Company to Host Conference Call on Thursday, May 12, 2022, at 8:00
a.m. ET
BEIJING, May 11, 2022
/PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO)
("Luokung" or the "Company"), a leading spatial-temporal
intelligent big data services company and provider of interactive
location-based services ("LBS") and high-definition maps ("HD
Maps") in China, today announced
results for the year ended December 31,
2021.
2021 Year-end Financial Highlights:
- Revenues of $145.1 million,
compared to $18.3 million for 2020,
primarily driven by increased contributions from the LBS
advertising business
- Net loss of $61.5 million,
compared to net loss of $40.1 million
for 2020, primarily as a result of increased research and
development ("R&D") expenses related to the hiring of
additional staff and ongoing investment in related to autonomous
driving-related business efforts.
- Basic and diluted loss per share of $0.21, compared to basic and diluted loss per
share of $0.18 for 2020
Management Commentary
Mr. Xuesong Song, Chairman and
CEO, stated, "We are pleased to have achieved record top line
growth of $145.1 million in 2021,
which is more than seven times total revenue in the prior year.
This was primarily driven by significant growth in our LBS
advertising business as a result of the integration and improvement
of geographic information points of interest (POI), characteristic
areas of interest (AOI) and other data with AI algorithms, which
subsequently led to a growing customer base and increased demand.
We also reported increased revenue contributions from our smart
transportation and software and services businesses. Since closing
the acquisition of eMapgo Technology (Beijing) Co., Ltd. ('EMG') in the first half
of 2021, we have successfully integrated EMG's portfolio of
technological services into Luokung. As anticipated, EMG has opened
up opportunities for the Company in the areas of smart
transportation, smart natural resource asset management and
Internet LBS and related smart industry services. Our revenue
growth was further supported by the tangible results of our
research and development efforts, and with the addition of more
than 500 employees to our R&D staff, we look forward to
continuing to strengthen Luokung's strategic position and
competitive advantages in our three core business pillars and to
expanding our industrially recognized portfolio of products and
services."
Mr. Song continued, "Our gross profit margin increased to 11.1%
in 2021 from 4.3% in 2020. With the continuous optimization of our
self-developed LBS intelligent advertisement placement platform in
2021, we expect gross profit margin will improve over time as we
offered value-added services. As the Company continues to diversify
its revenue streams with increased contributions from smart
transportation and software and services, which tend to be higher
margin businesses, we anticipate improving our margin profile.
Luokung made significant investments in R&D and in the growth
of our business in 2021, which led to increased cost of services
and operating expenses. In 2022, we anticipate R&D investments
as a percentage of total revenues to remain stable as that of
2021."
Mr. Song concluded, "We remain optimistic about our growth
prospects from all lines of business in 2022 with the positive
momentum we built in 2021. In recent months, we announced the
strategic acquisition of Beijing Hongda Jiutong Technology
Development Co., Ltd ('Hongda Jiutong'), which we anticipate
enhancing the long-term development and growth of our business. We
look forward to deepening our relationships with existing partners
and establishing new partnerships that span across various
industries and diverse application scenarios. In 2022, Luokung
announced exciting business developments, including the successful
integration of EMG's mapping services into two of Ford Motor
Company's ('Ford') new vehicle models, and the launch of our remote
sensing holographic spatial-temporal portfolio of products and
services, both of which we believe will serve as growth drivers for
Luokung."
Recent Operational Developments
- In February 2022, Luokung
announced that its operating affiliate, EMG, began providing
mapping services for two new Ford vehicle models—the Ford EVOS and
Mustang Mach-E—both of which are equipped with Ford's BlueCruise
active drive assist system, which supports L2 autonomous driving
function as defined by SAE International. EMG provided
approximately $2.5 million of
services during the third quarter of 2021.
- In March 2022, Luokung announced
the signing of an agreement pursuant to which the Company's
operating affiliate, Beijing Zhong Chuan Shi Xun Technology
Limited, has agreed to acquire Hongda Jiutong, a leading big data
service provider for intelligent transportation and connected
vehicles in China. The Company
expects to close this transaction by the end of the second quarter
of 2022.
- In April 2022, Luokung announced
the launch of its remote sensing holographic spatial-temporal
portfolio of products and services for natural resource monitoring
and carbon sink accounting, including applications such as real 3D
natural resource spatial-temporal holograms, dynamic monitoring of
natural ecological carbon sinks, forestry carbon sink remote
sensing intelligent accounting and measurement, farmland protection
remote sensing AI monitoring and crop growth and disaster
monitoring. Select products have been successfully applied as pilot
projects in Huangshan and Jixi,
Anhui Province, in Jixian,
Heilongjiang Province and in other
county-level regions.
- In May 2022, Luokung announced
that its operating affiliate, Beijing BotAiot Intelligent Co., Ltd.
("BotAiot"), has signed a service contract to provide electronic
blockchain data and certificate storage platform services, to
improve the efficiency of highway transport infrastructure and
equipment calibration and to enhance traffic flow rates.
2021 Financial Review – GAAP Results
Revenue
For 2021, revenues increased to $145.1
million, compared to $18.3
million for 2020. The increase was primarily due to
increased revenue contributions from the LBS advertising business,
which was supported by improved advertising conversion due to a
growing customer base and increased demand, as well as revenue
growth in both the remote sensing and GIS data management service
platform software and services and smart transportation
businesses.
Cost of Revenues
Total cost of revenues increased to $129.0 million in 2021, compared to $17.5 million for 2020. The increase was
primarily a result of increased traffic acquisition costs to meet
the growth of revenue and increased salary and benefit expenses
associated with the hiring of additional employees directly
involved in data collection and processing and data collection
costs during the period.
Operating expenses
Total operating expenses increased to $81.7 million in 2021, compared to $41.0 million for 2020. The increase was
primarily driven by:
- a $36.1 million increase in
R&D expenses attributable to increased salaries and share-based
compensation for additional staff in the R&D department,
software development expenses and amortization of intangible
assets; and
- a $4.3 million increase in
selling and marketing expenses related to increased compensation
related to the hiring of additional marketing personnel and
increased promotional and marketing expenses.
Loss from operations
Loss from operations was $65.6
million in 2021, compared to loss from operations of
$40.3 million in 2020, as a result of
the increased operating expenses described above.
Net loss
Net loss was $61.5 million, or
$0.21 per share, in 2021, compared to
net loss of $40.1 million, or
$0.18 per share, for 2020. Weighted
average shares outstanding for the year ended December 31, 2021, and 2020 were 334,907,324 and
221,984,037, respectively.
Balance Sheet Highlights
At December 31, 2021, Luokung's
cash balance was $16.4 million,
working capital deficit was $44.0
million and total shareholders' equity was $153.8 million, compared to a cash balance of
$0.07 million, working capital
deficit of $61.6 million and total
shareholders' equity of $52.7
million, respectively, at December
31, 2020.
Conference Call and Webcast Information
Luokung will host a conference call at
8:00 a.m. Eastern Time on Thursday, May 12, 2022, during which management
will discuss 2021 year-end results. Investors and analysts are
welcomed to participate or send questions in advance.
To participate in the conference call, please use the following
dial-in numbers:
|
U.S. & Canada
(Toll-Free):
|
|
+1 (866)
682-6100
|
|
International
(Toll):
|
|
+1 (862)
298-0702
|
A live webcast of the conference call can be accessed at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=N22lRjLu.
A replay will be available shortly after the call and will remain
available for 90 days.
ABOUT LUOKUNG TECHNOLOGY CORP.
Luokung Technology Corp. is a leading spatial-temporal
intelligent big data services company, as well as a leading
provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies
and expertise in HD Maps and multi-sourced intelligent
spatial-temporal big data, Luokung established city-level and
industry-level holographic spatial-temporal digital twin systems
and actively serves industries including smart transportation
(autonomous driving, smart highway and vehicle-road collaboration),
natural resource asset management (carbon neutral and environmental
protection remote sensing data service), and LBS smart industry
applications (mobile Internet LBS, smart travel, smart logistics,
new infrastructure, smart cities, emergency rescue, among others).
The Company routinely provides important updates on its website:
https://www.luokung.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Information regarding the Company's future growth prospects and
the preliminary unaudited financial results contained in this press
release may constitute forward-looking-information within the
meaning of securities laws. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. The financial estimates
provided in this press release are to provide early guidance on the
semi-annual financial performance of the Company and readers are
cautioned that this information may not be appropriate for any
other purpose. When relying on the Company's forward-looking
statements and information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events including that the Company has
not finished its review of the full financial positions and the
Company may continue to incur net losses. The Company has assumed
that the material factors referred to herein will not cause such
forward-looking statements and information to differ materially
from actual results or events. However, there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors.
Other than as required under securities laws, we do not
undertake to update this information at any particular time.
Forward-looking information contained in this press release,
including with respect to any future growth, is based on our
current estimates, expectations and projections, which we believe
are reasonable as of the current date. The reader should not place
undue importance on forward-looking information and should not rely
upon this information as of any other date. All forward-looking
information contained in this press release is expressly qualified
in its entirety by this cautionary statement.
CONTACT:
The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-5327-4727
Email: ir@luokung.com
Investor Relations:
Ms. Carolyne Sohn
Vice President
The Equity Group Inc.
Tel: 415-568-2255
Email: csohn@equityny.com
|
LUOKUNG TECHNOLOGY
CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(IN U.S.
DOLLARS)
|
|
|
|
As of
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash
|
|
$
|
16,443,929
|
|
|
$
|
71,793
|
|
|
Restricted
cash
|
|
|
351,334
|
|
|
|
-
|
|
|
Accounts receivable,
net of allowance for expected credit losses
|
|
|
13,803,367
|
|
|
|
3,980,942
|
|
|
Other receivables and
prepayment
|
|
|
26,455,037
|
|
|
|
7,996,378
|
|
|
Notes
receivable
|
|
|
672,347
|
|
|
|
-
|
|
|
Total current
assets
|
|
|
57,726,014
|
|
|
|
12,049,113
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
5,582,480
|
|
|
|
514,363
|
|
|
Intangible assets,
net
|
|
|
102,885,017
|
|
|
|
42,716,594
|
|
|
Goodwill
|
|
|
81,770,963
|
|
|
|
11,957,839
|
|
|
Investment
|
|
|
438,647
|
|
|
|
196,798
|
|
|
Right-of-use
assets
|
|
|
4,484,843
|
|
|
|
369,747
|
|
|
Other assets
|
|
|
4,155,236
|
|
|
|
-
|
|
|
Other receivables, net
(long term)
|
|
|
8,145,659
|
|
|
|
61,378,420
|
|
|
Total non-current
assets
|
|
|
207,462,845
|
|
|
|
117,133,761
|
|
|
TOTAL ASSETS
|
|
|
265,188,859
|
|
|
|
129,182,874
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
9,192,619
|
|
|
|
5,841,511
|
|
|
Accrued liabilities and
other payables
|
|
|
89,358,279
|
|
|
|
66,467,084
|
|
|
Contract
liabilities
|
|
|
1,575,067
|
|
|
|
657,542
|
|
|
Lease liabilities –
current portion
|
|
|
1,446,823
|
|
|
|
336,537
|
|
|
Amounts due to related
parties
|
|
|
135,718
|
|
|
|
310,464
|
|
|
Total current
liabilities
|
|
|
101,708,506
|
|
|
|
73,613,138
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
Lease liabilities –
non-current portion
|
|
|
3,064,357
|
|
|
|
-
|
|
|
Accrued liabilities and
other payables
|
|
|
3,666,995
|
|
|
|
2,663,835
|
|
|
Deferred tax
liabilities
|
|
|
2,900,999
|
|
|
|
211,796
|
|
|
Total non- current
liabilities
|
|
|
9,632,351
|
|
|
|
2,875,631
|
|
|
TOTAL
LIABILITIES
|
|
|
111,340,857
|
|
|
|
76,488,769
|
|
|
|
|
|
|
|
|
|
|
|
LUOKUNG TECHNOLOGY
CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE
SHEETS (CONTINUED)
|
|
(IN U.S.
DOLLARS)
|
|
|
|
As of
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
|
|
|
|
|
|
|
Preferred shares, $0.01
par value; 22,794,872 shares authorized, issued and
outstanding at December 31, 2021; 24,295,182 shares authorized,
issued and
outstanding at December 31, 2020
|
|
|
227,949
|
|
|
|
242,952
|
|
|
Ordinary shares, $0.01
par value; 500,000,000 shares authorized; 385,542,224 and
239,770,000 shares issued and outstanding at December 31, 2021 and
2020
|
|
|
3,855,422
|
|
|
|
2,397,701
|
|
|
Additional paid-in
capital
|
|
|
326,309,353
|
|
|
|
164,753,586
|
|
|
Accumulated
deficit
|
|
|
(182,710,276)
|
|
|
|
(113,242,512)
|
|
|
Accumulated other
comprehensive loss
|
|
|
(1,592,762)
|
|
|
|
(1,523,978)
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
attributable to owners of the company
|
|
|
146,089,686
|
|
|
|
52,627,749
|
|
|
Non-controlling
interest
|
|
|
7,758,316
|
|
|
|
66,356
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
|
153,848,002
|
|
|
|
52,694,105
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
$
|
265,188,859
|
|
|
$
|
129,182,874
|
|
|
LUOKUNG TECHNOLOGY
CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
|
(IN U.S.
DOLLARS)
|
|
|
|
|
|
|
For the years ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
Revenues
|
|
$
|
145,067,965
|
|
|
$
|
18,263,788
|
|
|
Less: Cost of
revenues
|
|
|
129,026,086
|
|
|
|
17,479,479
|
|
|
Less: Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
6,057,161
|
|
|
|
1,708,222
|
|
|
General and
administrative
|
|
|
30,127,176
|
|
|
|
29,925,057
|
|
|
Research and
development
|
|
|
45,476,113
|
|
|
|
9,401,883
|
|
|
Total operating
expenses
|
|
|
81,660,450
|
|
|
|
41,035,162
|
|
|
Loss from
operations
|
|
|
(65,618,571)
|
|
|
|
(40,250,853)
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(4,122,434)
|
|
|
|
(3,625,748)
|
|
|
Foreign exchange
(losses) gains, net
|
|
|
(70,776)
|
|
|
|
2,078,714
|
|
|
Other income,
net
|
|
|
214,459
|
|
|
|
1,740,922
|
|
|
Total other (expense)
income, net
|
|
|
(3,978,751)
|
|
|
|
193,888
|
|
|
Loss before income
taxes
|
|
|
(69,597,322)
|
|
|
|
(40,056,965)
|
|
|
Income tax
benefit
|
|
|
8,126,337
|
|
|
|
-
|
|
|
Net loss
|
|
$
|
(61,470,985)
|
|
|
$
|
(40,056,965)
|
|
|
Less: Net (income) loss
attributable to non-controlling interest
|
|
|
(7,330,267)
|
|
|
|
191,325
|
|
|
Net loss attributable
to owners of the Company
|
|
$
|
(68,801,252)
|
|
|
$
|
(39,865,640)
|
|
|
Comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(61,470,985)
|
|
|
|
(40,056,965)
|
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(58,700)
|
|
|
|
(2,937,074)
|
|
|
Comprehensive
loss
|
|
$
|
(61,529,685)
|
|
|
$
|
(42,994,039)
|
|
|
Less: Comprehensive
(income) loss attributable to the non-controlling
interest
|
|
|
(10,084)
|
|
|
|
41,022
|
|
|
Comprehensive loss
attributable to owners of the Company
|
|
$
|
(61,539,769)
|
|
|
$
|
(42,953,017)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share:
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.21)
|
|
|
$
|
(0.18)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares outstanding Basic and Diluted
|
|
|
334,907,324
|
|
|
|
221,984,037
|
|
|
LUOKUNG TECHNOLOGY
CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(IN U.S.
DOLLARS)
|
|
|
|
|
|
|
|
For the years ended
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(61,470,985)
|
|
|
$
|
(40,056,965)
|
|
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
13,432,153
|
|
|
|
5,597,137
|
|
|
|
Amortization of
right-of-use assets
|
|
|
1,148,071
|
|
|
|
408,843
|
|
|
|
Exchange
difference
|
|
|
70,777
|
|
|
|
(2,019,441)
|
|
|
|
Loss on disposal of
property and equipment
|
|
|
107,495
|
|
|
|
13,663
|
|
|
|
Allowance for expected
credit losses
|
|
|
5,249,448
|
|
|
|
17,005,297
|
|
|
|
Share-based
compensation expense
|
|
|
21,186,441
|
|
|
|
4,804,378
|
|
|
|
Gain on derecognition
of lease
|
|
|
-
|
|
|
|
(65,479)
|
|
|
|
Write-off of accounts
and other payables
|
|
|
(1,355)
|
|
|
|
(169,886)
|
|
|
|
Impairment of
goodwill
|
|
|
1,994,986
|
|
|
|
3,619,968
|
|
|
|
Impairment of property
and equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
Loss on disposal of a
subsidiary
|
|
|
-
|
|
|
|
126,373
|
|
|
|
Deferred tax
liability
|
|
|
(8,222,748)
|
|
|
|
-
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(8,003,940)
|
|
|
|
(1,830,920)
|
|
|
|
Notes
receivable
|
|
|
(664,448)
|
|
|
|
-
|
|
|
|
Other receivables and
prepayment
|
|
|
(23,049,706)
|
|
|
|
(10,355,091)
|
|
|
|
Accounts
payable
|
|
|
100,905
|
|
|
|
1,078,131
|
|
|
|
Accrued liabilities and
other payables
|
|
|
4,547,481
|
|
|
|
7,936,699
|
|
|
|
Deferred
revenue
|
|
|
702,595
|
|
|
|
(1,483,240)
|
|
|
|
Change in lease
liability
|
|
|
(997,298)
|
|
|
|
(433,275)
|
|
|
|
Tax payable
|
|
|
(1,126)
|
|
|
|
-
|
|
|
|
Inventories
|
|
|
83,295
|
|
|
|
-
|
|
|
|
Net cash used in
operating activities
|
|
|
(53,787,959)
|
|
|
|
(15,823,808)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(1,541,831)
|
|
|
|
(33,974)
|
|
|
|
Purchase of other
assetss
|
|
|
(4,150,786)
|
|
|
|
-
|
|
|
|
Partial payment made
for acquisition of a subsidiary
|
|
|
(67,957,424)
|
|
|
|
(18,743,810)
|
|
|
|
Disposal of
subsidiary
|
|
|
-
|
|
|
|
(126,374)
|
|
|
|
Increase in
investment
|
|
|
(439,502)
|
|
|
|
(188,403)
|
|
|
|
Deposit for
investments
|
|
|
(6,435,734)
|
|
|
|
(289,851)
|
|
|
|
Proceeds from disposal
of property and equipment
|
|
|
155
|
|
|
|
-
|
|
|
|
Net cash inflow from
acquisition of subsidiaries
|
|
|
2,128,637
|
|
|
|
1,016
|
|
|
|
Net cash used in
investing activities
|
|
|
(78,396,485)
|
|
|
|
(19,381,396)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LUOKUNG TECHNOLOGY
CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)
|
|
(IN U.S.
DOLLARS)
|
|
|
|
|
|
|
|
For the years ended
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
(Repayment to) Advances
from related parties
|
|
|
1,090,770
|
|
|
|
(82,829)
|
|
|
|
Additional capital
investment from minority shareholders
|
|
|
378,207
|
|
|
|
-
|
|
|
|
Payment of preferred
stock dividends
|
|
|
(666,512)
|
|
|
|
-
|
|
|
|
Redemption of preferred
stock
|
|
|
(6,123,201)
|
|
|
|
-
|
|
|
|
Proceeds from issuance
of debt
|
|
|
-
|
|
|
|
21,738,815
|
|
|
|
Proceeds from issuance
of shares
|
|
|
154,231,470
|
|
|
|
9,882,432
|
|
|
|
Net cash provided by
financing activities
|
|
|
148,910,734
|
|
|
|
31,538,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes
|
|
|
(2,820)
|
|
|
|
42,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash
|
|
|
16,723,470
|
|
|
|
(3,623,894)
|
|
|
|
Cash at beginning of
year
|
|
|
71,793
|
|
|
|
3,695,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
year
|
|
$
|
16,795,263
|
|
|
$
|
71,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
disclosures:
|
|
|
|
|
|
|
|
|
|
|
Cash paid for amounts
included in the measurement of lease liabilities
|
|
|
(997,298)
|
|
|
|
(433,275)
|
|
|
|
Interest
paid
|
|
|
119,814
|
|
|
|
3,504
|
|
|
|
Income taxes
paid
|
|
|
-
|
|
|
|
-
|
|
|
|
RECONCILIATION TO
AMOUNTS ON CONSOLIDATED BALANCE SHEETS:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
16,443,929
|
|
|
|
71,793
|
|
|
|
Restricted
cash
|
|
|
351,334
|
|
|
|
-
|
|
|
|
Total cash, cash
equivalents and restricted
cash
|
|
$
|
16,795,263
|
|
|
$
|
71,793
|
|
|
|
Non- cash investing and
financing transaction:
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets
obtained in exchange for new operating lease liabilities
|
|
|
-
|
|
|
|
889,403
|
|
|
|
Share-based
compensation expense
|
|
|
21,186,441
|
|
|
|
4,804,378
|
|
|
View original
content:https://www.prnewswire.com/news-releases/luokung-reports-2021-year-end-financial-results-reports-record-annual-revenues-of-145-1-million-301545440.html
SOURCE Luokung Technology Corp.