ReTo(RETO) - 2021 Q4 - Annual Report

Financial Performance - Total revenue for fiscal year 2021 decreased by 57% to approximately $3.6 million from $8.3 million in fiscal year 2020[2] - Gross profit for fiscal year 2021 decreased by 81% to approximately $0.4 million, with a gross margin of 11% compared to 24% in the prior year[2] - Loss from operations was $12.0 million for fiscal year 2021, compared to a loss of $6.6 million in the prior year[2] - Total net loss attributable to ReTo was $21.1 million, compared to a net loss of $11.8 million for the prior year[2] - Revenue from machinery and equipment sales decreased by 72% to approximately $1.8 million in fiscal year 2021[6] - Revenue from third-party customers decreased by 59% to approximately $3.3 million in fiscal year 2021[5] - Total revenues for 2021 were $3,600,078, a decrease of 56.8% from $8,339,215 in 2020[24] - Gross profit for 2021 was $385,729, down 80.7% from $1,997,676 in 2020[24] - The net loss attributable to ReTo Eco-Solutions, Inc. for 2021 was $21,104,826, compared to a net loss of $11,773,763 in 2020, representing an increase of 79.5%[24] Expenses and Liabilities - General and administrative expenses increased to approximately $4.7 million, representing 128% of total revenues in fiscal year 2021[12] - Bad debt expenses increased to approximately $2.3 million in fiscal year 2021, up from $0.9 million in fiscal year 2020[13] - Total operating expenses increased to $12,386,718 in 2021, up 44.5% from $8,569,418 in 2020[24] - Cash and cash equivalents decreased to $457,495 as of December 31, 2021, from $1,058,138 at the end of 2020, a decline of 56.7%[20] - Total current liabilities decreased to $16,756,231 in 2021, down 27.0% from $22,994,786 in 2020[20] - The accumulated deficit increased to $(33,347,984) as of December 31, 2021, from $(17,245,453) in 2020[20] - Total assets decreased to $30,961,067 in 2021, down 46.6% from $57,974,073 in 2020[21] Strategic Direction - The company plans to transform its strategy to focus on ecological and environmental protection business driven by science and technologies[4] - The company aims to integrate IoT technologies and ecological restoration technologies into its environmental business chain to improve performance in 2022[4] Share Information - The company had 26,160,750 weighted average shares outstanding for basic and diluted loss per share in 2021[25]