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