Revenue up 697% Year-over-year
SHENZHEN, China, Nov. 15, 2021 /PRNewswire/ -- TD Holdings,
Inc. (Nasdaq: GLG) (the "Company"), a commodities
trading service provider in China, today announced its
financial results for the third quarter ended September 30,
2021.
Ms. Renmei Ouyang, the Chief Executive Officer of the
Company, stated, "We are pleased to report our financial results
for the third quarter of fiscal year 2021. Our revenue increased by
697% to $54.77 million for the third
quarter of fiscal year 2021 as compared to the same quarter of last
year. During the third quarter, we have entered into a new
strategic alliance with Jinyibao International Technology Company
Limited to step into the global gold spot trading market, which is
expected to enrich our commodity trading platforms, expand the
scale of the platforms, and open up a new profit growth point. We
have also established a partnership with Guangzhou Wensheng
Blockchain Technology Co., Ltd. to target the tremendous market
potential of blockchain in the supply chain financing and digital
cloud warehouse business. In addition, we have entered into
strategic cooperation with Guangdong Enterprise Investment
Promotion Association to develop our lightweight new materials
business. Looking forward, we believe these moves will allow us to
execute our lead strategy and effectively drive long-term
growth."
Financial Highlights
In the quarter ended September 30,
2021
- Revenue from commodities trading business was $54.77
million, consisting of $52.73 million from sales of
commodities products, and $2.04 million from supply chain
management services for the quarter ended September 30, 2021, an increase of 697% from
$6.87 million for the same quarter
ended September 30, 2020.
- Net income from continuing operation was $0.46 million, as
compared with $3.54 million for
the same quarter ended September 30,
2020. Net income was $0.46
million, as compared with $0.55
million for the same quarter ended September 30, 2020.
- Basic and diluted earnings per share from continuing operations
was $nil, compared with $0.06 for the same quarter ended
September 30, 2020. Basic and diluted
earnings per share was $nil, compared with $0.01 for the same period
ended September 30, 2020.
In the nine months ended September 30,
2021
- Revenue from commodities trading business was $144.20
million, consisting of $141.68 million from sales of
commodities products, and $2.52 million from supply chain
management services for the nine months ended September 30, 2021, an increase of 1339% from
$10.02 million for the same period
ended September 30, 2020.
- Net loss from continuing operation was $0.72 million, as compared with $1.73 million for the same period ended
September 30, 2020. Net loss
was $0.72 million, as compared with $5.27 million for the same period ended
September 30, 2020.
- Basic and diluted loss per share from continuing operations
was $0.01, compared with $0.03 for the same period ended September 30, 2020. Basic and diluted loss per
share was $0.01, compared with $0.12 for the same period
ended September 30, 2020.
Financial Results
In the three months ended September
30, 2021
Revenues
For the three months ended September 30,
2021, the Company sold non-ferrous metals to twelve
customers at fixed prices, and earned revenues when the product
ownership was transferred to its customers. The Company earned
revenues of $52.73 million from sales
of commodity products for the three months ended September 30, 2021, among which, $1.37 million generated from the related party,
compared with $0.96 million from
sales of commodity products for the three months ended September 30, 2020.
For the three months ended September 30,
2021, the Company earned commodity distribution commission
fees of $2.04 million from twenty-two
third-party customers and the Company earned commodity distribution
commission fees of $1.15 million and
$2.04 million from facilitating such
sales transactions with three third party customers and three
related party customers for the three months ended September 30, 2020.
Cost of revenue
Cost of revenue primarily consists of purchase costs of
non-ferrous metal products. For the three months ended September 30, 2021, the Company purchased
non-ferrous metal products of $51.36
million from eleven third party vendors and $1.43 million from one related party vendors,
compared with $3.61 million from two
related party vendors for the three months ended September 30, 2020.
Selling, general, and administrative expenses
Selling, general and administrative expenses increased by
$1.93 million or 622%, to
$2.23 million for the three months
ended September 30, 2021, from
$0.29 million for the three months
ended September 30, 2020. Selling,
general and administrative expenses primarily consisted of salary
and employee benefits, office rental expense, amortizations of
intangible assets and convertible notes, professional service fees
and finance offering related fees. The increase was mainly
attributable to amortization of intangible assets of $1.01 million and amortization of convertible
notes of $0.19 million for the three
months ended September 30,2021 while
no such issuance for the three months ended September 30, 2020.
Interest income
Interest income was primarily generated from loans made to third
parties and related parties. Interest income decreased by
$0.03 million or 1%, to $1.81 million for the three months ended
September 30, 2021, from $1.84 million for the three months ended
September 30, 2020.
Net income from continuing operations
Net income from continuing operations was $0.46 million for the three months ended
September 30, 2021, compared with
$3.54 million for the three months
ended September 30, 2020.
Net income
Net income was $0.46 million for
the three months ended September 30,
2021, compared with $0.55
million for the three months ended September 30, 2020.
In the nine months ended September 30,
2021
Revenues
For the nine months ended September 30,
2021, the Company sold non-ferrous metals to three related
party customers and twenty-one third party customers at fixed
prices, and earned revenues when the product ownership was
transferred to its customers. The Company earned revenues of
$141.68 million from sales of
commodity products for the nine months ended September 30, 2021, compared with $6.30 million for the nine months ended
September 30, 2020.
For the nine months ended September 30,
2021, the Company earned commodity distribution commission
fees of $2.52 million from third
party vendors, compared with commission fees of $2.11 million from six third party customers and
distribution service fees of $1.61
million from three related party customer for the nine
months ended September 30, 2020.
Cost of revenue
Cost of revenue primarily consists of purchase costs of
non-ferrous metal products. For the nine months ended September 30, 2021, the Company purchased
non-ferrous metal products of $118.32
million from twenty-one third party vendors and $23.35 million from eight related party vendors,
compared with $1.46 million from one
third party vendor and $4.87 million
from three related party vendors for the nine months ended
September 30, 2020.
Selling, general, and administrative expenses
Selling, general and administrative expenses increased by
$4.82 million or 467%, to
$5.85 million for the nine months
ended September 30, 2021, from
$1.03 million for the nine months
ended September 30, 2020. Selling,
general and administrative expenses primarily consisted of salary
and employee benefits, office rental expense, amortizations of
intangible assets and convertible notes, professional service fees
and finance offering related fees. The increase was mainly
attributable to amortization of intangible assets of $2.91 million and amortization of convertible
notes of $0.35 million for the nine
months ended September 30, 2021 while
no such issuance for the three months ended September 30, 2020.
Interest income
Interest income was primarily generated from loans made to third
parties and related parties. Interest income increased by
$3.12 million or 83%, to $6.85 million for the nine months ended
September 30, 2021, from $3.74 million for the nine months ended
September 30, 2020. The increase was
primarily due to loans made to Yunfeihu for the three months ended
September 30, 2021, for the nine
months ended September 30, 2021,
$3.80 million was attributed to
related party and $3.06 million was
generated from third party vendors.
Share-based payment for service
On March 4, 2021, the Company
issued 750,000 fully-vested warrants with an exercise price of
$0.01, with a five-year life, to an
agent who was engaged to complete the warrant waiver and exercise
agreements. The Company applied Black-Scholes model and determined
the fair value of the warrants to be $1,695,042. Significant estimates and assumptions
used included stock price on March 4,
2021 of $2.27 per share,
risk-free interest rate of one year of 0.08%, life of 5 years, and
volatility of 71.57% for the nine months ended September 30, 2021.
On July 16, 2021, the Company
issued 140,000 shares of the Company's common stock as compensation
to a PR service provider for increasing the Company's visibility in
the financial news community, and recognized 141,400 Share-based
payment for service to profit.
For the nine months ended September 30,
2020, no such expenses incurred.
Amortization of beneficial conversion feature and relative
fair value of warrants relating to issuance of convertible notes
For the nine months ended September 30,
2021, the item represented the amortization of beneficial
conversion feature of $619,025 of the
two convertible notes issued on January 6,
2021 and on March 4, 2021.
For the nine months ended September 30,
2020, the item represented the full amortization of
beneficial conversion feature of $3.4
million and amortization of relative fair value of warrants
of $3.06 million relating to the
convertible notes which was exercised in May
2020.
Net loss from continuing operations
Net loss from continuing operations was $0.72 million for the nine months ended
September 30, 2021, compared with
$1.73 million for the nine months
ended September 30, 2020.
Net loss
Net loss from was $0.72 million
for the nine months ended September 30,
2021, compared with $5.27
million for the nine months ended September 30, 2020.
Nine months Ended September 30,
2021 Cash Flows
As of September 30, 2021, the Company had cash and cash
equivalents of $4.29 million, as compared with $2.70
million as of December 31,
2020.
Net cash provided by operating activities from continuing
operations was $0.94 million for the nine months
ended September 30, 2021, compared with $3.07 million for the nine months
ended September 30, 2020. Net cash provided by operating
activities was $0.94 million for the nine months
ended September 30, 2021, compared with $2.37 million for the nine months
ended September 30, 2020.
Net cash used in investing activities was $62.21
million for the nine months ended September 30, 2021,
compared with $83.14 million for the nine months
ended September 30, 2020.
Net cash provided by financing activities was $62.13
million for the nine months ended September 30, 2021,
compared with $81.05 million the nine months
ended September 30, 2020.
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business
in China. Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers. Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading. For more
information, please visit http://ir.tdglg.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of TD Holdings, Inc. and its
subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. The following factors,
among others, could cause actual results to differ materially from
those described in these forward-looking statements: there is
uncertainty about the spread of the COVID-19 virus and the impact
it will have on the Company's operations, the demand for the
Company's products and services, global supply chains and economic
activity in general. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Company's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in the Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its website
at http://www.sec.gov. All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
For more information, please contact:
Ascent Investor Relations LLC
Ms. Tina Xiao
Email:tina.xiao@ascent-ir.com
Tel: +1 917 609 0333
TD HOLDINGS,
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
September 30,
2021
|
|
|
December 31,
2020
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash
|
|
$
|
4,291,390
|
|
|
$
|
2,700,013
|
|
Loans receivable from
third parties
|
|
|
103,932,909
|
|
|
|
18,432,691
|
|
Due from related
parties
|
|
|
12,083,999
|
|
|
|
55,839,045
|
|
Other current
assets
|
|
|
6,742,586
|
|
|
|
1,310,562
|
|
Total current
assets
|
|
|
127,050,884
|
|
|
|
78,282,311
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
2,266
|
|
|
|
-
|
|
Goodwill
|
|
|
69,826,845
|
|
|
|
69,322,325
|
|
Intangible
assets
|
|
|
21,905,533
|
|
|
|
19,573,846
|
|
Total noncurrent
assets
|
|
|
91,734,644
|
|
|
|
88,896,171
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
218,785,528
|
|
|
$
|
167,178,482
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Advances from
customers
|
|
$
|
8,255,056
|
|
|
$
|
9,214,369
|
|
Bank
borrowings
|
|
|
1,110,186
|
|
|
|
1,653,247
|
|
Third party loans
payable
|
|
|
462,185
|
|
|
|
-
|
|
Due to related
parties
|
|
|
22,878
|
|
|
|
7,346,021
|
|
Income tax
payable
|
|
|
7,571,307
|
|
|
|
5,460,631
|
|
Other current
liabilities
|
|
|
3,820,365
|
|
|
|
3,197,147
|
|
Convertible
notes
|
|
|
2,574,624
|
|
|
|
-
|
|
Acquisition
payable
|
|
|
-
|
|
|
|
15,384,380
|
|
Total current
liabilities
|
|
|
23,816,601
|
|
|
|
42,255,795
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
4,312,941
|
|
|
|
4,893,461
|
|
|
|
|
|
|
|
|
|
|
Total noncurrent
liabilities
|
|
|
4,312,941
|
|
|
|
4,893,461
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
28,129,542
|
|
|
|
47,149,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
(Deficit)
|
|
|
|
|
|
|
|
|
Common stock (par
value $0.001 per share, 100,000,000 shares authorized;
134,913,029 and 79,131,207 shares issued and outstanding
at September 30,
2021 and December 31, 2020, respectively)
|
|
|
134,913
|
|
|
|
79,131
|
|
Statutory
reserve
|
|
|
913,292
|
|
|
|
913,292
|
|
Additional paid-in
capital
|
|
|
222,683,671
|
|
|
|
151,407,253
|
|
Accumulated
deficit
|
|
|
(41,418,576)
|
|
|
|
(39,255,945)
|
|
Accumulated other
comprehensive income
|
|
|
8,342,686
|
|
|
|
6,885,495
|
|
Total
Equity
|
|
|
190,655,986
|
|
|
|
120,029,226
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
$
|
218,785,528
|
|
|
$
|
167,178,482
|
|
TD HOLDINGS,
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
|
COMPREHENSIVE
INCOME (LOSS)
|
(Expressed in U.S.
dollars, except for the number of shares)
|
|
|
|
For the Three
Months Ended
September 30,
|
|
|
For the Nine
Months Ended
September 30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity products -
related parties
|
|
$
|
1,365,823
|
|
|
$
|
958,108
|
|
|
$
|
23,292,454
|
|
|
$
|
3,575,409
|
|
Commodity products -
third parties
|
|
|
51,364,489
|
|
|
|
2,722,836
|
|
|
|
118,387,337
|
|
|
|
2,722,836
|
|
Supply chain
management services - related parties
|
|
|
-
|
|
|
|
2,041,570
|
|
|
|
-
|
|
|
|
2,112,166
|
|
Supply chain
management services - third parties
|
|
|
2,043,494
|
|
|
|
1,148,839
|
|
|
|
2,515,919
|
|
|
|
1,609,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
|
54,773,806
|
|
|
|
6,871,353
|
|
|
|
144,195,710
|
|
|
|
10,019,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity product
sales - related parties
|
|
|
(1,429,486)
|
|
|
|
(3,609,639)
|
|
|
|
(23,347,003)
|
|
|
|
(4,865,857)
|
|
Commodity product
sales - third parties
|
|
|
(51,358,653)
|
|
|
|
(88,543)
|
|
|
|
(118,323,668)
|
|
|
|
(1,458,212)
|
|
Supply chain
management services - third parties
|
|
|
(11,913)
|
|
|
|
(16,463)
|
|
|
|
(15,555)
|
|
|
|
(24,417)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
revenue
|
|
|
(52,800,052)
|
|
|
|
(3,714,645)
|
|
|
|
(141,686,226)
|
|
|
|
(6,348,486)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
1,973,754
|
|
|
|
3,156,708
|
|
|
|
2,509,484
|
|
|
|
3,671,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
|
(2,226,398)
|
|
|
|
(292,080)
|
|
|
|
(5,851,131)
|
|
|
|
(1,032,660)
|
|
Share-based payment
for service
|
|
|
(141,400)
|
|
|
|
-
|
|
|
|
(1,836,442)
|
|
|
|
-
|
|
Total operating
expenses
|
|
|
(2,367,798)
|
|
|
|
(292,080)
|
|
|
|
(7,687,573)
|
|
|
|
(1,032,660)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expenses), net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
1,809,398
|
|
|
|
1,836,016
|
|
|
|
6,854,491
|
|
|
|
3,736,079
|
|
Interest
expenses
|
|
|
100,294
|
|
|
|
(15,164)
|
|
|
|
(182,954)
|
|
|
|
(69,644)
|
|
Amortization of
beneficial conversion feature relating
to issuance of convertible notes
|
|
|
(619,025)
|
|
|
|
-
|
|
|
|
(619,025)
|
|
|
|
(3,400,000)
|
|
Amortization of
relative fair value of warrants relating
to issuance of convertible notes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,060,000)
|
|
Other income
(expense), net
|
|
|
251,014
|
|
|
|
-
|
|
|
|
(135,344)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
income (expenses), net
|
|
|
1,541,681
|
|
|
|
1,820,852
|
|
|
|
5,917,168
|
|
|
|
(2,793,565)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations before income taxes
|
|
|
1,147,637
|
|
|
|
4,685,480
|
|
|
|
739,079
|
|
|
|
(154,831)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
|
(690,022)
|
|
|
|
(1,149,563)
|
|
|
|
(1,461,884)
|
|
|
|
(1,573,531)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continued operations, net of tax
|
|
|
457,615
|
|
|
|
3,535,917
|
|
|
|
(722,805)
|
|
|
|
(1,728,362)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
discontinued operations, net of tax
|
|
|
-
|
|
|
|
(2,989,116)
|
|
|
|
-
|
|
|
|
(3,541,807)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
457,615
|
|
|
|
546,801
|
|
|
|
(722,805)
|
|
|
|
(5,270,169)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net
loss attributable to non-controlling interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to TD Holdings, Inc.'s Stockholders
|
|
$
|
457,615
|
|
|
$
|
546,801
|
|
|
$
|
(722,805)
|
|
|
$
|
(5,263,096)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income(loss)
|
|
$
|
457,615
|
|
|
$
|
546,801
|
|
|
$
|
(722,805)
|
|
|
$
|
(5,270,169)
|
|
Foreign currency
translation adjustment
|
|
|
(605,379)
|
|
|
|
3,515,011
|
|
|
|
1,457,191
|
|
|
|
3,427,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
|
$
|
(147,764)
|
|
|
$
|
4,061,812
|
|
|
$
|
734,386
|
|
|
$
|
(1,843,130)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Total
comprehensive loss attributable to non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to
TD Holdings, Inc.
|
|
$
|
(147,764)
|
|
|
$
|
4,061,812
|
|
|
$
|
734,386
|
|
|
$
|
(1,836,057)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share- basic
|
|
|
0.00
|
|
|
|
0.01
|
|
|
|
(0.01)
|
|
|
|
(0.12)
|
|
Earnings (loss)
per share- diluted
|
|
|
0.00
|
|
|
|
0.01
|
|
|
|
(0.01)
|
|
|
|
(0.12)
|
|
Earnings (loss)
per share continuing - basic and diluted
|
|
|
0.00
|
|
|
|
0.06
|
|
|
|
(0.01)
|
|
|
|
(0.03)
|
|
Earnings (loss) per
share discontinued - basic and diluted
|
|
|
-
|
|
|
|
(0.05)
|
|
|
|
-
|
|
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding-Basic
|
|
|
102,091,312
|
|
|
|
58,625,143
|
|
|
|
97,406,331
|
|
|
|
43,695,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding-Diluted
|
|
|
108,621,947
|
|
|
|
58,625,143
|
|
|
|
103,936,966
|
|
|
|
43,695,789
|
|
TD HOLDINGS,
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Expressed in U.S.
dollar)
|
|
|
|
For the Nine
Months
Ended
September 30,
|
|
|
|
2021
|
|
|
2020
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(722,805)
|
|
|
$
|
(5,270,169)
|
|
Net loss from
discontinued operations
|
|
|
-
|
|
|
|
3,541,807
|
|
Net (loss) income
from continuing operations
|
|
|
(722,805)
|
|
|
|
(1,728,362)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation of
property and equipment
|
|
|
331
|
|
|
|
-
|
|
Amortization of right
of use assets
|
|
|
-
|
|
|
|
222,840
|
|
Amortization of
intangible assets
|
|
|
2,905,932
|
|
|
|
-
|
|
Amortization of
beneficial conversion feature of convertible notes
|
|
|
354,000
|
|
|
|
-
|
|
Interest expense for
convertible notes
|
|
|
300,108
|
|
|
|
-
|
|
Standstill fee
relating to convertible notes
|
|
|
356,934
|
|
|
|
-
|
|
Deferred tax
liabilities
|
|
|
(617,582)
|
|
|
|
-
|
|
Share-based payment
for service
|
|
|
1,836,442
|
|
|
|
-
|
|
Amortization of
beneficial conversion feature relating to issuance of convertible
notes
|
|
|
619,025
|
|
|
|
3,400,000
|
|
Amortization of
relative fair value of warrants relating to issuance of convertible
notes
|
|
|
-
|
|
|
|
3,060,000
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Other current
assets
|
|
|
1,268,574
|
|
|
|
(139,114)
|
|
Escrow account
receivable
|
|
|
-
|
|
|
|
(369,552)
|
|
Prepayments
|
|
|
-
|
|
|
|
(5,282,703)
|
|
Due from related
parties
|
|
|
(385,132)
|
|
|
|
-
|
|
Due from third
parties
|
|
|
(1,589,463)
|
|
|
|
-
|
|
Advances from
customers
|
|
|
(1,028,785)
|
|
|
|
1,843,990
|
|
Due to related
parties
|
|
|
(5,497,309)
|
|
|
|
296,611
|
|
Income tax
payable
|
|
|
2,070,616
|
|
|
|
1,573,531
|
|
Other current
liabilities
|
|
|
607,774
|
|
|
|
439,422
|
|
Lease
liabilities
|
|
|
-
|
|
|
|
(244,104)
|
|
Due to third party
loans payable
|
|
|
463,271
|
|
|
|
-
|
|
Net Cash Used in
Operating Activities from continuing operations
|
|
|
941,931
|
|
|
|
3,072,559
|
|
Net Cash Used in
Operating Activities from discontinued operations
|
|
|
-
|
|
|
|
(700,039)
|
|
Net Cash Used in
Operating Activities
|
|
|
941,931
|
|
|
|
2,372,520
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Purchases of
intangible assets
|
|
|
(5,100,306)
|
|
|
|
-
|
|
Purchases of property
and equipment
|
|
|
(2,603)
|
|
|
|
-
|
|
Final payment of
acquisition of a subsidiary
|
|
|
(15,532,750)
|
|
|
|
-
|
|
Payment made on loans
to related parties
|
|
|
-
|
|
|
|
(4,826,640)
|
|
Payment made on loans
to third parties
|
|
|
(99,030,244)
|
|
|
|
(157,087,880)
|
|
Collection of loans
from third parties
|
|
|
13,463,633
|
|
|
|
74,999,934
|
|
Collection of loans
from related parties
|
|
|
44,399,732
|
|
|
|
3,404,953
|
|
Investments in other
investing activities
|
|
|
(410,536)
|
|
|
|
-
|
|
Net Cash Used in
Investing Activities from continuing operations
|
|
|
(62,213,074)
|
|
|
|
(83,509,633)
|
|
Net Cash Used in
Investing Activities from discontinued operations
|
|
|
-
|
|
|
|
368,612
|
|
Net Cash Used in
by Investing Activities
|
|
|
(62,213,074)
|
|
|
|
(83,141,021)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from third
party borrowings
|
|
|
-
|
|
|
|
1,558,595
|
|
Repayments of
borrowings to related parties
|
|
|
(1,896,122)
|
|
|
|
-
|
|
Payments of
borrowings to the third parties
|
|
|
(556,397)
|
|
|
|
-
|
|
Proceeds from
issuance of common stock under ATM
|
|
|
2,192,989
|
|
|
|
-
|
|
Proceeds from
issuance of common stock under private placement
transactions
|
|
|
57,877,941
|
|
|
|
13,500,000
|
|
Proceeds from
convertible promissory notes
|
|
|
4,500,000
|
|
|
|
30,000,000
|
|
Proceeds from
exercise of warrants
|
|
|
7,500
|
|
|
|
36,369,552
|
|
Net Cash Used in
Financing Activities from continuing operations
|
|
|
62,125,911
|
|
|
|
81,428,147
|
|
Net Cash Used in
Financing Activities from discontinued operations
|
|
|
-
|
|
|
|
(381,554)
|
|
Net Cash Used in
by Financing Activities
|
|
|
62,125,911
|
|
|
|
81,046,593
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
736,609
|
|
|
|
912,189
|
|
|
|
|
|
|
|
|
|
|
Net
increase(decrease) in cash and cash equivalents
|
|
|
1,591,377
|
|
|
|
1,190,281
|
|
Cash at beginning of
period
|
|
|
2,700,013
|
|
|
|
1,777,276
|
|
Cash at end of
period
|
|
$
|
4,291,390
|
|
|
$
|
2,967,557
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Information
|
|
|
|
|
|
|
|
|
Cash paid for
interest expense
|
|
$
|
-
|
|
|
$
|
-
|
|
Cash paid for income
tax
|
|
$
|
75,416
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of Non-cash investing and financing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets
obtained in exchange for operating lease obligations
|
|
$
|
-
|
|
|
$
|
455,635
|
|
Issuance of common
stocks in connection with private placements, net of issuance
costs with proceeds collected in advance in November
2019
|
|
$
|
-
|
|
|
$
|
1,600,000
|
|
Issuance of common
stocks in connection with conversion of convertible
notes
|
|
$
|
-
|
|
|
$
|
30,000,000
|
|
Issuance of common
stocks in connection with private placements, net of issuance
costs with proceeds uncollected
|
|
$
|
-
|
|
|
$
|
5,000,000
|
|
Issuance of common
stocks in connection with cashless exercise of 1,502,022
warrants
|
|
$
|
-
|
|
|
$
|
868,530
|
|
Issuance of common
stocks in connection with warrant cashless exercise in March
2021
|
|
$
|
1,439,826
|
|
|
$
|
-
|
|
View original
content:https://www.prnewswire.com/news-releases/td-holdings-inc-reports-third-quarter-2021-financial-results-301423447.html
SOURCE TD Holdings, Inc.