UNITED STATES
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 April 2022
Commission File Number 001-39337
Ebang International Holdings Inc.
(Exact name of registrant as specified in its charter)
Building 7, No. 5 Nangonghe Road, Linping Street
Yuhang District, Hangzhou, Zhejiang, 311100
People’s Republic of China
+86 571-8817-6197
(Address of principal executive office)
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 ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
EXPLANATORY NOTE
The registrant inadvertently did not furnish Exhibit 99.1 included herein to the U.S. Securities and Exchange Commission previously. This report on Form 6-K is furnished partially to correct this oversight.
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 hereunto duly authorized.
| Ebang International Holdings Inc. | |||
| Date: April 29, 2022 | By: | /s/ Dong Hu | |
| Name: | Dong Hu | ||
| Title: | Chairman and Chief Executive Officer | ||
EXHIBIT INDEX
| Exhibit Number | Description | |
| 99.1 | Press Release | |
| 99.2 | Press Release |
Exhibit 99.1
Ebang International Reports Financial Results for Fiscal Year 2020
Hangzhou, China, April 30, 2021 – Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced its financial results for the fiscal year ended December 31, 2020.
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 US$19.00 million representing an 82.57% year-over-year decrease from US$109.06 million in fiscal year 2019.
Gross loss in fiscal year 2020 was US$2.90 million representing a 90.51% year-over-year decrease from US$30.56 million in fiscal year 2019.
Net loss in fiscal year 2020 was US$32.11 million compared to US$41.07 million in fiscal year 2019.
Mr. Dong Hu, Chairman and Chief Executive Officer of the Company, commented, “The negative impact and unprecedented challenges caused by COVID-19 on businesses around the world is well documented, and we are not immune to them. Our chip suppliers have reduced their production capacity, resulting in our shortage of raw materials during the fiscal year of 2020. To ensure the resilience of our business operations and deliver solid performance after the market condition resumes normal, we have been actively optimizing our revenue structure based on the productivity ratio and strategically exploring expansion into blockchain-enabled financial services. For example, we positioned our overseas expansion by establishing subsidiaries globally and acquiring relevant licenses or authorizations for our cryptocurrency exchange business.”
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 US$19.00 million representing an 82.57% year-over-year decrease from US$109.06 million in fiscal year 2019. The year-over-year decrease in total net revenues was primarily due to the combined impact of COVID-19 such as travel restrictions, mandatory quarantines and suspension of business activities, which have caused severe disruptions and uncertainties to the Company’s business operations and adversely affected the Company’s results of operations and financial condition. For instance, the Company’s chip suppliers have reduced their production capacity due to the impact of the COVID-19, resulting in the Company’s shortage of raw materials during the first half of 2020. And together with the Bitcoin halving event, which significantly affected the expected returns on Bitcoin related activities such as mining, and in turn resulted in a much lower demand and average selling price of the Company’s Bitcoin mining machines.
Cost of revenues in fiscal year 2020 was US$21.90 million compared to US$139.62 million in fiscal year 2019. The year-over-year decrease in cost of revenues was in line with the changes in the Company’s sales and the decrease in inventory write-down.
Gross loss in fiscal year 2020 were US$2.90 million representing a 90.51% year-over-year decrease from US$30.56 million in fiscal year 2019.
Total operating expenses in fiscal year 2020 were US$23.75 million compared to US$20.08 million in fiscal year 2019.
| · | Selling expenses in fiscal year 2020 were US$0.93 million compared to US$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 to US$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 US$26.65 million compared to US$50.65 million in fiscal year 2019.
Interest income in fiscal year 2020 was US$0.82 million compared to US$0.22 million in fiscal year 2019. The year-over-year increase in interest income was primarily due to the increase in the interest income from our investments in bonds after our IPO in 2020 and there was no bond investment in 2019.
Government grants in fiscal year 2020 were US$4.01 million compared to US$6.30 million in fiscal year 2019. The year-over-year decrease in government grants was primarily due to the decrease of non-recurring rebates from local government.
Net loss in fiscal year 2020 was US$32.11 million compared to US$41.07 million in fiscal year 2019.
Net loss attributable to Ebang International Holdings Inc. in fiscal year 2020 was US$30.67 million compared to US$42.40 million in fiscal year 2019.
Basic and diluted net loss per shares in fiscal year 2020 were both US$0.25 compared to US$0.38 in fiscal year 2019.
Cash and cash equivalents were US$13.67 million as of December 31, 2020, compared with US$3.46 million as of December 31, 2019.
About Ebang International Holdings Inc.
Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visit https://ir.ebang.com.cn/.
Safe Harbor Statement
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 U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.
Email: ir@ebang.com.cn
Ascent Investor Relations LLC
Ms. Tina Xiao
Tel: (917) 609-0333
Email: tina.xiao@ascent-ir.com
EBANG INTERNATIONAL HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(Stated in US dollars)
| December 31, 2020 | December 31, 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, HKD0.001 par value, 380,000,000 shares authorized, nil and 111,771,000 shares issued and outstanding at December 31, 2020 and 2019, respectively | - | 14,330 | ||||||
| Class A ordinary share, HKD0.001 par value, 333,374,217 shares authorized, 89,009,554 and nil shares issued and outstanding as of December 31, 2020 and 2019, respectively | 11,411 | - | ||||||
| Class B ordinary share, HKD0.001 par value, 46,625,783 shares authorized, 46,625,783 and nil shares issued and outstanding as of December 31, 2020 and 2019, respectively | 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 | ) | ||||
| Total Ebang International Holdings Inc. shareholders’ equity | 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 | ||||
EBANG INTERNATIONAL HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Stated in US dollars)
| For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 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 Ebang International Holdings Inc. | $ | (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 Ebang International Holdings Inc. | $ | (29,256,910 | ) | $ | (43,591,857 | ) | $ | (23,672,176 | ) | |||
| Net loss per ordinary share attributable to Ebang 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 | |||||||||
Exhibit 99.2
Ebang International Reports Financial Results for Fiscal Year 2021
HANGZHOU, China, April 29, 2022 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a global blockchain technology company, today announced its financial results for the fiscal year ended December 31, 2021.
Operational and Financial Highlights for Fiscal Year 2021
Total computing power sold in fiscal year 2021 was 1.50 million Thash/s, representing a year-over-year increase of 200% from 0.50 million Thash/s in fiscal year 2020.
Total net revenues in fiscal year 2021 were US$51.45 million representing an 170.73% year-over-year increase from US$19.00 million in fiscal year 2020.
Gross profit in fiscal year 2021 was US$29.22 million compared to the gross loss of US$2.90 million in fiscal year 2020.
Net income in fiscal year 2021 was US$2.77 million compared to net loss of US$32.11 million in fiscal year 2020.
Mr. Dong Hu, Chairman and Chief Executive Officer of the Company, commented, “2021 was a challenging year for us due to raw material supplies shortages as a result of supply chain disruptions caused by the COVID-19 pandemic. The achievement of sales growth is contributed to the efforts of our professional research and development team, who optimized the hardware structure of our products and designed a new framework with limited resources. 2021 was also an exciting year for us as we made considerable progress in connecting with the upstream and downstream markets of blockchain financial services. For example, we have completed initial preparations for our global business development, including but not limited to setting up a legal structure, building a professional team, initiating product development, and obtaining or seeking to obtain licenses or authorizations in the countries and regions into which we are expanding. Moreover, we officially launched Ebonex, our self-developed digital assets trading platform, which is designed to provide secure, fast, efficient, and stable trading services in multiple currencies and modes to a global audience. Our goal is for Ebonex to become one of the premier markets in the cryptocurrency space and become a trusted platform for its users.”
Mr. Hu continued, “We made outstanding achievements in 2021. We recruited many talents from various professional fields to join us and expand our teams, which allowed us to develop and increase the scale of our business efficiently. Despite the market turmoil across the world, investors have shown their interest in the cryptocurrency industry, and we remain confident in our business and the blockchain industry. Our objective is to drive our products and services further into the entire market ecosystem to help propel this industry forward.”
Financial Results for Fiscal Year 2021
Total net revenues in fiscal year 2021 were US$51.45 million representing an 170.73% year-over-year increase from US$19.00 million in fiscal year 2020. The year-over-year increase in total net revenues was primarily due to, among others, the continued fluctuation of the Bitcoin price in the high range in 2021, which has driven the enthusiasm and attention of investors. However, our chip suppliers have reduced their production capacity due to the impact of COVID-19, resulting in our inability to produce at full capacity, insufficient inventory and inability to meet the market demand. With limited raw materials, we optimized the hardware structure, used a new framework and launched new models, which accelerated the sales growth.
Cost of revenues in fiscal year 2021 was US$22.23 million representing an 1.47% year-over-year increase from US$21.90 million in fiscal year 2020. The year-over-year increase in cost of revenues was primarily because we have been able to utilize some of the slow-moving inventories impaired in previous years to manufacture products sold in 2021 as a result of our hardware optimization.
Gross profit in fiscal year 2021 was US$29.22 million compared to the gross loss of US$2.90 million in fiscal year 2020.
Total operating expenses in fiscal year 2021 were US$27.19 million compared to US$23.75 million in fiscal year 2020.
| · | Selling expenses in fiscal year 2021 were US$1.42 million compared to US$0.93 million in fiscal year 2020. The year-over-year increase in selling expenses was in line with the increase in the Company’s sales. |
| · | General and administrative expenses in fiscal year 2021 were US$25.77 million compared to US$22.82 million in fiscal year 2020. The year-over-year increase in general and administrative expenses was primarily due to increase in overseas expansion. |
Income from operations in fiscal year 2021 was US$2.03 million compared to loss from operations of US$26.65 million in fiscal year 2020.
Interest income in fiscal year 2021 was US$1.78 million compared to US$0.82 million in fiscal year 2020. The year-over-year increase in interest income was primarily due to the interest income from our investments in time deposit and financing products in 2021.
Government grants in fiscal year 2021 were US$0.44 million compared to US$4.01 million in fiscal year 2020. The year-over-year decrease in government grants was primarily due to the decrease of non-recurring rebates from local government.
Net income in fiscal year 2021 was US$2.77 million compared to net loss of US$32.11 million in fiscal year 2020.
Net income attributable to Ebang International Holdings Inc. in fiscal year 2021 was US$4.43 million compared to net loss attributable to Ebang International Holdings Inc. of US$30.68 million in fiscal year 2020.
Basic and diluted net income per shares in fiscal year 2021 was US$0.02 compared to basic and diluted net loss per shares of US$0.25 in fiscal year 2020.
Cash and cash equivalents were US$239.87 million as of December 31, 2021, compared with US$13.67 million as of December 31, 2020.
About Ebang International Holdings Inc.
Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a global bitcoin mining machine producer with steady access to wafer foundry capacity. With its licensed and registered entities in various jurisdictions, the Company intends to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visit https://ir.ebang.com.
Forward-Looking Statement
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 U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.
Email: ir@ebang.com
Ascent Investor Relations LLC
Ms. Tina Xiao
Tel: (917) 609-0333
Email: tina.xiao@ascent-ir.com
EBANG INTERNATIONAL HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(Stated in US dollars)
| December 31, 2021 | December 31, 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 239,872,316 | $ | 13,669,439 | ||||
| Restricted cash, current | 171,156 | 406,857 | ||||||
| Short-term investments | 35,443,246 | 40,835,000 | ||||||
| Accounts receivable, net | 9,872,746 | 7,205,113 | ||||||
| Notes receivable | - | 765,967 | ||||||
| Advances to suppliers | 1,057,096 | 221,186 | ||||||
| Inventories, net | 7,137,538 | 3,845,091 | ||||||
| Prepayments | 283,776 | 522,808 | ||||||
| Other current assets, net | 4,994,271 | 1,128,599 | ||||||
| Total current assets | 298,832,145 | 68,600,060 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 33,329,610 | 29,123,243 | ||||||
| Intangible assets, net | 22,512,208 | 23,077,435 | ||||||
| Operating lease right-of-use assets | 2,132,247 | 898,335 | ||||||
| Operating lease right-of-use assets - related parties | 1,136,775 | 17,701 | ||||||
| Restricted cash, non-current | 883,130 | 47,455 | ||||||
| VAT recoverable | 26,332,231 | 21,897,063 | ||||||
| Other assets | 705,825 | 538,934 | ||||||
| Total non-current assets | 87,032,026 | 75,600,166 | ||||||
| Total assets | $ | 385,864,171 | $ | 144,200,226 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,387,836 | $ | 2,762,187 | ||||
| Notes payable | - | 1,087,673 | ||||||
| Accrued liabilities and other payables | 8,962,716 | 21,921,614 | ||||||
| Loan due within one year | - | 765,967 | ||||||
| Operating lease liabilities, current | 851,936 | 659,807 | ||||||
| Operating lease liabilities - related parties, current | 595,424 | 17,701 | ||||||
| Income taxes payable | 13,272 | 556,137 | ||||||
| Due to related party | - | 5,652,833 | ||||||
| Advances from customers | 894,174 | 832,842 | ||||||
| Total current liabilities | 14,705,358 | 34,256,761 | ||||||
| Non-current liabilities: | ||||||||
| Operating lease liabilities – related party, non-current | 288,563 | - | ||||||
| Deferred tax liabilities | 178,582 | 872 | ||||||
| Operating lease liabilities, non-current | 1,712,303 | 118,827 | ||||||
| Total non-current liabilities | 2,179,448 | 119,699 | ||||||
| Total liabilities | 16,884,806 | 34,376,460 | ||||||
| Equity: | ||||||||
| Class A ordinary share, HKD0.001 par value, 333,374,217 shares authorized, 139,209,554 and 89,009,554 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 17,848 | 11,411 | ||||||
| Class B ordinary share, HKD0.001 par value, 46,625,783 shares authorized, issued and outstanding as of December 31, 2021 and 2020, respectively | 5,978 | 5,978 | ||||||
| Additional paid-in capital | 393,717,189 | 138,288,921 | ||||||
| Statutory reserves | 11,079,649 | 11,049,847 | ||||||
| Accumulated deficit | (34,180,280 | ) | (38,581,419 | ) | ||||
| Accumulated other comprehensive loss | (6,897,005 | ) | (7,648,332 | ) | ||||
| Total Ebang International Holdings Inc. shareholders’ equity | 363,743,379 | 103,126,406 | ||||||
| Non-controlling interest | 5,235,986 | 6,697,360 | ||||||
| Total equity | 368,979,365 | 109,823,766 | ||||||
| Total liabilities and equity | $ | 385,864,171 | $ | 144,200,226 | ||||
EBANG INTERNATIONAL HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Stated in US dollars)
| For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||||||
| Product revenue | $ | 48,323,022 | $ | 9,677,278 | $ | 93,255,813 | ||||||
| Service revenue | 3,127,225 | 9,327,023 | 15,804,253 | |||||||||
| Total revenues | 51,450,247 | 19,004,301 | 109,060,066 | |||||||||
| Cost of revenues | 22,227,055 | 21,903,644 | 139,623,799 | |||||||||
| Gross profit (loss) | 29,223,192 | (2,899,343 | ) | (30,563,733 | ) | |||||||
| Operating expenses: | ||||||||||||
| Selling expenses | 1,418,586 | 925,373 | 1,213,294 | |||||||||
| General and administrative expenses | 25,774,237 | 22,822,085 | 18,870,794 | |||||||||
| Total operating expenses | 27,192,823 | 23,747,458 | 20,084,088 | |||||||||
| Income (loss) from operations | 2,030,369 | (26,646,801 | ) | (50,647,821 | ) | |||||||
| Other income (expenses): | ||||||||||||
| Interest income | 1,779,672 | 824,435 | 217,200 | |||||||||
| Interest expenses | (4,383 | ) | (728,346 | ) | (2,041,491 | ) | ||||||
| Other income | 133,477 | 81,733 | 84,992 | |||||||||
| Loss from investment | (3,656,520 | ) | - | - | ||||||||
| Exchange gain (loss) | 1,780,087 | (288,346 | ) | 5,693,798 | ||||||||
| Government grants | 434,604 | 4,006,567 | 6,298,893 | |||||||||
| VAT refund | - | - | 9,138 | |||||||||
| Other expenses | (108,328 | ) | (108,624 | ) | (287,530 | ) | ||||||
| Total other income | 358,609 | 3,787,419 | 9,975,000 | |||||||||
| Income (loss) before income taxes provision (benefit) | 2,388,978 | (22,859,382 | ) | (40,672,821 | ) | |||||||
| Income taxes provision (benefit) | (378,843 | ) | 9,251,542 | 400,311 | ||||||||
| Net income (loss) | 2,767,821 | (32,110,924 | ) | (41,073,132 | ) | |||||||
| Less: net income (loss) attributable to non-controlling interest | (1,663,120 | ) | (1,435,504 | ) | 1,330,237 | |||||||
| Net income (loss) attributable to Ebang International Holdings Inc. | $ | 4,430,941 | $ | (30,675,420 | ) | $ | (42,403,369 | ) | ||||
| Comprehensive income (loss) | ||||||||||||
| Net income (loss) | $ | 2,767,821 | $ | (32,110,924 | ) | $ | (41,073,132 | ) | ||||
| Other comprehensive income (loss): | ||||||||||||
| Foreign currency translation adjustment | 953,073 | 1,960,109 | (1,188,488 | ) | ||||||||
| Total comprehensive income (loss) | 3,720,894 | (30,150,815 | ) | (42,261,620 | ) | |||||||
| Less: comprehensive income (loss) attributable to non-controlling interest | (1,461,374 | ) | (893,905 | ) | 1,330,237 | |||||||
| Comprehensive income (loss) attributable to Ebang International Holdings Inc. | $ | 5,182,268 | $ | (29,256,910 | ) | $ | (43,591,857 | ) | ||||
| Net income (loss) per ordinary share attributable to Ebang International Holdings Inc. | ||||||||||||
| Basic | $ | 0.02 | $ | (0.25 | ) | $ | (0.38 | ) | ||||
| Diluted | $ | 0.02 | $ | (0.25 | ) | $ | (0.38 | ) | ||||
| Weighted average ordinary shares outstanding | ||||||||||||
| Basic | 177,715,336 | 121,941,226 | 111,771,000 | |||||||||
| Diluted | 177,865,730 | 121,941,226 | 111,771,000 | |||||||||