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Wins Finance Holdings reported a significant net loss of $14.6 million for the six months ended December 31, 2020, a dramatic decline from the prior year's income of $0.3 million. This loss stems from the disposal of Jinchen Agriculture and its subsidiary due to asset freezes by authorities. Direct financing lease interest income fell 78.6% to $0.8 million, attributed to a sluggish Chinese economy impacted by COVID-19. Total assets decreased by 76.7% to $48.9 million, while shareholders' equity plummeted 81.0% to $37.4 million, highlighting financial challenges ahead.
Wins Finance Holdings Inc. (NASDAQ: WINS) announced on October 19, 2020, that it received a delisting determination from the Nasdaq Stock Exchange. This decision arose due to a qualified opinion from its new auditor regarding the company's Form 20-F, attributed to the freezing of significant assets by a public security bureau in China. The delisting is effective as of October 21, 2020. Wins Finance plans to appeal this decision to the Nasdaq Listing and Hearing Review Council within 15 days. The company's shares may be quoted on the OTC Pink Open Market pending market maker application.
Wins Finance Holdings (NASDAQ: WINS) reported a decrease in direct financing lease interest income for the six months ending December 31, 2019, amounting to $3.8 million, down from $4.3 million in the prior year, primarily due to the impact of COVID-19. The company faced challenges with frozen assets from its guarantee services business, resulting in nil income from discontinued operations previously at $7.6 million. However, net income improved to $0.3 million from a loss of $4.3 million in 2018. The firm aims to enhance its financing consulting efforts amidst a cautious economic climate.
Wins Finance Holdings Inc. (NASDAQ: WINS) announced receiving a letter from Nasdaq regarding additional delinquency due to the late filing of its interim financials for the period ended December 31, 2019. This follows a previous letter indicating noncompliance for not filing the Annual Report for the fiscal year ended June 30, 2019. A Nasdaq Hearings Panel granted the Company additional time until October 1, 2020, to complete its delinquent filings and to engage a new auditor by July 17, 2020. Wins Finance aims to regain compliance with Nasdaq listing rules.
Wins Finance Holdings (NASDAQ: WINS) announced it received a notification from Nasdaq regarding non-compliance with its audit committee requirements. The notification, received on June 18, 2020, follows the resignation of Shihai Wang from the Company's board and audit committee on June 15, 2020. Wins Finance is currently searching for a qualified new director to meet Nasdaq's criteria within the specified cure period. The Company aims to submit required documentation to demonstrate compliance during this timeframe.
Wins Finance Holdings (NASDAQ: WINS) has been granted an extended stay of suspension from trading on the Nasdaq Capital Market. This follows the company's request for a hearing scheduled for July 2, 2020, to address compliance with Nasdaq's Listing Rule 5250(c)(1). The suspension was initially triggered due to the company's failure to file its Annual Report on Form 20-F by the deadline of May 13, 2020. Wins Finance is actively working to submit its delayed SEC filings and regain compliance with Nasdaq rules.
