EX-99.2 6 tv517251_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2

 

PRO FORMA CONDENSED COMBINED BALANCE SHEET (UNAUDITED)

as of December 31, 2018

 

in USD   NCF Wealth
Holdings Limited		     Hunter
Maritime
Acquisition
Corp.		     Pro Forma
Adjustment		     Pro Forma
Adjustment		     Pro Forma
Adjustment		     Pro Forma
Adjustment		     Pro Forma
Adjustment		     Pro Forma
Balance Sheet		  
    A     B     C     D     E     F     G        
ASSETS                                                                
NON-CURRENT ASSETS     14,854,924       -       -       -       -       -       -       14,854,924  
Deferred tax assets     5,874,935       -       -       -       -       -       -       5,874,935  
Equipment and software, net     1,960,673       -       -       -       -       -       -       1,960,673  
Long-term equity investment     6,345,216       -       -       -       -       -       -       6,345,216  
Long-term other receivable     570,539       -       -       -       -       -       -       570,539  
Goodwill     -       -       -       -       -       -       -       -  
Other non-current assets     103,561       -       -       -       -       -       -       103,561  
                                                                 
CURRENT ASSETS     194,111,513       22,218,241       600,000       -       -       -       -       216,929,754  
Cash     4,750,734       140,517       600,000       22,074,404       -       -       -       27,565,655  
Cash and Investments held in the Trust Account     -       22,074,404       -       (22,074,404 )     -       -       -       -  
Restricted cash     13,959,012       -       -       -       -       -       -       13,959,012  
Accounts receivable     18,463,450       -       -       -       -       -       -       18,463,450  
Accounts receivable – related parties     221,394       -       -       -       -       -       -       221,394  
Advances to suppliers     8,802,673       -       -       -       -       -       -       8,802,673  
Other receivables     1,531,282       -       -       -       -       -       -       1,531,282  
Advances to Suppliers & Other receivables - related parties     3,353,455       -       -       -       -       -       -       3,353,455  
Loan receivable – related parties     139,033,485       -       -       -       -       -       -       139,033,485  
Prepaid expenses and other current assets     -       3,320       -       -       -       -       -       3,320  
Other current assets     3,996,028       -       -       -       -       -       -       3,996,028  
                                                                 
TOTAL ASSETS     208,966,437       22,218,241       600,000       -       -       -       -       231,784,678  
                                                                 
EQUITY and LIABILITIES                                                                
EQUITY     132,104,400       5,000,001       (5,162 )     10,930,113       -       (2,044,000 )     (4,250,000 )     141,735,352  
Series B preferred shares     294       -       -       -       (294 )     -       -       -  
Series C-1 preferred shares     247       -       -       -       (247 )     -       -       -  
Ordinary shares     10,916       489       -       10,930,113       541       -       -       10,942,059  
Shares in employee benefit trust     (4,077,600 )     -       -       -       -       -       -       (4,077,600 )
Additional paid-in capital     139,879,319       7,331,343       -       -       -       -       -       147,210,662  
Statutory reserve     721,818       -       -       -       -       -       -       721,818  
Accumulated deficit     (3,992,000 )     (2,331,831 )     (5,162 )     -       -       (2,044,000 )     (4,250,000 )     (12,622,993 )
Accumulated other comprehensive income     (715,921 )     -       -       -       -       -       -       (715,921 )
Non-controlling interest     277,327       -       -       -       -       -       -       277,327  
                                                                 
NON-CURRENT LIABILITIES     4,077,000       -       -       -       -       -       -       4,077,000  
Long-term loan - related parties     4,077,000       -       -       -       -       -       -       4,077,000  
Other long-term liabilities     -       -       -       -       -       -       -       -  
                                                                 
CURRENT LIABILITIES     72,785,037       17,218,240       605,162       (10,930,113 )     -       2,044,000       4,250,000       85,972,326  
Common stock subject to possible redemption     -       10,930,113       -       (10,930,113 )     -       -       -       -  
Accounts payable     -       37,749       -       -       -       -       -       37,749  
Accrued expenses     -       139,793       5,162       -       -       -       -       144,955  
Deferred underwriting fees     -       5,310,585       -       -       -       -       -       5,310,585  
Unsecured promissory notes     -       800,000       600,000       -       -       -       -       1,400,000  
Bank borrowings     13,536,894       -       -       -       -       -       -       13,536,894  
Accrued marketing and channel fees     12,203,906       -       -       -       -       -       -       12,203,906  
Accrued marketing and channel fees – related parties     442,787       -       -       -       -       -       -       442,787  
Accruals and other liabilities     6,444,042       -       -       -       -       2,044,000       4,250,000       12,738,042  
Accruals and other liabilities - related parties     24,606,596       -       -       -       -       -       -       24,606,596  
Taxes payable     15,100,313       -       -       -       -       -       -       15,100,313  
Amount due to related parties     450,499       -       -       -       -       -       -       450,499  
                                                                 
TOTAL EQUITY and LIABILITIES     208,966,437       22,218,241       600,000       -       -       -       -       231,784,678  

 

 

 

 

NOTES TO THE PRO FORMA CONDENSED COMBINED BALANCE SHEET

as of December 31, 2018

 

Pro Forma Adjustments to the Unaudited Condensed Combined Balance Sheet

 

  A Derived from the unaudited consolidated balance sheet of NCF as of September 30, 2018.

 

  B Derived from the audited consolidated balance sheet of HMAC as of December 31, 2018.

 

Financing transactions occurring subsequent to the respective balance sheet dates but prior to the consummation of the Merger, including:

 

  C To reflect the loans from CMB to HMAC as per January 29, 2019 and February 25, 2019 for an amount of $200,000 and $400,000 respectively and the related notes issued as unsecured promissory notes.

 

Pro forma adjustments relating to the consummation of the Merger, including:

 

  D To reflect the release of cash from investments held in the Trust Account. The assumption is made that there are no redemptions upon completion of the Initial Business Combination ("IBC").

 

  E To reflect the conversion of preferred shares to ordinary shares upon the occurrence of a succesful Initial Business Combination ("IBC"), i.e. Initial Public Offering ("IPO") of NCF.

 

  F To reflect the payment of $2,044,000 made by HMAC, including legal fees and other professional fees related to the merger.

 

  G To reflect the payment of $1,250,000 made by NCF, including legal fees and other professional fees related to the merger. In addition $3,000,000 of financial advisory fees of NCF to the financial advisor EarlyBirdCapital.

 

 

 

 

 

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)

For the year ended December 31, 2018

 

in USD   NCF Wealth
Holdings Limited		     Hunter Maritime
Acquisition
Corp.		     Pro Forma
Adjustment		     Pro Forma
Adjustment		     Pro Forma
Adjustment		     Pro Forma
Income
Statement		  
    A     B     C     D     E        
                                     
Net revenue     260,584,708       -       -       -       -       260,584,708  
Transaction and service fee     232,275,488       -       -       -       -       232,275,488  
Transaction and service fee - related parties     5,287,115       -       -       -       -       5,287,115  
Commission fee     9,211,023       -       -       -       -       9,211,023  
Commission fee - related parties     1,226,550       -       -       -       -       1,226,550  
Other revenue     12,466,568       -       -       -       -       12,466,568  
Other revenue - related parties     117,964       -       -       -       -       117,964  
                                                 
Sales and marketing expenses     (165,055,283 )     -       -       -       -       (165,055,283 )
Product development expenses     (17,894,492 )     -       -       -       -       (17,894,492 )
Loan facilitation and servicing expenses     (3,937,858 )     -       -       -       -       (3,937,858 )
General and administrative expenses     (13,802,873 )     (949,114 )     -       (2,044,000 )     (4,250,000 )     (21,045,987 )
Result from operating activities     59,894,202       (949,114 )     -       (2,044,000 )     (4,250,000 )     52,651,088  
Interest and other income     7,765,052       1,482,889       -       -       -       9,247,941  
Interest and other expenses     (65,987 )     (2,084,127 )     (5,162 )     -       -       (2,155,276 )
Foreign currency transaction (loss) gain     (1,065,074 )     -       -       -       -       (1,065,074 )
Loss in equity method investment     (215,380 )     -       -       -       -       (215,380 )
Gain on sale of equity interest in a subsidiary     172,531       -       -       -       -       172,531  
Loss on sale of equity interest in a subsidiary     (72,995 )     -       -       -       -       (72,995 )
Income from available-for-sale financial assets     302,316       -       -       -       -       302,316  
Other miscellaneous income (expenses)     58,647       -       -       -       -       58,647  
Profit/(loss) before tax     66,773,312       (1,550,352 )     (5,162 )     (2,044,000 )     (4,250,000 )     58,923,798  
Income tax benefit/(expense)     (15,376,947 )     -       -       -       -       (15,376,947 )
Net profit/(loss)     51,396,365       (1,550,352 )     (5,162 )     (2,044,000 )     (4,250,000 )     43,546,851  
                                                 
Other comprehensive income/(loss)                                                
Foreign currency translation adjustment     (2,802,408 )     -       -       -       -       (2,802,408 )
Total comprehensive income/(loss)     48,593,957       (1,550,352 )     (5,162 )     (2,044,000 )     (4,250,000 )     40,744,443  
                                                 
Net (loss)/profit                                                
- Attributable to equity shareholders of the Company     51,468,035       (1,550,352 )     (5,162 )     (2,044,000 )     (4,250,000 )     43,618,521  
- Attributable to non-controlling interests     (71,670 )     -       -       -       -       (71,670 )
                                                 
Total comprehensive (loss)/income                                                
- Attributable to equity shareholders of the Company     48,519,061       (1,550,352 )     (5,162 )     (2,044,000 )     (4,250,000 )     40,669,547  
- Attributable to non-controlling interests     74,896       -       -       -       -       74,896  
                                                 
Weighted average shares outstanding, basic             3,793,275                               205,967,025  
Net (loss)/income per common share, basic             (0.41 )                             0.21  

 

 

 

 

NOTES TO THE PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the year ended December 31, 2018

 

Pro Forma Adjustments to the Unaudited Condensed Statement of Operations

 

  A LTM unaudited consolidated income statement of NCF for the 12 months ended September 30, 2018.

 

  B Derived from the audited consolidated income statement of HMAC for the year ended December 31, 2018.

 

  C Represents interest payments on the loans from CMB to HMAC as per November 6, 2018, December 19, 2018, January 29, 2019 and February 25, 2019 for an amount of $500,000, $300,000, $200,000 and $400,000 respectively and the related notes issued. Interest rate is set at 3 months USD Libor + 0.60%.

 

  D To reflect the payment of $2,044,000 made by HMAC, including legal fees and other professional fees related to the merger.

 

  E To reflect the payment of $1,250,000 made by NCF, including legal fees and other professional fees related to the merger. In addition $3,000,000 of financial advisory fees of NCF to the financial advisor EarlyBirdCapital.