Operational and Financial Highlights for Fiscal Year 2020
Total computing power sold in fiscal year 2020 was 0.50 million TH/s, representing a year-over-year decrease of 91.64% from 5.97 million TH/s in fiscal year 2019.
Total net revenues in fiscal year 2020 were
Gross loss in fiscal year 2020 was
Net loss in fiscal year 2020 was
Mr.
Continued Hu, “We are committed to our mission in strengthening the technological innovation in our products and services to ensure their competitiveness in the global cryptocurrency market. As previously noted, in 2021, we will increase investments in high performance ASIC chips and mining machines. Our abundant cash reserve allows us to expand the revenue sources from our current business and optimize the development of our blockchain industry chain. We believe our current businesses have solid potential and we are working hard to deliver results going forward that will demonstrate sequential improvement in operating and financial metrics.”
Financial Results for Fiscal Year 2020
Total net revenues in fiscal year 2020 were
Cost of revenues in fiscal year 2020 was
Gross loss in fiscal year 2020 were
Total operating expenses in fiscal year 2020 were
- Selling expenses in fiscal year 2020 were
US$0.93 million compared toUS$1.21 million in fiscal year 2019. The year-over-year decrease in selling expenses was in line with the decrease in the Company’s sales as well as reduced salary and bonus expenses relating to selling activities. - General and administrative expenses in fiscal year 2020 were
US$22.82 million compared toUS$18.87 million in fiscal year 2019. The year-over-year increase in general and administrative expenses was primarily due to increase in professional fee related to the IPO process.
Loss from operations in fiscal year 2020 was
Interest income in fiscal year 2020 was
Government grants in fiscal year 2020 were
Net loss in fiscal year 2020 was
Net loss attributable to
Basic and diluted net loss per shares in fiscal year 2020 were both
Cash and cash equivalents were
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This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
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Ms.
Tel: (917) 609-0333
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CONSOLIDATED BALANCE SHEETS
(Stated in US dollars)
2020 |
2019 |
||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 13,669,439 | $ | 3,464,262 | |||
Restricted cash, current | 406,857 | 2,270,588 | |||||
Debt investments | 40,835,000 | - | |||||
Accounts receivable, net | 7,205,113 | 8,128,178 | |||||
Notes receivable | 765,967 | - | |||||
Advances to suppliers | 221,186 | 1,062,049 | |||||
Inventories, net | 3,845,091 | 13,088,542 | |||||
Prepayments | 522,808 | 591,031 | |||||
Other current assets, net | 1,128,599 | 224,452 | |||||
Total current assets | 68,600,060 | 28,829,102 | |||||
Non-current assets: | |||||||
Property, plant and equipment, net | 29,123,243 | 13,224,761 | |||||
Intangible assets, net | 23,077,435 | 3,784,153 | |||||
Operating lease right-of-use assets | 898,335 | 1,280,076 | |||||
Operating lease right-of-use assets - related party | 17,701 | 37,266 | |||||
Restricted cash, non-current | 47,455 | 43,317 | |||||
Deferred tax assets | - | 8,542,715 | |||||
VAT recoverable | 21,897,063 | 21,954,169 | |||||
Other assets | 538,934 | 4,915,487 | |||||
Total non-current assets | 75,600,166 | 53,781,944 | |||||
Total assets | $ | 144,200,226 | $ | 82,611,046 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,762,187 | $ | 11,832,003 | |||
Notes payable | 1,087,673 | - | |||||
Accrued liabilities and other payables | 21,921,614 | 13,739,041 | |||||
Loans due within one year, less unamortized debt issuance costs | 765,967 | 4,864,697 | |||||
Operating lease liabilities, current | 659,807 | 793,521 | |||||
Operating lease liabilities – related party, current | 17,701 | 37,266 | |||||
Income taxes payable | 556,137 | 521,648 | |||||
Due to related party | 5,652,833 | 6,242,824 | |||||
Advances from customers | 832,842 | 1,015,675 | |||||
Total current liabilities | 34,256,761 | 39,046,675 | |||||
Non-current liabilities: | |||||||
Long-term loans – related party | - | 17,632,000 | |||||
Deferred tax liabilities | 872 | - | |||||
Operating lease liabilities, non-current | 118,827 | 361,747 | |||||
Total non-current liabilities | 119,699 | 17,993,747 | |||||
Total liabilities | 34,376,460 | 57,040,422 | |||||
Equity: | |||||||
Ordinary share, and 111,771,000 shares issued and outstanding at 2019, respectively |
- | 14,330 | |||||
Class A ordinary share, authorized, 89,009,554 and nil shares issued and outstanding as of |
11,411 | - | |||||
Class B ordinary share, authorized, 46,625,783 and nil shares issued and outstanding as of |
5,978 | - | |||||
Additional paid-in capital | 138,288,921 | 23,888,023 | |||||
Statutory reserves | 11,049,847 | 11,049,847 | |||||
Accumulated deficit | (38,581,419 | ) | (7,905,999 | ) | |||
Accumulated other comprehensive loss | (7,648,332 | ) | (9,066,842 | ) | |||
103,126,406 | 17,979,359 | ||||||
Non-controlling interest | 6,697,360 | 7,591,265 | |||||
Total equity | 109,823,766 | 25,570,624 | |||||
Total liabilities and equity | $ | 144,200,226 | $ | 82,611,046 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Stated in US dollars)
For the year ended 2020 |
For the year ended 2019 |
For the year ended 2018 |
|||||||||
Product revenue | $ | 9,677,278 | $ | 93,255,813 | $ | 310,856,407 | |||||
Service revenue | 9,327,023 | 15,804,253 | 8,185,386 | ||||||||
Total revenues | 19,004,301 | 109,060,066 | 319,041,793 | ||||||||
Cost of revenues | 21,903,644 | 139,623,799 | 294,596,001 | ||||||||
Gross profit (loss) | (2,899,343 | ) | (30,563,733 | ) | 24,445,792 | ||||||
Operating expenses: | |||||||||||
Selling expenses | 925,373 | 1,213,294 | 4,095,835 | ||||||||
General and administrative expenses | 22,822,085 | 18,870,794 | 51,410,864 | ||||||||
Total operating expenses | 23,747,458 | 20,084,088 | 55,506,699 | ||||||||
Loss from operations | (26,646,801 | ) | (50,647,821 | ) | (31,060,907 | ) | |||||
Other income (expenses): | |||||||||||
Interest income | 824,435 | 217,200 | 453,991 | ||||||||
Interest expenses | (728,346 | ) | (2,041,491 | ) | (921,047 | ) | |||||
Other income | 81,733 | 84,992 | 1,139,514 | ||||||||
Exchange gain (loss) | (288,346 | ) | 5,693,798 | (403,544 | ) | ||||||
Government grants | 4,006,567 | 6,298,893 | 798,680 | ||||||||
VAT refund | - | 9,138 | 27,368,030 | ||||||||
Other expenses | (108,624 | ) | (287,530 | ) | (8,289,391 | ) | |||||
Total other income | 3,787,419 | 9,975,000 | 20,146,233 | ||||||||
Loss before income taxes provision | (22,859,382 | ) | (40,672,821 | ) | (10,914,674 | ) | |||||
Income taxes provision | 9,251,542 | 400,311 | 899,586 | ||||||||
Net Loss | (32,110,924 | ) | (41,073,132 | ) | (11,814,260 | ) | |||||
Less: net income (loss) attributable to non-controlling interest | (1,435,504 | ) | 1,330,237 | 494,234 | |||||||
Net loss attributable to |
$ | (30,675,420 | ) | $ | (42,403,369 | ) | $ | (12,308,494 | ) | ||
Comprehensive loss | |||||||||||
Net loss | $ | (32,110,924 | ) | $ | (41,073,132 | ) | $ | (11,814,260 | ) | ||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 1,960,109 | (1,188,488 | ) | (11,363,682 | ) | ||||||
Total comprehensive loss | (30,150,815 | ) | (42,261,620 | ) | (23,177,942 | ) | |||||
Less: comprehensive income (loss) attributable to non- controlling interest |
(893,905 | ) | 1,330,237 | 494,234 | |||||||
Comprehensive loss attributable to International Holdings Inc. |
$ | (29,256,910 | ) | $ | (43,591,857 | ) | $ | (23,672,176 | ) | ||
Net loss per ordinary share attributable to International Holdings Inc. |
|||||||||||
Basic | $ | (0.25 | ) | $ | (0.38 | ) | $ | (0.36 | ) | ||
Diluted | $ | (0.25 | ) | $ | (0.38 | ) | $ | (0.36 | ) | ||
Weighted average ordinary shares outstanding | |||||||||||
Basic | 121,941,226 | 111,771,000 | 33,808,506 | ||||||||
Diluted | 121,941,226 | 111,771,000 | 33,808,506 |
Source: EBANG INTERNATIONAL HOLDINGS INC.