: (decrease) in cash and cash equivalents from discontinued operations					-			(283,314	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS		(24,308,468	)		69,428,784			19,416,751
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM CONTINUING OPERATIONS-BEGINNING		91,627,041			22,198,257			2,781,506
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH FROM CONTINUING OPERATIONS-ENDING	$	67,318,573		$	91,627,041		$	22,198,257
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for income taxes	$	10,385,495		$	5,546,082		$	552,783
Cash paid for interest	$	496,932		$	370,356		$	124,778
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Amount payable to related parties for business acquisition	$	-		$	-		$	7,007,905
Issuance of shares for business acquisition	$	-		$	-		$	18,330,776
Receivable from disposal of subsidiary	$	289,973		$	-		$	14,950,730
Issuance of shares for share-based compensation	$	-		$	71,175		$	1,721,870
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS ARE COMPRISED OF THE FOLLOWING:
Cash and cash equivalents	$	63,901,329		$	91,447,620		$	22,135,310
Restricted cash		3,417,244			179,421			62,947
Total cash, cash equivalents and restricted cash	$	67,318,573		$	91,627,041		$	22,198,257