中海油田服务(02883) - 2021 - 年度财报

Company Overview Company Introduction and Strategic Objectives COSL is a leading global integrated oilfield services provider, offering comprehensive services across the oil and gas exploration, development, and production lifecycle, with a strategic goal to become a world-class energy service company with Chinese characteristics - The company is one of the largest integrated oilfield service providers globally, covering all stages of oil and gas exploration, development, and production[4] - The company's business is divided into four segments: drilling services, oilfield technology services, marine support services, and geophysical survey and engineering survey services[6] - The company has formulated five development strategies: technology-driven, cost-leading, integration, internationalization, and regional development, aiming to become a world-class energy service company with Chinese characteristics[7] Financial Highlights 2021 Annual Financial Highlights In 2021, the company's total operating revenue slightly increased by 0.8% to RMB 29.169 billion, but operating profit decreased by 62.8% to RMB 1.541 billion and annual profit plummeted by 88.2% to RMB 322 million, primarily due to increased operating expenses and asset impairment losses 2021 Key Financial Data (RMB million) | Indicator | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 29,168.5 | 28,925.3 | 0.8% | | Domestic Business Revenue | 24,552.9 | 21,513.5 | 14.1% | | International Business Revenue | 4,615.6 | 7,411.8 | (37.7%) | | Operating Profit | 1,541.3 | 4,141.9 | (62.8%) | | Annual Profit | 322.1 | 2,718.3 | (88.2%) | | Basic Earnings Per Share (cents/share) | 6.56 | 56.65 | (88.4%) | | Total Assets (Year-end) | 73,311.7 | 75,942.3 | (3.5%) | | Total Equity (Year-end) | 38,216.3 | 38,688.8 | (1.2%) | Chairman's Statement Strategy and Operations Review Chairman Zhao Shunqiang emphasized the company's five development strategies—technology-driven, cost-leading, integration, internationalization, and regional development—to achieve high-quality growth, with notable progress in governance, risk control, technological innovation, overseas expansion, and green initiatives - Established five development strategies (technology-driven, cost-leading, new integration, internationalization, regional development), prioritizing technological innovation, overseas market breakthroughs, and green development[15] - Comprehensively enhanced governance efficiency and continuously strengthened risk prevention and control, achieving an OSHA recordable incident rate of 0.08[16] - Adhered to technology-driven development, with the self-developed 'Xuanji' system achieving international advanced levels in well entry success rate and successfully entering overseas markets[17] - Persisted with the new integration strategy, optimized overseas market layout, signed over a hundred new overseas contracts and supplementary agreements, achieving gains in both Asia-Pacific and African markets[18] - Upheld green and low-carbon principles, implemented "dual carbon" strategic decisions, and was continuously selected for the Hang Seng Sustainability Index[19] Management Discussion and Analysis Industry Overview and Business Review In 2021, the global oilfield services market faced oversupply and intense competition due to the ongoing pandemic, oil price volatility, and accelerated energy transition, while the domestic market remained relatively stable, leading the company to achieve RMB 29.169 billion in revenue and RMB 322 million in net profit under its five development strategies - In 2021, the international oilfield services market experienced oversupply and intense competition due to the pandemic, oil price fluctuations, and energy transition, while the domestic market remained relatively stable driven by the 'Seven-Year Action Plan'[22] 2021 Key Operating Performance | Indicator | Amount | | :--- | :--- | | Operating Revenue | RMB 29.1685 billion | | Net Profit | RMB 322.1 million | | Basic Earnings Per Share | RMB 0.07 | Analysis of Business Segments In 2021, the company's four business segments showed mixed performance, with oilfield technology, marine support, and geophysical services achieving double-digit revenue growth, while drilling services revenue declined by 23.5% primarily due to a large settlement income in the prior year Drilling Services In 2021, drilling services revenue decreased by 23.5% to RMB 8.768 billion, primarily due to a USD 188 million settlement in the prior year, with total operating days declining by 3.3% and semi-submersible rig average daily revenue falling by 27.4% Drilling Rig Operating Data | Indicator | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | Operating Days (days) | 14,082 | 14,569 | -3.3% | | - Jack-up Rigs | 11,383 | 11,427 | -0.4% | | - Semi-submersible Rigs | 2,699 | 3,142 | -14.1% | | Available Day Utilization Rate | 71.9% | 75.0% | Decrease of 3.1 percentage points | | Calendar Day Utilization Rate | 69.1% | 71.6% | Decrease of 2.5 percentage points | Average Daily Revenue of Drilling Rigs (USD ten thousand/day) | Rig Type | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Jack-up Rigs | 7.0 | 7.0 | 0.0% | | Semi-submersible Rigs | 13.5 | 18.6 | (27.4%) | | Average Drilling Rig | 8.2 | 9.5 | (13.7%) | Oilfield Services In 2021, oilfield technology services revenue grew by 13.3% to RMB 15.068 billion, driven by significant R&D achievements like the 'Xuanji' rotary steerable system's successful entry into overseas markets and initial progress in localizing high-end completion tools - Oilfield technology services business achieved operating revenue of RMB 15.068 billion, a year-on-year increase of 13.3%[34] - The self-developed 'Xuanji' rotary steerable and logging-while-drilling system possesses full-specification operational capabilities and has successfully entered overseas markets[35] Marine Support Services In 2021, marine support services revenue grew by 13.3% to RMB 3.304 billion, with the owned fleet's calendar day utilization rate remaining stable at 93.4%, and the company expanded into the Americas market while adding six LNG-powered vessels - Marine support services business achieved operating revenue of RMB 3.304 billion, a year-on-year increase of 13.3%[37] Owned Fleet Operating Days (days) | Vessel Type | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Oilfield Standby Vessels | 12,449 | 13,154 | (5.4%) | | Anchor Handling Tug Supply (AHTS) Vessels | 10,514 | 9,490 | 10.8% | | Platform Supply Vessels (PSV) | 4,894 | 4,810 | 1.7% | | Total | 30,223 | 30,151 | 0.2% | Geophysical Survey and Engineering Survey Services In 2021, geophysical survey and engineering survey services revenue surged by 62.5% to RMB 2.029 billion, driven by the commercial application of self-developed 'Hailiang' streamer acquisition equipment and 'Haitu' navigation system, alongside the establishment of the first OBN vessel fleet - Geophysical survey and engineering survey services revenue increased by 62.5% year-on-year to RMB 2.029 billion[42] Geophysical Survey Workload | Business Type | Unit | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | :--- | | 2D Acquisition | km | 3,353 | 9,652 | (65.3%) | | 3D Acquisition | sq km | 18,010 | 14,457 | 24.6% | | Ocean Bottom Cable (OBC) | sq km | 1,801 | 943 | 91.0% | | Ocean Bottom Node (OBN) | sq km | 641 | 0 | N/A | Key Subsidiaries Key subsidiaries exhibited mixed performance, with BVI Company achieving significant revenue and profit growth to turn profitable, while Oilfield Chemical, Americas Company, CNA, and COSL Singapore Limited experienced revenue and profit declines, with CNA and COSL Singapore Limited incurring substantial equipment impairment losses due to challenging overseas markets - BVI Company achieved operating revenue of RMB 2.523 billion in 2021, a year-on-year increase of 61.2%; net profit was RMB 274 million, compared to a loss of RMB 58 million in the same period last year[45] - CNA Company's revenue decreased by 85.9% year-on-year to RMB 414 million, with net loss expanding to RMB 2.271 billion, including RMB 1.454 billion in equipment impairment losses[46] - COSL Singapore Limited's revenue decreased by 37.0% year-on-year to RMB 1.540 billion, with net loss expanding to RMB 1.028 billion, including RMB 485 million in equipment impairment losses[46] Financial Review In 2021, the group's total revenue slightly increased by 0.8%, but operating expenses rose by 11.7% due to higher employee compensation and property, plant, and equipment impairment losses, resulting in a 62.8% decline in operating profit, while total assets and liabilities slightly decreased Consolidated Income Statement Analysis In 2021, total revenue was RMB 29.17 billion, up 0.8%, with domestic revenue growing 14.1% and international revenue declining 37.7%, while operating expenses increased 11.7% to RMB 28.18 billion, leading to a 62.8% drop in operating profit and an 88.2% decline in annual profit Revenue by Business Segment (RMB million) | Business Segment | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Drilling Services | 8,767.7 | 11,456.8 | (23.5%) | | Oilfield Services | 15,067.9 | 13,304.7 | 13.3% | | Marine Support Services | 3,303.7 | 2,915.2 | 13.3% | | Geophysical Survey and Engineering Survey Services | 2,029.2 | 1,248.6 | 62.5% | | Total | 29,168.5 | 28,925.3 | 0.8% | Key Operating Expense Items (RMB million) | Item | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Employee Compensation Costs | 6,030.2 | 4,897.1 | 23.1% | | Subcontracting Expenses | 5,643.2 | 4,768.5 | 18.3% | | Impairment Losses on Property, Plant and Equipment | 2,011.3 | 1,447.8 | 38.9% | | Total Operating Expenses | 28,184.5 | 25,221.4 | 11.7% | - The Board recommended a total annual dividend of RMB 0.15 per share (tax inclusive), comprising a RMB 0.02 per share annual dividend and a RMB 0.13 per share special dividend[70] Consolidated Statement of Financial Position Analysis As of year-end 2021, the group's total assets decreased by 3.5% to RMB 73.31 billion, total liabilities decreased by 5.8% to RMB 35.10 billion, and total equity decreased by 1.2% to RMB 38.22 billion, primarily due to a significant increase in other non-current assets from new large-denomination deposits and reclassification of long-term bonds to current liabilities - As of December 31, 2021, total assets decreased by 3.5% year-on-year to RMB 73.31 billion, and total liabilities decreased by 5.8% year-on-year to RMB 35.10 billion[71] - Key changes in assets included a 1034.0% increase in other non-current assets due to new large-denomination deposits, and a 571.5% increase in other current assets from year-end fund purchases[72][73] - Key changes in liabilities included a 148.8% increase in long-term bonds due within one year (current liabilities), with a corresponding 38.4% decrease in long-term bonds (non-current liabilities)[73] Consolidated Cash Flow Statement Analysis In 2021, net cash inflow from operating activities remained stable at RMB 7.42 billion, while net cash outflow from investing activities expanded to RMB 4.73 billion due to increased purchases of wealth management products, and net cash outflow from financing activities significantly increased to RMB 4.20 billion due to no long-term bond issuance Cash Flow Statement Summary (RMB million) | Item | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 7,418.3 | 7,538.9 | | Net Cash Outflow from Investing Activities | (4,727.7) | (3,337.2) | | Net Cash Outflow from Financing Activities | (4,196.1) | (727.1) | | Cash and Cash Equivalents at Year-end | 5,006.4 | 6,583.7 | Capital Expenditures and Operating Plan In 2021, the group's capital expenditures decreased by 12.9% to RMB 3.445 billion, primarily in oilfield technology services, falling below initial plans due to the pandemic and cost-efficiency efforts, with 2022 capital expenditure projected at RMB 4.16 billion for production base construction, equipment upgrades, and R&D 2021 Capital Expenditures (RMB million) | Business Segment | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Drilling Services | 819.5 | 869.0 | (5.7%) | | Oilfield Services | 1,932.1 | 1,879.8 | 2.8% | | Marine Support Services | 315.5 | 726.1 | (56.5%) | | Geophysical Survey and Engineering Survey Services | 378.3 | 481.5 | (21.4%) | | Total | 3,445.4 | 3,956.4 | (12.9%) | - Anticipated capital expenditures for 2022 are approximately RMB 4.16 billion, primarily allocated to production base construction, equipment and technical facility upgrades, and technology R&D investments[79] 2022 Business Outlook For 2022, global economic growth is expected to slow, but oil prices will remain moderately high, driving continued increases in global upstream E&P investment, as the company focuses on its core oil and gas E&P business while accelerating new energy development and pursuing integration, internationalization, and regional development strategies - Global upstream exploration and development investment is projected to continue increasing in 2022, with the global oilfield services market size reaching USD 219 billion[80] - In 2022, the company will focus on six areas: developing its core oil and gas E&P business, fostering new energy industries, integrating innovation with industry, promoting integrated operations, implementing internationalization strategies, and aligning with national regional development strategies[80] Corporate Governance Report Corporate Governance Overview During the reporting period, the company complied with Hong Kong's Corporate Governance Code and CSRC regulations, enhancing its governance in 2021 through strengthened risk management, optimized internal controls, regulatory adaptation, and deepened information disclosure, earning market recognition and ESG awards - The company has complied with the principles and code provisions of the Corporate Governance Code in Appendix 14 of the Listing Rules[81] - Corporate governance improvements in 2021 included strengthening external and strategic risk assessment, optimizing risk prevention systems, refining Board management authority, and deepening information disclosure and inside information management[81] Board and Committee Operations During the reporting period, the Board convened five meetings to deliberate on significant matters including financial reports and director elections, while its Audit, Remuneration and Appraisal, and Nomination Committees, all chaired by independent non-executive directors, effectively performed their oversight functions - The Chairman and CEO roles are held by Mr Zhao Shunqiang, an arrangement the Board believes ensures effective strategy formulation and implementation, with all major decisions subject to Board and management discussion, without compromising checks and balances[91] - The Audit Committee, comprising three independent non-executive directors, held four meetings during the reporting period, reviewing quarterly and annual financial reports, internal control reports, and making recommendations on matters such as auditor changes[94][95] - The Remuneration and Appraisal Committee held two meetings to review executive remuneration and performance appraisal indicators[93] - The Nomination Committee held four meetings to discuss matters such as director nominations, Chairman election, and board diversity policy[93] General Meetings Overview 2021 Annual General Meeting In 2021, the company held four general meetings, including the annual general meeting, two class shareholder meetings, and one extraordinary general meeting, where various important proposals were approved, such as the 2020 financial report, profit distribution, auditor change, share issuance and repurchase authorizations, and new director and supervisor appointments - The 2020 Annual General Meeting (held on June 1, 2021) approved proposals including the 2020 financial report, profit distribution plan, auditor change, authorization for share issuance and repurchase, and the appointment of Ms Zhao Lijuan as an independent non-executive director[106] - The First Extraordinary General Meeting of 2021 (held on December 28, 2021) approved the appointments of Mr Yu Feng as an executive director, Mr Wu Wenlai and Mr Liu Zongzhao as non-executive directors, and the re-appointment of Mr Cheng Xinsheng as a supervisor[108] 2021 Sustainability Report Sustainability Strategy and Performance The company integrates sustainability into its corporate strategy, focusing on five key areas: technology-driven, cost-leading, integration, internationalization, and regional development, achieving progress in market, social, and environmental performance in 2021, despite a profit decline, and earning multiple ESG honors - The company fully focuses on five corporate strategies: technology-driven, cost-leading, integration, internationalization, and regional development[112][113] 2021 Key Sustainability Performance | Indicator | Unit | 2021 | | :--- | :--- | :--- | | Social Contribution Per Share | RMB | 1.75 | | International Revenue Share | % | 16 | | Total Tax Paid | RMB million | 14,900.00 | | Investment in COVID-19 Prevention and Control | RMB million | 72.31 | | Charitable Donations and Employee Assistance | RMB million | 24.76 | | Environmental Investment | RMB million | 64.12 | | Energy Savings | tons of standard coal | 9,600.00 | Corporate Governance and Compliance The company integrates Party leadership into its governance, strictly adheres to laws and regulations, and has established a comprehensive internal control and risk management system, continuously optimizing policies, training, and assessments, while enhancing anti-fraud capabilities through integrity risk screening, improved overseas supervision, and awareness education - The company has established 14 major internal control systems covering headquarters and all domestic and overseas units, continuously optimizing its policies[87] - A comprehensive risk management organizational system has been established, with quarterly 'Comprehensive Risk Management Reports' submitted to the Board, continuously enhancing risk identification, early warning, and response capabilities[88] - The company continuously conducts anti-fraud education, holding 575 anti-fraud training sessions in 2021, with 21,380 participants[162][163] Health, Safety, Environment (HSE) The company pursues a 'Four Zeros' QHSE strategy (zero personnel injuries, zero environmental pollution, zero property losses, zero brand impact) with a unified global management system, achieving an OSHA recordable incident rate of 0.08 in 2021, while actively promoting energy conservation, emissions reduction, and waste management with RMB 64.12 million in environmental investment 2021 Safety Performance | Indicator | Unit | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Number of Safety Accidents | cases | 30 | 26 | | OSHA Recordable Incident Rate | % | 0.08 | 0.06 | | Employee Fatalities | persons | 1 | 1 | - The company actively addresses climate change and promotes greenhouse gas emission reduction, achieving a 35,060-ton reduction in CO2/greenhouse gas emissions in 2021[231][232][233] Employees and Society The company adheres to a people-oriented approach, safeguarding employee rights, offering competitive compensation, and expanding career development paths, with a 69% employee localization rate in 2021, while actively fulfilling social responsibilities through significant investments in pandemic prevention (RMB 72.3 million) and rural revitalization (RMB 21.6 million), and participating in 16 maritime rescues - In 2021, 2,685 employees received promotions, and the company completed 7,951 training programs with 1.96 million participant-times throughout the year[252][255] - In 2021, the company invested RMB 72.3076 million in COVID-19 prevention and control and RMB 21.6053 million in rural revitalization[272][278] - In 2021, the company participated in or assisted in 16 maritime search and rescue operations, saving 128 distressed individuals[288] Directors, Supervisors, Senior Management, and Employees Personnel Changes and Remuneration During the reporting period, several directors, supervisors, and senior management personnel changed due to work reassignments or term expirations, including the Chairman, CEO, CFO, Company Secretary, and various directors, with their remuneration totaling RMB 12.9137 million in 2021, determined by their responsibilities and company performance - During the reporting period, Mr Qi Meisheng resigned as Chairman and CEO, with Mr Zhao Shunqiang taking over the roles[332] - The total pre-tax remuneration actually received by all directors, supervisors, and senior management personnel at the end of the reporting period was RMB 12.9137 million[308][329] - The company has established a demand-oriented, multi-level, differentiated three-dimensional training model to serve business development needs[337] Directors' Report Operating Risks and Responses The Board identified key risks including market competition, HSE, domestic and international business expansion, exchange rate fluctuations, asset impairment, accounts receivable recovery, and human resources, establishing a Board-centric comprehensive risk management system with continuous improvements in risk identification, early warning, response, and emergency mechanisms - The company faces key risks including market competition, health, safety, and environmental (HSE) risks, domestic and international business expansion and operational risks, exchange rate risks, asset impairment risks, accounts receivable recovery risks, and human resource risks[339][340] - The company has established a comprehensive risk management organizational system centered around the Board, and formulated policies such as the 'Comprehensive Risk Management Measures' to enhance its ability to prevent and mitigate significant risks[341] Performance, Dividends, and Connected Transactions For 2021, the Board recommended a total dividend of RMB 0.15 per share (tax inclusive), including a special dividend of RMB 0.13, resulting in a payout ratio of 228.5%, while the company exhibited high customer and supplier concentration, with significant ongoing connected transactions with its controlling shareholder, CNOOC Group, approved by independent shareholders and within annual limits Dividend Distribution for the Past Three Years (RMB thousand) | Dividend Year | Dividend Per 10 Shares (RMB) (Tax Inclusive) | Cash Dividend Amount (Tax Inclusive) | Net Profit Attributable to Shareholders of Listed Company | Ratio to Net Profit (%) | | :--- | :--- | :--- | :--- | :--- | | 2021 | 1.50 | 715,739 | 313,176 | 228.54 | | 2020 | 1.70 | 811,171 | 2,703,187 | 30.01 | | 2019 | 1.60 | 763,455 | 2,502,238 | 30.51 | - In 2021, sales to the top five customers accounted for 88.3% of total sales, with the largest customer accounting for 84.2%[350] - The company has ongoing connected transactions with its controlling shareholder, CNOOC Group; in 2021, the group's transactions for providing oilfield services to CNOOC and its subsidiaries amounted to RMB 24.525 billion, which was below the annual cap of RMB 52.058 billion[366][367][369] Supervisors' Report Supervisors' Work and Independent Opinions In 2021, the Board convened five meetings, attending all Board and general meetings, to supervise the company's decision-making, legal operations, financial status, connected transactions, internal controls, and director/senior management performance, concluding that the company operated compliantly with reliable financial reports, fair connected transactions, effective internal controls, and diligent directors/senior management - The Board issued an independent opinion on the company's legal operations, affirming that decision-making procedures complied with regulations and articles of association, with no violations found among directors or senior management[386] - The Board believes the company's financial reports objectively and fairly reflect its financial position and operating results[387] - The Board considers the company's internal control evaluation report comprehensive, objective, and consistent with the company's actual situation[389] Significant Matters Guarantees and Auditor Change As of the end of the reporting period, the company's total guarantees to subsidiaries amounted to RMB 29.678 billion, representing 77.67% of its net assets, with RMB 28.607 billion provided to subsidiaries with a debt-to-asset ratio exceeding 70%, and the company changed its domestic and overseas auditors from Deloitte to Ernst & Young on June 1, 2021 Company's Total Guarantees (RMB) | Item | Amount | | :--- | :--- | | Total Guarantee Balance to Subsidiaries at Period-end (B) | 29,677,821,570 | | Total Guarantees (A+B) | 29,684,395,260 | | Ratio of Total Guarantees to Company's Net Assets (%) | 77.67% | | Guarantees Provided to Entities with Debt-to-Asset Ratio Exceeding 70% (D) | 28,606,703,970 | - On June 1, 2021, the company changed its auditors, with Deloitte Touche Tohmatsu China replaced by Ernst & Young Hua Ming LLP for domestic audits, and Deloitte Touche Tohmatsu replaced by Ernst & Young for overseas audits[402] Independent Auditor's Report and Financial Statements Independent Auditor's Report Ernst & Young issued an unqualified audit opinion on the company's 2021 consolidated financial statements, affirming that they fairly represent the group's financial position and operating results, with key audit matters focusing on impairment assessments of property, plant, and equipment and accounts receivable, involving significant management judgments and estimates - The auditor issued a standard unqualified opinion on the financial statements[404] - Key Audit Matter One: Impairment assessment of property, plant, and equipment; due to intense competition in the international oilfield services market, some large equipment had low daily rates and utilization, indicating impairment, leading management to assess and recognize an impairment loss of RMB 2.011 billion[407] - Key Audit Matter Two: Impairment assessment of accounts receivable; management individually assessed expected credit losses for significant accounts receivable with specific credit risks, involving significant estimates and judgments[409] Consolidated Financial Statements In 2021, the company's revenue slightly increased by 0.8% to RMB 29.168 billion, but annual profit significantly declined to RMB 322 million due to increased operating expenses, particularly RMB 2.011 billion in property, plant, and equipment impairment losses, with total assets at RMB 73.312 billion and total liabilities at RMB 35.095 billion at year-end Consolidated Income Statement Summary (RMB thousand) | Item | 2021 | 2020 | | :--- | :--- | :--- | | Revenue | 29,168,479 | 28,925,315 | | Operating Profit | 1,541,346 | 4,141,913 | | Profit Before Tax | 1,089,550 | 3,378,740 | | Annual Profit | 322,050 | 2,718,316 | | Attributable to Owners of the Company | 313,176 | 2,703,187 | Consolidated Statement of Financial Position Summary (RMB thousand) | Item | 2021年12月31日 | 2020年12月31日 | | :--- | :--- | :--- | | Non-current Assets | 48,030,004 | 49,619,558 | | Current Assets | 25,281,704 | 26,322,750 | | Total Assets | 73,311,708 | 75,942,308 | | Current Liabilities | 22,008,727 | 16,875,924 | | Non-current Liabilities | 13,086,651 | 20,377,576 | | Total Liabilities | 35,095,378 | 37,253,500 | | Total Equity | 38,216,330 | 38,688,808 | Consolidated Cash Flow Statement Summary (RMB thousand) | Item | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 7,418,247 | 7,538,920 | | Net Cash Used in Investing Activities | (4,727,682) | (3,337,166) | | Net Cash Used in Financing Activities | (4,196,145) | (727,053) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (1,505,580) | 3,474,701 |