HONG KONG, March 30, 2021 /PRNewswire/ -- Lion Group Holding
Ltd. ("Lion" or "the Company") (NASDAQ: LGHL), operator of an
all-in-one trading platform that offers a wide spectrum of products
and services with a focus on Chinese investors, today announced its
unaudited financial results for the full year ended December 31, 2020.
FINANCIAL AND OPERATING HIGHLIGHTS
All comparisons
are made on a year-over-year ("yoy") basis.
For the Full Year Ended December 31,
2020
- Total revenues decreased by 44.8% to $10.2 million from $18.5
million, mainly due to the negative impact of COVID-19.
- Net loss was $3.4 million,
compared to a net income of $8.2
million last year.
- Non-GAAP net income was $0.3
million, compared to a Non-GAAP net income of $8.2 million last year.
- Total number of revenue-generating client accounts increased by
23.8% to 5,010 from 4,047 last year.
- Total revenue-generating CFD (contract for difference) client
trading accounts increased by 44.8% to 2,668 from 1,843 last
year.
- CFD trading volume decreased by 72.3% to 223,018 lots from
806,111 lots last year.
- Futures brokerage trading volume decreased by 19.0% to 738,444
lots from 911,693 lots last year.
Mr. Chunning (Wilson) Wang, CEO
of Lion, commented: "Similar to other companies, our various
business segments were adversely affected by the COVID-19 pandemic.
Our financial performance is subject to changing global market
conditions, particularly the fluctuation and volatility of trading
activities on major exchanges worldwide, which resulted in
decreases in revenue and margins for Lion this year. Despite these
challenges, we made efforts to remain competitive in the industry,
largely attributable to our diverse new products and service
offerings. For example, we launched our TRS trading services to
allow international investors to invest in the Chinese stock
market. We are planning to launch a fintech business through the
prospective acquisition of Lion Fintech, which holds a proprietary
trading license for crypto assets in Dubai. At the same time, we recently sponsored
two SPAC companies and hope to realize gains from the appreciation
of founder shares upon each SPAC's initial public offering."
"While we expect our CFD trading services to continue being a
major revenue source in the near future, we cooperated with Yun
Tian Investment Limited, which has dispatched a team of talent in
the areas of finance, technology, and marketing, to further advance
our development in the TRS trading business. We are also pleased
that Mr. Guandong (Gordon) Wang, who
has nearly 10 years of experience in quantitative trading, has
joined our Board and is expected to play a key role in our TRS
trading business."
"As we head into the new year, we remain confident in our
long-term strategies and ongoing developments. We expect businesses
will return to normal in June this year once large populations have
received the vaccine. In addition, the need for new products and
services will further increase as our client base diversifies. As
such, we will continue to monitor the situation and develop new
products and services to keep up with customer demands and industry
trends."
RECENT DEVELOPMENTS/BUSINESS HIGHLIGHTS
- Launch of TRS trading business
On July 16, 2020, Lion announced
the official launch of "Lion Lu Gu
Tong," its total return swap (TRS) service that offers
A-shares (shares that are denominated in Renminbi and traded on the
Shanghai Stock Exchange and Shenzhen Stock Exchange) and
Hong Kong stock basket-linked TRS.
Lion earns income from the spread on interest rate loans provided
to TRS trading customers and loans borrowed from our business
partners, in addition to receiving commissions and fees from
customers for trades made through the TRS trading service.
Leveraging Lion's advanced technology infrastructure, the new
service provides a fast, smooth, and economical channel that
facilitates the purchase of Chinese stocks by international
investors.
- TRS is growing
steadily and may become a new core driver
Lion's TRS trading business is currently growing steadily. In
terms of financial support, Lion is raising $10 million in a private placement with Yun Tian
Investment Limited ("Yun Tian")
through a group of reputable and wealthy private entrepreneurs from
South China. Lion expects to use
the proceeds from the private placement to develop its TRS trading
business, among other business segments, in which the parties will
co-operate with each other. In addition to financing, Yun Tian offers professional expertise and
industry experience to advance the Company's development in TRS
trading business.
- Lion appoints new
director to Board of Directors
In January 2021, Lion appointed
Mr. Guandong (Gordon) Wang as a
director of the Board of Directors. Mr. Wang has approximately 14
years of financial industry experience and approximately 10 years
of quantitative trading and technology-related experience. Mr.
Wang's diverse background and ample experience will be valuable in
playing a key role to develop Lion's TRS trading business and
provide insights in developing innovative products to serve the
needs of our customers.
- Trend in cross-border
investment
Cross-border investment has become more and more popular, which
continues to benefit the business of cross-border internet
brokerages. Recently, the Northbound funds have seen good
performance, and Lu Gang Tong
trading is expected to increase quickly. Lion intends to leverage
its competitive advantage as one of the few cross-border internet
brokerages that offer TRS trading services to Chinese
investors.
- Sponsoring SPAC companies as a new business line
In March 2021, the Company
launched the sponsorship of two SPAC companies in cooperation with
other parties. Currently, the SPAC companies are in the formation
stage. The Company intends to build a professional SPAC sponsorship
team, evolve, and develop SPAC sponsorship into a key business
segment with plans to sponsor at least one more SPAC by the end of
2021. The Company expects to derive gains from the appreciation of
founder shares upon each SPAC's initial public offering and derive
gains or losses from further appreciation or depreciation of
founder shares following each SPAC's merger transaction, at the
cost of the sponsor's risk investment. The Company expects to bring
in new talent with SPAC experience to help advance this business
segment in 2021.
- Strategic partnership with Grandshores, planning to enter
into blockchain industry
In January 2021, Lion engaged Mr.
Yao Yongjie, chairman of Grandshores
Technology Group Limited ("Grandshores") (HKEX: 01647), as the
chief technical adviser to provide blockchain technology support,
advice on operations, and consulting services in operating digital
asset trading platforms. Shortly after, Lion signed a framework
partnership agreement with Grandshores. In March 2021, Lion subscribed 64,500,000 shares of
Grandshores at a total subscription price of approximately
$3.5 million as its first investment
into the blockchain field. In cooperation with Grandshores, Lion
plans to expand into the blockchain industry, including, but not
limited to, investment in cryptocurrency mining, investment in
private blockchain technology companies, and issuance of mainstream
digital currency trust funds.
- Significant capital flows from mainland China to overseas, opportunities for our CFD
trading and securities brokerage businesses
Since the beginning of 2020, hundreds of billions of capital
from mainland China flowed
southward and outside of China,
boosting Hong Kong and U.S.
financial markets. As a result of the positive impact of the
Hong Kong financial market,
online-brokerage companies led the market in terms of growth,
suggesting that the market is gradually tapping into the Company's
value. Recently, Lion has taken the lead in launching its TRS
trading service, which complements existing southbound trading in
the market.
- Completed financing transactions provide the capital base
for future business plans
Lion has completed a couple of private placement transactions
since the end of 2020 and acquired sufficient funds to support its
upcoming business expansions. See "Liquidity" below.
- Expansion into Vietnam, the
first step of strategic expansion into Southeast Asia region
Lion introduced a Vietnamese-language version of its CFD trading
platform, Lion Brokers Pro, in October
2020. The Company currently has a team in place in
Ho Chi Minh City to support the
expansion and will engage local enterprises as part of its
promotion and marketing efforts. In addition to Vietnam, Lion intends to target Singapore and Thailand in the next tranche of its strategic
plan to expand into Southeast
Asia. The Company established a subsidiary and office in
Singapore earlier in 2019 and
applied for a Capital Markets Services license with the Monetary
Authority of Singapore. Approval
is expected in the first half of 2021.
FINANCIAL RESULTS
For the Full Year ended December 31,
2020
Revenues
Total revenues decreased by 44.8% yoy to $10.2 million for the year ended December 31, 2020, from $18.5 million for the year ended December 31, 2019, primarily due to: (i) a
decrease in market marking commission income; (ii) a decrease in
futures and securities brokerage income; and (iii) a decrease in
insurance brokerage income, slightly offset by an increase in
trading profits.
- CFD Trading and Other Services Income. Market making
commission income decreased by 45.2% yoy to US$7.0 million from US$12.8 million in the prior year. The decrease
was primarily due to a decrease in CFD trading volume, mainly
attributable to the economic and financial impact brought onto
customers by COVID-19, which resulted in a decrease in their
willingness to trade and make investments, as well as their
disposable income allocated to making such transactions.
Furthermore, customer concerns about future unpredictability also
caused a decline in their trading activity, which affected the
Company's CFD trading business in particular. Specifically, a small
number of key clients, from whom Lion derived a substantial portion
of CFD trading service income, traded significantly less in 2020
compared to the prior year. In addition, travel restrictions in
Hong Kong caused cancellations and
prevented management from attending branding, business promotion,
and exhibition activities, thereby limiting the Company's
opportunities to acquire new customers.
- Insurance Brokerage Income. Revenues generated from
insurance brokerage services decreased by 63.8% yoy to US$0.9 million from US$2.6
million in the prior year, primarily due to travel
restrictions to Hong Kong stemming
from the COVID-19 outbreak and the unstable political environment
in Hong Kong, which dissuaded the
Company's Chinese clients from purchasing insurance products in
Hong Kong.
- Futures and Securities Brokerage Income. Revenues
generated from futures and securities brokerage services decreased
by 8.4% yoy to US$2.0 million from
US$2.2 million in the prior year,
primarily due to a decrease of US$0.4
million in futures brokerage commission income. This
resulted from a decrease in the number of executed futures
contracts from 911,693 lots in 2019 to 738,444 lots in 2020,
brought on by the economic and financial challenges stemming from
COVID-19, partially offset by government subsidy income of
US$0.2 million.
- Others. Revenues generated from others were US$0.2 million in 2020, compared to US$0.8 million in the prior year. The decrease in
revenue was primarily attributable to the decrease in interest
income as the Company earned an interest spread on a bridge loan of
US$19.1 million facilitated by Lion
to unrelated third parties in 2019.
|
Year ended December
31,
|
|
2020
|
2019
|
|
US$
|
|
%
|
US$
|
|
%
|
|
|
|
|
|
|
|
CFD trading and other
services
|
7,034,447
|
|
68.7
|
12,843,574
|
|
69.3
|
Insurance brokerage
services
|
959,299
|
|
9.3
|
2,648,141
|
|
14.3
|
Futures and securities
brokerage services
|
2,029,669
|
|
19.9
|
2,215,867
|
|
12.0
|
Others
|
206,720
|
|
2.1
|
819,268
|
|
4.4
|
Total
|
10,230,135
|
|
100.0
|
18,526,850
|
|
100.0
|
Operating expenses
Total operating expenses increased by 32.6% yoy to $13.6 million from US$10.2
million in the prior year, primarily due to increases in
G&A expenses, compensation expenses, communication and
technology, professional fees, marketing expenses, and service
expenses, partially offset by a decrease in commission expenses and
interest expenses.
- Commission Expenses decreased by 45.0% yoy to
$1.8 million from $3.4 million in the prior year,
primarily due to a decrease in insurance brokerage commission
expenses and futures and securities brokerage commission expenses,
which is in line with the overall decrease of the Company's
insurance brokerage business and futures and securities brokerage
services.
- Compensation Expenses increased by 56.5% yoy to
$3.8 million from $2.4 million in the prior year period, primarily
due to share-based compensation granted, growing number of
employees in line with the Company's business growth, as well as
the increase in average compensation.
- Communication and Technology Expenses increased by
76.6% yoy to $1.4 million from
$0.8 million in the prior year,
primarily due to an increase in trading systems service fees and
market data fees, which was in line with the growth of the
Company's CFD trading services and the launch of its TRS trading
services.
- General and Administrative Expenses increased by
226.9% yoy to $2.3 million from
$0.7 million in the prior year,
primarily as a result of share-based compensation granted in 2020
and charged into general and administrative expenses.
- Professional Fees increased by 105.7% yoy to
$1.6 million from $0.8 million in the prior year, primarily due to
the legal and consulting services fees additionally incurred after
Lion became a public company in 2020.
- Services Fees for independent contractors and
consultants increased by 116.7% to $0.8
million from $0.4 million in
the prior year period, as a result of an increased number of
contracted service providers needed, attributable to the growth of
the Company's business and share-based compensation granted to
service providers.
- Interest Expenses decreased by 75.0% yoy to
$0.2 million from $0.7 million in the prior year, primarily
attributable to the Company's short-term borrowings and a bridge
loan facilitated to unrelated third parties by Lion in 2019.
- Occupancy Expenses increased by 15.4% yoy to
$0.7 million from $0.6 million in the prior year, primarily due to
the new office spaces the Company rented for its subsidiary in
Singapore, partially offset by the
rental reduction for its subsidiaries in Hong Kong as a result of COVID-19.
- Marketing Expenses increased to $0.7 million from $55
thousand, mainly due to marketing expenses incurred to
promote the Company's businesses and branding activities in
connection with its listing event, as well as share-based
compensation granted to marketing consultants. The Company expects
this growth trend will continue in 2021.
- Other Expenses decreased by 29.1% yoy to
$0.3 million from $0.4 million in the prior year, mainly due to a
decrease in payment service fees, which is in line with customers'
reduced trading activities.
Net (loss) income
Net loss was $3.4 million for the
year of 2020, as compared to a net income of $8.2 million in 2019.
Net (loss) income per ADS
Diluted net loss per ADS was $0.33
in 2020, as compared to a diluted net income per ADS of
$1.16 in 2019.
Non-GAAP Financial Results
Non-GAAP net income, which excludes stock-based compensation
expenses and amortization of debt discounts, was $0.3 million for the year of 2020, as compared to
non-GAAP net income of $8.2 million
in 2019. Non-GAAP net income per ADS – diluted was US$0.03, as compared to a non-GAAP net income per
ADS – diluted of US$1.16 in 2019.
Liquidity
As of December 31, 2020, the
Company's cash and restricted cash were $3.4
million (excluding $1.4
million of restricted cash), compared to $6.4 million (excluding $2.2 million of restricted cash), as of
December 31, 2019. Net cash provided
by operating activities was $0.1
million. Net cash used in investing activities was
$6.6 million. Net cash provided by
financing activities was $2.6
million.
Subsequently, the Company received proceeds of an aggregate
US$28.9 million in exchange for the
issuance of 15.0 million ADSs as a result of investors' exercise of
warrants. In addition, the Company also received US$6.44 million in consideration of the issuance
of Series A Convertible Preferred Shares along with February 2021 Warrants.
BUSINESS OUTLOOK
Based on current market and operating conditions, the Company
anticipates that all its businesses will recover from COVID-19 in
June 2021. Revenue is expected to
grow by 260% to 300% to reach between $37.0
million and $41.7 million for
the full year 2021. This forecast reflects the Company's current
and preliminary views, which is subject to change, including any
potential future impact of the COVID-19 pandemic, the effects of
which are difficult to analyze and predict.
Non-GAAP Financial Measures
This press release includes reconciliations of the most
comparable financial measures calculated and presented in
accordance with accounting principles generally accepted in the
U.S. ("GAAP") to non-GAAP financial measures. The Company's
calculation of Non-GAAP (loss) income (net loss or income before
stock-based compensation and amortization of debt discounts) and
Non-GAAP EPS differs from EPS based on net (loss) income because it
does not include stock-based compensation and amortization of debt
discounts, which are non-cash charges. The Company believes that
these measures help the management identify underlying trends in
the Company's business that could otherwise be distorted by the
effect of certain expenses that the Company includes in net loss.
The Company believes that these measures provide useful information
about its operating results, enhance the overall understanding of
its past performance and future prospects, and allow for greater
comparability with respect to key metrics used by its management in
its financial and operational decision-making.
For more information on the non-GAAP financial measures, please
see the table captioned "Unaudited Reconciliations of Non-GAAP and
GAAP Financial Results" set forth at the end of this press
release.
About Lion
Lion Group Holding Ltd. (NASDAQ: LGHL) operates an all-in-one
trading platform that offers a wide spectrum of products and
services with a focus on Chinese investors. Through its
state-of-the-art technology, Lion offers contract-for-difference
(CFD) trading, total return swap (TRS) trading, insurance
brokerage, futures brokerage, and securities brokerage on its
platform, which can be accessed through applications available on
the iOS, Android, Windows, and macOS systems. Lion's customers are
predominantly well-educated and affluent Chinese individual
investors residing both inside and outside the PRC as well as
institutional clients in Hong
Kong. Additional information may be found at
http://ir.liongrouphl.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Although the Company
believes that the expectations expressed in these forward-looking
statements are reasonable, Lion's actual results may differ from
their expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
Company, and the industry in which it operates. Words such as
"expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "might" and "continues," and
similar expressions are intended to identify such forward-looking
statements. Lion cautions readers not to place undue reliance upon
any forward-looking statements, which speak only as of the date
made. Lion does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based, subject to applicable law.
Investors and potential investors should consult all of the
information set forth herein and should also refer to the risk
factors set forth in LGHL's Annual Report on Form 20-F to be filed
in March 2021, and other reports
filed or to be filed from time-to-time with the Securities and
Exchange Commission.
CONTACTS
Lion Group Holding
Tel: +852 2820 9011
Email: ir@liongrouphl.com
ICR, LLC
William
Zima
Tel: +1 203 682 8233
Email: ir@liongrouphl.com
LION GROUP HOLDING
LTD
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(in dollar
amount)
|
|
|
|
|
|
|
|
|
For the
Years Ended December 31,
|
|
|
|
|
|
|
|
2020
|
|
2019
|
Revenues
|
|
|
|
|
|
|
|
Insurance brokerage
commissions
|
|
$
959,299
|
|
$
2,648,119
|
|
Futures and
securities brokerage commissions
|
|
1,890,502
|
|
2,210,915
|
|
Market making
commissions and fees
|
|
4,940,623
|
|
11,056,431
|
|
Trading gains
(losses)
|
|
1,833,875
|
|
1,782,750
|
|
Interest and
other
|
|
605,836
|
|
828,635
|
|
|
|
|
|
|
|
10,230,135
|
|
18,526,850
|
Expenses
|
|
|
|
|
|
|
|
Commissions and
fees
|
|
1,845,994
|
|
3,355,205
|
|
Compensation and
benefits
|
|
3,802,793
|
|
2,430,636
|
|
Occupancy
|
|
683,160
|
|
591,936
|
|
Communication and
technology
|
|
1,454,050
|
|
823,433
|
|
General and
administrative
|
|
2,264,318
|
|
692,648
|
|
Professional
fees
|
|
1,565,834
|
|
761,238
|
|
Services
fees
|
|
833,864
|
|
384,840
|
|
Interest
|
|
|
|
183,157
|
|
731,812
|
|
Depreciation
|
|
40,556
|
|
52,852
|
|
Marketing
|
|
|
651,324
|
|
55,378
|
|
Payment service
charge
|
|
245,030
|
|
355,585
|
|
Other
operating
|
|
11,464
|
|
10,463
|
|
|
|
|
|
|
|
13,581,544
|
|
10,246,026
|
(Loss)income
before income taxes
|
|
(3,351,409)
|
|
8,280,824
|
Income tax
expense
|
|
(1,316)
|
|
(64,472)
|
Net (loss)
income
|
|
$
(3,352,725)
|
|
$
8,216,352
|
Other
comprehensive (loss) income
|
|
|
|
|
Foreign currency
translation adjustment
|
|
20,487
|
|
75,637
|
Comprehensive
(loss) income
|
|
$
(3,332,238)
|
|
$
8,291,989
|
(Loss) earnings per
share for both Class A and Class B
|
|
|
|
|
- basic and
diluted (i)
|
|
$
(0.33)
|
|
$
1.16
|
Weighted average
Class A ordinary shares outstanding
|
|
|
|
|
- basic and
diluted (i)
|
|
6,180,795
|
|
3,140,388
|
Weighted average
Class B ordinary shares outstanding
|
|
|
|
|
- basic and
diluted (i)
|
|
3,962,294
|
|
3,949,993
|
|
|
(i)
|
Share and per share
data have been retroactively restated to give effect to the reverse
recapitalization
|
LION GROUP HOLDING
LTD
UNAUDITED
CONSOLIDATED BALANCE SHEETS
(in dollar
amount)
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
2020
|
|
2019
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
3,426,467
|
|
$
6,388,978
|
|
Restricted cash-bank
balances held on behalf of customers
|
|
1,367,630
|
|
2,192,201
|
|
Securities owned, at
fair value
|
|
17,622
|
|
180,201
|
|
Derivatives
assets
|
|
-
|
|
194,110
|
|
Receivables from
broker-dealers and clearing organizations
|
|
8,089,193
|
|
1,684,961
|
|
Commissions
receivable
|
|
71,253
|
|
88,560
|
|
Short-term loans
receivable
|
|
2,239,378
|
|
1,637,310
|
|
Other
receivables
|
|
724,708
|
|
166,064
|
|
Prepaids, deposits
and other
|
|
677,978
|
|
510,291
|
|
Total current
assets
|
|
16,614,229
|
|
13,042,676
|
|
Fixed assets,
net
|
|
34,919
|
|
73,688
|
|
Intangible
assets
|
|
86,728
|
|
67,964
|
|
Other
assets
|
|
6,169,065
|
|
233,343
|
|
Deferred
taxes
|
|
1,128
|
|
677
|
|
Total
Assets
|
|
$
22,906,069
|
|
$
13,418,348
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Payables to
customers
|
|
$
5,221,270
|
|
$
3,853,693
|
|
Payables to
broker-dealers and clearing organizations
|
|
3,845,740
|
|
-
|
|
Commissions
payable
|
|
39,180
|
|
29,439
|
|
Accrued expenses and
other payables
|
|
1,763,094
|
|
417,445
|
|
Short-term
borrowings
|
|
293,905
|
|
1,412,570
|
|
Short-term borrowings
from related party
|
|
-
|
|
128,415
|
|
Derivative
liabilities
|
|
5,653
|
|
-
|
|
Due to
director
|
|
149,522
|
|
-
|
|
Dividends
payable
|
|
-
|
|
385,901
|
|
Total current
liabilities
|
|
11,318,364
|
|
6,227,463
|
|
Convertible
debenture
|
|
816,006
|
|
-
|
|
Total
Liabilities
|
|
12,134,370
|
|
6,227,463
|
Commitments and
Contingencies
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
Preferred shares,
$.0001 par value, 50,000,000 shares authorized,
|
|
|
|
|
|
none issued and
outstanding as of December 31, 2020 and 2019,
respectively
|
$
-
|
|
$
-
|
|
Class A ordinary
shares, $0.0001 par value, 300,000,000 shares
|
|
|
|
|
|
authorized, 9,627,553
and 3,140,388 shares issued and outstanding
|
|
|
|
|
|
at December 31,
2020 and 2019, respectively (i)
|
|
963
|
|
314
|
|
Class B ordinary
shares, $0.0001 par value, 150,000,000 shares
|
|
|
|
|
|
authorized, 9,843,096
and 3,949,993 shares issued and outstanding
|
|
|
|
|
|
at December 31,
2020 and 2019, respectively (i)
|
|
984
|
|
395
|
|
Additional paid in
capital (i)
|
|
14,516,848
|
|
7,605,034
|
|
Accumulated
deficit
|
|
(3,729,628)
|
|
(376,903)
|
|
Accumulated other
comprehensive losses
|
|
(17,468)
|
|
(37,955)
|
|
Total Stockholders'
Equity
|
|
10,771,699
|
|
7,190,885
|
|
Total Liabilities and
Stockholders' equity
|
$
22,906,069
|
|
$
13,418,348
|
|
|
|
|
|
|
|
|
|
|
(i)
|
Par value of ordinary
shares, additional paid-in capital and share data have been
retroactively restated to give effect to the reverse
recapitalization.
|
LION GROUP HOLDING
LTD
UNAUDITED SUMMARY
OF CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
DATA
(in dollar
amount)
|
|
|
For the Years
Ended December 31,
|
|
2020
|
2019
|
|
|
|
Net cash provided by
operating activities
|
$
105,675
|
$
7,976,995
|
Net cash used in
investing activities
|
(6,549,514)
|
(27,254,283)
|
Net cash provided by
financing activities
|
2,640,316
|
20,664,343
|
Effect of exchange
rate changes on cash
|
16,441
|
85,966
|
Net increase
(decrease) in cash
|
(3,787,082)
|
1,473,021
|
Cash and restricted
cash at beginning of year
|
8,581,179
|
7,108,158
|
Cash and
restricted cash at end of year
|
$
4,794,097
|
$
8,581,179
|
LION GROUP HOLDING
LTD
UNAUDITED
RECONCILIATIONS OF NON-GAAP AND GAAP FINANCIAL
RESULTS
(in dollar
amount)
|
|
|
|
Year ended
December 31,
|
|
|
2020
|
|
2019
|
|
|
US$
|
|
US$
|
|
|
|
|
|
Net (loss)
income
|
|
(3,352,725)
|
|
8,216,352
|
Stock-based
compensation
|
|
3,656,800
|
|
-
|
Amortization of debt
discounts
|
|
13,288
|
|
-
|
Non-GAAP (loss)
income before stock-based compensation and
amortization of debt discounts
|
|
317,363
|
|
8,216,352
|
(Loss) earnings per
share for both Class A and Class B
|
|
|
|
|
- basic and
diluted (i)
|
|
0.03
|
|
1.16
|
Weighted average Class
A ordinary shares outstanding
|
|
|
|
|
- basic and
diluted (i)
|
|
6,180,795
|
|
3,140,388
|
Weighted average Class
B ordinary shares outstanding
|
|
|
|
|
- basic and
diluted (i)
|
|
3,962,294
|
|
3,949,993
|
|
(i) Share and per
share data have been retroactively restated to give effect to the
reverse recapitalization
|
|
|
Year ended December
31,
|
|
|
2020
|
|
2019
|
|
|
Basic
|
|
Fully
Diluted
|
|
Basic
|
|
Fully
Diluted
|
(Loss) earnings per
share for both Class A and Class B
|
|
(0.33)
|
|
(0.33)
|
|
1.16
|
|
1.16
|
Stock-based
compensation
|
|
0.36
|
|
0.36
|
|
-
|
|
-
|
Amortization of debt
discounts
|
|
0.00
|
|
0.00
|
|
-
|
|
-
|
Non-GAAP (loss)
earnings per share for both Class A and
Class B (before stock-based compensation and amortization of
debt discounts)
|
|
0.03
|
|
0.03
|
|
1.16
|
|
1.16
|
View original
content:http://www.prnewswire.com/news-releases/lion-announces-unaudited-full-year-2020-financial-results-301258868.html
SOURCE Lion Group Holding Ltd.