BEIJING, April 26,
2022 /PRNewswire/ -- AGM Group Holdings Inc.
("AGMH" or the "Company") (NASDAQ: AGMH), an integrated technology
company focusing on providing fintech software services and
producing high-performance hardware and computing equipment, today
announced its unaudited financial results for the fourth quarter
and full year ended December 31,
2021.
Fourth Quarter 2021 Operating and Financial
Highlights
- Total computing power delivered was approximately 440,000 TH/S,
compared with nil in the same period of 2020.
- Total revenues were $31.37
million, an increase of approximately $31.36 million from $13,595 in the same period of 2020.
- Gross profit was $5.88 million,
an increase of approximately $5.88
million from $4,933 in the
same period of 2020.
- Net income was $3.84 million,
compared to net loss of $92,664 in
the same period of 2020.
Full Year 2021 Operating and Financial Highlights
- Total computing power delivered was 440,000 TH/S, compared with
nil in 2020.
- Total revenues were $36.71
million, an increase of approximately $36.66 million from $53,305 in 2020.
- Gross profit was $6.60 million,
an increase of approximately $6.58
million from $14,771 in
2020.
- Net income was $3.53 million,
compared to net loss of $1.07 million
in 2020.
Mr. Chenjun Li, Chairman and Co-Chief Executive Officer of the
Company, commented, "We have capped off a great year with a strong
quarter. Despite the near-term volatility in the prices of Bitcoin
and other digital assets, we witnessed solid growth in demand for
cryptocurrency mining and increased deliveries of mining equipment.
Notably, total computing power delivered was 440,000 TH/s in the
fourth quarter. Our stellar performance is a result of our efforts
in strengthening our supply chain, upgrading products, and is a
testament to our successful shift into new growth strategies. We
are very pleased with the swift progress as our full-year revenues
resulted in $36.71 million, out of
which $31.37 million were from the
fourth quarter. Meanwhile, we turned into profitability in 2021,
with net income of $3.53 million
compared to net loss of $1.07 million
in the prior year. As we enter 2022, we will continue
focusing on delivering mining machines, acquiring new customers and
improving supply chain capability while seeking additional growth
avenues. We are confident that our endeavors in broadening
businesses and responsive adaption to advanced technologies will
sustain our growth trajectory in the evolving cryptocurrency mining
market."
Mr. Wenjie Tang, Co-Chief
Executive Officer of the Company, said, "It's an important year as
we transformed our business into a technology company that develops
and produces blockchain-oriented ASIC chips and the advanced
cryptocurrency mining equipment. Going forward, we will utilize our
leading technologies and experienced team to further boost our
supplies and in conjunction, our presence in the global blockchain
ecosystem."
Mr. Steven Sim, Chief Financial
Officer of the Company, commented, "We delivered excellent
financial results in the fourth quarter, ending the year on a
strong note. In the fourth quarter, our net revenues increased by
$31.36 million year-over-year. Net
income was $3.84 million, compared to
net loss of $92,664 in the same
period of 2020. The achievements reflect our effective execution
capabilities in mitigating global logistics congestions and a
semiconductor shortage. Fueled by solid computing power delivered
and new funding, we enhanced our cash balance and liquidity. We
will streamline our management over the procurement and deliveries
for further growth while bringing in new investments. With these
concerted efforts, we believe we can further unleash the vast
potential of the blockchain market."
Fourth Quarter 2021 Business Highlights & Recent
Developments
- Closing of $20 Million
Registered Direct Offering
In December, AGMH closed a registered direct offering and
concurrent private placement with certain investors, raising
approximately US$20 million in gross
proceeds, before deducting placement agent fees and other estimated
offering expenses.
- Strategic Move into North
America
AGMH is in the planning stage of relocating its headquarters,
research center, and manufacturing facilities to the North America. The Company has identified
several local manufacturers that are willing to cooperate with
AGMH. It is also considering a possibility of building its own
factory.
Fourth Quarter 2021 Financial Results
Revenues
Total revenues were $31.37
million, an increase of approximately $31.36 million from $13,595 in the same period of 2020. The increase
was primarily due to the growth of cryptocurrency mining machines
and computing equipment sales since 2021.
Cost of Revenues
Cost of revenues was $25.49
million, an increase of approximately $25.48 million from $8,662 in the same period of 2020. The increase
was primarily due to the increase in procurement costs for
cryptocurrency mining machines and computing equipment in the three
months ended December 31, 2021.
Gross Profit
Gross profit was $5.88 million, an
increase of approximately $5.88
million from $4,933 in the
same period of 2020. The increase was primarily due to the
substantial increase in revenues.
Operating expenses
Total operating expenses were $0.82
million, an increase of 282.0% from approximately
$0.21 million in the same period of
2020.
- Selling, general, and administrative expenses consist primarily
of sales and administrative employee-related expenses, professional
fees, travel costs, research and development costs, and other
corporate expenses. Selling, general, and administrative expenses
were $0.82 million, an increase of
311.2% from $0.20 million in the same
period in 2020. The increase was primarily due to expenses related
to an establishment of a new wholly foreign-owned enterprise.
- Research and development expenses were $3,508, a decrease of 78.2% from $16,095 in the same period in 2020. The decrease
was primarily due to the decrease in FinTech R&D. We have not
invested in cryptocurrency mining machine R&D.
Income from operations
Income from operations was $5.06
million, compared with loss from operations of $0.21 million in the same period of 2020.
Other income (expenses)
Other income, net of other expenses was $23,826, compared to other expenses, net of other
income, of $5,009 in the same period
of 2020.
Net income
Net income was $3.84 million,
compared to net loss of $92,664 in
the same period of 2020.
Earnings per share
Basic and diluted net income per common share were $0.18 and $0.17,
respectively, compared to basic and diluted earnings of nil in the
same period of 2020.
Cash and cash equivalents
Cash and cash equivalent were $18.41
million as of December 31,
2021, among which $16.6
million (RMB 105.6 million)
was held inside China (Mainland),
and $1.8 million held outside of
China (Mainland). Cash and cash
equivalent were $1.40 million as of
September 30, 2021, among which
$0.79 million (RMB5.14 million) was held inside China (Mainland), and $0.61 million held outside of China (Mainland). AGMH has not, and do not plan
to, transfer cash in RMB outside of China
(Mainland) in order to avoid unnecessary currency exchange
costs. AGMH subsidiaries in China
(Mainland) incur expenses from time to time, and the Company
has spent with plans to spend RMB cash to cover those expenses.
Full Year 2021 Financial Results
Revenues
Total revenues were $36.71
million, an increase of approximately $36.66 million from $53,305 in 2020. The increase was primarily due
to the growth of cryptocurrency mining machines and computing
equipment sales since 2021.
Cost of Revenues
Cost of revenues was $30.11
million, an increase of approximately $30.07 million from $38,534 in 2020. The increase was primarily due
to the increase in procurement costs for cryptocurrency mining
machines and computing equipment.
Gross Profit
Gross profit was $6.60 million, an
increase of approximately $6.58
million from $14,771 in 2020.
The increase was primarily due to the substantial increase in
revenues.
Operating expenses
Total operating expenses were $1.66
million, an increase of 61.8% from approximately
$1.03 million in 2020.
- Selling, general, and administrative expenses consist primarily
of sales and administrative employee-related expenses, professional
fees, travel costs, research and development costs, and other
corporate expenses. Selling, general, and administrative expenses
were $1.63 million, an increase of
68.7% from $0.96 million in 2020. The
increase was primarily due to expenses related to an establishment
of a new wholly foreign-owned enterprise.
- Research and development expenses were $36,317, a decrease of 42.8% from $63,450 in 2020. The decrease was primarily due
to the decrease in FinTech R&D. We have not invested in
cryptocurrency mining machine R&D.
Income from operations
Income from operations was $4.93
million, compared with loss from operations of $1.01 million in 2020.
Other income (expenses)
Other income, net of other expenses was $3,996, compared to other expenses, net of other
income, of $7,656 in 2020.
Net income
Net income was $3.53 million,
compared to net loss of $1.07 million
in 2020.
Earnings per share
Basic and diluted net income per common share were both
$0.16, compared to basic and diluted
net loss of $0.05 in 2020.
Conference Call
AGMH's management will host an earnings conference call at
8:00 AM U.S. Eastern Time on
Tuesday, April 26, 2022 (8:00 PM Beijing/Hong Kong Time on April 26, 2022).
Details of the conference call are as follows:
|
International
|
+61-2-9253-5921
|
|
United
States
|
+1-855-824-5644
|
|
Hong Kong,
China
|
+852-3027-6500
|
|
Mainland,
China
|
+86-800-988-0563
|
|
Event ID
|
+86-400-821-0637
EV00134633
|
|
Participants
Pin
|
96472167#
|
Additionally, a live and archived webcast of the conference call
will be available at:
https://edge.media-server.com/mmc/p/fxqrd6rh
A replay of the conference call may be accessed by phone within
seven days after the conclusion of the live call at the following
numbers. To access the replay, please reference the Access code:
520001911#.
|
International
|
+61-2-8325-2405
|
|
United
States
|
+1-646-982-0473
|
|
Hong Kong,
China
|
+852-3027-6520
|
|
Mainland,
China
|
+86-400-821-0623
|
About AGM Group Holdings Inc.
Incorporated in April 2015 and
headquartered in Beijing, China,
AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology
company focusing on providing fintech software services and
producing high-performance hardware and computing equipment. AGMH's
mission is to become one of the key participants and contributors
in the global fintech and blockchain ecosystem. For more
information, please visit www.agmprime.com.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. All statements other than statements of historical fact
in this press release are forward-looking statements and involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
These forward-looking statements are based on management's current
expectations, assumptions, estimates and projections about the
Company and the industry in which the Company operates, but involve
a number of unknown risks and uncertainties, Further information
regarding these and other risks is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary statements.
For more information, please contact:
In China:
At the Company:
Email: ir@agmprime.com
Email: Tracy.gao@agmprime.com
The Blueshirt Group
Ms. Feifei Shen
Phone: +86 13466566136
Email: feifei@blueshirtgroup.com
In the United States:
The Blueshirt Group
Ms. Julia Qian
Phone: +1 973-619-3227
Email: Julia@blueshirtgroup.com
|
AGM GROUP HOLDINGS,
INC.
CONSOLIDATED BALANCE
SHEETS
(Amounts in US$,
except for number of shares)
|
|
|
|
|
|
|
|
December
31,
|
|
December 31,
|
|
|
2021
|
|
2020
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
18,406,647
|
|
$
|
664,605
|
|
Accounts receivable,
net
|
|
|
2,608,325
|
|
|
-
|
|
Inventories
|
|
|
22,433,140
|
|
|
-
|
|
Advances to
suppliers
|
|
|
41,787,966
|
|
|
-
|
|
Prepayment and other
current assets
|
|
|
3,326,425
|
|
|
5,420,916
|
|
Due from related
parties
|
|
|
39,238
|
|
|
116,610
|
|
Total current
assets
|
|
|
88,601,741
|
|
|
6,202,131
|
|
Property and equipment,
net
|
|
|
322,397
|
|
|
19,320
|
|
Intangible assets,
net
|
|
|
8,633
|
|
|
10,113
|
|
Operating lease
right-of-use assets
|
|
|
241,554
|
|
|
-
|
|
Deferred tax
assets
|
|
|
129,034
|
|
|
-
|
|
Total
assets
|
|
$
|
89,303,359
|
|
$
|
6,231,564
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
$
|
1,568,455
|
|
$
|
-
|
|
Accounts
payable
|
|
|
15,419,014
|
|
|
4,974
|
|
Accrued expenses and
other payables
|
|
|
3,597,447
|
|
|
1,819,545
|
|
Advances from
customers
|
|
|
42,231,914
|
|
|
-
|
|
Due to related
parties
|
|
|
1,215,573
|
|
|
714,436
|
|
Deferred government
grant - current
|
|
|
38,111
|
|
|
-
|
|
Operating lease
liabilities, current
|
|
|
51,239
|
|
|
-
|
|
Total current
liabilities
|
|
|
64,121,753
|
|
|
2,538,955
|
|
Deferred government
grant - non current
|
|
|
147,812
|
|
|
-
|
|
Total
liabilities
|
|
$
|
64,269,565
|
|
$
|
2,538,955
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
Class A
Ordinary Shares (200,000,000 shares authorized with par value
of $0.001, 24,254,842 and 21,356,290 shares issued and outstanding
as of
December 31, 2021 and December 31, 2020, respectively)
|
|
$
|
24,255
|
|
$
|
21,356
|
|
Class B Ordinary
Shares (200,000,000 shares authorized with par value
of $0.001, 2,100,000 and 7,100,000 shares issued and outstanding as
of
December 31, 2021 and December 31, 2020, respectively)
|
|
|
2,100
|
|
|
7,100
|
|
Additional paid-in
capital
|
|
|
26,010,366
|
|
|
8,368,266
|
|
Statutory
reserves
|
|
|
63,659
|
|
|
-
|
|
Accumulated
deficit
|
|
|
(1,479,761)
|
|
|
(4,947,815)
|
|
Accumulated other
comprehensive income
|
|
|
413,175
|
|
|
243,703
|
|
Total shareholders'
equity
|
|
|
25,033,794
|
|
|
3,692,610
|
|
Total liabilities
and shareholders' equity
|
|
$
|
89,303,359
|
|
$
|
6,231,565
|
|
AGM GROUP
HOLDINGS, INC.
CONSOLIDATED
STATEMENTS OF OPEATIONS AND COMPREHENSIVE
INCOME
(Amounts in US$,
except for number of shares)
|
|
|
|
|
|
|
|
|
|
For The Three Months
Ended
|
|
For The Year
Ended
|
|
|
December
31,
|
December
31,
|
|
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
31,374,035
|
|
$
|
13,595
|
|
|
$
|
36,709,931
|
|
$
|
53,305
|
|
|
Total
Revenues
|
|
|
31,374,035
|
|
|
13,595
|
|
|
|
36,709,931
|
|
|
53,305
|
|
|
Cost of
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(25,490,406)
|
|
|
(8,662)
|
|
|
|
(30,112,363)
|
|
|
(38,534)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
5,883,629
|
|
|
4,933
|
|
|
|
6,597,568
|
|
|
14,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general &
administrative expenses
|
|
|
817,482
|
|
|
198,818
|
|
|
|
1,627,368
|
|
|
964,470
|
|
|
Research and
development expenses
|
|
|
3,508
|
|
|
16,095
|
|
|
|
36,317
|
|
|
63,450
|
|
|
Total operating
expenses
|
|
|
820,990
|
|
|
214,913
|
|
|
|
1,663,685
|
|
|
1,027,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) from
operations
|
|
|
5,062,639
|
|
|
(209,980)
|
|
|
|
4,933,883
|
|
|
(1,013,149)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
46,672
|
|
|
894
|
|
|
|
47,167
|
|
|
1,687
|
|
|
Other
expenses
|
|
|
(22,846)
|
|
|
(5,903)
|
|
|
|
(43,171)
|
|
|
(9,343)
|
|
|
Total other
expenses
|
|
|
23,826
|
|
|
(5,009)
|
|
|
|
3,996
|
|
|
(7,656)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) from
continuing
operations before provision of
income taxes
|
|
|
5,086,465
|
|
|
(214,989)
|
|
|
|
4,937,879
|
|
|
(1,020,805)
|
|
|
Provision for income
taxes expenses
|
|
|
(1,248,936)
|
|
|
(76,343)
|
|
|
|
(1,406,166)
|
|
|
(76,343)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
from continuing
operations
|
|
|
3,837,529
|
|
|
(291,332)
|
|
|
|
3,531,713
|
|
|
(1,097,148)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations,
net of income tax
|
|
|
-
|
|
|
(149,322)
|
|
|
|
-
|
|
|
(322,490)
|
|
|
Gain from
disposal
|
|
|
-
|
|
|
347,990
|
|
|
|
-
|
|
|
347,990
|
|
|
Loss from
discontinued operations,
net of income tax
|
|
|
-
|
|
|
198,668
|
|
|
|
-
|
|
|
25,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
$
|
3,837,529
|
|
$
|
(92,664)
|
|
|
$
|
3,531,713
|
|
$
|
(1,071,648)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income/(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
$
|
3,837,529
|
|
$
|
(92,664)
|
|
|
$
|
3,531,713
|
|
$
|
(1,071,648)
|
|
|
Other comprehensive
loss
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
Foreign
currency translation
adjustment
|
|
|
256,105
|
|
|
(61,272)
|
|
|
|
169,472
|
|
|
(154,768)
|
|
|
Total comprehensive
income/(loss)
|
|
$
|
4,093,634
|
|
$
|
(153,936)
|
|
|
$
|
3,701,185
|
|
$
|
(1,226,416)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss)
earnings per common
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations -
Basic
|
|
$
|
0.18
|
|
$
|
(0.01)
|
|
|
$
|
0.16
|
|
$
|
(0.05)
|
|
|
Continuing operations -
Diluted
|
|
|
0.17
|
|
|
(0.01)
|
|
|
|
0.16
|
|
|
(0.05)
|
|
|
Discontinued operations
- Basic
|
|
|
-
|
|
|
0.01
|
|
|
|
-
|
|
|
0.00
|
|
|
Discontinued operations
- Diluted
|
|
|
-
|
|
|
0.01
|
|
|
|
-
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) per
common share -
basic
|
|
$
|
0.18
|
|
$
|
(0.00)
|
|
|
$
|
0.16
|
|
$
|
(0.05)
|
|
|
Net income/(loss) per
common share -
diluted
|
|
$
|
0.17
|
|
$
|
(0.00)
|
|
|
$
|
0.16
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class
A ordinary
shares outstanding, basic
|
|
|
21,903,794
|
|
|
21,720,293
|
|
|
|
21,491,291
|
|
|
21,787,892
|
|
|
Weighted average Class
A ordinary
shares outstanding, diluted
|
|
|
21,985,627
|
|
|
21,720,293
|
|
|
|
21,511,469
|
|
|
21,787,892
|
|
|
AGM GROUP
HOLDINGS, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts in
US$)
|
|
|
|
|
|
For The Years
Ended
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
$
|
3,531,713
|
|
$
|
(1,071,648)
|
|
Net gain from
discontinued operations, net of tax
|
|
|
-
|
|
|
25,500
|
|
Net gain/(loss) from
continuing operations
|
|
|
3,531,713
|
|
|
(1,097,148)
|
|
|
|
|
|
|
|
|
Adjustment to
reconcile net income to net cash used in operating
activities
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
38,363
|
|
|
33,437
|
|
Amortization of
operating lease right-of-use asset
|
|
|
63,347
|
|
|
-
|
|
Other income
|
|
|
(22,119)
|
|
|
-
|
|
Gain from disposal of
subsidiary
|
|
|
-
|
|
|
(347,990)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(2,608,325)
|
|
|
-
|
|
Advances to
suppliers
|
|
|
(41,787,966)
|
|
|
-
|
|
Prepayment and other
current assets
|
|
|
2,094,491
|
|
|
103,145
|
|
Inventories
|
|
|
(22,433,140)
|
|
|
-
|
|
Deferred tax
assets
|
|
|
(129,034)
|
|
|
-
|
|
Accounts
payable
|
|
|
15,414,040
|
|
|
1,763
|
|
Accrued expenses and
other payables
|
|
|
1,777,903
|
|
|
(48,537)
|
|
Advances from
customers
|
|
|
42,231,914
|
|
|
-
|
|
Deferred government
grant
|
|
|
3,454
|
|
|
-
|
|
Operating lease
liabilities
|
|
|
(49,074)
|
|
|
-
|
|
Net cash used in
operating activities from continuing operations
|
|
|
(1,874,433)
|
|
|
(1,355,330)
|
|
Net cash used in
operating activities from discontinued operations
|
|
|
-
|
|
|
(296,692)
|
|
Net cash used in
operating activities
|
|
|
(1,874,433)
|
|
|
(1,652,022)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(339,657)
|
|
|
(810)
|
|
Net cash used in
investing activities from continuing operations
|
|
|
(339,657)
|
|
|
(810)
|
|
Net cash used in
investing activities from discontinued operations
|
|
|
-
|
|
|
(385)
|
|
Net cash used in
investing activities
|
|
|
(339,657)
|
|
|
(1,195)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Proceeds from issuance
of ordinary shares
|
|
|
17,639,999
|
|
|
667,901
|
|
Proceeds from related
parties
|
|
|
907,135
|
|
|
241,822
|
|
Proceeds from
short-term borrowings
|
|
|
1,568,455
|
|
|
-
|
|
Borrowings to related
parties
|
|
|
(39,238)
|
|
|
(116,610)
|
|
Repayments to related
parties
|
|
|
(517,670)
|
|
|
(594,887)
|
|
Net cash provided by
financing activities from continuing operations
|
|
|
19,558,681
|
|
|
198,226
|
|
Net cash used in
financing activities from discontinued operations
|
|
|
-
|
|
|
(86,348)
|
|
Net cash provided by
financing activities
|
|
|
19,558,681
|
|
|
111,878
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
397,451
|
|
|
129,375
|
|
Net change in cash and
cash equivalents
|
|
|
17,742,042
|
|
|
(1,411,964)
|
|
Cash and cash
equivalents, beginning of the year
|
|
|
664,605
|
|
|
2,076,569
|
|
Cash and cash
equivalents, end of the year
|
|
|
18,406,647
|
|
|
664,605
|
|
Less cash and cash
equivalents of discontinued operations–end of
year
|
|
|
-
|
|
|
-
|
|
Cash and cash
equivalents of continuing operations–end of year
|
|
$
|
18,406,647
|
|
$
|
664,605
|
|
|
|
|
|
|
|
|
Supplemental cash
flow information
|
|
|
|
|
|
|
|
Interest
paid
|
|
$
|
34,721
|
|
$
|
-
|
|
|
|
|
|
|
|
|
Non-cash investing
and financing activities
|
|
|
|
|
|
|
|
Free operating lease
due to government grant
|
|
$
|
204,588
|
|
$
|
-
|
|
Additions of ROU
Assets
|
|
|
100,313
|
|
|
-
|
|
Cancelled common stocks
issued
|
|
$
|
5,000
|
|
$
|
7,600,000
|
View original
content:https://www.prnewswire.com/news-releases/agm-group-announces-fourth-quarter-and-full-year-2021-unaudited-financial-results-301532695.html
SOURCE AGM Group Holdings Inc.