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    Cardinal - Financial Statements

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    CA RAKESH
    Cardinal Financial saw increasing revenue and net income from 2018 to 2020 as interest income grew substantially each year from $1.4M to $11.5M. Assets and cash balances also increased significantly over this period as loans grew from $228k to $8.5M. However, operating expenses also rose sharply from $1.2M to $4.1M as the company expanded. Overall, net income increased from a loss of $352k in 2018 to a profit of $4.5M in 2020 as the company financed its growth through increased borrowing and equity issuances.

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    Cardinal - Financial Statements

    Uploaded by

    CA RAKESH
    54 views2 pages
    Cardinal Financial saw increasing revenue and net income from 2018 to 2020 as interest income grew substantially each year from $1.4M to $11.5M. Assets and cash balances also increased significantly over this period as loans grew from $228k to $8.5M. However, operating expenses also rose sharply from $1.2M to $4.1M as the company expanded. Overall, net income increased from a loss of $352k in 2018 to a profit of $4.5M in 2020 as the company financed its growth through increased borrowing and equity issuances.

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    Cardinal financial statements analysis

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    Cardinal Financial saw increasing revenue and net income from 2018 to 2020 as interest income grew substantially each year from $1.4M to $11.5M. Assets and cash balances also increased significantly over this period as loans grew from $228k to $8.5M. However, operating expenses also rose sharply from $1.2M to $4.1M as the company expanded. Overall, net income increased from a loss of $352k in 2018 to a profit of $4.5M in 2020 as the company financed its growth through increased borrowing and equity issuances.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    54 views2 pages

    Cardinal - Financial Statements

    Uploaded by

    CA RAKESH
    Cardinal Financial saw increasing revenue and net income from 2018 to 2020 as interest income grew substantially each year from $1.4M to $11.5M. Assets and cash balances also increased significantly over this period as loans grew from $228k to $8.5M. However, operating expenses also rose sharply from $1.2M to $4.1M as the company expanded. Overall, net income increased from a loss of $352k in 2018 to a profit of $4.5M in 2020 as the company financed its growth through increased borrowing and equity issuances.

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    of 2

    CARDINAL FINANCIAL STATEMENTS

    in USD

    CY 2018 CY 2019 CY 2020


    INCOME STATEMENT

    Revenue
    Interest Income 1,377,000 5,963,000 11,460,000
    Fee Income 0 280,000 55,000
    Financial Revenue 1,377,000 6,243,000 11,515,000

    Financial Expense
    Interest Expense (305,000) (509,000) (1,039,000)
    Payment Processing Expense (250,000) (416,000) (1,026,000)
    Total Financial Expense (555,000) (925,000) (2,065,000)

    Net Financial Income 822,000 5,318,000 9,450,000

    Operating Expenses
    Personnel Expense (1,045,000) (1,510,000) (3,482,000)
    Banking Fee (7,000) (32,000) (44,000)
    Marketing (15,000) (69,000) (125,000)
    Sales (52,000) (235,000) (62,000)
    Professional Services (12,000) (53,000) (71,000)
    Office 0 (2,000) (6,000)
    Travel & Transport 0 (2,000) (3,000)
    Communication (11,000) (51,000) (69,000)
    Other Administrative (32,000) (147,000) (226,000)
    Total Operating Expense (1,174,000) (2,101,000) (4,088,000)

    Net Operating Income (352,000) 3,217,000 5,362,000


    Foreign Expense Gain / (Losses) 0 2,000 (75,000)
    Earnings Before Taxes (352,000) 3,219,000 5,287,000
    Taxes 0 (482,850) (793,050)

    Net Income (352,000) 2,736,150 4,493,950


    BALANCE SHEET

    Assets
    Cash and Equivalents 1,403,000 2,719,150 8,059,100
    Gross Loans 228,000 7,731,000 8,551,000
    Fixed Assets 0 113,000 1,398,000
    Total Assets 1,631,000 10,563,150 18,008,100

    Liabilities
    Payables 0 468,000 5,217,000
    Borrowings 0 4,717,000 2,919,000
    Total Liabilities 0 5,185,000 8,136,000

    Equity
    Retained Earnings (352,000) 2,384,150 6,878,100
    Share Capital 1,983,000 2,994,000 2,994,000
    Total Equity 1,631,000 5,378,150 9,872,100

    CASHFLOW STATEMENT

    Cashflow from Operations


    Net Income (352,000) 2,736,150 4,493,950
    Increase / (Decrease) in Payables 0 468,000 4,749,000
    Loans Advanced (228,000) (7,503,000) (820,000)
    Total Cashflow from Operations (580,000) (4,298,850) 8,422,950

    Cashflow from Investing


    Increase / (Decrease) in Fixed Assets 0 (113,000) (1,285,000)
    Total Cashflow from Investing 0 (113,000) (1,285,000)

    Cashflow from Finanncing


    Increase / (Decrease) in Borrowings 0 4717000 -1798000
    Equity Issuance 1,983,000 1,011,000 0

    Total Cashlflow from Financing 1,983,000 5,728,000 (1,798,000)

    Beginning Cash 148,012 1,403,000 2,719,150


    Net Change in Cash 1,254,988 1,316,150 5,339,950
    Ending Cash 1,403,000 2,719,150 8,059,100

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