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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Puhui Wealth Investment Management Company Ltd | NASDAQ:PHCF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.75 | 1.74 | 2.54 | 0 | 01:00:00 |
Financial and Operating Highlights
Mr. Zhe Ji, the Chairman and CEO of the Company stated, “We are pleased to announce that we delivered solid results for the six months ended December 31, 2021, highlighted by the increase in our total revenue and the number of new HNW clients compared to December 31, 2020. Our total revenue increased by 68.8% year-over-year, demonstrating our success in executing strategic business initiatives and growth plans. The increased number of new HNW clients reflects the recognition of our brand and the quality of our services. The solid results once again prove our capabilities to make significant progress on business growth. Despite the challenging macro environment, we remain focused on implementing our unique investment strategy, providing high-quality services to our clients, and expanding our business. We will continue our efforts to expand our services globally and offer a diversified product portfolio to our clients by leveraging the strengths and advantages of our Hong Kong subsidiary, Granville Financial Services Company Limited.”
Mr. Ji continued, “As most regions are gradually recovering from the COVID-19 pandemic in China, we are more optimistic about the opportunities in the wealth management industry in the near future. We believe that our talented and dedicated team and strategic long-term development plan have positioned Puhui well to capture the opportunities to grow business in the industry. We will continue to focus on our future strategic objectives, improve operating efficiency, and explore growth opportunities for our business. Through leveraging extensive experience and expertise in the wealth management industry, we will continue providing targeted financial advisory services to best serve the demand of our clients as we value our relationships with our clients. Looking ahead, upholding our mission that put our clients’ interests first and serving with our expertise, we aim to seize the opportunities in the wealth management in China to expand our client base and grow our business in 2022 and beyond.”
Financial Review for the Six Months Ended December 31, 2021
Wealth Management
Asset Management
Revenues
Cost of Revenues
Operating Expenses
Other Expenses
Net Loss Attributable to Puhui Wealth
Liquidity and Capital Resources
About Puhui Wealth Investment Management Co., Ltd.
Headquartered in Beijing, the Company, incorporated under the laws of Cayman Islands as a holding company, is a third-party wealth management service provider focusing on marketing financial products to, and managing funds for, HNW individuals and corporate clients in the People’s Republic of China (“PRC” or “China”), with the main operating activities conducted through the variable interest entity Puhui Wealth Investment Management (Beijing) Co. Ltd (“Puhui Beijing”), or the VIE, and its subsidiaries in China. More information about the Company can be found at: www.puhuiwealth.com.
Additional Disclosure Concerning COVID-19
The impacts of COVID-19 on Puhui’s business, financial condition, and results of operations include, but are not limited to, the following:
Because of the uncertainty surrounding the COVID-19 outbreak, the business disruption and the financial impact related to the outbreak of and response to the COVID-19 outbreak cannot be reasonably estimated at this time.
Forward Looking Statement
This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that indicate future events or trends or are not statements of historical matters. These statements are based on our management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control and all of which could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in our reports filed with the Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 20-F and its subsequent filings, which are available, free of charge, on the SEC’s website at www.sec.gov.
For more information, please contact Investor Relations:
Ascent Investor Relations LLCTina Xiao, PresidentTel: +1 917-609-0333Email: tina.xiao@ascent-ir.com
PUHUI WEALTH INVESTMENT MANAGEMENT CO., LTD AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Six Months Ended December 31, | ||||||||
2021 | 2020 | |||||||
REVENUES | ||||||||
Revenues | $ | 254,850 | $ | 124,320 | ||||
Revenues - related parties | 752,850 | 472,661 | ||||||
Total revenues | 1,007,700 | 596,981 | ||||||
OPERATING EXPENSES | ||||||||
Cost of revenues | (135,330 | ) | (157,233 | ) | ||||
Selling expenses | (248,333 | ) | (361,632 | ) | ||||
Goodwill Impairment loss | (454,487 | ) | - | |||||
General and administrative expenses | (2,440,339 | ) | (2,349,118 | ) | ||||
Total operating expenses | (3,278,489 | ) | (2,867,983 | ) | ||||
LOSS FROM OPERATIONS | (2,270,789 | ) | (2,271,002 | ) | ||||
OTHER INCOME (EXPENSES) | ||||||||
Interest income | 37,011 | 35,039 | ||||||
Other finance expenses | (846,707 | ) | (90,217 | ) | ||||
Loss from disposal of subsidiaries | (422,169 | ) | (21,397 | ) | ||||
Other income, net | 56,675 | 35,307 | ||||||
Total other expenses, net | (1,175,190 | ) | (41,268 | ) | ||||
LOSS BEFORE INCOME TAXES | (3,445,979 | ) | (2,312,270 | ) | ||||
(BENEFITS OF) PROVISION FOR INCOME TAXES | ||||||||
Deferred | 10,855 | (123,002 | ) | |||||
Total income tax (benefits) provision | 10,855 | (123,002 | ) | |||||
NET LOSS | (3,456,834 | ) | (2,189,268 | ) | ||||
Less: net income (loss) attributable to noncontrolling interest | (89,324 | ) | 258,589 | |||||
NET LOSS ATTRIBUTABLE TO PUHUI WEALTH | $ | (3,367,510 | ) | $ | (2,447,857 | ) | ||
NET LOSS | $ | (3,456,834 | ) | $ | (2,189,268 | ) | ||
OTHER COMPREHENSIVE INCOME | ||||||||
Foreign currency translation adjustment | (57,074 | ) | 110,405 | |||||
COMPREHENSIVE LOSS | $ | (3,513,908 | ) | $ | (2,078,863 | ) | ||
Less: comprehensive income (loss) attributable to noncontrolling interest | (66,576 | ) | 261,272 | ) | ||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO PUHUI WEALTH | $ | (3,447,332 | ) | $ | (2,340,135 | ) | ||
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES | ||||||||
Basic and diluted | 12,240,815 | 11,507,558 | ||||||
LOSS PER SHARE | ||||||||
Basic and diluted | $ | (0.28 | ) | $ | (0.21 | ) |
PUHUI WEALTH INVESTMENT MANAGEMENT CO., LTD AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, | June 30, | |||||||
2021 | 2021 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 951,779 | $ | 581,289 | ||||
Short-term investments | 398,041 | 394,767 | ||||||
Accounts receivables-related parties | 4,705 | 222,907 | ||||||
Other receivables | 109,679 | 117,848 | ||||||
Other receivables - related party | 957,065 | 887,955 | ||||||
Prepaid expenses | 945,702 | 1,047,712 | ||||||
Total current assets | 3,366,971 | 3,252,478 | ||||||
PROPERTY AND EQUIPMENT, NET | 147,332 | 190,895 | ||||||
OTHER ASSETS | ||||||||
Long-term security deposits | 237,789 | 234,819 | ||||||
Right-of-use assets | 796,654 | 1,049,069 | ||||||
Long-term prepaid expenses | 674,577 | 837,829 | ||||||
Deferred tax assets, net | 167,986 | 179,310 | ||||||
Intangible asset, net | 770,904 | 821,012 | ||||||
Goodwill | 1,409,566 | 1,864,053 | ||||||
Total other assets | 4,057,476 | 4,986,092 | ||||||
Total assets | $ | 7,571,779 | $ | 8,429,465 | ||||
LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Acquisition payable | $ | 208,439 | $ | 368,439 | ||||
Deferred revenue | 129,947 | 377,161 | ||||||
Deferred revenue-related party | 83,128 | - | ||||||
Other payables and accrued liabilities | 1,033,277 | 1,133,895 | ||||||
Other payables - related parties | 8,587 | - | ||||||
Operating lease liabilities - current | 532,435 | 508,501 | ||||||
Financing lease liabilities - current | 50,276 | 52,492 | ||||||
Convertible notes | 161,633 | - | ||||||
Taxes payable | 48,439 | 25,097 | ||||||
Current portion of long-term debt | 1,257,311 | 1,255,687 | ||||||
Total current liabilities | 3,513,472 | 3,721,272 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Operating lease liabilities | 203,436 | 516,262 | ||||||
Financing lease liabilities | - | 22,933 | ||||||
Other payable-related parties | 1,165,672 | 909,382 | ||||||
Total non-current liabilities | 1,369,108 | 1,448,577 | ||||||
Total liabilities | 4,882,580 | 5,169,849 |
PUHUI WEALTH INVESTMENT MANAGEMENT CO., LTD AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
December 31, | June 30, | |||||||
2021 | 2021 | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
EQUITY | ||||||||
Preferred shares, $0.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2021 and June 30, 2021 | - | - | ||||||
Ordinary shares, $0.001 par value, 49,000,000 shares authorized, 13,169,730 and 11,507,558 shares issued and outstanding as of December 31, 2021 and June 30, 2021 | 13,170 | 11,508 | ||||||
Additional paid-in capital | 24,446,473 | 21,911,045 | ||||||
Accumulated deficit | (21,688,563 | ) | (18,321,053 | ) | ||||
Accumulated other comprehensive income (loss) | 209,621 | 289,443 | ||||||
Total equity attributable to controlling shareholders | 2,980,701 | 3,890,943 | ||||||
Noncontrolling interest | (291,502 | ) | (631,327 | ) | ||||
Total equity | 2,689,199 | 3,259,616 | ||||||
Total liabilities and equity | $ | 7,571,779 | $ | 8,429,465 |
PUHUI WEALTH INVESTMENT MANAGEMENT CO., LTD AND SUBSIDIARIESUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months EndedDecember 31, | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (3,456,834 | ) | $ | (2,189,268 | ) | ||
Adjustments to reconcile net loss to net cash | ||||||||
used in operating activities: | ||||||||
Depreciation and amortization | 95,850 | 172,173 | ||||||
Amortization of operating lease right-of-use assets | 499,407 | 579,786 | ||||||
Loss from disposal of subsidiaries | 422,169 | 21,397 | ||||||
Amortization of discount on convertible notes | 718,993 | - | ||||||
Goodwill impairment loss | 454,487 | - | ||||||
Deferred tax provision (benefits) | 10,856 | (123,002 | ) | |||||
Change in operating assets and liabilities | ||||||||
Accounts receivables | - | 368,009 | ||||||
Accounts receivables - related parties | 219,206 | 327,037 | ||||||
Other receivables | 9,110 | 113,037 | ||||||
Prepaid expenses | 7,812 | 106,661 | ||||||
Long-term prepaid expenses | 163,431 | 409,702 | ||||||
Deferred revenue | (249,989 | ) | (43,408 | ) | ||||
Other payables and accrued liabilities | (262,871 | ) | 369,050 | |||||
Deferred revenue-related party | 82,397 | - | ||||||
Operating lease liabilities | (535,244 | ) | (597,352 | ) | ||||
Taxes payable | 22,808 | (22,116 | ) | |||||
Net cash used in operating activities | (1,798,412 | ) | (508,294 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from sales of short-term investments | 1,935 | 139,507 | ||||||
Loans receivable to related parties | - | (36,931 | ) | |||||
Repayment from related parties | (56,851 | ) | - | |||||
Net cash provided by investing activities | (54,916 | ) | 102,576 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Loan from related parties | 244,415 | 664,387 | ||||||
Financing lease liabilities payments | (25,917 | ) | (23,017 | ) | ||||
Principal payments of long-term debt | (14,867 | ) | (13,300 | ) | ||||
Proceeds from convertible notes, net | 1,952,623 | - | ||||||
Net cash provided by (used in) financing activities | 2,156,254 | 628,070 | ||||||
EFFECT OF EXCHANGE RATE ON CASH | 67,564 | (5,295 | ) | |||||
INCREASE IN CASH | 370,490 | 217,057 | ||||||
CASH, beginning of period | 581,289 | 744,436 | ||||||
CASH, end of period | $ | 951,779 | $ | 961,493 |
PUHUI WEALTH INVESTMENT MANAGEMENT CO., LTD AND SUBSIDIARIESUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
For the Six Months EndedDecember 31, | ||||||||
2021 | 2020 | |||||||
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES | ||||||||
Convertible notes convert to paid in capital | $ | 2,537,090 | $ | - | ||||
Initial recognition of right-of-use assets and lease liabilities, net of disposal | $ | 235,448 | $ | - |
1 Year Puhui Wealth Investment ... Chart |
1 Month Puhui Wealth Investment ... Chart |
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