Nisun(NISN) - 2023 Q2 - Quarterly Report

Revenue and Income - Total revenues for the six months ended June 30, 2023, were $126,943,808, representing an increase of 7.9$118,047,910 for the same period in 2022[5]. - Net income attributable to shareholders for the six months ended June 30, 2023, was $11,319,387, a decrease of 20.1$14,171,433 in the same period of 2022[5]. - The company reported a gross profit of $19,841,416 for the six months ended June 30, 2023, down from$21,576,719 in the same period of 2022, a decline of 8.0%[5]. - Basic and diluted earnings per common share for the six months ended June 30, 2023, were $2.87, down from$3.60 in the same period of 2022, a decrease of 19.7%[5]. - Net income from continuing operations for June 2023 was $11,366,961, a decrease from$14,651,008 in June 2022, representing a decline of approximately 22.5%[8]. Cash and Assets - Cash and cash equivalents increased to $105,994,692 as of June 30, 2023, up from$63,901,329 as of December 31, 2022, reflecting a growth of 65.8%[2]. - Cash and cash equivalents at the end of June 2023 totaled $106,637,712, up from$91,793,258 at the end of June 2022, reflecting an increase of approximately 16.2%[9]. - Total current assets reached $288,155,530 as of June 30, 2023, compared to$230,894,809 as of December 31, 2022, indicating an increase of 24.9%[2]. - The company’s total non-current assets decreased to $31,825,889 as of June 30, 2023, from$52,524,972 as of December 31, 2022, a decline of 39.4%[2]. - The company’s total shareholders' equity increased to $192,914,925 as of June 30, 2023, compared to$189,796,868 as of December 31, 2022, reflecting a growth of 1.1%[3]. Liabilities and Expenses - Total liabilities increased to $127,066,494 as of June 30, 2023, from$93,622,913 as of December 31, 2022, marking a rise of 35.6%[2]. - Research and development expenses for the six months ended June 30, 2023, were $351,200, a decrease of 57.9$834,195 in the same period of 2022[5]. - Total depreciation and amortization for June 2023 was $1,294,166, significantly higher than$639,002 in June 2022, reflecting increased asset utilization[8]. Cash Flow Activities - Net cash provided by operating activities from continuing operations was $57,224,015 in June 2023, compared to a net cash used of$(30,063,383) in June 2022, indicating a significant turnaround[8]. - Net cash used in investing activities from continuing operations was $(7,016,381) in June 2023, a decrease from$24,141,221 in June 2022, indicating a shift in investment strategy[8]. - The company reported a net cash used in financing activities of $(8,150,101) in June 2023, compared to$9,628,342 in June 2022, indicating a change in financing approach[9]. Accounts and Tax - Accounts receivable increased to $(11,089,756) in June 2023 from$(4,310,119) in June 2022, indicating a potential increase in credit sales or collection issues[8]. - Cash paid for income taxes was $1,560,580 in June 2023, compared to$8,163,616 in June 2022, indicating a decrease in tax liabilities[9]. - The company experienced a loss from investments of $(7,296) in June 2023, compared to a gain of$218,929 in June 2022, highlighting a shift in investment performance[8]. - Proceeds from the sale of short-term investments amounted to $53,004,461 in June 2023, compared to$49,210,720 in June 2022, showing an increase of approximately 3.6%[8].