Revenue Performance - Revenue for the six months ended June 30, 2022, was approximately $7.0 million, a decrease of approximately $6.6 million or 48.5% compared to $13.6 million for the same period in 2021[12]. - Revenue from application development services decreased by approximately $8.3 million, or 82.1%, to approximately $1.8 million for the six months ended June 30, 2022, compared to $10.1 million for the same period in 2021[13]. - Revenue from consulting and technical support services decreased by approximately $0.5 million, or 26.1%, to approximately $1.3 million for the six months ended June 30, 2022[14]. - Revenue from trading increased by approximately $2.1 million, or 159.4%, to approximately $3.5 million for the six months ended June 30, 2022, compared to $1.3 million for the same period in 2021[15]. - Total revenues decreased to $7,017,827 in 2022 from $13,639,101 in 2021, representing a decline of approximately 48.7%[27]. Profit and Loss - Gross profit for the six months ended June 30, 2022, was approximately $1.5 million, a decrease of approximately $2.9 million or 66.1% compared to $4.3 million for the same period in 2021[16]. - Gross profit for 2022 was $1,471,780, down from $4,337,151 in 2021, indicating a decrease of about 66.0%[27]. - Net loss for the six months ended June 30, 2022, was approximately $8.5 million, a decrease of approximately $0.5 million compared to $9.0 million for the same period in 2021[19]. - Net loss attributable to Powerbridge was $8,488,933 in 2022, compared to $8,960,299 in 2021, reflecting a reduction in losses of approximately 5.3%[27]. - The company reported a comprehensive loss of $12,420,068 in 2022, compared to $8,137,355 in 2021, indicating an increase in comprehensive losses of about 52.0%[27]. Expenses and Liabilities - Operating expenses for the six months ended June 30, 2022, were approximately $10.2 million, a decrease of approximately $1.7 million or 14.4% compared to $12.0 million for the same period in 2021[17]. - Research and development expenses rose to $1,971,750 in 2022 from $1,312,470 in 2021, an increase of approximately 50.3%[27]. - Total liabilities decreased to $22,939,256 in 2022 from $31,920,622 in 2021, a reduction of approximately 28.1%[24]. Assets and Equity - Total current assets increased significantly to $86,173,841 in 2022 from $38,622,108 in 2021, marking an increase of about 123.5%[24]. - Cash and cash equivalents decreased to $2,446,881 in 2022 from $6,960,996 in 2021, a decline of about 64.8%[24]. - The weighted average number of ordinary shares increased to 71,831,086 in 2022 from 46,831,129 in 2021, an increase of approximately 53.4%[28]. - Total equity increased to $90,804,620 in 2022 from $82,898,342 in 2021, reflecting an increase of about 9.7%[24]. Strategic Initiatives - The company entered into an equity transfer agreement to purchase a 19% equity interest in DTI Jiangsu Corporation Limited for RMB 57,435,100[6]. - The company has obtained an exclusive right in China to offer a series of soccer collectible NFTs on Ali Auction, which has over 240,000 accumulated views[9]. - The company intends to pursue strategic acquisitions and investments to enhance technology capabilities and expand market penetration[11].
Powerbridge(PBTS) - 2022 Q3 - Quarterly Report