Puhui Wealth Investment Management Co. Ltd. Announces Financial Results for the Fiscal Year Ended June 30, 2020 – PRNewswire

Posted: October 30, 2020 at 10:57 pm


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BEIJING, Oct. 30, 2020 /PRNewswire/ --Puhui Wealth Investment Management Co., Ltd. (Nasdaq: PHCF) ("Puhui" or the "Company"), a third-party wealth management service provider with a focus on wealth management services for high net worth ("HNW") individuals and corporate clients, today announced its financial results for the year ended June 30, 2020. The Company also filed these results on Form 20-F with the Securities and Exchange Commission, which can be viewed at http://www.sec.gov. All amounts in this press release are in USD unless otherwise noted.

Financial and Operating Highlights

Mr. Zhe Ji, the Chairman and CEO of the Company, stated, "There was a considerable impact from the COVID-19 pandemic on our business during the past fiscal year, as our offices remained closed between February and June 2020. Since that time, we have begun to see business return due to a combination of strong relationships with our customers along with demand for investment and financial planning expertise in China's wealth management industry following the pandemic. While it was a challenging period, we did take the opportunity to focus on operational improvements through providing our workforce with the ability to service clients remotely. We are in a stronger position today to handle any potential challenges in the future than prior to the pandemic."

Mr. Ji continued, "We believe that the fundamental aspects of our independent wealth management business have increased value in the current volatile market environment. HNW clientele across China are continuing to seek an independent advisor that provides access to several investment products without bias. At Puhui, we are solely focused on aligning our available products with whatever financial objectives our clients are seeking. Our acquisition of Granville in December 2019 represented our first entry into the international market, which increases our potential customer base over time. Our focus for the remainder of the year is to add new HNW customers that can take advantage of our product offering, and intend to be active in marketing as well as optimizing our branch network in the coming months."

Financial Review for the Fiscal Year Ended June 30, 2020

Wealth Management

Asset Management

Revenues

Cost of Revenues

Operating Expense

Net Loss Attributable to Puhui Wealth

Liquidity and Capital Resources

About Puhui Wealth Investment Management Co., Ltd.

Headquartered in Beijing, China and founded in 2013, Puhui is a third-party wealth management service provider focusing on marketing financial products (including private equity and other diversified products and services) to, and managing funds for, individuals and corporate clients in the PRC. On December 27, 2018, the Company's ordinary shares were listed and began trading listed on the Nasdaq Capital Market (ticker: PHCF).

Additional information about Puhui can be found at the Company's corporate website: http://www.puhuiwealth.com.

Additional Disclosure Concerning COVID-19

The impacts of COVID-19 on Puhui's business, financial condition, and results of operations include, but are not limited to, the following:

Forward Looking Statement

This news release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that indicate future events or trends or are not statements of historical matters. These statements are based on our management's current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control and all of which could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in our reports filed with theSecurities and Exchange Commission, which are available, free of charge, on theSEC'swebsite atwww.sec.gov.

PUHUI WEALTH INVESTMENT MANAGEMENT CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the Years Ended June 30,

2020

2019

REVENUES

Revenues

$

1,481,980

$

3,052,371

Revenues - related parties

697,500

128,263

Total revenues

2,179,480

3,180,634

OPERATING EXPENSES

Cost of revenues

(202,637)

(316,718)

Selling expenses

(1,517,968)

(2,005,367)

General and administrative expenses

(4,977,537)

(3,427,040)

Total operating expenses

(6,698,142)

(5,749,125)

LOSS FROM OPERATIONS

(4,518,662)

(2,568,491)

OTHER INCOME (EXPENSES)

Interest income

74,824

62,967

Other finance expenses

(191,238)

(206,081)

Other income, net

126,858

808

Total other income (expenses), net

10,444

(142,306)

LOSS BEFORE INCOME TAXES

(4,508,218)

(2,710,797)

PROVISION FOR INCOME TAXES

Current

-

11,803

Deferred

179,449

380,302

Total income tax provision

179,449

392,105

NET LOSS

(4,687,667)

(3,102,902)

Less: Net loss attributable to noncontrolling interest

(641,719)

(645,716)

NET LOSS ATTRIBUTABLE TO PUHUI WEALTH

$

(4,045,948)

$

(2,457,186)

NET LOSS

$

(4,687,667)

$

(3,102,902)

OTHER COMPREHENSIVE INCOME (LOSS)

Foreign currency translation adjustment

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Puhui Wealth Investment Management Co. Ltd. Announces Financial Results for the Fiscal Year Ended June 30, 2020 - PRNewswire

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October 30th, 2020 at 10:57 pm

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