HANGZHOU, China, May 16, 2023 /PRNewswire/ -- Roan Holdings Group Co., Ltd. ("Roan" or the "Company") (OTC Pink Sheets: RAHGF and RONWF), a comprehensive solution provider for industrial operation and capital market services focusing on new energy storage industries and green industries, today reported its financial results for the year ended December 31, 2022.
Key Financial Highlights for the Fiscal Year 2022 as compared to Fiscal Year 2021:
For the Year ended |
Variance |
||||||||||||||||
($ millions, except per share data, differences due to rounding) |
2022 |
2021 |
Amount |
% |
|||||||||||||
Net revenues from services |
$ |
1.20 |
$ |
0.79 |
$ |
0.41 |
51 |
% |
|||||||||
Operating income |
4.45 |
3.61 |
0.84 |
23 |
% |
||||||||||||
Net (loss) income |
(0.11) |
0.76 |
0.87 |
-114 |
% |
||||||||||||
Loss (Earnings) per share |
(0.01) |
0.01 |
0.02 |
-200 |
% |
||||||||||||
Mr. Junfeng Wang, Chairman of the Board commented, " The fiscal year of 2022 signified a pivotal moment for Roan, as we achieved a 51% growth in revenues from services, predominantly driven by the expanding contributions of our industrial operation services. Our strategic emphasis lies in new energy industries and related green industries, initiating and developing our industrial investment and operation services in Zhejiang province as a starting point, and actively expanding into the Yangtze River Delta Region. We plan to further extend our reach to economically developed areas such as the Pearl River Delta Region, and Central China, and then continue to expand into green energy hub regions in Western China. Furthermore, 2022 marked a crucial milestone for Roan as we broadened our industrial operation services to the semiconductor sector, established strategic cooperation with international companies, and diversified our revenue streams."
"Our forward-looking strategy centers around exploring opportunities in whole-process industrial operation services and consistently delivering exceptional value to our partners. By transitioning from our original financial service model to a focus on industrial operation services for the new energy market, we aim to further emphasize long-term sustainable opportunities while striving to achieve excess returns on project equity investments and management in the capital market. Our industrial investment and operation services are actively expanding from Zhejiang provinces as a starting point to economically developed regions such as the Yangtze River Delta, Pearl River Delta, and Central China, and then continuing to expand into green energy hub regions in Western China. We will also pursue an ongoing internationalization strategy, and remain steadfast in fostering a global outlook and actively exploring potential projects featuring innovative technology and premier international partners. This approach will allow us to foster long-term, sustainable relationships with industrial capital and industrial operation service customers and project partners to help us achieve steady revenue growth and expansion opportunities," Mr. Wang said.
Mr. Zhiyong Tang, Chief Executive Officer of Roan, commented: "Fiscal year 2022 showcased a significant 51% growth in net revenues of service, reaching $1.20 million in 2022 compared to $0.79 million in 2022, underscoring the positive impact of our refined business strategy and the evolution of our industrial operation services. Our net loss for 2022 amounted to $0.11 million, indicating $0.87 million, or 114% decrease, compared to net income of $0.76 million recorded in the previous year. While we are currently experiencing a temporary loss amid our business transition, we remain confident that our strategic focus on the new energy market will serve as a catalyst for future business development and financial growth. As we forge ahead into the fiscal year of 2023, we will continue to expand our industrial capital and industrial operation services into different regions, and further cultivate various new energy sub-segments. We anticipate continued growth in our industrial operation service revenue, resulting in a more robust financial performance for the Company and ultimately delivering enhanced returns for our shareholders."
Fiscal Year 2022 Financial Results
Revenues
The following table sets forth a breakdown of our revenue by services offered for the years ended December 31, 2022 and 2021:
For the years ended |
Variance |
||||||||||||
2022 |
2021 |
Amount |
% |
||||||||||
Industrial operation services |
$ |
789,195 |
$ |
146,245 |
$ |
642,950 |
440 |
% |
|||||
Management and assessment services |
401,676 |
440,254 |
(38,578) |
(9) |
% |
||||||||
Consulting services relating to debt |
— |
206,792 |
(206,792) |
(100) |
% |
||||||||
HealthCare services, net |
6,928 |
— |
6,928 |
100 |
% |
||||||||
Revenues from services |
$ |
1,197,799 |
$ |
793,291 |
$ |
404,508 |
51 |
% |
|||||
Industrial operation services
Revenue from industrial operation services was $789,195 for the year ended December 31, 2022, an increase of $642,950 or 440%, as compared to $146,245 for the same period of fiscal 2021. This significant increase was mainly due to the further development of the industrial operation services related to the new energy storage and semiconductor industries.
Management and assessment services
Revenue from management and assessment services was $401,676 for the year ended December 31, 2022, as compared to $440,254 for the same period of the prior year. During 2022, we maintained the current customers and developed one new customer.
Consulting services relating to debt collection
Revenue from consulting services relating to debt collection was $nil for the year ended December 31, 2022, as compared to $206,792 for the same period of last fiscal year. Due to the negative impact of COVID-19, we had fewer contracts for debt collection service from 2021 and did not develop any new customer of debt collection in 2022.
Healthcare services
Revenue from the healthcare service was $6,928 and $nil for the year ended December 31, 2022 and 2021, respectively.
Commission and fees on financial guarantee services
Commission and fees on financial guarantee services was $317,857 and $456,944 for the years ended December 31, 2022 and 2021, respectively. The decrease was mainly due to the Company's planned reduction in the relatively high-risk financing guarantee business.
Provision for financial guarantee services
The provisions for financial guarantee services are related to the financial guarantee service business as per the requirement of local government. Provisions for recovery for financial guarantee services was reversed to $278,496 for the year ended December 31, 2022, as compared to provision of $57,417 for the same period of 2021.
Interest and fee income
Interest and fee income primarily consisted of interest and fee income generated from loans due from third parties. Interest and fee income was $2,651,544, an increase of $236,877, or 10% for year ended December 31, 2022 as compared to $2,414,667 for the same period of 2021. The increase was largely due to the Company's newly increased loan to a third-party, which caused the interest income to increase accordingly.
Operating expenses
Operating expenses increased by $982,756 or 30%, to $4,281,355 for the year ended December 31, 2022, as compared to $3,298,599 for the same period of fiscal 2021. The increase in operating expenses was primarily attributable by the increase in salaries and employee surcharges, other G&A expense, and bad debt provision.
Net income (loss) and earnings (loss) per share
Net loss was $106,535 for the year ended December 31, 2022, as compared to net income of $757,301 for the same period of last year.
After deducting for non-controlling interests, net loss attributable to the Company's shareholders was $351,947 for the year ended December 31, 2022, as compared to net income attributable to the Company's shareholders of $371,091 for the same period of last year.
Loss per share was $0.01 for the year ended December 31, 2022, as compared to earnings per share of $0.01 for the same period of last year.
Cash and cash equivalents
Cash and cash equivalents were $645,363 as of December 31, 2022, as compared to $1,947,142 as of December 31, 2021.
Recent Developments
On April 26, 2023, Roan entered into an investment cooperation agreement for development and manufacturing of LCOS micro-display panels with the Korean company May Co,. Ltd. and its controlling shareholder Paik Woo Sung.
On September 23, 2022, Zhejiang Future New Energy Battery Technology Group Co., Ltd. was set up under the laws of PRC with the registered capital RMB 1.533 billion (approximately $222.26 million).
On September 13, 2022, Yangtze River Delta Energy Storage Technology Industrial Group (Jiaxing) Co., Ltd. was set up under the laws of PRC.
On August 30, 2022, Zhongtan Industrial Operation subscribed RMB 200 million (approximately $30.87 million) as registered capital in Jiaxing Zhongtan Future Energy Storage Technology Partnership (Limited Partnership) for 40% of its equity.
On August 25, 2022, a new wholly-owned subsidiary, Zhongtan Future Industrial Operation (Jiaxing) Co., Ltd. was incorporated under the laws of the PRC, to provide industrial operation services focusing on new energy storage, New Materials, and semiconductor industries.
On August 18, 2022, Zhongtan Industrial Operation subscribed RMB 0.1 million (approximately $14,499) as registered capital to Jiaxing Future Energy Enterprise Management Partnership (Limited Partnership), a joint venture, and held 1% of its equity.
On June 23, 2022, a new wholly-owned subsidiary, Zhongtan Future Industrial Operation (Hangzhou) Co., Ltd. was incorporated under the laws of the PRC, which provides industrial operation services focusing on the new energy storage, new materials, and semiconductor industries.
About Roan Holdings Group Co., Ltd.
Founded in 2009, Roan Holdings Group Co., Ltd. (OTC Pink: RAHGF and RONWF) is a comprehensive solution provider for industrial operation and capital market services. Adhering to the platform strategy of "cross collaboration, technology empowerment, sustainability and stability, and combination of operation and finance resources", the Company's services focus on the new energy, new materials, and semiconductor industries. At the same time, the Company focuses on the application of innovative technologies in the consumer industry with respect to financial consumption, cultural and tourism consumption, and great health ecosystem. Roan aims to provide comprehensive solutions and supporting services for diversified institutional and local government clients across the entire industry chain. Roan has operational headquarters in Hangzhou, and subsidiaries in Hangzhou, Ningbo, Shaoxing and Tianjin. For more information, please visit: www.roanholdingsgroup.com.
Safe Harbor Statement
This announcement 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 relate to, among others, the consummation of the proposed transaction, and can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Examples of such statements in this release include that (a) our strategic emphasis lies in new energy industries and related green industries, initiating and developing our industrial investment and operation services in Zhejiang province as a starting point, and actively expanding into the Yangtze River Delta Region, (b) our plan to further extend our reach to economically developed areas such as the Pearl River Delta Region, and Central China, and then continue to expand into green energy hub regions in Western China, (c) our strategy to explore opportunities in whole-process industrial operation services and consistently delivering exceptional value to our partners, (d) our aim to further emphasize long-term sustainable opportunities in the new energy sector for industrial operation services by transitioning from our original financial service model to a focus on industrial operation services for the new energy market, while striving to achieve excess returns on project equity investments and management in the capital market, (e) our plans to also pursue an ongoing internationalization strategy, and remain steadfast in fostering a global outlook and actively exploring potential projects featuring innovative technology and premier international partners, which we believe will allow us to foster long-term, sustainable relationships with industrial capital and industrial operation service customers and project partners to help us achieve steady revenue growth and expansion opportunities, (f) our beliefs that our current loss is temporary amid our business transition, that our strategic focus on the new energy market will serve as a catalyst for future business development and financial growth, that in 2023, we will continue to expand our industrial capital and industrial operation services into different regions, and further cultivate various new energy sub-segments, and that we will experience continued growth in our industrial operation service revenue, resulting in a more robust financial performance for the Company, Such statements are based upon management's current expectations, and relate to events that involve 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 and which could cause actual results to differ materially from statements made in this press release. Examples of these risks include whether we are able to grow our revenue from industrial operation services, in part from our multiple strategic initiatives, whether we will be timely in implementing such multiple strategic initiatives and whether such strategic initiatives will lead to new revenue, whether any growth would be profitable, whether there will be continued growth in the new energy and new materials sectors, whether the worldwide economic slow-down will impact these sectors materially, whether any of companies or joint ventures we invested in and/or formed will become active and successful, whether our partners in such companies and joint ventures will devote commensurate efforts, and whether we will be able to timely set up an industrial service platform covering both the downstream and upstream resources for industrial supply chain of new energy industrial operations. Further information regarding these and other risks, uncertainties or factors are included in the Company's filings with the U.S. Securities and Exchange Commission which are available on our website at www.roanholdingsgroup.com/cwbg and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. The Company does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under law.
IR Contact:
Investor Relations Firm:
Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 (718)213-7386
ROAN HOLDINGS GROUP CO., LTD. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Expressed in U.S. dollar, except for the number of shares) |
||||||||
December 31, |
December 31, |
|||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
645,363 |
$ |
1,947,142 |
||||
Restricted cash |
11,337,223 |
20,592,223 |
||||||
Guarantee deposit |
8,409,210 |
9,101,466 |
||||||
Accounts receivable, net |
8,200,172 |
6,929,529 |
||||||
Inventories |
— |
33,598 |
||||||
Loan receivables due from third parties, net |
25,536,222 |
23,751,471 |
||||||
Due from related parties |
10,280 |
5,941 |
||||||
Prepayments |
26,648 |
70,910 |
||||||
Other receivables, net |
188,395 |
656,835 |
||||||
Total current assets |
54,353,513 |
63,089,115 |
||||||
Pledged deposits |
— |
48,752 |
||||||
Property and equipment, net |
50,518 |
77,073 |
||||||
Intangible assets, net |
2,009,297 |
3,123,394 |
||||||
Right of use assets |
72,846 |
37,313 |
||||||
Goodwill |
246,998 |
267,331 |
||||||
Total non-current assets |
2,379,659 |
3,553,863 |
||||||
Total Assets |
$ |
56,733,172 |
$ |
66,642,978 |
||||
LIABILITIES |
||||||||
Customer pledged deposits |
$ |
— |
$ |
7,846 |
||||
Unearned income |
393,742 |
72,523 |
||||||
Reserve for financial guarantee losses |
330,096 |
651,341 |
||||||
Dividends payable |
480,000 |
480,000 |
||||||
Tax payable |
3,117,234 |
2,614,257 |
||||||
Due to related parties |
215,541 |
123,117 |
||||||
Warrant liabilities |
— |
16,998 |
||||||
Operating lease liabilities, current portion |
57,944 |
65,498 |
||||||
Accrued expenses and other liabilities |
1,336,968 |
1,155,903 |
||||||
Bank loans |
— |
5,961,460 |
||||||
Total current liabilities |
5,931,525 |
11,148,943 |
||||||
Operating lease liabilities, noncurrent portion |
30,091 |
— |
||||||
Deferred tax liabilities |
177,098 |
544,355 |
||||||
Total non-current Liabilities |
207,189 |
544,355 |
||||||
Total Liabilities |
$ |
6,138,714 |
$ |
11,693,298 |
||||
Commitments and Contingencies |
— |
— |
||||||
Shareholders' Equity |
||||||||
Ordinary Share, no par value, unlimited shares authorized; 25,287,851 and |
— |
— |
||||||
Class A convertible preferred shares, no par value, unlimited shares |
$ |
12,398,127 |
$ |
11,711,727 |
||||
Class B convertible preferred shares, no par value, unlimited shares authorized; |
31,087,732 |
31,087,732 |
||||||
Additional paid-in capital |
3,312,189 |
3,312,189 |
||||||
Statutory reserve |
472,706 |
362,797 |
||||||
Accumulated deficit |
(15,954,058) |
(14,805,802) |
||||||
Accumulated other comprehensive income |
445,517 |
3,128,086 |
||||||
Total Roan Holdings Group Co., Ltd.'s Shareholders' Equity |
$ |
31,762,213 |
$ |
34,796,729 |
||||
Noncontrolling interests |
18,832,245 |
20,152,951 |
||||||
Total Equity |
50,594,458 |
54,949,680 |
||||||
Total Liabilities and Equity |
$ |
56,733,172 |
$ |
66,642,978 |
||||
ROAN HOLDINGS GROUP CO., LTD. |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
||||||||||||
(Expressed in U.S. dollar, except for the number of shares) |
||||||||||||
For the Years Ended |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Revenue from consulting management services |
$ |
789,195 |
$ |
146,245 |
$ |
— |
||||||
Revenue of industrial operation services |
789,195 |
146,245 |
— |
|||||||||
Revenues from financial services |
401,676 |
647,046 |
2,128,153 |
|||||||||
Revenues from healthcare service packages |
25,529 |
— |
55,301 |
|||||||||
Cost of revenues |
(18,601) |
— |
(50,774) |
|||||||||
Net revenues from healthcare service packages |
6,928 |
4,527 |
||||||||||
Net revenues of services |
1,197,799 |
793,291 |
2,132,680 |
|||||||||
Commissions and fees on financial guarantee services |
317,857 |
456,944 |
375,471 |
|||||||||
Recovery (provision) for financial guarantee services |
278,496 |
(57,417) |
(89,865) |
|||||||||
Commission and fee income on guarantee services, net |
596,353 |
399,527 |
285,606 |
|||||||||
Interest and fees income |
||||||||||||
Interest income on loans due from third parties |
2,302,915 |
2,113,918 |
2,131,447 |
|||||||||
Interest income on deposits with banks |
348,629 |
300,749 |
348,389 |
|||||||||
Total interest and fee income |
2,651,544 |
2,414,667 |
2,479,836 |
|||||||||
Operating income |
4,445,696 |
3,607,485 |
4,898,122 |
|||||||||
Total operating expenses |
||||||||||||
Salaries and employee surcharges |
(1,273,012) |
(1,054,509) |
(1,116,482) |
|||||||||
Other operating expenses |
(2,479,402) |
(2,192,551) |
(2,671,310) |
|||||||||
Changes in fair value of warrant liabilities |
16,998 |
(3,021) |
5,961 |
|||||||||
Allowance for expected credit loss |
(545,939) |
(48,518) |
(323,788) |
|||||||||
Total operating expenses |
(4,281,355) |
(3,298,599) |
(4,105,619) |
|||||||||
Income from operation |
164,341 |
308,886 |
792,503 |
|||||||||
Other (expense) income |
||||||||||||
Deconsolidation gain (loss) |
— |
490,283 |
(1,953,248) |
|||||||||
Other (expenses) income |
(22,235) |
554,167 |
76,406 |
|||||||||
Interest expenses |
(46,663) |
(267,184) |
— |
|||||||||
Total other (expense) income |
(68,898) |
777,266 |
(1,876,842) |
|||||||||
Income (Loss) before income taxes |
95,443 |
1,086,152 |
(1,084,339) |
|||||||||
Income tax (expenses) recovery |
(201,978) |
(328,851) |
229,733 |
|||||||||
Net (loss) income from continuing operations |
(106,535) |
757,301 |
(854,606) |
|||||||||
Net (loss) income |
(106,535) |
757,301 |
(854,606) |
|||||||||
Net income attributable to non-controlling interests |
(245,412) |
(386,210) |
(838,048) |
|||||||||
Net (loss) income attributable to Roan Holding Group Co., |
$ |
(351,947) |
$ |
371,091 |
$ |
(1,692,654) |
||||||
Other comprehensive (loss) income |
||||||||||||
Foreign currency translation adjustment |
(4,248,687) |
1,308,444 |
3,461,980 |
|||||||||
Comprehensive (loss) income |
$ |
(4,355,222) |
$ |
2,065,745 |
$ |
2,607,374 |
||||||
Other comprehensive (loss) income attributable to noncontrolling |
1,566,118 |
(488,233) |
(1,334,101) |
|||||||||
Net income attributable to noncontrolling interests |
(245,412) |
(386,210) |
(838,048) |
|||||||||
Total comprehensive (loss) income attributable to Roan |
$ |
(3,034,516) |
$ |
1,191,302 |
$ |
435,225 |
||||||
Weighted average number of ordinary share outstanding |
||||||||||||
Basic and Diluted* |
25,287,851 |
25,287,851 |
25,287,851 |
|||||||||
(Loss) earnings per share |
||||||||||||
Net loss (earnings) per share – Basic and Diluted |
$ |
(0.01) |
$ |
0.01 |
$ |
(0.07) |
||||||
* Because the Company incurred a net loss from continuing operations, the number of warrants, Class A preferred |
||||||||||||
ROAN HOLDINGS GROUP CO., LTD. |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
(Expressed in U.S. dollar, except for the number of shares) |
||||||||||||
For the Years Ended |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Cash Flows from Operating Activities: |
||||||||||||
Net (loss) income |
$ |
(106,535) |
$ |
757,301 |
$ |
(854,606) |
||||||
Adjustments to reconcile net income to net cash used in |
||||||||||||
Depreciation and amortization expenses |
920,900 |
985,845 |
951,139 |
|||||||||
Provision for credit losses |
545,939 |
48,518 |
316,014 |
|||||||||
Recovery (provision) for financial guarantee losses |
(278,496) |
57,417 |
89,865 |
|||||||||
Deferred tax expenses |
(330,063) |
(265,421) |
(1,001,372) |
|||||||||
Changes in fair value of warrant liabilities |
(16,998) |
3,021 |
(5,961) |
|||||||||
Net gain from disposal of fixed assets |
— |
(33,246) |
(136,682) |
|||||||||
Gain (loss) from lease modification |
— |
(603) |
22,257 |
|||||||||
Non-cash operating lease expenses |
82,288 |
156,498 |
165,916 |
|||||||||
Gain (loss) from deconsolidation of subsidiaries |
— |
(490,283) |
1,953,248 |
|||||||||
Changes in operating assets and liabilities: |
||||||||||||
Accounts receivable |
(1,934,362) |
(7,495) |
(3,116,533) |
|||||||||
Inventory |
32,506 |
(3,250) |
(30,348) |
|||||||||
Other current assets |
40,754 |
3,431,640 |
(3,215,702) |
|||||||||
Other receivables |
434,689 |
2,425,003 |
(3,268,571) |
|||||||||
Accounts payable and accrued liabilities |
— |
— |
352,600 |
|||||||||
Pledged deposits and other non-current assets |
46,169 |
414,265 |
359,202 |
|||||||||
Customer Pledged assets |
(7,431) |
— |
— |
|||||||||
Unearned income |
334,902 |
(58,249) |
7,915 |
|||||||||
Tax payable |
719,396 |
847,043 |
1,029,919 |
|||||||||
Accrued expenses and other liabilities |
229,367 |
449,971 |
(1,079,811) |
|||||||||
Operating lease liabilities |
(93,412) |
(76,102) |
(207,891) |
|||||||||
Net Cash Provided by (Used in) Operating Activities |
619,613 |
8,641,873 |
(7,669,402) |
|||||||||
Cash Flows from Investing Activities: |
||||||||||||
Proceeds of loans repayment from third parties |
13,812,156 |
20,499,442 |
— |
|||||||||
Loans advanced to third parties |
(17,947,789) |
(26,100,286) |
(3,467,607) |
|||||||||
Purchases of property and equipment |
(1,249) |
(54,569) |
— |
|||||||||
Net inflow related to deconsolidation of subsidiaries |
— |
788 |
61,121 |
|||||||||
Redemption of short-term investment |
— |
— |
8,690,374 |
|||||||||
Due to (from) related party |
88,085 |
(70,169) |
210,774 |
|||||||||
Proceeds from sale of property and equipment |
— |
40,305 |
837,969 |
|||||||||
Net Cash (Used in) Provided by Investing Activities |
(4,048,797) |
(5,684,489) |
6,332,631 |
|||||||||
Cash Flows from Financing Activities: |
||||||||||||
Proceeds from bank loans |
5,645,702 |
5,889,179 |
8,341,311 |
|||||||||
Repayment of bank loans |
(11,291,425) |
(8,927,555) |
— |
|||||||||
Repayment of third-party loans |
— |
— |
(280,268) |
|||||||||
Net Cash (Used in) Provided by Financing Activities |
(5,645,723) |
(3,038,376) |
8,061,043 |
|||||||||
Effect of exchange rate changes on cash, cash equivalents, |
(1,481,872) |
701,642 |
1,372,684 |
|||||||||
Net increase in cash, cash equivalents, and restricted cash |
(10,556,779) |
620,650 |
8,096,956 |
|||||||||
Cash, cash equivalents, and restricted cash in banks at |
22,539,365 |
21,918,715 |
13,821,759 |
|||||||||
Cash, cash equivalents, and restricted cash in banks |
$ |
11,982,586 |
$ |
22,539,365 |
$ |
21,918,715 |
||||||
Supplemental Cash Flow Information |
||||||||||||
Cash paid for interest expense |
$ |
221,538 |
$ |
269,400 |
$ |
— |
||||||
Cash paid for income tax |
$ |
— |
$ |
— |
$ |
— |
||||||
Noncash investing activities |
||||||||||||
Right of use assets obtained in exchange for operating lease |
$ |
117,492 |
$ |
— |
$ |
233,744 |
||||||
