Full Press Release Details
Burning Rock Reports Fourth Quarter and Full Year 2021 Financial Results
GUANGZHOU, China, March 22, 2022 Burning Rock Biotech Limited (NASDAQ: BNR, the Company or Burning Rock ), a company focused
on the application of next generation sequencing (NGS) technology in the field of precision oncology, today reported financial results for the three months and the year ended December 31, 2021.
2021 Business Overview and Recent Updates
Revenues were RMB147.3 million (US$23.1 million) for the three months ended December 31, 2021, representing a 11.9%
increase from RMB131.7 million for the same period in 2020, or a 16.4% sequential increase from RMB126.6 million for the three months ended September 30, 2021.
Cost of revenues was RMB42.0 million (US$6.6 million) for the three months ended December 31,
2021, representing a 28.9% increase from RMB32.6 million for the same period in 2020, which was broadly in line with the Company s continued business growth.
Gross profit was RMB105.4 million (US$16.5 million) for the three months ended December 31,
2021. Gross margin was 71.5% for the three months ended December 31, 2021, compared to 75.3% for the same period in 2020. By channel, gross margin of central laboratory business was 76.7% during the fourth quarter of 2021, compared to 76.8%
during the same period in 2020; gross margin of in-hospital business was 65.9% during the fourth quarter of 2021, compared to 72.9% during the same period in 2020.
Operating expenses were RMB357.5 million (US$56.1 million) for the three months ended December 31, 2021, representing a 40.5% increase from
RMB254.5 million for the same period in 2020. The increase was primarily driven by headcount growth to support our business expansion.
Net loss was RMB251.1 million (US$39.4 million) for the three months ended
December 31, 2021, compared to RMB156.5 million for the same period in 2020.
Cash, cash equivalents, restricted cash and short-term investments
were RMB1,502.9 million (US$235.8 million) as of December 31, 2021.
Full Year 2021 Financial Results
Revenues were RMB507.9 million (US$79.7 million) for 2021, representing an 18.1% increase from RMB429.9 million for 2020.
Cost of revenues was RMB143.7 million (US$22.6 million) for 2021, representing a 23.9% increase from RMB116.0 million for 2020, which was in line
with the Company s continued business growth.
Gross profit was RMB364.1 million (US$57.1 million) for 2021, representing a 16.0% increase from
RMB313.9 million for 2020. Gross margin was 71.7% for 2021, compared to 73.0% for 2020.
Operating expenses were RMB1,161.2 million (US$182.2
million) for 2021, representing a 59.9% increase from RMB726.3 million for 2020.
Net loss was RMB796.7 million (US$125.0 million) for 2021, compared to RMB 407.2 million for 2020.
2022 Financial Guidance
We currently expect our
full year 2022 revenues to be approximately RMB620 million (US$97.3 million), implying a 22% growth over full year 2021.
Burning Rock will host a conference call to discuss the fourth quarter 2021 financial results at 8:00 a.m. U.S. Eastern Time (8:00 p.m.
Hong Kong time) on March 22, 2022.
Details of the conference call are as follows:
| International: | +65 67135590 | |
| U.S.: | +1 3322089468 | |
| U.K.: | +44 2036928125 | |
| Hong Kong: | +852 30186771 | |
| China Mobile: | 4008205286 | |
| China Landline: | 8008208659 | |
| Conference ID: | 8596728 |
A replay of the conference call will be available for one week (dial-in number: +61 2
9003 4211); same conference ID as shown above).
Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS)
technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.
information about Burning Rock, please visit: ir.brbiotech.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will,
expects, anticipates, future, intends, plans, believes, estimates, target, confident and similar statements. Burning Rock may also make
written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements about Burning Rock s beliefs and expectations, are forward-looking statements. Such statements are based upon management s current expectations and current market and operating
conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock s control. Forward-looking statements involve risks,
uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not
undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Contact: IR@brbiotech.com
Selected Operating Data
| For the three months ended | ||||||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | |||||||||||||||||||||||||
| Central Laboratory Channel: | ||||||||||||||||||||||||||||||||
| Number of patients tested | 4,680 | 7,252 | 8,644 | 7,989 | 7,716 | 8,155 | 7,808 | 8,235 | ||||||||||||||||||||||||
| Number of ordering physicians (1) | 810 | 1,175 | 1,194 | 1,114 | 1,082 | 1,013 | 920 | 917 | ||||||||||||||||||||||||
| Number of ordering hospitals (2) | 232 | 284 | 289 | 294 | 303 | 300 | 287 | 306 |
| For the three months ended | ||||||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | |||||||||||||||||||||||||
| In-hospital Channel: | ||||||||||||||||||||||||||||||||
| Pipeline partner hospitals (1) | 23 | 23 | 22 | 23 | 22 | 22 | 24 | 23 | ||||||||||||||||||||||||
| Contracted partner hospitals (2) | 21 | 24 | 25 | 29 | 32 | 34 | 34 | 41 | ||||||||||||||||||||||||
| Total number of partner hospitals | 44 | 47 | 47 | 52 | 54 | 56 | 58 | 64 |
Selected Financial Data
| For the three months ended | ||||||||||||||||||||||||||||||||
| Revenues | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||
| (RMB in thousands) | ||||||||||||||||||||||||||||||||
| Central laboratory channel | 46,141 | 74,607 | 89,899 | 86,695 | 74,561 | 79,999 | 78,817 | 85,976 | ||||||||||||||||||||||||
| In-hospital channel | 17,123 | 27,588 | 31,704 | 41,457 | 28,994 | 40,502 | 43,714 | 51,906 | ||||||||||||||||||||||||
| Pharma research and development channel | 4,065 | 4,776 | 2,278 | 3,570 | 3,068 | 6,778 | 4,084 | 9,463 | ||||||||||||||||||||||||
| Total revenues | 67,329 | 106,971 | 123,881 | 131,722 | 106,623 | 127,279 | 126,615 | 147,345 |
| For the three months ended | ||||||||||||||||||||||||||||||||
| Gross profit | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||
| (RMB in thousands) | ||||||||||||||||||||||||||||||||
| Central laboratory channel | 32,434 | 56,556 | 67,804 | 66,588 | 55,212 | 58,681 | 58,387 | 65,985 | ||||||||||||||||||||||||
| In-hospital channel | 10,126 | 19,269 | 22,410 | 30,218 | 20,070 | 29,426 | 31,111 | 34,194 | ||||||||||||||||||||||||
| Pharma research and development channel | 2,224 | 2,573 | 1,373 | 2,347 | 1,658 | 2,124 | 2,098 | 5,200 | ||||||||||||||||||||||||
| Total gross profit | 44,784 | 78,398 | 91,587 | 99,153 | 76,940 | 90,231 | 91,596 | 105,379 |
| For the three months ended | ||||||||||||||||||||||||||||||||
| Share-based compensation | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||
| (RMB in thousands) | ||||||||||||||||||||||||||||||||
| Cost of revenues | 176 | 183 | 160 | 277 | 339 | 406 | 267 | 492 | ||||||||||||||||||||||||
| Research and development expenses | 2,072 | 25,314 | 10,572 | 11,843 | 22,404 | 20,825 | (9,559 | ) | (4,033 | ) | ||||||||||||||||||||||
| Selling and marketing expenses | 253 | 491 | 341 | 2,372 | 2,633 | 2,809 | 2,044 | 2,126 | ||||||||||||||||||||||||
| General and administrative expenses | 1,665 | 1,639 | 57,805 | 58,057 | 59,382 | 59,369 | 60,803 | 62,126 | ||||||||||||||||||||||||
| Total share-based compensation expenses | 4,166 | 27,627 | 68,878 | 72,549 | 84,758 | 83,409 | 53,555 | 60,711 |
Burning Rock Biotech Limited
Unaudited Condensed Statements of Comprehensive Loss
(in thousands, except for number of shares and per share data)
| For the three months ended | ||||||||||||||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | US$ | ||||||||||||||||||||||||||||
| Revenues | 67,329 | 106,971 | 123,881 | 131,722 | 106,623 | 127,279 | 126,615 | 147,345 | 23,122 | |||||||||||||||||||||||||||
| Cost of revenues | (22,545 | ) | (28,573 | ) | (32,294 | ) | (32,569 | ) | (29,683 | ) | (37,048 | ) | (35,019 | ) | (41,966 | ) | (6,585 | ) | ||||||||||||||||||
| Gross profit | 44,784 | 78,398 | 91,587 | 99,153 | 76,940 | 90,231 | 91,596 | 105,379 | 16,537 | |||||||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||||||||||||
| Research and development expenses | (40,016 | ) | (71,176 | ) | (69,330 | ) | (83,418 | ) | (77,414 | ) | (108,071 | ) | (69,649 | ) | (112,724 | ) | (17,689 | ) | ||||||||||||||||||
| Selling and marketing expenses | (29,815 | ) | (37,992 | ) | (44,174 | ) | (56,606 | ) | (55,130 | ) | (68,058 | ) | (76,687 | ) | (103,221 | ) | (16,198 | ) | ||||||||||||||||||
| General and administrative expenses | (34,295 | ) | (42,272 | ) | (102,731 | ) | (114,502 | ) | (116,259 | ) | (116,130 | ) | (116,304 | ) | (141,563 | ) | (22,214 | ) | ||||||||||||||||||
| Total operating expenses | (104,126 | ) | (151,440 | ) | (216,235 | ) | (254,526 | ) | (248,803 | ) | (292,259 | ) | (262,640 | ) | (357,508 | ) | (56,101 | ) | ||||||||||||||||||
| Loss from operations | (59,342 | ) | (73,042 | ) | (124,648 | ) | (155,373 | ) | (171,863 | ) | (202,028 | ) | (171,044 | ) | (252,129 | ) | (39,564 | ) | ||||||||||||||||||
| Interest income | 3,985 | 44 | 698 | 1,341 | 787 | 681 | 958 | 1,031 | 162 | |||||||||||||||||||||||||||
| Interest expense | (1,178 | ) | 1,939 | (776 | ) | (652 | ) | (510 | ) | (565 | ) | (367 | ) | (94 | ) | (15 | ) | |||||||||||||||||||
| Other (expense) income, net | (151 | ) | 122 | (176 | ) | (682 | ) | 118 | 433 | 20 | (372 | ) | (58 | ) | ||||||||||||||||||||||
| Foreign exchange gain (loss), net | 611 | (118 | ) | (2,228 | ) | (1,112 | ) | 57 | (560 | ) | 380 | (731 | ) | (115 | ) | |||||||||||||||||||||
| Change in fair value of warrant liability | 3,503 | |||||||||||||||||||||||||||||||||||
| Loss before income tax | (52,572 | ) | (71,055 | ) | (127,130 | ) | (156,478 | ) | (171,411 | ) | (202,039 | ) | (170,053 | ) | (252,295 | ) | (39,590 | ) | ||||||||||||||||||
| Income tax (expenses) benefit | (1,626 | ) | (424 | ) | 1,151 | 181 | ||||||||||||||||||||||||||||||
| Net loss | (52,572 | ) | (71,055 | ) | (127,130 | ) | (156,478 | ) | (171,411 | ) | (203,665 | ) | (170,477 | ) | (251,144 | ) | (39,409 | ) | ||||||||||||||||||
| Net loss attributable to Burning Rock Biotech Limited s shareholders | (52,572 | ) | (71,055 | ) | (127,130 | ) | (156,478 | ) | (171,411 | ) | (203,665 | ) | (170,477 | ) | (251,144 | ) | (39,409 | ) | ||||||||||||||||||
| Accretion of convertible preferred shares | (26,288 | ) | (38,400 | ) | ||||||||||||||||||||||||||||||||
| Net loss attributable to ordinary shareholders | (78,860 | ) | (109,455 | ) | (127,130 | ) | (156,478 | ) | (171,411 | ) | (203,665 | ) | (170,477 | ) | (251,144 | ) | (39,409 | ) | ||||||||||||||||||
| Loss per share: | ||||||||||||||||||||||||||||||||||||
| Ordinary shares - basic and diluted | (3.15 | ) | ||||||||||||||||||||||||||||||||||
| Class A ordinary shares - basic and diluted | (2.68 | ) | (1.22 | ) | (1.51 | ) | (1.65 | ) | (1.96 | ) | (1.64 | ) | (2.40 | ) | (0.38 | ) | ||||||||||||||||||||
| Class B ordinary shares - basic and diluted | (2.68 | ) | (1.22 | ) | (1.51 | ) | (1.65 | ) | (1.96 | ) | (1.64 | ) | (2.40 | ) | (0.38 | ) | ||||||||||||||||||||
| Weighted average shares outstanding used in loss per share computation: | ||||||||||||||||||||||||||||||||||||
| Ordinary shares - basic and diluted | 25,031,575 | |||||||||||||||||||||||||||||||||||
| Class A ordinary shares - basic and diluted | 23,461,319 | 86,479,686 | 86,511,799 | 86,721,263 | 86,764,260 | 86,908,975 | 87,128,297 | 87,128,297 | ||||||||||||||||||||||||||||
| Class B ordinary shares - basic and diluted | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | ||||||||||||||||||||||||||||
| Other comprehensive (loss) income, net of tax of nil: | ||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | 11,422 | (2,336 | ) | (91,093 | ) | (94,881 | ) | 14,080 | (34,980 | ) | 6,146 | (24,726 | ) | (3,880 | ) | |||||||||||||||||||||
| Total comprehensive loss | (41,150 | ) | (73,391 | ) | (218,223 | ) | (251,359 | ) | (157,331 | ) | (238,645 | ) | (164,331 | ) | (275,870 | ) | (43,289 | ) | ||||||||||||||||||
| Total comprehensive loss attributable to Burning Rock Biotech Limited s shareholders | (41,150 | ) | (73,391 | ) | (218,223 | ) | (251,359 | ) | (157,331 | ) | (238,645 | ) | (164,331 | ) | (275,870 | ) | (43,289 | ) |
Burning Rock Biotech Limited
Unaudited Condensed Statements of Comprehensive Loss
(in thousands, except for share and per share data)
| For the year ended | ||||||||||||
| December 31, 2020 | December 31, 2021 | December 31, 2021 | ||||||||||
| RMB | RMB | USD | ||||||||||
| Revenues | 429,903 | 507,862 | 79,694 | |||||||||
| Cost of revenues | (115,981 | ) | (143,716 | ) | (22,553 | ) | ||||||
| Gross profit | 313,922 | 364,146 | 57,141 | |||||||||
| Operating expenses: | ||||||||||||
| Research and development expenses | (263,940 | ) | (367,858 | ) | (57,725 | ) | ||||||
| Selling and marketing expenses | (168,587 | ) | (303,096 | ) | (47,562 | ) | ||||||
| General and administrative expenses | (293,800 | ) | (490,256 | ) | (76,932 | ) | ||||||
| Total operating expenses | (726,327 | ) | (1,161,210 | ) | (182,219 | ) | ||||||
| Loss from operations | (412,405 | ) | (797,064 | ) | (125,078 | ) | ||||||
| Interest income | 6,068 | 3,457 | 542 | |||||||||
| Interest expense | (667 | ) | (1,536 | ) | (241 | ) | ||||||
| Other (expense) income, net | (887 | ) | 199 | 31 | ||||||||
| Foreign exchange loss, net | (2,847 | ) | (854 | ) | (134 | ) | ||||||
| Change in fair value of warrant liability | 3,503 | |||||||||||
| Loss before income tax | (407,235 | ) | (795,798 | ) | (124,880 | ) | ||||||
| Income tax expenses | (899 | ) | (141 | ) | ||||||||
| Net loss | (407,235 | ) | (796,697 | ) | (125,021 | ) | ||||||
| Net loss attributable to Burning Rock Biotech Limited s shareholders | (407,235 | ) | (796,697 | ) | (125,021 | ) | ||||||
| Accretion of convertible preferred shares | (64,688 | ) | ||||||||||
| Net loss attributable to ordinary shareholders | (471,923 | ) | (796,697 | ) | (125,021 | ) | ||||||
| Loss per share: | ||||||||||||
| Class A ordinary shares - basic and diluted | (6.88 | ) | (7.65 | ) | (1.20 | ) | ||||||
| Class B ordinary shares - basic and diluted | (6.88 | ) | (7.65 | ) | (1.20 | ) | ||||||
| Weighted average shares outstanding used in loss per share computation: | ||||||||||||
| Class A ordinary shares - basic and diluted | 51,309,631 | 86,883,011 | 86,883,011 | |||||||||
| Class B ordinary shares - basic and diluted | 17,324,848 | 17,324,848 | 17,324,848 | |||||||||
| Other comprehensive loss, net of tax of nil: | ||||||||||||
| Foreign currency translation adjustments | (176,888 | ) | (39,480 | ) | (6,195 | ) | ||||||
| Total comprehensive loss | (584,123 | ) | (836,177 | ) | (131,216 | ) | ||||||
| Total comprehensive loss attributable to Burning Rock Biotech Limited s shareholders | (584,123 | ) | (836,177 | ) | (131,216 | ) |
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets
| As of | ||||||||||||
| December 31, 2020 | December 31, 2021 | December 31, 2021 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 1,895,308 | 1,431,317 | 224,605 | |||||||||
| Restricted cash | 29,898 | 7,795 | 1,223 | |||||||||
| Short-term investments | 362,132 | 63,757 | 10,005 | |||||||||
| Accounts receivable, net | 88,218 | 92,197 | 14,468 | |||||||||
| Contract assets, net | 22,534 | 42,391 | 6,652 | |||||||||
| Amounts due from related parties | 212 | |||||||||||
| Inventories | 68,021 | 123,210 | 19,335 | |||||||||
| Prepayments and other current assets, net | 57,329 | 60,279 | 9,460 | |||||||||
| Total current assets | 2,523,652 | 1,820,946 | 285,748 | |||||||||
| Non-current assets: | ||||||||||||
| Equity method investment | 1,417 | 910 | 143 | |||||||||
| Property and equipment, net | 111,481 | 325,438 | 51,068 | |||||||||
| Operating right-of-use assets | 81,007 | 12,712 | ||||||||||
| Intangible assets, net | 3,457 | 5,150 | 808 | |||||||||
| Other non-current assets | 23,021 | 45,136 | 7,083 | |||||||||
| Total non-current assets | 139,376 | 457,641 | 71,814 | |||||||||
| TOTAL ASSETS | 2,663,028 | 2,278,587 | 357,562 |
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets (Continued)
| As of | ||||||||||||
| December 31, 2020 | December 31, 2021 | December 31, 2021 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | 35,482 | 63,080 | 9,899 | |||||||||
| Deferred revenue | 74,402 | 142,871 | 22,420 | |||||||||
| Capital lease obligations, current | 4,816 | |||||||||||
| Accrued liabilities and other current liabilities | 83,648 | 127,892 | 20,070 | |||||||||
| Customer deposits | 1,120 | 972 | 153 | |||||||||
| Short-term borrowings | 7,370 | 2,370 | 372 | |||||||||
| Current portion of long-term borrowings | 34,695 | |||||||||||
| Current portion of operating lease liabilities | 34,999 | 5,492 | ||||||||||
| Total current liabilities | 241,533 | 372,184 | 58,406 | |||||||||
| Non-current liabilities: | ||||||||||||
| Deferred government grants | 263 | |||||||||||
| Non-current portion of operating lease liabilities | 49,316 | 7,739 | ||||||||||
| Other non-current liabilities | 228 | 11,776 | 1,848 | |||||||||
| Total non-current liabilities | 491 | 61,092 | 9,587 | |||||||||
| TOTAL LIABILITIES | 242,024 | 433,276 | 67,993 | |||||||||
| Shareholders equity: | ||||||||||||
| Class A ordinary shares | 116 | 116 | 18 | |||||||||
| Class B ordinary shares | 21 | 21 | 3 | |||||||||
| Additional paid-in capital | 4,006,616 | 4,280,956 | 671,775 | |||||||||
| Accumulated deficits | (1,418,160 | ) | (2,228,713 | ) | (349,733 | ) | ||||||
| Accumulated other comprehensive loss | (167,589 | ) | (207,069 | ) | (32,494 | ) | ||||||
| Total shareholders equity | 2,421,004 | 1,845,311 | 289,569 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 2,663,028 | 2,278,587 | 357,562 |
Burning Rock Biotech Limited
Unaudited Condensed Statements of Cash Flows
| For the three months ended | ||||||||||||
| December 31, 2020 | December 31, 2021 | December 31, 2021 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Net cash used in operating activities | (90,659 | ) | (112,349 | ) | (17,628 | ) | ||||||
| Net cash used in investing activities | (36,428 | ) | (66,970 | ) | (10,508 | ) | ||||||
| Net cash generated from (used in) financing activities | 68,477 | (6,781 | ) | (1,065 | ) | |||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | (78,013 | ) | (24,498 | ) | (3,844 | ) | ||||||
| Net decrease cash, cash equivalents and restricted cash | (136,623 | ) | (210,598 | ) | (33,045 | ) | ||||||
| Cash, cash equivalents and restricted cash at the beginning of period | 2,061,829 | 1,649,710 | 258,873 | |||||||||
| Cash, cash equivalents and restricted cash at the end of period | 1,925,206 | 1,439,112 | 225,828 |
| For the year ended | ||||||||||||
| December 31, 2020 | December 31, 2021 | December 31, 2021 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Net cash used in operating activities | (73,543 | ) | (477,886 | ) | (74,993 | ) | ||||||
| Net cash generated from (used in) investing activities | (109,312 | ) | 81,697 | 12,823 | ||||||||
| Net cash generated from (used in) financing activities | 2,165,719 | (52,899 | ) | (8,301 | ) | |||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | (155,902 | ) | (37,006 | ) | (5,808 | ) | ||||||
| Net increase (decrease) cash, cash equivalents and restricted cash | 1,826,962 | (486,094 | ) | (76,279 | ) | |||||||
| Cash, cash equivalents and restricted cash at the beginning of period | 98,244 | 1,925,206 | 302,107 | |||||||||
| Cash, cash equivalents and restricted cash at the end of period | 1,925,206 | 1,439,112 | 225,828 |