Hunter Maritime Acquisition Corp.

CIK:0001679450|SEC Filings

Combined and Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net revenue
Transaction and service fee	$ 234,972,184	$ 208,166,308	$ 99,056,931
Transaction and service fee - related parties	6,273,413	87,660	1,176,104
Commission fee	8,751,657	4,334,526	10,080,180
Commission fee - related parties	1,626,942	3,628,848	1,197,575
Other revenue	13,787,535	5,541,601	2,755,364
Other revenue - related parties	7,039	149,701	33,935
Total net revenue	265,418,770	221,908,644	114,300,089
Operating cost and expenses
Sales and marketing expenses	156,329,090	150,411,453	103,619,248
Product development expenses	17,198,056	15,323,516	13,656,817
Loan facilitation and servicing expenses	3,919,555	3,334,719	2,973,370
General and administrative expenses	15,433,707	11,981,156	9,274,374
Total operating cost and expenses	192,880,408	181,050,844	129,523,809
Operating income (loss)	72,538,362	40,857,800	(15,223,720)
Other income (expenses)
Interest income - related parties	7,176,876	4,773,013	1,802,979
Interest expense - related parties			(282,276)
Interest (expense) income	(36,829)	(157,640)	126,616
Foreign currency transaction (loss) gain	(1,171,933)	2,246,572	(2,324,618)
Loss in equity method investment	(199,908)	(22,777)	(110,494)
Gain on sale of equity method investment			110,494
Gain on sale of equity interest in a subsidiary	94,104
Income from short-term investment	506,590	494,252
Other miscellaneous income (expense)	361,743	1,473	(159,090)
Total other income (expenses)	6,730,643	7,334,893	(836,389)
Income (loss) before income tax	79,269,005	48,192,693	(16,060,109)
Income tax (expense) benefit	(19,260,548)	(12,348,395)	2,806,686
Net income (loss)	60,008,457	35,844,298	(13,253,423)
Net loss attributable to non-controlling interest	(276,514)	(143,333)	(96,262)
Net income (loss) attributable to NCF Wealth Holdings Limited	60,284,971	35,987,631	(13,157,161)
Less: Net income allocated to participating securities	2,848,612	1,700,503
Net income (loss) attributable to ordinary shareholders of NCF Wealth Holdings Limited	$ 57,436,359	$ 34,287,128	$ (13,157,161)
Earnings (loss) per ordinary share
Basic earnings (loss) per ordinary share attributable to NCF Wealth Holdings	$ 0.05	$ 0.03	$ (0.01)
Weighted-average number of ordinary shares used in computing basic net income (loss) per share	1,091,569,209	1,091,569,209	1,088,230,612
Diluted earnings (loss) per ordinary share attributable to NCF Wealth Holdings	$ 0.05	$ 0.03	$ (0.01)
Weighted-average number of ordinary shares used in computing diluted net income (loss) per share	1,145,706,634	1,145,706,634	1,088,230,612

Combined and Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 60,008,457	$ 35,844,298	$ (13,253,423)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	660,483	612,563	908,412
Net losses on disposals of equipment	7,626	19,331	55,068
Share-based compensation	566,949	3,431,852	2,622,264
Loss in equity method investment	199,908	22,777	110,494
Gain on sale of equity method investment			(110,494)
Gains from disposal of Zhonghui	(163,116)
Loss from disposal of Tianjin Yuanrong	69,012
Bad debt - Accounts receivable and other receivable	710,790	1,303,739
Changes in operating assets and liabilities:
Accounts receivable	(1,765,089)	1,220,810	(2,390,668)
Accounts receivable - related parties	1,289,267	(1,064,963)	(285,077)
Advances to suppliers	3,474,401	(2,944,507)	4,295
Other receivables	1,321,891	(8,068,090)	565,054
Other current assets	(1,589,871)	(4,022,850)	977,134
Advances to suppliers and other receivables - related parties	2,310,521	14,425,869	(8,805,405)
Loan receivable - related parties	4,762,112	(2,200,938)	(1,802,979)
Long-term other receivable	44,916	242,371	(34,464)
Other non-current assets	(143,201)	(4,440,420)
Accrued marketing and channel fees	1,684,252	(1,417,402)	(3,123,315)
Accrued marketing and channel fees - related parties	4,392,579	(256,235)	(933,699)
Accruals and other liabilities	2,891,741	(1,587,610)	1,896,880
Accruals and other liabilities - related parties	(13,476,727)	2,278,308	(625,012)
Taxes payable	5,200,591	1,357,894	458,289
Amounts due to related parties	1,002,027	(2,133,647)	(4,514,235)
Other long-term liabilities			(12,689)
Deferred tax assets	2,684,231	11,166,845	(2,810,102)
Net cash provided by (used in) operating activities	76,143,750	43,789,995	(31,103,672)
Cash flows from investing activities:
Investment in Fengshou	(1,452,370)
Proceeds from disposal of Zhongli	879,637
Proceeds from disposal of Tianjin Yuanrong	1,452,370
Acquisition of Yinghua Wealth	(4,938,058)
Proceeds from the sale of equity interest in Jiutai	58,095
Investment in Zisheng			(1,204,376)
Investment in Jiutai			(60,219)
Investment in Linggui		(740,070)
Purchase of available-for-sale financial products	(44,424,096)	(39,103,321)	(451,656)
Redemption of available-for-sale financial assets	52,857,009	39,093,995
Purchase of certificates of deposit	(128,767,124)
Loans to related parties	(144,946,712)	(23,267,801)	(22,352,546)
Collection of loan to related parties	182,369,794	7,257,770
Collection of third party loans			752,735
Purchases of fixed assets	(1,668,303)	(313,449)	(523,124)
Proceeds from disposal of fixed assets	4,462
Net cash (used in) investing activities	(88,575,296)	(17,072,876)	(23,839,186)
Cash flows from financing activities:
Capital contribution received by Yinghua Wealth			7,479,175
Proceeds from issuance of preference shares, net of issuance cost			37,295,187
Proceeds from issuance of ordinary shares			13,199,918
Proceeds from bank borrowings	13,507,041		14,005,538
Proceeds from loans payable to related parties	4,647,584		1,505,470
Repayment of loans payable to related parties	(2,059,896)	(1,504,069)	(6,021,880)
Repayments of bank borrowings	(13,507,041)	(13,769,890)
Net cash provided by (used in) financing activities	2,587,688	(15,273,959)	67,463,408
Net increase in cash, cash equivalents, and restricted cash	(9,843,858)	11,443,160	12,520,550
Cash, cash equivalents and restricted cash at the beginning of the year	35,067,737	23,896,950	10,338,379
Exchange losses (gains) on cash and cash equivalents	(165,974)	(272,373)	1,038,021
Cash, cash equivalents and restricted cash, end of year	25,057,905	35,067,737	23,896,950
Supplemental disclosure of cash flow information
Interest	175,862	216,733	305,004
Income taxes	12,856,660	5,706	1,614
Noncash investing and financing activities:
Preferred stock issued for a decrease in other liabilities			4,654,609
Investment in Zisheng for a decrease in other non-current assets			1,053,829
Disposal of Zisheng in settlement of amount due to related party			2,258,205
Settlement of debt between related parties		13,581,076
Acquisition of Tianjin Yuanrong		1,480,140
Increase in investment in Kunyuan Hengtong for a decrease in other assets	4,357,110
Investment in available-for-sale financial products for a decrease in other receivable	7,988,035
Increase in accruals and other liabilities for investment in Silver Triumph	99
Loans to related party offsets with loan payable related party	1,452,370
Reconciliation to amounts on combined and consolidated balance sheets:
Cash and cash equivalents	25,057,905	35,067,737	10,088,922
Restricted cash			13,808,028
Total cash, cash equivalents, and restricted cash	$ 25,057,905	$ 35,067,737	$ 23,896,950

Combined and Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 25,057,905	$ 35,067,737
Accounts receivable, net of bad debt allowance of $ 713,080 and $0, respectively	3,017,176	2,066,302
Accounts receivable - related parties	272,731	1,651,530
Advances to suppliers	2,724,798	6,519,327
Other receivables, net	1,525,929	10,861,713
Advances to suppliers and other receivable - related parties	1,238,726	4,745,184
Short-term investment	129,182,053	470,641
Loan receivable - related parties		43,773,878
Other current assets	6,155,139	4,808,738
Total current assets	169,174,457	109,965,050
Non-current assets:
Deferred tax assets	4,621,750	7,713,383
Fixed assets, net	2,348,203	1,422,816
Equity method investments	6,333,850	806,055
Long-term other receivable	263,259	325,128
Other non-current assets	143,534	4,609,440
Total assets	182,885,053	124,841,872
Current liabilities:
Accrued marketing and channel fees	4,332,622	2,841,260
Accrued marketing and channel fees - related parties	8,721,892	4,495,817
Accruals and other liabilities	9,800,696	5,199,481
Accruals and other liabilities - related parties	365,707	14,642,846
Taxes payable	7,317,785	2,214,941
Loans payable - related parties	1,140,742
Amount due to related parties	1,091,146	92,074
Note payable - Great Reap	4,077,000
Total current liabilities	36,847,590	29,486,419
Non-current liabilities:
Note payable - Great Reap		4,077,000
Total liabilities	36,847,590	33,563,419
Commitments and contingencies (Note 18)
Shareholders' equity:
Ordinary Shares ($0.00001 par value, authorized 3,000,000,000 shares; 1,091,569,209 shares issued as of December 31, 2018 and 2017; 981,569,209 shares outstanding as of December 31, 2018 and 2017)	10,916	10,916
Shares in Employee Benefit Trust ($0.00001 par value, 110,000,000 shares held as of December 31, 2018 and 2017)	(4,077,600)	(4,077,600)
Additional paid-in capital	141,011,552	145,580,710
Statutory reserve	6,838,628	721,818
Retained earnings (Accumulated deficit)	563,487	(53,604,674)
Accumulated other comprehensive income	1,810,416	2,487,570
Total NCF Wealth Holdings Limited Shareholders' Equity	146,157,940	91,119,281
Non-controlling interest	(120,477)	159,172
Total shareholders' equity	146,037,463	91,278,453
Total liabilities and shareholders' equity	182,885,053	124,841,872
Series B Preferred shares
Shareholders' equity:
Preferred stock value	294	294
Series C-1 Preferred shares
Shareholders' equity:
Preferred stock value	$ 247	$ 247