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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/20/22 Building DreamStar Tech Inc. F-1/A 1:6.3M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: F-1/A Pre-Effective Amendment to Registration Statement HTML 3.16M by a Foreign Issuer
tm2036909-37_f1a - block - 51.4845773s |
|
Cayman Islands
(State or other jurisdiction of incorporation or organization) |
| |
7380
(Primary Standard Industrial Classification Code Number) |
| |
Not Applicable
(I.R.S. Employer Identification Number) |
|
|
Copies to:
|
| |||
| | | |
| | |
Per Share
|
| |
Total
|
| ||||||
Initial public offering price(1)
|
| | | US$ | 5.50 | | | | | US$ | 25,300,000 | | |
Underwriting discounts(2)
|
| | | US$ | 0.495 | | | | | US$ | 2,277,000 | | |
Proceeds, before expenses, to us(3)
|
| | | US$ | 5.005 | | | | | US$ | 23,023,000 | | |
| | |
Page
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| |||
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| | | | 60 | | | |
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| | | | 130 | | | |
| | | | 137 | | | |
| | | | 149 | | | |
| | | | 151 | | | |
| | | | 159 | | | |
| | | | 163 | | | |
| | | | 164 | | | |
| | | | 164 | | | |
| | | | 164 | | | |
| | | | F-1 | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||||||||
| | |
Parent
|
| | | |
VIE and its
subsidiaries |
| |
Eliminations
|
| |
Consolidated
|
| ||||||||||||||||
Total current assets
|
| | | $ | 795 | | | | | $ | — | | | | | $ | 6,832,151 | | | | | $ | — | | | | | $ | 6,832,946 | | |
Total non-current assets
|
| | | $ | — | | | | | $ | — | | | | | $ | 75,963,984 | | | | | $ | — | | | | | $ | 75,963,984 | | |
Total assets
|
| | | $ | 795 | | | | | $ | — | | | | | $ | 82,796,135 | | | | | $ | — | | | | | $ | 82,796,930 | | |
Total current liabilities
|
| | | $ | 795 | | | | | $ | — | | | | | $ | 43,287,703 | | | | | $ | — | | | | | $ | 43,288,498 | | |
Investment in subsidiaries, VIE and VIE’s subsidiaries
|
| | | $ | 43,383,425 | | | | | $ | — | | | | | $ | — | | | | | $ | (43,383,425) | | | | | $ | — | | |
Total non-current liabilities
|
| | | $ | 43,383,425 | | | | | $ | — | | | | | $ | 82,687,958 | | | | | $ | (43,383,425) | | | | | $ | 82,687,958 | | |
Total liabilities
|
| | | $ | 43,384,220 | | | | | $ | — | | | | | $ | 125,975,661 | | | | | $ | (43,383,425) | | | | | $ | 125,976,456 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Parent
|
| | | |
VIE and its
subsidiaries |
| |
Eliminations
|
| |
Consolidated
|
| ||||||||||||||||
Total current assets
|
| | | $ | — | | | | | $ | — | | | | | $ | 7,829,054 | | | | | $ | — | | | | | $ | 7,829,054 | | |
Total non-current assets
|
| | | $ | — | | | | | $ | — | | | | | $ | 153,059,146 | | | | | $ | — | | | | | $ | 153,059,146 | | |
Total assets
|
| | | $ | — | | | | | $ | — | | | | | $ | 160,888,200 | | | | | $ | — | | | | | $ | 160,888,200 | | |
Total current liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 52,497,009 | | | | | $ | — | | | | | $ | 52,497,009 | | |
Investment in subsidiaries, VIE and VIE’s subsidiaries
|
| | | $ | 32,222,214 | | | | | $ | — | | | | | $ | — | | | | | $ | (32,222,214) | | | | | $ | — | | |
Total non-current liabilities
|
| | | $ | 32,222,214 | | | | | $ | — | | | | | $ | 140,204,840 | | | | | $ | (32,222,214) | | | | | $ | 140,204,840 | | |
Total liabilities
|
| | | $ | 32,222,214 | | | | | $ | — | | | | | $ | 192,701,849 | | | | | $ | (32,222,214) | | | | | $ | 192,701,849 | | |
| | |
For the Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||
| | |
Parent
|
| | | |
VIE and its
subsidiaries |
| |
Eliminations
|
| |
Consolidated
|
| ||||||||||||||||
Revenue, net
|
| | | $ | — | | | | | $ | — | | | | | $ | 38,789,552 | | | | | $ | — | | | | | $ | 38,789,552 | | |
| | | $ | (9,517,125) | | | | | $ | — | | | | | $ | — | | | | | $ | 9,517,125 | | | | | $ | — | | | |
Net loss
|
| | | $ | (9,517,125) | | | | | $ | — | | | | | $ | (9,838,608) | | | | | $ | 9,517,125 | | | | | $ | (9,838,608) | | |
| | |
For the Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Parent
|
| | | |
VIE and its
subsidiaries |
| |
Eliminations
|
| |
Consolidated
|
| ||||||||||||||||
Revenue, net
|
| | | $ | — | | | | | $ | — | | | | | $ | 34,645,881 | | | | | $ | — | | | | | $ | 34,645,881 | | |
Loss from investment in subsidiaries, VIE and VIE’s subsidiaries
|
| | | $ | (18,347,877) | | | | | $ | — | | | | | $ | — | | | | | $ | 18,347,877 | | | | | $ | — | | |
Net loss
|
| | | $ | (18,347,877) | | | | | $ | — | | | | | $ | (19,681,935) | | | | | $ | 18,347,877 | | | | | $ | (19,681,935) | | |
| | |
For the Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||
| | |
Parent
|
| | | |
VIE and its
subsidiaries |
| |
Eliminations
|
| |
Consolidated
|
| ||||||||||||||||
Net cash used in operating activities
|
| | | $ | — | | | | | $ | — | | | | | $ | (6,979,156) | | | | | $ | — | | | | | $ | (6,979,156) | | |
Net cash used in investing activities
|
| | | $ | — | | | | | $ | — | | | | | $ | (1,856,650) | | | | | $ | — | | | | | $ | (1,856,650) | | |
Net cash provided by financing activities
|
| | | $ | 795 | | | | | $ | — | | | | | $ | 6,392,610 | | | | | $ | — | | | | | $ | 6,393,405 | | |
| | |
For the Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Parent
|
| | | |
VIE and its
subsidiaries |
| |
Eliminations
|
| |
Consolidated
|
| ||||||||||||||||
Net cash used in operating activities
|
| | | $ | — | | | | | $ | — | | | | | $ | (4,663,692) | | | | | $ | — | | | | | $ | (4,663,692) | | |
Net cash provided by investing activities
|
| | | $ | — | | | | | $ | — | | | | | $ | 223,062 | | | | | $ | — | | | | | $ | 223,062 | | |
Net cash provided by financing activities
|
| | | $ | — | | | | | $ | — | | | | | $ | 4,543,889 | | | | | $ | — | | | | | $ | 4,543,889 | | |
| | |
As of December 31, 2021
|
| |||||||||
| | |
Actual
|
| |
As Adjusted(1)
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Non-current liabilities | | | | | | | | | | | | | |
Long-term debts
|
| | | | 3,929,987 | | | | | | 3,929,987 | | |
Due to related parties, non-current
|
| | | | 24,399,606 | | | | | | 24,399,606 | | |
Shareholders’ deficit | | | | | | | | | | | | | |
Ordinary shares ($0.0001 par value, 500,000,000 shares authorized; 36,000,000
shares issued and outstanding on an actual basis as of December 31, 2021; and 40,600,000 shares issued and outstanding on an as adjusted basis as of December 31, 2021) |
| | | | 3,600 | | | | | | 4,060 | | |
Additional paid-in capital(2)
|
| | | | 20,180,800 | | | | | | 42,369,877 | | |
Accumulated other comprehensive loss
|
| | | | (2,414,881) | | | | | | (2,414,881) | | |
Accumulated deficit
|
| | | | (61,152,944) | | | | | | (61,152,944) | | |
Non-controlling interests
|
| | | | 203,899 | | | | | | 203,899 | | |
Total shareholders’ deficit(2)
|
| | | | (43,179,526) | | | | | | (20,989,989) | | |
Total capitalization(2)
|
| | | | (14,849,933) | | | | | | 7,339,604 | | |
| | |
Post-Offering(1)
|
| |
Full Exercise of
Over-Allotment Option(2) |
| ||||||
Assumed Initial public offering price per Ordinary Share
|
| | | $ | 5.50 | | | | | $ | 5.50 | | |
Net tangible book value per Ordinary Share as of December 31, 2021
|
| | | $ | (1.23) | | | | | $ | (1.23) | | |
As adjusted net tangible book value per Ordinary Share attributable to payments by new investors
|
| | | $ | 0.69 | | | | | $ | 0.78 | | |
As adjusted net tangible book value per Ordinary Share immediately after this offering
|
| | | $ | (0.54) | | | | | $ | (0.45) | | |
Amount of dilution in net tangible book value per Ordinary Share to new investors in the offering
|
| | | $ | 6.04 | | | | | $ | 5.95 | | |
| | |
Ordinary Shares Purchased
|
| |
Total Consideration
|
| |
Average Price per
Ordinary Share |
| ||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |||||||||||||||
| | |
(US$, except number of shares and percentages)
|
| ||||||||||||||||||||||||
Existing shareholders
|
| | | | 36,000,000 | | | | | | 89% | | | |
US$3,699
|
| | | | 0% | | | | | US$ | 0.0001 | | |
New investors
|
| | | | 4,600,000 | | | | | | 11% | | | |
US$25,300,000
|
| | | | 100% | | | | | US$ | 5.5000 | | |
Total
|
| | | | 40,600,000 | | | | | | 100% | | | |
US$25,303,699
|
| | | | 100% | | | | | US$ | 0.6232 | | |
| | | | | | | | ||||||||||||
Number of cities in the PRC
|
| | | | 23 | | | | | | 28 | | | | | | 29 | | |
Number of spaces
|
| | | | 42 | | | | | | 49 | | | | | | 46 | | |
Managed area (sq. feet)
|
| | | | 2,273,499 | | | | | | 2,862,917 | | | | | | 2,440,933 | | |
Managed area in operation (sq. feet)
|
| | | | 2,019,805 | | | | | | 2,698,115 | | | | | | 2,414,683 | | |
Number of workstations
|
| | | | 31,966 | | | | | | 42,319 | | | | | | 36,246 | | |
Number of customers
|
| | | | 1,587 | | | | | | 2,384 | | | | | | 2,216 | | |
Number of non-corporate customers
|
| | | | 429 | | | | | | 561 | | | | | | 485 | | |
Number of enterprise customers
|
| | | | 1,158 | | | | | | 1,823 | | | | | | 1,731 | | |
Occupancy rate for move-in spaces(1)
|
| | | | 77% | | | | | | 81% | | | | | | 73% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2020
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues, net | | | | | | | | | | | | | | | | | | | | | | | | | |
Workspace leasing and services revenue
|
| | | | 37,538,853 | | | | | | 97% | | | | | | 33,735,026 | | | | | | 98% | | |
Utility service revenue
|
| | | | 844,177 | | | | | | 2% | | | | | | 462,992 | | | | | | 1% | | |
Temporary meeting room usage service revenue
|
| | | | 282,227 | | | | | | 1% | | | | | | 447,863 | | | | | | 1% | | |
Other services revenue
|
| | | | 124,295 | | | | | | 0% | | | | | | — | | | | | | 0% | | |
Total revenues, net
|
| | | | 38,789,552 | | | | | | 100% | | | | | | 34,645,881 | | | | | | 100% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2020
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease cost
|
| | | | 24,751,858 | | | | | | 63% | | | | | | 26,792,557 | | | | | | 64% | | |
Depreciation and amortization
|
| | | | 3,038,778 | | | | | | 8% | | | | | | 3,701,949 | | | | | | 9% | | |
Property management cost
|
| | | | 7,445,778 | | | | | | 19% | | | | | | 7,641,318 | | | | | | 18% | | |
Other costs
|
| | | | 4,023,429 | | | | | | 10% | | | | | | 3,979,986 | | | | | | 9% | | |
Total cost of revenues
|
| | | | 39,259,843 | | | | | | 100% | | | | | | 42,115,810 | | | | | | 100% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2020
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Depreciation and amortization
|
| | | | 127,777 | | | | | | 3% | | | | | | 132,902 | | | | | | 2% | | |
Payroll expenses
|
| | | | 2,412,813 | | | | | | 52% | | | | | | 2,695,104 | | | | | | 47% | | |
Marketing and promotion expenses
|
| | | | 1,983,517 | | | | | | 43% | | | | | | 2,859,468 | | | | | | 50% | | |
Other expenses
|
| | | | 119,278 | | | | | | 2% | | | | | | 20,528 | | | | | | 1% | | |
Total selling expenses
|
| | | | 4,643,385 | | | | | | 100% | | | | | | 5,708,002 | | | | | | 100% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2020
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Depreciation and amortization
|
| | | | 302,891 | | | | | | 4% | | | | | | 321,906 | | | | | | 4% | | |
Payroll expenses
|
| | | | 4,533,753 | | | | | | 60% | | | | | | 3,955,136 | | | | | | 50% | | |
Property management expenses
|
| | | | 286,148 | | | | | | 4% | | | | | | 380,279 | | | | | | 5% | | |
Office expenses
|
| | | | 435,700 | | | | | | 5% | | | | | | 609,075 | | | | | | 7% | | |
Transportation expenses
|
| | | | 205,269 | | | | | | 3% | | | | | | 131,337 | | | | | | 2% | | |
Renovation expenses
|
| | | | 70,102 | | | | | | 1% | | | | | | 352,707 | | | | | | 4% | | |
Brand management expenses
|
| | | | 210,853 | | | | | | 3% | | | | | | 164,554 | | | | | | 2% | | |
Change in allowance for credit
loss |
| | | | (92,522) | | | | | | -1% | | | | | | 684,346 | | | | | | 9% | | |
Other expenses
|
| | | | 1,662,466 | | | | | | 21% | | | | | | 1,357,414 | | | | | | 17% | | |
Total general and administrative expenses
|
| | | | 7,614,660 | | | | | | 100% | | | | | | 7,956,754 | | | | | | 100% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2020
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Selected Consolidated Statements of Operation and Comprehensive loss:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Revenues, net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Workspace leasing and services revenue
|
| | | | 37,538,853 | | | | | | 97% | | | | | | 33,735,026 | | | | | | 98% | | |
Utility service revenue
|
| | | | 844,177 | | | | | | 2% | | | | | | 462,992 | | | | | | 1% | | |
Temporary meeting room usage service revenue
|
| | | | 282,227 | | | | | | 1% | | | | | | 447,863 | | | | | | 1% | | |
Other services revenue
|
| | | | 124,295 | | | | | | 0% | | | | | | — | | | | | | 0% | | |
Total revenues, net
|
| | | | 38,789,552 | | | | | | 100% | | | | | | 34,645,881 | | | | | | 100% | | |
Cost of revenues: | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease cost
|
| | | | 24,751,858 | | | | | | 64% | | | | | | 26,792,557 | | | | | | 77% | | |
Depreciation and amortization
|
| | | | 3,038,778 | | | | | | 8% | | | | | | 3,701,949 | | | | | | 11% | | |
Property management cost
|
| | | | 7,445,778 | | | | | | 19% | | | | | | 7,641,318 | | | | | | 22% | | |
Other costs
|
| | | | 4,023,429 | | | | | | 10% | | | | | | 3,979,986 | | | | | | 12% | | |
Total cost of revenues
|
| | | | 39,259,843 | | | | | | 101% | | | | | | 42,115,810 | | | | | | 121% | | |
Gross loss
|
| | | | (470,291) | | | | | | (1)% | | | | | | (7,469,929) | | | | | | (22)% | | |
Selling expenses
|
| | | | 4,643,385 | | | | | | 12% | | | | | | 5,708,002 | | | | | | 16% | | |
General and administrative expenses
|
| | | | 7,614,660 | | | | | | 20% | | | | | | 7,956,754 | | | | | | 23% | | |
Impairment loss on goodwill
|
| | | | — | | | | | | 0% | | | | | | 429,384 | | | | | | 1% | | |
Impairment loss on long-lived assets
|
| | | | 429,501 | | | | | | 1% | | | | | | 760,434 | | | | | | 3% | | |
Total operating expenses
|
| | | | 12,687,546 | | | | | | 33% | | | | | | 14,854,574 | | | | | | 43% | | |
Gain from disposal of subsidiaries
|
| | | | 816,398 | | | | | | 2% | | | | | | — | | | | | | 0% | | |
Gain from settlement of litigation liability
|
| | | | 832,091 | | | | | | 2% | | | | | | — | | | | | | 0% | | |
Other operating income, net
|
| | | | 358,822 | | | | | | 1% | | | | | | 65,695 | | | | | | 0% | | |
Loss from operations
|
| | | | (11,150,526) | | | | | | (29)% | | | | | | (22,258,808) | | | | | | (65)% | | |
Other income (expenses): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 6,040 | | | | | | 0% | | | | | | 5,944 | | | | | | 0% | | |
Interest expenses
|
| | | | (136,427) | | | | | | 0% | | | | | | (39,709) | | | | | | 0% | | |
Government subsidies
|
| | | | 778,918 | | | | | | 2% | | | | | | 2,391,681 | | | | | | 7% | | |
Other income
|
| | | | 675,478 | | | | | | 1% | | | | | | — | | | | | | 0% | | |
Other expenses
|
| | | | (108,181) | | | | | | 0% | | | | | | (343,722) | | | | | | (1)% | | |
Total other income
|
| | | | 1,215,828 | | | | | | 3% | | | | | | 2,014,194 | | | | | | 6% | | |
Loss before income tax benefit
|
| | | | (9,934,698) | | | | | | | | | | | | (20,244,614) | | | | | | | | |
Income tax benefit
|
| | | | (96,090) | | | | | | | | | | | | (562,679) | | | | | | | | |
Net loss
|
| | | | (9,838,608) | | | | | | | | | | | | (19,681,935) | | | | | | | | |
Less: net loss attributable to non-controlling interests
|
| | | | (321,484) | | | | | | | | | | | | (1,334,058) | | | | | | | | |
Net loss attributable to Building DreamStar Technology Inc.
|
| | | | (9,517,124) | | | | | | | | | | | | (18,347,877) | | | | | | | | |
Comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (9,838,608) | | | | | | | | | | | | (19,681,935) | | | | | | | | |
Other comprehensive income(loss): Foreign currency translation adjustment
|
| | | | (1,017,256) | | | | | | | | | | | | (1,832,120) | | | | | | | | |
Total Comprehensive
|
| | | | (10,855,864) | | | | | | | | | | | | (21,514,055) | | | | | | | | |
loss | | | | | | ||||||||||||||||||||
Less: Comprehensive loss attributable to non-controlling interests
|
| | | | (302,797) | | | | | | | | | | | | (1,451,357) | | | | | | | | |
Comprehensive loss attributable to Building DreamStar Technology Inc.
|
| | | | (10,553,067) | | | | | | | | | | | | (20,062,698) | | | | | | | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||
Selected Consolidated Statements of Operation and Comprehensive loss:
|
| | | | | | | | | | | | | | | | | | |
Net loss per ordinary share attributable to Building DreamStar Technology Inc.
|
| | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (0.26) | | | | | | | | $ | (0.51) | | | | | |
Diluted
|
| | | $ | (0.26) | | | | | | | | $ | (0.51) | | | | | |
Weighted average ordinary shares outstanding | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 36,000,000 | | | | | | | | | 36,000,000 | | | | | |
Diluted
|
| | | | 36,000,000 | | | | | | | | | 36,000,000 | | | | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2020
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Net cash used in operating activities
|
| | | | (6,979,156) | | | | | | (4,663,692) | | |
Net cash provided by (used in) investing activities
|
| | | | (1,856,650) | | | | | | 223,062 | | |
Net cash provided by financing activities
|
| | | | 6,393,405 | | | | | | 4,543,889 | | |
Effects of exchange rate changes
|
| | | | 77,740 | | | | | | 306,337 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | (2,364,661) | | | | | | 409,596 | | |
Cash and cash equivalents – beginning of the year
|
| | | | 4,246,690 | | | | | | 3,837,094 | | |
Cash and cash equivalents – end of the year
|
| | | | 1,882,029 | | | | | | 4,246,690 | | |
| | |
Payment Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than 1 year
|
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than 5 years
|
| |||||||||||||||
Payments due to related parties
|
| | | $ | 28,050,461 | | | | | $ | 3,650,855 | | | | | $ | 24,399,606 | | | | | | — | | | | | | — | | |
Long-term debts
|
| | | $ | 3,929,987 | | | | | $ | 215,515 | | | | | $ | 3,714,472 | | | | | | — | | | | | | — | | |
Lease commitments
|
| | | $ | 84,919,355 | | | | | $ | 21,872,468 | | | | | $ | 30,749,783 | | | | | $ | 22,207,603 | | | | | $ | 10,089,501 | | |
Total contractual obligations
|
| | | $ | 116,899,803 | | | | | $ | 25,738,838 | | | | | $ | 58,863,861 | | | | | $ | 22,207,603 | | | | | $ | 10,089,501 | | |
| | | | | | ||||||||
Number of cities in the PRC
|
| | | | 28 | | | | | | 29 | | |
Number of spaces
|
| | | | 49 | | | | | | 46 | | |
Managed area (sq. feet)
|
| | | | 2,862,917 | | | | | | 2,440,933 | | |
Managed area in operation (sq. feet)
|
| | | | 2,698,115 | | | | | | 2,414,683 | | |
Number of workstations
|
| | | | 42,319 | | | | | | 36,246 | | |
Number of customers
|
| | | | 2,384 | | | | | | 2,216 | | |
Number of non-corporate customers
|
| | | | 561 | | | | | | 485 | | |
Number of corporate customers
|
| | | | 1,823 | | | | | | 1,731 | | |
Occupancy rate for move-in spaces(1)
|
| | | | 81% | | | | | | 73% | | |
Industry
|
| |
Percentage
|
| |||
Commercial Services
|
| | | | 41.3% | | |
Wholesales
|
| | | | 8.7% | | |
Information Technology
|
| | | | 8.6% | | |
Software Development
|
| | | | 7.0% | | |
Others
|
| | | | 34.4% | | |
Total
|
| | | | 100.0% | | |
Function
|
| |
Number
|
| |||
Management
|
| | | | 11 | | |
Operations and development
|
| | | | 16 | | |
Sales and marketing
|
| | | | 245 | | |
Finance and accounting
|
| | | | 12 | | |
Human Resources
|
| | | | 10 | | |
General and administration
|
| | | | 7 | | |
Research and Development
|
| | | | 5 | | |
Others
|
| | | | 10 | | |
Total
|
| | | | 316 | | |
Directors and Executive Officers
|
| |
Age
|
| |
Position/Title
|
|
Houde Li | | |
42
|
| | Chairman of the board of directors | |
Haibo Zhao | | |
45
|
| | Chief Executive Officer and director | |
Jiayao Wu | | |
42
|
| | Chief Financial Officer | |
Qingnv Li | | |
39
|
| | Financial Director and Chief Operating Officer | |
Junchu Liu | | |
52
|
| | Chief Public Relations Officer | |
Wenbing Chris Wang | | |
51
|
| | Independent Director Appointee* | |
Ming Wang | | |
61
|
| | Independent Director Appointee* | |
Guangbin Ren | | |
59
|
| | Independent Director Appointee* | |
| | |
For the year ended December 31,
|
| |||||||||
| | | | ||||||||||
Name
|
| |
Cash
Compensation ($) |
| |
Total ($)
|
| ||||||
Houde Li
|
| | | | — | | | | | | — | | |
| | | | 105,212 | | | | | | 105,212 | | | |
| | | | — | | | | | | — | | | |
Qingnv Li
|
| | | | 59,257 | | | | | | 59,257 | | |
Junchu Liu
|
| | | | 20,944 | | | | | | 20,944 | | |
Total | | | | | 185,413 | | | | | | 185,413 | | |
| | |
Ordinary Shares
Beneficially Owned Prior to this Offering |
| |
Ordinary Shares
Beneficially Owned After this Offering |
| |
Percentage of
Votes Held After this Offering |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent**
|
| |
Number
|
| |
Percent**
|
| |
Percent
|
| |||||||||||||||
Directors and Executive Officers:* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houde Li(1)
|
| | | | 18,680,400 | | | | | | 51.89% | | | | | | 18,680,400 | | | | | | 46.01% | | | | | | 46.01% | | |
Qingnv Li(2)
|
| | | | 2,721,600 | | | | | | 7.56% | | | | | | 2,721,600 | | | | | | 6.70% | | | | | | 6.70% | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
Junchu Liu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wenbing Chris Wang†
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ming Wang†
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Guangbin Ren†
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All directors and executive officers as a group:
|
| | | | 21,402,000 | | | | | | 59.45% | | | | | | 21,402,000 | | | | | | 52.71% | | | | | | 52.71% | | |
5% Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Holding group of Houde Li and Wangxia Liu(3)
|
| | | | 22,082,400 | | | | | | 61.34% | | | | | | 22,082,400 | | | | | | 54.39% | | | | | | 54.39% | | |
Dream Star Moyi BVI(4)
|
| | | | 2,721,600 | | | | | | 7.56% | | | | | | 2,721,600 | | | | | | 6.70% | | | | | | 6.70% | | |
Dream Star Fusheng BVI(5)
|
| | | | 2,563,200 | | | | | | 7.12% | | | | | | 2,563,200 | | | | | | 6.31% | | | | | | 6.31% | | |
Dream Star Fuhua BVI(6)
|
| | | | 2,253,600 | | | | | | 6.26% | | | | | | 2,253,600 | | | | | | 5.55% | | | | | | 5.55% | | |
Dream Star Mofeng BVI(7)
|
| | | | 2,041,200 | | | | | | 5.67% | | | | | | 2,041,200 | | | | | | 5.03% | | | | | | 5.03% | | |
Name of related parties
|
| |
Relationship with the Company
|
|
Houde Li | | | Our controlling shareholder (the “Controlling Shareholder”) and Chairman of the board | |
Xueli Li | | | Father of Controlling Shareholder | |
Wangxia Liu | | | Shareholder, wife of Controlling Shareholder | |
Yuegang Wu | | | A minority shareholder of one subsidiary of Shenzhen Building DreamStar | |
Shenzhen Motian Star Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Wuhan Branch | | | A branch of Motian Star | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Beijing branch | | | A branch of Motian Star | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Hanyang branch | | | A branch of Motian Star | |
Chuangzhan Valley Angel No. 1 Investment Enterprise | | | Equity investee of the Company* | |
Fuzhou Mingde Rushang Culture Communication Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Huapu Star Technology Co., Ltd. (formerly known as Shenzhen Huapu Management Consulting Co., Ltd.) | | | A company controlled by Controlling Shareholder | |
Shenzhen Xindao Positioning Enterprise Consulting Co., Ltd. (formerly known as Shenzhen Erudite Wisdom Enterprise Management Consulting Co., Ltd.) | | | A company controlled by Controlling Shareholder | |
Shenzhen Oriental Shengshi Yacht Co., Ltd. | | | A company controlled by Wangxia Liu | |
Shenzhen Mingde Junshang Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Morgan One Venture Capital Partnership (L.P.) | | | Equity investee of the Company* | |
Shenzhen Qianhai Shengding Wealth Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Shengjing Health Biology Co., Ltd.(formally known as Shenzhen Sanqiansui Ecological Health Co., Ltd.) | | | A company controlled by Controlling Shareholder | |
Shenzhen Shengding No. 6 Venture Capital Partnership (L.P.) | | | Equity investee of the Company* | |
Shenzhen Shengjing Gene Medical Co., Ltd. | | | Equity investee of the Company* | |
Shenzhen Lion Investment Partnership (L.P.) | | | Equity investee of the Company* | |
Shenzhen Life Wisdom Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Name of related parties
|
| |
Relationship with the Company
|
|
Wuxi Mingde Junshang Culture Communication Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Wuhan Shengjing Ginkgo Planting Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Shengding No.3 Venture Capital Partnership (L.P.) | | | Equity investee of the Company* | |
Shenzhen Fuxing Media Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Xiaochan Media Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Mingde Rushang Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Chunchan Internet Technology Co., Ltd.
|
| | A company controlled by Controlling Shareholder | |
Dongguan Jifeng Investment Partnership (L.P.) | | | Shareholders of the Company | |
Dongguan Yicai Investment Partnership (L.P.) | | | Shareholders of the Company | |
Chengdu Bode Star Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Motian Enterprise Management Co., Ltd. Chengdu Branch | | | A company controlled by Controlling Shareholder | |
Hubei Shengjing Ginkgo Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Jinchan Internet Technology Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd (formerly known as Shenzhen Guochao Sijiu Internet Technology Co., Ltd.) | | | A company controlled by Controlling Shareholder | |
Chengdu Shengjing Gene Biological Technology Co., Ltd. | | | Equity investee of the Company* | |
Shenzhen Xiaochan Culture Media Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Chengdu Xiaochan Media Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Qiuchan Live Broadcasting Service Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen CDF Capital Ltd. | | | A minority shareholder of Chuangchangu Innovation | |
Shanghai Xuanmen Space Management Co., Ltd. | | | An entity over which the Company exercises significant influence | |
Dongguan Guangsheng Equity Investment Partnership (L.P.) | | | A company controlled by Controlling Shareholder | |
Due to related parties
|
| | | | | ||||||||
Current | | | | | | | | | | | | | |
Dongguan Jifeng Investment Partnership (L.P.)
|
| | | $ | 487,513 | | | | | $ | — | | |
Dongguan Yicai Investment Partnership (L.P.)
|
| | | | 2,500,473 | | | | | | 137,874 | | |
Houde Li
|
| | | | 33,820 | | | | | | 32,171 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | 157,262 | | | | | | — | | |
Shenzhen Oriental Shengshi Yacht Co., Ltd.
|
| | | | 471,787 | | | | | | — | | |
Total | | | | $ | 3,650,855 | | | | | $ | 170,045 | | |
Due to related parties
|
| | | | | ||||||||
Non-current | | | | | | | | | | | | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | $ | 21,883,408 | | | | | $ | 16,721,390 | | |
Shenzhen Xindao Positioning Enterprise Consulting Co., Ltd. (formerly known as Shenzhen Erudite Wisdom Enterprise Management
Consulting Co., Ltd.) |
| | | | — | | | | | | 4,595,799 | | |
Dongguan Yicai Investment Partnership (L.P)
|
| | | | — | | | | | | 2,451,093 | | |
Houde Li
|
| | | | 2,516,198 | | | | | | — | | |
Total | | | | $ | 24,399,606 | | | | | $ | 23,768,282 | | |
Due from related parties
|
| | | | | ||||||||
Shenzhen Morgan One Venture Capital Partnership (L.P.)
|
| | | $ | — | | | | | $ | 581 | | |
Shenzhen Shengding No.3 Venture Capital Partnership (L.P.)
|
| | | | — | | | | | | 1,430 | | |
Shenzhen Shengding No.6 Venture Capital Partnership (L.P.)
|
| | | | — | | | | | | 705 | | |
Shenzhen Lion Investment Partnership (L.P.)
|
| | | | — | | | | | | 348 | | |
Chuangzhan Valley Angel No.1 Investment Enterprise
|
| | | | 151 | | | | | | 147 | | |
Shenzhen CDF Capital Ltd
|
| | | | — | | | | | | 382,983 | | |
Total | | | | $ | 151 | | | | | $ | 386,194 | | |
Revenues — related parties
|
| |
For the year ended,
December 31, 2021 |
| |
For the year ended,
December 31, 2020 |
| ||||||
Shenzhen Shengjing Gene Medical Co., Ltd.
|
| | | $ | 68,390 | | | | | $ | 291,419 | | |
Shenzhen Fuxing Media Co., Ltd.
|
| | | | 71,300 | | | | | | 46,393 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Beijing branch
|
| | | | 345,841 | | | | | | 376,145 | | |
Shenzhen Chunchan Internet Technology Co., Ltd.
|
| | | | 116,013 | | | | | | 124,418 | | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd.
|
| | | | 87,528 | | | | | | 13,115 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | 218,266 | | | | | | 310,112 | | |
Shenzhen Mingde Rushang Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 44,936 | | |
Wuxi Mingde Junshang Culture Communication Co., Ltd.
|
| | | | 210,658 | | | | | | 208,223 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Wuhan Branch
|
| | | | 134,059 | | | | | | 83,085 | | |
Revenues — related parties
|
| |
For the year ended,
December 31, 2021 |
| |
For the year ended,
December 31, 2020 |
| ||||||
Fuzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | 153,857 | | | | | | 454,240 | | |
Chengdu Bode Star Enterprise Management Co., Ltd.
|
| | | | 94,741 | | | | | | 55,111 | | |
Chengdu Sharing Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 117,937 | | |
Shenzhen Motian Enterprise Management Co., Ltd. Chengdu
Branch |
| | | | 14,022 | | | | | | — | | |
Chengdu Shengjing Gene Biological Technology Co., Ltd.
|
| | | | 49,145 | | | | | | 28,193 | | |
Beijing Xiaochan Media Co., Ltd.
|
| | | | — | | | | | | 6,452 | | |
Hubei Shengjing Ginkgo Co., Ltd.
|
| | | | 4,355 | | | | | | 4,048 | | |
Hangzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | — | | | | | | 8,332 | | |
Shenzhen Oriental Shengshi Yacht Co., Ltd.
|
| | | | 25,866 | | | | | | 25,934 | | |
Shenzhen Jinchan Internet Technology Co., Ltd.
|
| | | | 78,182 | | | | | | 30,806 | | |
Shenzhen Shengding No. 6 Venture Capital Partnership (L.P.)
|
| | | | 19,070 | | | | | | — | | |
Shenzhen Xiaochan Media Co., Ltd.
|
| | | | 12,579 | | | | | | 51,145 | | |
Shenzhen Xiaochan Culture Media Co., Ltd.
|
| | | | 67,867 | | | | | | — | | |
Shenzhen Huapu Star Technology Co., Ltd.
|
| | | | 17,713 | | | | | | 3,584 | | |
Shenzhen Qiuchan Live Broadcasting Service Co., Ltd.
|
| | | | 4,368 | | | | | | — | | |
Total | | | | $ | 1,793,820 | | | | | $ | 2,283,628 | | |
|
Advances from customers — related parties
|
| | | | | ||||||||
Chengdu Bode Star Enterprise Management Co., Ltd.
|
| | | $ | — | | | | | $ | 5,106 | | |
Chengdu Sharing Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 10,927 | | |
Chengdu Shengjing Gene Biological Technology Co., Ltd.
|
| | | | — | | | | | | 2,324 | | |
Fuzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | — | | | | | | 35,421 | | |
Shenzhen Fuxing Media Co., Ltd.
|
| | | | 47 | | | | | | 1,319 | | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd.
|
| | | | 594 | | | | | | 6,742 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 3,552 | | |
Shenzhen Jinchan Internet Technology Co., Ltd.
|
| | | | — | | | | | | 561 | | |
Shenzhen Xiaochan Media Co., Ltd.
|
| | | | — | | | | | | 13 | | |
Shenzhen Xiaochan Culture Media Co., Ltd.
|
| | | | 13 | | | | | | — | | |
Wuxi Mingde Junshang Culture Communication Co., Ltd.
|
| | | | 64,198 | | | | | | 71,309 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd Wuhan Branch
|
| | | | 26,780 | | | | | | 16,334 | | |
Hubei Shengjing Ginkgo Co., Ltd.
|
| | | | 313 | | | | | | 1,324 | | |
Shenzhen Shengding No 6 Venture Capital Partnership (L.P.) .
|
| | | | — | | | | | | 18,383 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd Beijing Branch
|
| | | | 33,025 | | | | | | — | | |
Shenzhen Oriental Shengshi Yacht Co., Ltd .
|
| | | | 25 | | | | | | — | | |
Fuzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | 11,635 | | | | | | — | | |
Total .
|
| | | $ | 136,630 | | | | | $ | 173,315 | | |
Deposits from customers — related parties
|
| | | | | ||||||||
Shenzhen Shengjing Gene Medical Co., Ltd .
|
| | | $ | — | | | | | $ | 22,998 | | |
Shenzhen Fuxing Media Co., Ltd.
|
| | | | 1,572 | | | | | | 9,038 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd Beijing branch
|
| | | | 33,025 | | | | | | 70,775 | | |
Shenzhen Chunchan Internet Technology Co., Ltd.
|
| | | | 29,012 | | | | | | 28,261 | | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd.
|
| | | | 9,341 | | | | | | 22,887 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | 33,725 | | | | | | 24,311 | | |
Shenzhen Shengjing Health Biology Co., Ltd.
|
| | | | — | | | | | | 4,920 | | |
Wuxi Mingde Junshang Culture Communication Co., Ltd.
|
| | | | 80,175 | | | | | | 78,101 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd Wuhan Branch
|
| | | | 23,824 | | | | | | 19,658 | | |
Fuzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | 32,518 | | | | | | 105,589 | | |
Chengdu Bode Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 24,510 | | |
Chengdu Sharing Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 52,453 | | |
Chengdu Shengjing Gene Biological Technology Co., Ltd.
|
| | | | — | | | | | | 5,147 | | |
Hubei Shengjing Ginkgo Co., Ltd.
|
| | | | 697 | | | | | | 679 | | |
Shenzhen Oriental Shengshi Yacht Co., Ltd.
|
| | | | 2,358 | | | | | | 2,297 | | |
Shenzhen Jinchan Internet Technology Co., Ltd.
|
| | | | — | | | | | | 2,757 | | |
Shenzhen Xiaochan Media Co., Ltd.
|
| | | | 4,088 | | | | | | 3,983 | | |
Total | | | | $ | 250,335 | | | | | $ | 478,364 | | |
| | | | | | ||||||||
Operating lease right-of-use assets
|
| | | $ | 1,347,603 | | | | | $ | 1,438,701 | | |
Operating lease liabilities, current
|
| | | $ | 262,303 | | | | | $ | 206,775 | | |
Operating lease liabilities, non-current
|
| | | $ | 1,239,692 | | | | | $ | 1,359,381 | | |
| | | | | | ||||||||
Operating lease cost
|
| | | $ | 209,610 | | | | | $ | 206,003 | | |
General and administrative expenses — related parties
|
| | | | | ||||||||
Shenzhen Oriental Shengshi Yacht Co., Ltd
|
| | | $ | 1,860 | | | | | $ | — | | |
Chengdu Xiaochan Media Co., Ltd
|
| | | | 31,008 | | | | | | 205,943 | | |
Shenzhen Xiaochan Media Co., Ltd
|
| | | | 7,752 | | | | | | 732,180 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | 341 | | | | | | — | | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd.
|
| | | | 10,225 | | | | | | — | | |
Total | | | | $ | 51,186 | | | | | $ | 938,123 | | |
Name
|
| |
Number and Class of Shares
|
| |
Consideration
|
|
Dream Star Houde Holdings Limited
|
| |
4,669 Ordinary Shares
|
| |
US$46.69
|
|
Dream Star Bamboo Holdings Limited
|
| | 945 Ordinary Shares | | |
US$9.45
|
|
Dream Star Fuhua Holdings Limited
|
| | 626 Ordinary Shares | | |
US$6.26
|
|
Dream Star Integrity Holdings Limited
|
| | 423Ordinary Shares | | |
US$4.23
|
|
Dream Star Guangsheng Holdings Limited
|
| | 520 Ordinary Shares | | |
US$5.20
|
|
Dream Star Fusheng Holdings Limited
|
| | 712 Ordinary Shares | | |
US$7.12
|
|
Dream Star Future Holdings Limited
|
| | 139 Ordinary Shares | | |
US$1.39
|
|
Dream Star Moyi Holdings Limited
|
| | 756 Ordinary Shares | | |
US$7.56
|
|
CDF INNOVATION DEVELOPMENT LIMITED
|
| | 95 Ordinary Shares | | |
US$0.95
|
|
Dream Star Mofeng Holdings Limited
|
| | 567 Ordinary Shares | | |
US$5.67
|
|
Dream Star Jifeng Holdings Limited
|
| | 425 Ordinary Shares | | |
US$4.25
|
|
Dream Star Yicai Holdings Limited
|
| | 123 Ordinary Shares | | |
US$1.23
|
|
Name
|
| |
Number and Class of Shares
|
| |
Consideration
|
|
Dream Star Houde Holdings Limited
|
| |
16,803,731 Ordinary Shares
|
| |
US$1,680.37
|
|
Dream Star Bamboo Holdings Limited
|
| |
3,401,055 Ordinary Shares
|
| |
US$340.11
|
|
Dream Star Fuhua Holdings Limited
|
| |
2,252,974 Ordinary Shares
|
| |
US$225.30
|
|
Dream Star Integrity Holdings Limited
|
| | 1,522,377Ordinary Shares | | |
US$152.24
|
|
Dream Star Guangsheng Holdings Limited
|
| |
1,871,480 Ordinary Shares
|
| |
US$187.15
|
|
Dream Star Fusheng Holdings Limited
|
| |
2,562,488 Ordinary Shares
|
| |
US$256.25
|
|
Dream Star Future Holdings Limited
|
| | 500,261 Ordinary Shares | | |
US$50.03
|
|
Dream Star Moyi Holdings Limited
|
| |
2,720,844 Ordinary Shares
|
| |
US$272.08
|
|
CDF INNOVATION DEVELOPMENT LIMITED
|
| | 341,905 Ordinary Shares | | |
US$34.19
|
|
Dream Star Mofeng Holdings Limited
|
| |
2,040,633 Ordinary Shares
|
| |
US$204.06
|
|
Dream Star Jifeng Holdings Limited
|
| |
1,529,575 Ordinary Shares
|
| |
US$152.96
|
|
Dream Star Yicai Holdings Limited
|
| | 442,677 Ordinary Shares | | |
US$44.27
|
|
Underwriters
|
| |
Number of Ordinary Shares
|
| |||
Univest Securities, LLC
|
| | | | | | |
Total
|
| | | | 4,600,000 | | |
| | |
Per Share
|
| |
Total Without
Exercise of Over- Allotment Option |
| |
Total With Full
Exercise of Over- Allotment Option |
| |||||||||
Initial public offering price(1)
|
| | | $ | 5.50 | | | | | $ | 25,300,000 | | | | | $ | 29,095,000 | | |
Underwriting discounts to be paid by us(2)
|
| | | $ | 0.495 | | | | | $ | 2,277,000 | | | | | $ | 2,618,550 | | |
Proceeds, before expenses, to us
|
| | | $ | 5.005 | | | | | $ | 23,023,000 | | | | | $ | 26,476,450 | | |
|
SEC registration fee
|
| |
US$3,463
|
|
|
Financial Industry Regulatory Authority Inc. filing fee
|
| |
US$7,000
|
|
|
Nasdaq Capital Market listing fee
|
| |
US$75,000
|
|
|
Printing and engraving expenses
|
| |
US$68,000
|
|
|
Legal fees and expenses
|
| |
US$580,000
|
|
|
Accounting fees and expenses
|
| |
US$100,000
|
|
|
Miscellaneous
|
| |
—
|
|
| Total | | |
US$833,463
|
|
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-9 | | |
| | | | | | ||||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,882,029 | | | | | $ | 4,246,690 | | |
Short-term investments
|
| | | | 2,165,233 | | | | | | 156,325 | | |
Accounts receivable, net
|
| | | | 125,992 | | | | | | 783,792 | | |
Prepaid expenses
|
| | | | 1,445,440 | | | | | | 1,610,247 | | |
Due from related parties
|
| | | | 151 | | | | | | 386,194 | | |
Security deposits, net
|
| | | | 609,416 | | | | | | 170,519 | | |
Other current assets, net
|
| | | | 604,685 | | | | | | 475,287 | | |
Total current assets
|
| | | | 6,832,946 | | | | | | 7,829,054 | | |
Non-current assets: | | | | | | | | | | | | | |
Property and equipment, net
|
| | | | 8,833,049 | | | | | | 10,248,384 | | |
Intangible assets, net
|
| | | | 747,049 | | | | | | 1,012,958 | | |
Operating lease right-of-use assets, net
|
| | | | 61,327,318 | | | | | | 134,134,932 | | |
Long-term investments
|
| | | | 418,855 | | | | | | 222,576 | | |
Long-term prepaid expenses
|
| | | | — | | | | | | 490,760 | | |
Rental deposits, net
|
| | | | 4,025,234 | | | | | | 5,721,252 | | |
VAT recoverables
|
| | | | 350,253 | | | | | | 972,843 | | |
Goodwill
|
| | | | 262,226 | | | | | | 255,441 | | |
Total non-current assets
|
| | | | 75,963,984 | | | | | | 153,059,146 | | |
Total assets
|
| | | $ | 82,796,930 | | | | | $ | 160,888,200 | | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current liabilities (all of the current liabilities below are related to the consolidated VIE without recourse to the Company as of December 31, 2021 and 2020*):
|
| | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,759,474 | | | | | $ | 942,437 | | |
Short-term debts
|
| | | | 2,990,501 | | | | | | 3,535,957 | | |
Advances from customers
|
| | | | 4,992,134 | | | | | | 5,854,343 | | |
Operating lease liabilities, current
|
| | | | 21,082,354 | | | | | | 32,147,452 | | |
Due to related parties, current
|
| | | | 3,650,855 | | | | | | 170,045 | | |
Income tax payable
|
| | | | 4,635 | | | | | | 49,040 | | |
Deposits from customers, current
|
| | | | 5,019,874 | | | | | | 5,688,606 | | |
Accrued expenses and other current liabilities
|
| | | | 3,788,671 | | | | | | 4,109,129 | | |
Total current liabilities
|
| | | | 43,288,498 | | | | | | 52,497,009 | | |
Non-current liabilities (all of the non-current liabilities below are related to
the consolidated VIE without recourse to the Company as of December 31, 2021 and 2020*): |
| | | | | | | | | | | | |
Long-term debts
|
| | | | 3,929,987 | | | | | | — | | |
Operating lease liabilities, non-current
|
| | | | 53,184,452 | | | | | | 114,139,744 | | |
Due to related parties, non-current
|
| | | | 24,399,606 | | | | | | 23,768,282 | | |
Deposits from customers, non-current
|
| | | | 846,553 | | | | | | 1,844,196 | | |
Deferred tax liabilities
|
| | | | 327,360 | | | | | | 452,618 | | |
Total non-current liabilities
|
| | | | 82,687,958 | | | | | | 140,204,840 | | |
Total liabilities
|
| | | | 125,976,456 | | | | | | 192,701,849 | | |
| | | | | | ||||||||
Shareholders’ deficit: | | | | ||||||||||
Ordinary shares ($0.0001 par value, 500,000,000 shares authorized;
36,000,000 shares issued and outstanding as of December 31, 2021 and 2020) |
| | | | 3,600 | | | | | | 3,600 | | |
Additional paid-in capital
|
| | | | 20,180,800 | | | | | | 20,788,944 | | |
Accumulated deficit
|
| | | | (61,152,944) | | | | | | (51,635,820) | | |
Accumulated other comprehensive loss
|
| | | | (2,414,881) | | | | | | (1,378,938) | | |
Total Building DreamStar Technology Inc shareholders’ deficit
|
| | | | (43,383,425) | | | | | | (32,222,214) | | |
Non-controlling interests
|
| | | | 203,899 | | | | | | 408,565 | | |
Total shareholders’ deficit
|
| | | | (43,179,526) | | | | | | (31,813,649) | | |
Total liabilities and shareholders’ deficit
|
| | | $ | 82,796,930 | | | | | $ | 160,888,200 | | |
|
| | | | | | ||||||||
Revenues, net
|
| | | $ | 38,789,552 | | | | | $ | 34,645,881 | | |
Cost of revenues
|
| | | | 39,259,843 | | | | | | 42,115,810 | | |
Gross loss
|
| | | | (470,291) | | | | | | (7,469,929) | | |
Operating expenses: | | | | | | | | | | | | | |
Selling expenses
|
| | | | 4,643,385 | | | | | | 5,708,002 | | |
General and administrative expenses
|
| | | | 7,614,660 | | | | | | 7,956,754 | | |
Impairment loss on goodwill
|
| | | | — | | | | | | 429,384 | | |
Impairment loss on long-lived assets
|
| | | | 429,501 | | | | | | 760,434 | | |
Total operating expenses
|
| | | | 12,687,546 | | | | | | 14,854,574 | | |
Gain from disposal of subsidiaries
|
| | | | 816,398 | | | | | | — | | |
Gain from settlement of litigation liability
|
| | | | 832,091 | | | | | | — | | |
Other operating income, net
|
| | | | 358,822 | | | | | | 65,695 | | |
Loss from operations
|
| | | | (11,150,526) | | | | | | (22,258,808) | | |
Other income (expenses): | | | | | | | | | | | | | |
Interest income
|
| | | | 6,040 | | | | | | 5,944 | | |
Interest expenses
|
| | | | (136,427) | | | | | | (39,709) | | |
Government subsidies
|
| | | | 778,918 | | | | | | 2,391,681 | | |
Other income
|
| | | | 675,478 | | | | | | — | | |
Other expenses
|
| | | | (108,181) | | | | | | (343,722) | | |
Total other income
|
| | | | 1,215,828 | | | | | | 2,014,194 | | |
Loss before income tax benefit
|
| | | | (9,934,698) | | | | | | (20,244,614) | | |
Income tax benefit
|
| | | | (96,090) | | | | | | (562,679) | | |
Net loss
|
| | | | (9,838,608) | | | | | | (19,681,935) | | |
Less: net loss attributable to non-controlling interests
|
| | | | (321,484) | | | | | | (1,334,058) | | |
Net loss attributable to Building DreamStar Technology Inc.
|
| | | $ | (9,517,124) | | | | | $ | (18,347,877) | | |
Comprehensive loss | | | | | | | | | | | | | |
Net loss
|
| | | $ | (9,838,608) | | | | | $ | (19,681,935) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (1,017,256) | | | | | | (1,832,120) | | |
Total comprehensive loss
|
| | | | (10,855,864) | | | | | | (21,514,055) | | |
Less: comprehensive loss attributable to non-controlling interests
|
| | | | (302,797) | | | | | | (1,451,357) | | |
Comprehensive loss attributable to Building DreamStar Technology Inc.
|
| | | $ | (10,553,067) | | | | | $ | (20,062,698) | | |
Net loss per ordinary share attributable to Building DreamStar Technology Inc.
|
| | | | | | | | | | | | |
Basic
|
| | | $ | (0.26) | | | | | $ | (0.51) | | |
Diluted
|
| | | $ | (0.26) | | | | | $ | (0.51) | | |
Weighted average ordinary shares outstanding | | | | | | | | | | | | | |
Basic
|
| | | | 36,000,000 | | | | | | 36,000,000 | | |
Diluted
|
| | | | 36,000,000 | | | | | | 36,000,000 | | |
| | |
Ordinary shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income (loss) |
| |
Total
Building DreamStar Technology Inc. shareholders’ deficit |
| |
Non-
controlling interest |
| |
Total
shareholders’ deficit |
| |||||||||||||||||||||||||||
|
Number of
shares |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019
|
| | | | 36,000,000 | | | | | $ | 3,600 | | | | | $ | 18,339,285 | | | | | $ | (33,287,943) | | | | | $ | 335,883 | | | | | $ | (14,609,175) | | | | | $ | 1,559,764 | | | | | $ | (13,049,411) | | |
Cash contribution from shareholders
|
| | | | — | | | | | | — | | | | | | 2,517,221 | | | | | | — | | | | | | — | | | | | | 2,517,221 | | | | | | — | | | | | | 2,517,221 | | |
Cash distribution made to noncontrolling shareholder
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (89,313) | | | | | | (89,313) | | |
Acquisition of noncontrolling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 350,894 | | | | | | 350,894 | | |
Purchase of noncontrolling interest
|
| | | | — | | | | | | — | | | | | | (67,562) | | | | | | — | | | | | | — | | | | | | (67,562) | | | | | | 38,577 | | | | | | (28,985) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (18,347,877) | | | | | | — | | | | | | (18,347,877) | | | | | | (1,334,058) | | | | | | (19,681,935) | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,714,821) | | | | | | (1,714,821) | | | | | | (117,299) | | | | | | (1,832,120) | | |
Balance, December 31, 2020
|
| | | | 36,000,000 | | | | | $ | 3,600 | | | | | $ | 20,788,944 | | | | | $ | (51,635,820) | | | | | $ | (1,378,938) | | | | | $ | (32,222,214) | | | | | $ | 408,565 | | | | | $ | (31,813,649) | | |
Change of shareholder’s paid-in capital
|
| | | | — | | | | | | — | | | | | | (457,045) | | | | | | — | | | | | | — | | | | | | (457,045) | | | | | | — | | | | | | (457,045) | | |
Cash contribution from noncontrolling shareholder
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 155 | | | | | | 155 | | |
Cash distribution made to noncontrolling shareholder
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (53,123) | | | | | | (53,123) | | |
Purchase of noncontrolling interest
|
| | | | — | | | | | | — | | | | | | (151,099) | | | | | | — | | | | | | — | | | | | | (151,099) | | | | | | 151,099 | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,517,124) | | | | | | — | | | | | | (9,517,124) | | | | | | (321,484) | | | | | | (9,838,608) | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,035,943) | | | | | | (1,035,943) | | | | | | 18,687 | | | | | | (1,017,256) | | |
Balance, December 31, 2021
|
| | | | 36,000,000 | | | | | $ | 3,600 | | | | | $ | 20,180,800 | | | | | $ | (61,152,944) | | | | | $ | (2,414,881) | | | | | $ | (43,383,425) | | | | | $ | 203,899 | | | | | $ | (43,179,526) | | |
| | | | | | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (9,838,608) | | | | | $ | (19,681,935) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization expenses
|
| | | | 2,667,115 | | | | | | 3,981,489 | | |
Loss on disposal of property and equipment
|
| | | | 1,399,376 | | | | | | 1,281,031 | | |
Non-cash lease expense
|
| | | | 20,204,671 | | | | | | 21,920,877 | | |
Deferred income taxes
|
| | | | (135,341) | | | | | | (610,276) | | |
(Gain) loss from modification of lease contract
|
| | | | (2,576,518) | | | | | | 1,143,191 | | |
Gain on short-term investment
|
| | | | (393,007) | | | | | | — | | |
Gain from disposal of subsidiaries
|
| | | | (816,398) | | | | | | — | | |
Allowance for credit loss
|
| | | | (92,522) | | | | | | 684,346 | | |
Impairment loss on long-lived assets
|
| | | | 429,501 | | | | | | 760,434 | | |
Impairment loss on long-term investments
|
| | | | — | | | | | | 239,106 | | |
Loss on goodwill impairment
|
| | | | — | | | | | | 429,384 | | |
Other non-cash income
|
| | | | — | | | | | | (7,785) | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 669,035 | | | | | | (343,586) | | |
Prepaid expenses
|
| | | | 204,646 | | | | | | 313,696 | | |
Security deposits, net
|
| | | | 930,850 | | | | | | 269,717 | | |
VAT recoverables
|
| | | | 509,029 | | | | | | (58,675) | | |
Other current assets, net
|
| | | | (5,101,861) | | | | | | (1,067,604) | | |
Accounts payable
|
| | | | (642,849) | | | | | | (478,908) | | |
Advances from customers
|
| | | | (976,093) | | | | | | 1,423,486 | | |
Accrued expenses and other current liabilities
|
| | | | 4,618,752 | | | | | | 366,175 | | |
Deposits from customers
|
| | | | (1,840,095) | | | | | | 975,871 | | |
Operating lease liabilities
|
| | | | (16,153,776) | | | | | | (16,237,532) | | |
Income tax payable
|
| | | | (45,063) | | | | | | 33,806 | | |
NET CASH USED IN OPERATING ACTIVITIES
|
| | | | (6,979,156) | | | | | | (4,663,692) | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | |||||
Purchases of property and equipment
|
| | | | (462,777) | | | | | | (593,970) | | |
Cash paid for acquisitions, net of cash acquired
|
| | | | — | | | | | | (266,737) | | |
Disposal of subsidiaries
|
| | | | (13,465) | | | | | | — | | |
Payments for long-term investments
|
| | | | (187,678) | | | | | | (74,935) | | |
Proceeds from disposal of long-term investment
|
| | | | — | | | | | | 121,232 | | |
Purchases of short-term investments
|
| | | | (9,281,495) | | | | | | (771,067) | | |
Proceeds from sale of short-term investments
|
| | | | 7,698,062 | | | | | | 1,301,430 | | |
Loans provided to related parties
|
| | | | (155,181) | | | | | | (4,900,543) | | |
Loan collected from third party
|
| | | | — | | | | | | 869,553 | | |
Loans collected from related parties
|
| | | | 545,884 | | | | | | 4,538,099 | | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
| | | | (1,856,650) | | | | | | 223,062 | | |
| | | | | | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Cash contribution from shareholders
|
| | | | — | | | | | | 2,517,221 | | |
Cash contribution from noncontrolling shareholder
|
| | | | 155 | | | | | | — | | |
Cash distribution made to noncontrolling shareholder
|
| | | | (53,123) | | | | | | (89,313) | | |
Proceeds from short-term debts
|
| | | | 2,790,741 | | | | | | 2,898,509 | | |
Proceeds from long-term debts
|
| | | | 4,339,602 | | | | | | — | | |
Repayment of long-term debts
|
| | | | (465,123) | | | | | | — | | |
Repayment of short-term debts
|
| | | | (3,165,424) | | | | | | (265,697) | | |
Borrowings from related parties
|
| | | | 4,186,906 | | | | | | 22,615,935 | | |
Repayment of borrowings from related parties
|
| | | | (1,240,329) | | | | | | (23,065,204) | | |
Purchase of noncontrolling interest
|
| | | | — | | | | | | (67,562) | | |
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
| | | | 6,393,405 | | | | | | 4,543,889 | | |
EFFECT OF EXCHANGE RATE CHANGES
|
| | | | 77,740 | | | | | | 306,337 | | |
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
| | | | (2,364,661) | | | | | | 409,596 | | |
CASH AND CASH EQUIVALENTS – BEGINNING OF THE YEAR
|
| | |
|
4,246,690
|
| | | |
|
3,837,094
|
| |
CASH AND CASH EQUIVALENTS – END OF THE YEAR
|
| | | $ | 1,882,029 | | | | | $ | 4,246,690 | | |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 138,272 | | | | | $ | 32,421 | | |
Income taxes paid
|
| | | $ | 79,214 | | | | | $ | 13,792 | | |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Liabilities assumed in connection with purchases of property and
equipment |
| | | $ | 1,489,276 | | | | | $ | 256,272 | | |
Operating lease right-of-use asset obtained in exchange for operating lease liability
|
| | | $ | 3,321,388 | | | | | $ | 15,563,614 | | |
Remeasurement of operating lease right-of-use assets and lease liabilities due
to lease modification |
| | | $ | 57,650,112 | | | | | $ | 32,396,027 | | |
Property and equipment received with prior prepayments made
|
| | | $ | 514,917 | | | | | $ | — | | |
Consideration receivable in connection with acquisition
|
| | | $ | — | | | | | $ | 521,732 | | |
Change of shareholder’s paid-in capital
|
| | | $ | 457,045 | | | | | $ | — | | |
Name
|
| |
Later of date of
establishment or acquisition |
| |
Place of
establishment |
| |
Percentage
of ownership |
| |||
Former VIE: | | | | | | | | | | | | | |
Shenzhen Building DreamStar Technology Ltd.
|
| | January 18, 2016 | | |
PRC
|
| | | | N/A | | |
Major former VIE subsidiaries: | | | | | | | | | | | | | |
Wuhan Chuangxiang Star Technology Co., Ltd.
|
| | May 19, 2016 | | |
PRC
|
| | | | 100% | | |
Shenzhen Building DreamStar Venture Service Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Fuzhou Building DreamStar Technology Co., Ltd.
|
| | August 19, 2016 | | |
PRC
|
| | | | 100% | | |
Chengdu Building DreamStar Technology Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Beijing Building DreamStar Technology Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Tianjin Building DreamStar Technology Co., Ltd.
|
| | January 3, 2017 | | |
PRC
|
| | | | 100% | | |
Shenzhen Jinhui Commercial Technology Co., Ltd.
|
| | March 1, 2017 | | |
PRC
|
| | | | 100% | | |
Foshan Building DreamStar Technology Co., Ltd.
|
| | May 15, 2017 | | |
PRC
|
| | | | 51% | | |
Shaanxi Building DreamStar Technology Co., Ltd.
|
| | June 28, 2017 | | |
PRC
|
| | | | 70% | | |
Nanchang Building DreamStar Business Incubation
Service Co., Ltd. |
| | December 8, 2017 | | |
PRC
|
| | | | 100% | | |
Fuzhou Shared Space Incubator Management Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Shenyang Building DreamStar Technology Co., Ltd.
|
| | December 7, 2017 | | |
PRC
|
| | | | 100% | | |
Shenzhen Unicorn Incubator Co., Ltd.
|
| | May 18, 2017 | | |
PRC
|
| | | | 100% | | |
Shenzhen Shared Space Incubator Co., Ltd.
|
| | May 18, 2017 | | |
PRC
|
| | | | 100% | | |
Shanghai Moyi Business Incubator Management Co.,
Ltd.(1) |
| | January 1, 2017 | | |
PRC
|
| | | | 100% | | |
Shenyang Shared Star Incubator Co., Ltd.
|
| | January 9, 2018 | | |
PRC
|
| | | | 100% | | |
Anqing Building DreamStar Business Incubation Service Co., Ltd.
|
| | June 5, 2018 | | |
PRC
|
| | | | 90% | | |
Xi’an Chuangxiang Star Business Incubator Co., Ltd.
|
| | June 25, 2018 | | |
PRC
|
| | | | 100% | | |
Yunmeng Building DreamStar Technology Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Qingdao DreamStar Innovation Technology Co., Ltd.
|
| | October 30, 2018 | | |
PRC
|
| | | | 100% | | |
Changsha Junzhu Venture Service Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Tianjin DreamStar Technology Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Anyang Future Space Venture Service Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Wuxi City DreamStar Venture Space Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Guiyang Building DreamStar Technology Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Changsha Milliscale Venture Service Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Tianjin Zhumeng Ruige Technology Co., Ltd.
|
| | | |
PRC
|
| | | | 51% | | | |
Wuxi Miller Space Co., Ltd.
|
| | January 11, 2019 | | |
PRC
|
| | | | 100% | | |
Jinan Building DreamStar Technology Enterprise Incubator Co., Ltd.
|
| | March 4, 2019 | | |
PRC
|
| | | | 100% | | |
Shenzhen IDH Innovation and Entrepreneurship Center Co., Ltd.
|
| | January 1, 2019 | | |
PRC
|
| | | | 51% | | |
Hangzhou Building DreamStar Technology Co., Ltd.(2)
|
| | March 29, 2019 | | |
PRC
|
| | | | 100% | | |
Shenzhen Qianhai Oriental Shengding Venture Capital Fund Management Co., Ltd.
|
| | June 4, 2014 | | |
PRC
|
| | | | 100% | | |
Shenzhen Shengshi Ark Management Co., Ltd.
|
| | | |
PRC
|
| | | | 70% | | | |
Shenzhen Building DreamStar Enterprise Service Co.,
Ltd.(2) |
| | March 15, 2019 | | |
PRC
|
| | | | 100% | | |
Name
|
| |
Later of date of
establishment or acquisition |
| |
Place of
establishment |
| |
Percentage
of ownership |
| |||
Shanghai Xianpu Business Incubator Management Co.,
Ltd.(2) |
| | April 28, 2019 | | |
PRC
|
| | | | 100% | | |
Shanghai Zhuna Technology Co., Ltd.(2)
|
| | July 2, 2019 | | |
PRC
|
| | | | 100% | | |
Suzhou Building DreamStar Incubation Management Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Shenzhen Dongzhong Enterprise Management Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Hangzhou Dongzhong Enterprise Management Consulting Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Nanjing Dongzhong Enterprise Management Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Shanghai Zhushan Enterprise Service Co., Ltd.(2)
|
| | January 16, 2020 | | |
PRC
|
| | | | 100% | | |
Shanghai Zhuqi Technology Co., Ltd.
|
| | January 16, 2020 | | |
PRC
|
| | | | 100% | | |
Chengdu Dongzhong Enterprise Management Consulting Co.,
Ltd.(2) |
| | January 1, 2020 | | |
PRC
|
| | | | 100% | | |
Dongying Building DreamStar Business Incubator Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Nanjing Millimeter Technology Co., Ltd.(3)
|
| | | |
PRC
|
| | | | 100% | | | |
Taiyuan Building DreamStar Technology Co., Ltd.
|
| | March 16, 2020 | | |
PRC
|
| | | | 100% | | |
Chongqing Building DreamStar Technology Co., Ltd.
|
| | January 15, 2020 | | |
PRC
|
| | | | 100% | | |
Shanghai Hanqin Enterprise Management Consulting Co., Ltd.
|
| | March 31, 2020 | | |
PRC
|
| | | | 100% | | |
Longyan Building DreamStar Technology Co., Ltd.
|
| | March 19, 2020 | | |
PRC
|
| | | | 100% | | |
Beijing Chuangxiang Star Technology Co., Ltd.
|
| | May 21, 2020 | | |
PRC
|
| | | | 100% | | |
Shenzhen Fangtan Technology Co., Ltd.
|
| | May 26, 2020 | | |
PRC
|
| | | | 100% | | |
Building DreamStar Chuangxiang (Beijing) Technology Co., Ltd.(2)
|
| | | |
PRC
|
| | | | 100% | | | |
Suqian DreamStar Technology Co., Ltd.
|
| | October 12, 2020 | | |
PRC
|
| | | | 100% | | |
Dongying Chuangxiang Star Business Incubator Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Mengzhou Building DreamStar Space Technology Service Co.,
Ltd. |
| | December 8, 2020 | | |
PRC
|
| | | | 100% | | |
Shanghai Zhusheng Zhongchuang Space Management Co, Ltd.
|
| | April 7, 2021 | | |
PRC
|
| | | | 100% | | |
Taizhou Building DreamStar Technology Co, Ltd.
|
| | May 19, 2021 | | |
PRC
|
| | | | 100% | | |
Xingtai Building DreamStar Technology Co, Ltd.
|
| | June 10, 2021 | | |
PRC
|
| | | | 80% | | |
Chongqing Chuangxiang Star Technology Co, Ltd.
|
| | June 23, 2021 | | |
PRC
|
| | | | 100% | | |
Xiamen Chuangxiang Star Technology Co., Ltd.
|
| | | |
PRC
|
| | | | 60% | | | |
Changsha Xinjin Venture Service Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | | |
Huaian Building DreamStar Technology Incubator Co.,
Ltd. |
| | | |
PRC
|
| | | | 100% | | | |
Nanning Building DreamStar Venture Space Co., Ltd.
|
| | | |
PRC
|
| | | | 100% | | |
|
Leasehold improvements
|
| |
Over the shorter of the lease term or expected useful lives
|
|
|
Office equipment
|
| | 5 years | |
| Furniture | | | 3 years | |
| | | | | | ||||||||
Beginning Balance
|
| | | $ | 723,387 | | | | | $ | — | | |
Changes in allowance for credit losses
|
| | | | (92,522) | | | | | | 684,346 | | |
Effect of changes in foreign exchange rate
|
| | | | 17,889 | | | | | | 39,041 | | |
Ending balance
|
| | | $ | 648,754 | | | | | $ | 723,387 | | |
| | |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
Balance |
| ||||||||||||
Short-term investments as of December 31, 2021
|
| | | $ | 1,536,183 | | | | | | 629,050 | | | | | | — | | | | | | 2,165,233 | | |
Short-term investments as of December 31, 2020
|
| | | $ | 3,131 | | | | | | 153,194 | | | | | | — | | | | | | 156,325 | | |
| | |
Operating
leases |
| |||
2022
|
| | | | 13,976,271 | | |
2023
|
| | | | 3,197,187 | | |
2024
|
| | | | 1,310,160 | | |
2025
|
| | | | 454,454 | | |
2026
|
| | | | 356,609 | | |
Thereafter
|
| | | | — | | |
Total lease payments receivables
|
| | | $ | 19,294,681 | | |
| | | | | | ||||||||
Supplier A
|
| | | | 66% | | | | | | — | | |
Supplier B
|
| | | | 19% | | | | | | — | | |
|
Other current assets
|
| | | $ | 75,163 | | |
|
Rental deposits
|
| | | | 209,018 | | |
|
Operating lease right-of-use asset
|
| | | | 4,822,220 | | |
|
Accounts payable
|
| | | | (12,964) | | |
|
Advances from customers
|
| | | | (144,563) | | |
|
Deposits from customers
|
| | | | (152,563) | | |
|
Operating lease liabilities
|
| | | | (4,731,324) | | |
|
Total purchase consideration
|
| | | $ | 64,987 | | |
|
Cash
|
| | | $ | 77,400 | | |
|
Rental deposits
|
| | | | 648,702 | | |
|
Operating lease right-of-use assets
|
| | | | 8,218,059 | | |
|
Intangible assets, net
|
| | | | 896,764 | | |
|
Accounts payable
|
| | | | (10,271) | | |
|
Advances from customers
|
| | | | (223,331) | | |
|
Deposits from customers
|
| | | | (390,563) | | |
|
Deferred tax liabilities
|
| | | | (397,091) | | |
|
Operating lease liabilities
|
| | | | (7,444,942) | | |
|
Non-controlling interests
|
| | | | (350,895) | | |
|
Total purchase consideration
|
| | | $ | 1,023,832 | | |
| | | | | | ||||||||
Wealth Management Products
|
| | | $ | 629,050 | | | | | $ | 153,194 | | |
Marketable Securities
|
| | | | 1,536,183 | | | | | | 3,131 | | |
Total
|
| | | $ | 2,165,233 | | | | | $ | 156,325 | | |
| | | | | | ||||||||
Furniture
|
| | | $ | 1,482,430 | | | | | $ | 1,520,329 | | |
Equipment
|
| | | | 711,207 | | | | | | 656,311 | | |
Leasehold improvement
|
| | | | 13,859,053 | | | | | | 15,638,111 | | |
Construction in progress
|
| | | | 2,161,436 | | | | | | 38,402 | | |
Total
|
| | | | 18,214,126 | | | | | | 17,853,153 | | |
Accumulated Depreciation
|
| | | | (9,381,077) | | | | | | (7,604,769) | | |
Property and equipment, net
|
| | | $ | 8,833,049 | | | | | $ | 10,248,384 | | |
| | | | | | ||||||||
Customer relationships
|
| | | $ | 486,938 | | | | | $ | 474,339 | | |
Trademark
|
| | | | 581,722 | | | | | | 566,670 | | |
In-place leases
|
| | | | 3,641,393 | | | | | | 3,547,174 | | |
Total
|
| | | | 4,710,053 | | | | | | 4,588,183 | | |
Accumulated amortization
|
| | | | (3,963,004) | | | | | | (3,575,225) | | |
Total, net
|
| | | $ | 747,049 | | | | | $ | 1,012,958 | | |
| | |
Estimated
amortization expense |
| |||
2022
|
| | | | 220,590 | | |
2023
|
| | | | 123,544 | | |
2024
|
| | | | 107,518 | | |
2025
|
| | | | 103,433 | | |
2026
|
| | | | 94,896 | | |
Thereafter
|
| | | | 97,068 | | |
Total | | | | $ | 747,049 | | |
| | | | | | ||||||||
Equity method investments: | | | | | | | | | | | | | |
Shenzhen Shengding No.6 Innovation Investment Partnership (limited
partnership)(a) |
| | | $ | 15,726 | | | | | $ | 15,320 | | |
SSHX (Shenzhen) Investment Center (limited partnership)(b)
|
| | | | 157,262 | | | | | | 153,193 | | |
Beijing CYGJ Travel Agency Co., Ltd(c)
|
| | | | — | | | | | | — | | |
Equity securities without readily determinable fair values investments: | | | | | | | | | | | | | |
Anhui Xiangrong Culture Media Co., Ltd.(d)
|
| | | | 38,529 | | | | | | 37,531 | | |
Guangrao Zhongyuan Technology Development Co., Ltd.(e)
|
| | | | 5,197 | | | | | | 5,063 | | |
Wujie Technology (Shenzhen) Co., Ltd.(f)
|
| | | | 3,145 | | | | | | 3,064 | | |
Shenzhen Qingtong Time Network Technology Co., Ltd.(g)
|
| | | | 8,628 | | | | | | 8,405 | | |
Shenzhen CX Investment Co., Ltd.(h)
|
| | | | — | | | | | | — | | |
Lijiao Consulting (Shenzhen) Co., Ltd.(i)
|
| | | | 315 | | | | | | — | | |
Shenzhen Jianquan Culture and Sports Co., Ltd.(j)
|
| | | | 1,573 | | | | | | — | | |
Hainan Tianlian Private Equity Investment Fund Partnership (Limited Partnership)(k)
|
| | | | 157,262 | | | | | | — | | |
Anyang Xianbao Food Technology Co., Ltd.(l)
|
| | | | 19,989 | | | | | | — | | |
Yuntai Furnace Technology (Shanxi) Co., Ltd.(m)
|
| | | | 5,945 | | | | | | — | | |
Shanxi Taoran Trading Co., Ltd.(n)
|
| | | | 5,284 | | | | | | — | | |
Total
|
| | | $ | 418,855 | | | | | $ | 222,576 | | |
As of December 31, 2021
|
| |
Balance
|
| |
Maturity
Date |
| |
Effective
interest rate |
| ||||||
China Construction Bank (Shenzhen Shahe Branch)
|
| | | $ | 356,356 | | | | | | | | 4.0525% | | | |
Bank of China (Shenzhen Yingda Garden Branch)
|
| | | | 2,162,358 | | | | | | | | 4.7000% | | | |
Dongguan Yifang Venture Capital Partnership(*)
|
| | | | 314,525 | | | | | | | | 5.0000% | | | |
Dongguan Yifang Venture Capital Partnership(*)
|
| | | | 157,262 | | | | | | | | 5.0000% | | | |
Total short-term debts
|
| | | $ | 2,990,501 | | | | | | | | | | | |
As of December 31, 2020
|
| |
Balance
|
| |
Maturity
Date |
| |
Effective
Interest Rate |
| ||||||
China Construction Bank (Shenzhen Shahe Branch)
|
| | | $ | 347,136 | | | | | | | | 4.0525% | | | |
China Construction Bank (Shenzhen Shahe Branch)
|
| | | | 252,616 | | | | | | | | 4.0525% | | | |
Bank of China (Shenzhen Yingda Garden Branch)
|
| | | | 2,936,205 | | | | | | | | 4.3500% | | | |
Total short-term debts
|
| | | $ | 3,535,957 | | | | | | | | | | | |
As of December 31, 2021
|
| |
Balance
|
| |
Maturity
Date |
| |
Effective
Interest Rate |
| |||
Dongguan Yifang Venture Capital Partnership
|
| | | $ | 1,729,886 | | | | | |
5.0000%
|
| |
Dongguan Guangshen Venture Capital Partnership
|
| | | | 471,787 | | | | | |
5.0000%
|
| |
Dongguan Meihang Venture Capital Partnership
|
| | | | 1,258,099 | | | | | |
5.0000%
|
| |
Shenzhen Qianhai Webank Co., Ltd.
|
| | | | 314,525 | | | | | |
3.6% – 9%
|
| |
Shenzhen Qianhai Webank Co., Ltd.
|
| | | | 155,690 | | | | | |
3.6% – 9%
|
| |
Total long-term debts
|
| | | $ | 3,929,987 | | | | | | | | |
| | |
Principle
|
| |||
2022
|
| | | $ | 215,515 | | |
2023
|
| | | | 3,694,880 | | |
2024
|
| | | | 19,592 | | |
2025
|
| | | | — | | |
2026
|
| | | | — | | |
Total | | | | $ | 3,929,987 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
PRC statutory tax rate
|
| | | | 25.00% | | | | | | 25.00% | | |
Expenses not deductible for tax purpose
|
| | | | (0.30)% | | | | | | (1.47)% | | |
Chinese tax exemption and reliefs
|
| | | | (7.70)% | | | | | | 0.66% | | |
Recovery from deferred income tax
|
| | | | 5.19% | | | | | | 0.63% | | |
Effect of valuation allowance on deferred income tax assets
|
| | | | (21.49)% | | | | | | (21.82)% | | |
Others
|
| | | | 0.27% | | | | | | (0.22)% | | |
Total
|
| | | | 0.97% | | | | | | 2.78% | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Current income tax expense
|
| | | $ | 39,251 | | | | | $ | 47,597 | | |
Deferred income taxes
|
| | | | (135,341) | | | | | | (610,276) | | |
Income taxes benefit
|
| | | $ | (96,090) | | | | | $ | (562,679) | | |
| | | | | | ||||||||
Impairment loss on long-lived assets
|
| | | $ | 108,914 | | | | | $ | 100,044 | | |
Allowance for credit loss
|
| | | | 162,188 | | | | | | 180,847 | | |
Net operating loss carryforward
|
| | | | 14,222,322 | | | | | | 9,353,533 | | |
| | | | | 14,493,424 | | | | | | 9,634,424 | | |
Less: valuation allowance
|
| | | | (14,493,424) | | | | | | (9,634,424) | | |
Deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
Acquired intangible assets
|
| | | $ | 327,360 | | | | | $ | 452,618 | | |
Deferred tax liabilities
|
| | | $ | 327,360 | | | | | $ | 452,618 | | |
Total
|
| | | $ | (327,360) | | | | | $ | (452,618) | | |
| | |
For the year ended,
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Operating lease cost
|
| | | $ | 23,296,241 | | | | | $ | 29,498,679 | | |
Short-term lease cost
|
| | | | 435,122 | | | | | | — | | |
Variable lease cost
|
| | | | 1,258,936 | | | | | | (2,706,122) | | |
Total lease cost
|
| | | $ | 24,990,299 | | | | | $ | 26,792,557 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
|
Cash flows from operating activities | | | | | | | |
Cash paid for amounts included in the measurement of lease liabilities | | | | | | | |
Operating cash flows for operating leases
|
| |
$20,997,390
|
| |
$20,089,966
|
|
Supplemental lease cash flow disclosure | | | | | | | |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities
|
| |
$3,321,388
|
| |
$15,563,614
|
|
Remeasurement of operating lease right-of-use assets and lease liabilities due to lease modification
|
| |
$57,650,112
|
| |
$32,396,027
|
|
Weighted average remaining lease term of operating leases
|
| |
4.99 years
|
| |
7.52 years
|
|
Weighted average discount rate of operating leases
|
| |
5.39%
|
| |
5.39%
|
|
| | |
Operating
leases |
| |||
2022
|
| | | $ | 21,872,468 | | |
2023
|
| | | | 16,452,662 | | |
2024
|
| | | | 14,297,121 | | |
2025
|
| | | | 11,800,642 | | |
| | |
Operating
leases |
| |||
2026
|
| | | | 10,406,960 | | |
Thereafter
|
| | | | 10,089,502 | | |
Total lease payments
|
| | | | 84,919,355 | | |
Less: imputed interest
|
| | | | (10,652,549) | | |
Total lease liabilities
|
| | | | 74,266,806 | | |
Less: current portion
|
| | | | (21,082,354) | | |
Operating lease liabilities, non-current
|
| | | $ | 53,184,452 | | |
|
| | | | | | ||||||||
PRC entities | | | | | | | | | | | | | |
Paid-in capital
|
| | | $ | 20,184,400 | | | | | $ | 20,792,544 | | |
| | |
For the year ended,
December 31, 2021 |
| |
For the year ended,
December 31, 2020 |
| ||||||
Workspace leasing and services
|
| | | $ | 37,538,853 | | | | | $ | 33,735,026 | | |
Utility service
|
| | | | 844,177 | | | | | | 462,992 | | |
Temporary meeting room usage service
|
| | | | 282,227 | | | | | | 447,863 | | |
Other services
|
| | | | 124,295 | | | | | | — | | |
Total revenues, net
|
| | | $ | 38,789,552 | | | | | $ | 34,645,881 | | |
Name of related parties
|
| |
Relationship with the Company
|
|
Houde Li | | | The Company’s controlling shareholder (the “Controlling Shareholder”) and Chairman of the board | |
Xueli Li | | | Father of Controlling Shareholder | |
Wangxia Liu | | | Shareholder, wife of Controlling Shareholder | |
Yuegang Wu | | | A minority shareholder of one subsidiary of | |
Name of related parties
|
| |
Relationship with the Company
|
|
| | | Shenzhen Building DreamStar | |
Shenzhen Motian Star Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Wuhan Branch | | | A branch of Motian Star | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Beijing branch | | | A branch of Motian Star | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Hanyang branch | | | A branch of Motian Star | |
Chuangzhan Valley Angel No. 1 Investment Enterprise | | | Equity investee of the Company* | |
Fuzhou Mingde Rushang Culture Communication Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Huapu Star Technology Co., Ltd. (formerly known as Shenzhen Huapu Management Consulting Co., Ltd.) | | | A company controlled by Controlling Shareholder | |
Shenzhen Xindao Positioning Enterprise Consulting Co., Ltd. (formerly known as Shenzhen Erudite Wisdom Enterprise Management Consulting Co., Ltd.) | | | A company controlled by Controlling Shareholder | |
Shenzhen Oriental Shengshi Yacht Co., Ltd. | | | A company controlled by Wangxia Liu | |
Shenzhen Mingde Junshang Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Morgan One Venture Capital Partnership (L.P.) | | | Equity investee of the Company* | |
Shenzhen Qianhai Shengding Wealth Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Shengjing Health Biology Co., Ltd.(formally known as Shenzhen Sanqiansui Ecological Health Co., Ltd.) | | | A company controlled by Controlling Shareholder | |
Shenzhen Shengding No. 6 Venture Capital Partnership (L.P.) | | | Equity investee of the Company* | |
Shenzhen Shengjing Gene Medical Co., Ltd. | | | Equity investee of the Company* | |
Shenzhen Lion Investment Partnership (L.P.) | | | Equity investee of the Company* | |
Shenzhen Life Wisdom Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Wuxi Mingde Junshang Culture Communication Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Wuhan Shengjing Ginkgo Planting Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Shengding No.3 Venture Capital Partnership (L.P.) | | | Equity investee of the Company* | |
Shenzhen Fuxing Media Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Xiaochan Media Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Mingde Rushang Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Chunchan Internet Technology Co., Ltd.
|
| | A company controlled by Controlling Shareholder | |
Dongguan Jifeng Investment Partnership (L.P.) | | | Shareholders of the Company | |
Name of related parties
|
| |
Relationship with the Company
|
|
Dongguan Yicai Investment Partnership (L.P.) | | | Shareholders of the Company | |
Chengdu Bode Star Enterprise Management Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Motian Enterprise Management Co., Ltd. Chengdu Branch | | | A company controlled by Controlling Shareholder | |
Hubei Shengjing Ginkgo Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Jinchan Internet Technology Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd (formerly known as Shenzhen Guochao Sijiu Internet Technology Co., Ltd.) | | | A company controlled by Controlling Shareholder | |
Chengdu Shengjing Gene Biological Technology Co., Ltd. | | | Equity investee of the Company* | |
Shenzhen Xiaochan Culture Media Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Chengdu Xiaochan Media Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen Qiuchan Live Broadcasting Service Co., Ltd. | | | A company controlled by Controlling Shareholder | |
Shenzhen CDF Capital Ltd. | | | A minority shareholder of Chuangchangu Innovation | |
Shanghai Xuanmen Space Management Co., Ltd. | | | An entity over which the Company exercises significant influence | |
Dongguan Guangsheng Equity Investment Partnership (L.P.) | | | A company controlled by Controlling Shareholder | |
Due to related parties
|
| | | | | ||||||||
Current | | | | | | | | | | | | | |
Dongguan Jifeng Investment Partnership (L.P.)
|
| | | $ | 487,513 | | | | | $ | — | | |
Dongguan Yicai Investment Partnership (L.P.)
|
| | | | 2,500,473 | | | | | | 137,874 | | |
Houde Li
|
| | | | 33,820 | | | | | | 32,171 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | 157,262 | | | | | | — | | |
Shenzhen Oriental Shengshi Yacht Co., Ltd.
|
| | | | 471,787 | | | | | | — | | |
Total | | | | $ | 3,650,855 | | | | | $ | 170,045 | | |
Due to related parties
|
| | | | | ||||||||
Non-current | | | | | | | | | | | | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | $ | 21,883,408 | | | | | $ | 16,721,390 | | |
Shenzhen Xindao Positioning Enterprise Consulting Co., Ltd. (formerly known as Shenzhen Erudite Wisdom Enterprise Management
Consulting Co., Ltd.) |
| | | | — | | | | | | 4,595,799 | | |
Dongguan Yicai Investment Partnership (L.P)
|
| | | | — | | | | | | 2,451,093 | | |
Houde Li
|
| | | | 2,516,198 | | | | | | — | | |
Total | | | | $ | 24,399,606 | | | | | $ | 23,768,282 | | |
Due from related parties
|
| | | | | ||||||||
Shenzhen Morgan One Venture Capital Partnership (L.P.)
|
| | | $ | — | | | | | $ | 581 | | |
Shenzhen Shengding No.3 Venture Capital Partnership (L.P.)
|
| | | | — | | | | | | 1,430 | | |
Shenzhen Shengding No.6 Venture Capital Partnership (L.P.)
|
| | | | — | | | | | | 705 | | |
Shenzhen Lion Investment Partnership (L.P.)
|
| | | | — | | | | | | 348 | | |
Chuangzhan Valley Angel No.1 Investment Enterprise
|
| | | | 151 | | | | | | 147 | | |
Shenzhen CDF Capital Ltd
|
| | | | — | | | | | | 382,983 | | |
Total
|
| | | $ | 151 | | | | | $ | 386,194 | | |
Revenues — related parties
|
| |
For the year ended,
December 31, 2021 |
| |
For the year ended,
December 31, 2020 |
| ||||||
Shenzhen Shengjing Gene Medical Co., Ltd.
|
| | | $ | 68,390 | | | | | $ | 291,419 | | |
Shenzhen Fuxing Media Co., Ltd.
|
| | | | 71,300 | | | | | | 46,393 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Beijing branch
|
| | | | 345,841 | | | | | | 376,145 | | |
Shenzhen Chunchan Internet Technology Co., Ltd.
|
| | | | 116,013 | | | | | | 124,418 | | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd.
|
| | | | 87,528 | | | | | | 13,115 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | 218,266 | | | | | | 310,112 | | |
Shenzhen Mingde Rushang Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 44,936 | | |
Wuxi Mingde Junshang Culture Communication Co., Ltd.
|
| | | | 210,658 | | | | | | 208,223 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd. Wuhan Branch
|
| | | | 134,059 | | | | | | 83,085 | | |
Fuzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | 153,857 | | | | | | 454,240 | | |
Chengdu Bode Star Enterprise Management Co., Ltd.
|
| | | | 94,741 | | | | | | 55,111 | | |
Chengdu Sharing Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 117,937 | | |
Shenzhen Motian Enterprise Management Co., Ltd. Chengdu
Branch |
| | | | 14,022 | | | | | | — | | |
Chengdu Shengjing Gene Biological Technology Co., Ltd.
|
| | | | 49,145 | | | | | | 28,193 | | |
Beijing Xiaochan Media Co., Ltd.
|
| | | | — | | | | | | 6,452 | | |
Hubei Shengjing Ginkgo Co., Ltd.
|
| | | | 4,355 | | | | | | 4,048 | | |
Hangzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | — | | | | | | 8,332 | | |
Shenzhen Oriental Shengshi Yacht Co., Ltd.
|
| | | | 25,866 | | | | | | 25,934 | | |
Shenzhen Jinchan Internet Technology Co., Ltd.
|
| | | | 78,182 | | | | | | 30,806 | | |
Shenzhen Shengding No. 6 Venture Capital Partnership (L.P.)
|
| | | | 19,070 | | | | | | — | | |
Shenzhen Xiaochan Media Co., Ltd.
|
| | | | 12,579 | | | | | | 51,145 | | |
Shenzhen Xiaochan Culture Media Co., Ltd.
|
| | | | 67,867 | | | | | | — | | |
Revenues — related parties
|
| |
For the year ended,
December 31, 2021 |
| |
For the year ended,
December 31, 2020 |
| ||||||
Shenzhen Huapu Star Technology Co., Ltd.
|
| | | | 17,713 | | | | | | 3,584 | | |
Shenzhen Qiuchan Live Broadcasting Service Co., Ltd.
|
| | | | 4,368 | | | | | | — | | |
Total | | | | $ | 1,793,820 | | | | | $ | 2,283,628 | | |
|
Advances from customers — related parties
|
| | | | | ||||||||
Chengdu Bode Star Enterprise Management Co., Ltd.
|
| | | $ | — | | | | | $ | 5,106 | | |
Chengdu Sharing Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 10,927 | | |
Chengdu Shengjing Gene Biological Technology Co., Ltd.
|
| | | | — | | | | | | 2,324 | | |
Fuzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | — | | | | | | 35,421 | | |
Shenzhen Fuxing Media Co., Ltd.
|
| | | | 47 | | | | | | 1,319 | | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd.
|
| | | | 594 | | | | | | 6,742 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 3,552 | | |
Shenzhen Jinchan Internet Technology Co., Ltd.
|
| | | | — | | | | | | 561 | | |
Shenzhen Xiaochan Media Co., Ltd.
|
| | | | — | | | | | | 13 | | |
Shenzhen Xiaochan Culture Media Co., Ltd.
|
| | | | 13 | | | | | | — | | |
Wuxi Mingde Junshang Culture Communication Co., Ltd.
|
| | | | 64,198 | | | | | | 71,309 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd Wuhan Branch
|
| | | | 26,780 | | | | | | 16,334 | | |
Hubei Shengjing Ginkgo Co., Ltd.
|
| | | | 313 | | | | | | 1,324 | | |
Shenzhen Shengding No 6 Venture Capital Partnership (L.P.) .
|
| | | | — | | | | | | 18,383 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd Beijing Branch
|
| | | | 33,025 | | | | | | — | | |
Shenzhen Oriental Shengshi Yacht Co., Ltd .
|
| | | | 25 | | | | | | — | | |
Fuzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | 11,635 | | | | | | — | | |
Total .
|
| | | $ | 136,630 | | | | | $ | 173,315 | | |
Deposits from customers — related parties
|
| | | | | ||||||||
Shenzhen Shengjing Gene Medical Co., Ltd .
|
| | | $ | — | | | | | $ | 22,998 | | |
Shenzhen Fuxing Media Co., Ltd.
|
| | | | 1,572 | | | | | | 9,038 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd Beijing branch
|
| | | | 33,025 | | | | | | 70,775 | | |
Shenzhen Chunchan Internet Technology Co., Ltd.
|
| | | | 29,012 | | | | | | 28,261 | | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd.
|
| | | | 9,341 | | | | | | 22,887 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | 33,725 | | | | | | 24,311 | | |
Shenzhen Shengjing Health Biology Co., Ltd.
|
| | | | — | | | | | | 4,920 | | |
Wuxi Mingde Junshang Culture Communication Co., Ltd.
|
| | | | 80,175 | | | | | | 78,101 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd Wuhan Branch
|
| | | | 23,824 | | | | | | 19,658 | | |
Fuzhou Mingde Rushang Culture Communication Co., Ltd.
|
| | | | 32,518 | | | | | | 105,589 | | |
Chengdu Bode Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 24,510 | | |
Chengdu Sharing Star Enterprise Management Co., Ltd.
|
| | | | — | | | | | | 52,453 | | |
Chengdu Shengjing Gene Biological Technology Co., Ltd.
|
| | | | — | | | | | | 5,147 | | |
Deposits from customers — related parties
|
| | | | | ||||||||
Hubei Shengjing Ginkgo Co., Ltd.
|
| | | | 697 | | | | | | 679 | | |
Shenzhen Oriental Shengshi Yacht Co., Ltd.
|
| | | | 2,358 | | | | | | 2,297 | | |
Shenzhen Jinchan Internet Technology Co., Ltd.
|
| | | | — | | | | | | 2,757 | | |
Shenzhen Xiaochan Media Co., Ltd.
|
| | | | 4,088 | | | | | | 3,983 | | |
Total | | | | $ | 250,335 | | | | | $ | 478,364 | | |
|
| | | | | | ||||||||
Operating lease right-of-use assets
|
| | | $ | 1,347,603 | | | | | $ | 1,438,701 | | |
Operating lease liabilities, current
|
| | | $ | 262,303 | | | | | $ | 206,775 | | |
Operating lease liabilities, non-current
|
| | | $ | 1,239,692 | | | | | $ | 1,359,381 | | |
| | | | | | ||||||||
Operating lease cost
|
| | | $ | 209,610 | | | | | $ | 206,003 | | |
General and administrative expenses — related parties
|
| | | | | ||||||||
Shenzhen Oriental Shengshi Yacht Co., Ltd
|
| | | $ | 1,860 | | | | | $ | — | | |
Chengdu Xiaochan Media Co., Ltd
|
| | | | 31,008 | | | | | | 205,943 | | |
Shenzhen Xiaochan Media Co., Ltd
|
| | | | 7,752 | | | | | | 732,180 | | |
Shenzhen Motian Star Enterprise Management Co., Ltd.
|
| | | | 341 | | | | | | — | | |
Shenzhen Guochao Sijiu Wine Industry Co., Ltd.
|
| | | | 10,225 | | | | | | — | | |
Total
|
| | | $ | 51,186 | | | | | $ | 938,123 | | |
| | | | | | ||||||||
ASSET/(LIABILITY) | | | | | | | | | | | | | |
Current assets (liabilities): | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 795 | | | | | $ | — | | |
Due to related party
|
| | | | (795) | | | | | | — | | |
Total current assets (liabilities)
|
| | | | — | | | | | | — | | |
Non-current assets (liabilities): | | | | | | | | | | | | | |
Investment in subsidiaries, VIE and VIE’s subsidiaries
|
| | | | (43,383,425) | | | | | | (32,222,214) | | |
Total non-current assets (liabilities)
|
| | | | (43,383,425) | | | | | | (32,222,214) | | |
Total assets (liabilities)
|
| | | $ | (43,383,425) | | | | | $ | (32,222,214) | | |
STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Shareholders’ deficit: | | | | | | | | | | | | | |
Ordinary shares ($0.0001 par value, 500,000,000 shares authorized;
36,000,000 shares issued and outstanding as of December 31, 2021 and 2020) |
| | | $ | 3,600 | | | | | $ | 3,600 | | |
Additional paid-in capital
|
| | | | 20,180,800 | | | | | | 20,788,944 | | |
Accumulated deficit
|
| | | | (61,152,944) | | | | | | (51,635,820) | | |
Accumulated other comprehensive loss
|
| | | | (2,414,881) | | | | | | (1,378,938) | | |
Total Building Dreamstar Technology Inc. shareholders’ deficit
|
| | | $ | (43,383,425) | | | | | $ | (32,222,214) | | |
| | | | | | ||||||||
Loss from operations
|
| | | $ | — | | | | | $ | — | | |
Loss from investment in subsidiaries, VIE and VIE’s subsidiaries
|
| | | | (9,517,124) | | | | | | (18,347,877) | | |
Net loss attributable to Building Dreamstar Technology Inc.
|
| | | $ | (9,517,124) | | | | | $ | (18,347,877) | | |
Comprehensive loss | | | | | | | | | | | | | |
Net loss attributable to Building Dreamstar Technology Inc.
|
| | | | (9,517,124) | | | | | | (18,347,877) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (1,035,943) | | | | | | (1,714,821) | | |
Comprehensive loss attributable to Building Dreamstar Technology Inc.
|
| | | $ | (10,553,067) | | | | | $ | (20,062,698) | | |
| | | | | | ||||||||
Cash flow from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (9,517,124) | | | | | $ | (18,347,877) | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Loss from investment in subsidiaries, VIE and VIE’s subsidiaries
|
| | | | 9,517,124 | | | | | | 18,347,877 | | |
Net cash used in operating activities
|
| | | | — | | | | | | — | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Borrowings from related party
|
| | | | 795 | | | | | | — | | |
Net cash flows provided by financing activities
|
| | | | 795 | | | | | | — | | |
Net change in cash and cash equivalents
|
| | | | 795 | | | | | | — | | |
Cash and cash equivalents – beginning of the year
|
| | | | — | | | | | | — | | |
Cash and cash equivalents – end of the year
|
| | | $ | 795 | | | | | $ | — | | |
Purchaser
|
| |
Date of Issuance
|
| |
Title and Number of
Securities |
| |
Consideration
(US$) |
|
Dream Star Houde Holdings Limited | | | | | 100 Ordinary Shares | | | US$1.00 | | |
Dream Star Houde Holdings Limited | | | January 6, 2020 | | | 4,569 Ordinary Shares | | | US$45.69 | |
Dream Star Bamboo Holdings Limited | | | January 6, 2020 | | | 945 Ordinary Shares | | | US$9.45 | |
Dream Star Fuhua Holdings Limited | | | January 6, 2020 | | | 626 Ordinary Shares | | | US$6.26 | |
Dream Star Integrity Holdings Limited | | | January 6, 2020 | | | 423 Ordinary Shares | | | US$4.23 | |
Dream Star Guangsheng Holdings Limited
|
| | January 6, 2020 | | | 520 Ordinary Shares | | | US$5.20 | |
Dream Star Fusheng Holdings Limited | | | January 6, 2020 | | | 712 Ordinary Shares | | | US$7.12 | |
Dream Star Future Holdings Limited | | | January 6, 2020 | | | 139 Ordinary Shares | | | US$1.39 | |
Dream Star Moyi Holdings Limited | | | January 6, 2020 | | | 756 Ordinary Shares | | | US$7.56 | |
CDF Innovation Development Limited | | | January 6, 2020 | | | 95 Ordinary Shares | | | US$0.95 | |
Dream Star Mofeng Holdings Limited | | | January 6, 2020 | | | 567 Ordinary Shares | | | US$5.67 | |
Dream Star Jifeng Holdings Limited | | | January 6, 2020 | | | 425 Ordinary Shares | | | US$4.25 | |
Dream Star Yicai Holdings Limited | | | January 6, 2020 | | | 123 Ordinary Shares | | | US$1.23 | |
Dream Star Houde Holdings Limited | | | | | 16,803,731 Ordinary Shares | | | US$1,680.37 | | |
Dream Star Bamboo Holdings Limited | | | | | 3,401,055 Ordinary Shares | | | US$340.11 | | |
Dream Star Fuhua Holdings Limited | | | | | 2,252,974 Ordinary Shares | | | US$225.30 | | |
Dream Star Integrity Holdings Limited | | | | | 1,522,377 Ordinary Shares | | | US$152.4 | | |
Dream Star Guangsheng Holdings Limited
|
| | | | 1,871,480 Ordinary Shares | | | US$187.15 | | |
Dream Star Fusheng Holdings Limited | | | | | 2,562,488 Ordinary Shares | | | US$256.25 | | |
Dream Star Future Holdings Limited | | | | | 500,261 Ordinary Shares | | | US$50.03 | | |
Dream Star Moyi Holdings Limited | | | | | 2,720,844 Ordinary Shares | | | US$272.08 | | |
CDF Innovation Development Limited | | | | | 341,905 Ordinary Shares | | | US$34.19 | | |
Dream Star Mofeng Holdings Limited | | | | | 2,040,633 Ordinary Shares | | | US$204.06 | | |
Dream Star Jifeng Holdings Limited | | | | | 1,529,575 Ordinary Shares | | | US$152.96 | | |
Dream Star Yicai Holdings Limited | | | | | 442,677 Ordinary Shares | | | US$44.27 | |
|
Exhibit
No. |
| |
Description of Exhibit
|
| |||
| | | 1.1* | | | | Form of Underwriting Agreement | |
| | | 3.1† | | | | | |
| | | 4.1† | | | | | |
| | | 5.1† | | | | | |
| | | 8.1† | | | | | |
| | | 8.2† | | | | | |
| | | 10.1† | | | | | |
| | | 10.2† | | | | | |
| | | 10.3† | | | | | |
| | | 10.4† | | | | | |
| | | 10.5† | | | | | |
| | | 10.6† | | | | | |
| | | 10.7† | | | | | |
| | | 10.8† | | | | | |
| | | 10.9† | | | | | |
| | | 10.10† | | | | | |
| | | 10.11† | | | | | |
| | | 10.12† | | | | | |
| | | 10.13† | | | | | |
| | | 10.14† | | | |
English translation of the Form of Loan Agreement entered into by and between Motian Star and
Shenzhen Building DreamStar, and a schedule of all executed Loan Agreements adopting the same form |
|
| | | 10.15† | | | | English translation of Loan Agreement and Supplemental Agreement by and between Shenzhen Erudite Intelligent Enterprise Management Consulting Co., Ltd. and Shenzhen Building DreamStar dated January 2, 2020 and June 30, 2020, respectively | |
| | | 21.1† | | | | | |
| | | 23.1† | | | | | |
| | | 23.2† | | | | | |
| | | 23.3† | | | | | |
| | | 24.1† | | | | |
|
Exhibit
No. |
| |
Description of Exhibit
|
| |||
| | | 99.1† | | | | | |
| | | 99.2† | | | | | |
| | | 99.3† | | | | | |
| | | 99.4† | | | | | |
| | | 99.5† | | | | | |
| | | 99.6† | | | | | |
| | | 107† | | | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
*
Houde Li
|
| |
Chairman of the Board of Directors
|
| | | |
|
/s/ Haibo Zhao
|
| |
Director and Chief Executive Officer
(principal executive officer) |
| | | |
|
/s/ Jiayao Wu
|
| |
Chief Financial Officer
(principal financial and accounting officer) |
| | |
|
*By:
/s/ Haibo Zhao
Name: Haibo Zhao
Attorney-in-fact |
| | | | | | |
|
*By:
/s/ Jiayao Wu
Name: Jiayao Wu
Attorney-in-fact |
| | |
This ‘F-1/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
11/30/30 | ||||
3/31/25 | ||||
11/30/24 | ||||
8/1/24 | ||||
1/1/24 | ||||
12/31/23 | ||||
3/22/23 | ||||
2/23/23 | ||||
2/22/23 | ||||
1/2/23 | ||||
12/31/22 | ||||
11/9/22 | ||||
10/27/22 | ||||
9/30/22 | ||||
Filed on: | 9/20/22 | |||
8/26/22 | ||||
8/9/22 | ||||
7/19/22 | F-1/A | |||
7/11/22 | ||||
6/30/22 | ||||
6/28/22 | ||||
6/27/22 | ||||
6/24/22 | ||||
5/21/22 | ||||
5/6/22 | ||||
4/30/22 | ||||
3/23/22 | ||||
3/18/22 | ||||
2/24/22 | ||||
2/23/22 | F-1/A | |||
2/22/22 | ||||
2/15/22 | ||||
2/12/22 | ||||
2/9/22 | ||||
1/23/22 | ||||
1/12/22 | ||||
1/3/22 | ||||
1/1/22 | ||||
12/31/21 | ||||
12/30/21 | ||||
12/28/21 | ||||
12/27/21 | ||||
12/24/21 | ||||
12/23/21 | ||||
12/22/21 | ||||
12/16/21 | ||||
12/15/21 | ||||
12/13/21 | ||||
12/2/21 | ||||
11/23/21 | ||||
11/14/21 | ||||
11/10/21 | ||||
11/5/21 | ||||
9/22/21 | ||||
9/7/21 | ||||
8/17/21 | F-1/A | |||
7/6/21 | ||||
6/23/21 | ||||
6/22/21 | ||||
6/10/21 | ||||
6/9/21 | ||||
6/1/21 | ||||
5/21/21 | ||||
5/19/21 | ||||
4/7/21 | ||||
3/24/21 | ||||
3/19/21 | ||||
3/5/21 | ||||
2/24/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
12/8/20 | ||||
11/12/20 | ||||
11/3/20 | ||||
11/2/20 | ||||
10/17/20 | ||||
10/14/20 | ||||
10/12/20 | ||||
9/17/20 | ||||
9/1/20 | ||||
8/7/20 | ||||
7/14/20 | ||||
6/30/20 | ||||
6/1/20 | ||||
5/28/20 | ||||
5/26/20 | ||||
5/21/20 | ||||
5/20/20 | ||||
5/18/20 | ||||
4/21/20 | ||||
4/13/20 | ||||
3/31/20 | ||||
3/19/20 | ||||
3/16/20 | ||||
3/1/20 | ||||
2/25/20 | ||||
1/16/20 | ||||
1/15/20 | ||||
1/6/20 | ||||
1/2/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/30/19 | ||||
12/26/19 | ||||
12/20/19 | ||||
11/1/19 | ||||
10/23/19 | ||||
9/30/19 | ||||
9/23/19 | ||||
9/20/19 | ||||
9/10/19 | ||||
7/2/19 | ||||
4/28/19 | ||||
4/23/19 | ||||
4/1/19 | ||||
3/29/19 | ||||
3/25/19 | ||||
3/24/19 | ||||
3/20/19 | ||||
3/15/19 | ||||
3/4/19 | ||||
1/11/19 | ||||
1/1/19 | ||||
12/31/18 | ||||
12/29/18 | ||||
12/26/18 | ||||
12/14/18 | ||||
12/1/18 | ||||
11/30/18 | ||||
11/27/18 | ||||
11/19/18 | ||||
11/14/18 | ||||
11/7/18 | ||||
11/1/18 | ||||
10/30/18 | ||||
9/28/18 | ||||
6/25/18 | ||||
6/5/18 | ||||
5/1/18 | ||||
4/4/18 | ||||
4/1/18 | ||||
1/9/18 | ||||
12/11/17 | ||||
12/8/17 | ||||
12/7/17 | ||||
12/1/17 | ||||
11/19/17 | ||||
11/1/17 | ||||
10/17/17 | ||||
8/24/17 | ||||
6/28/17 | ||||
6/1/17 | ||||
5/18/17 | ||||
5/15/17 | ||||
3/1/17 | ||||
1/3/17 | ||||
1/1/17 | ||||
12/20/16 | ||||
12/14/16 | ||||
11/22/16 | ||||
11/16/16 | ||||
11/7/16 | ||||
8/19/16 | ||||
5/19/16 | ||||
5/1/16 | ||||
3/23/16 | ||||
2/14/16 | ||||
1/18/16 | ||||
11/1/15 | ||||
6/1/15 | ||||
3/30/15 | ||||
2/13/15 | ||||
2/3/15 | ||||
7/4/14 | ||||
6/4/14 | ||||
5/1/14 | ||||
4/29/14 | ||||
7/1/13 | ||||
12/28/12 | ||||
4/5/12 | ||||
11/1/11 | ||||
10/28/11 | ||||
10/28/10 | ||||
2/1/10 | ||||
1/9/10 | ||||
9/1/09 | ||||
6/22/09 | ||||
2/28/09 | ||||
9/18/08 | ||||
1/1/08 | ||||
12/6/07 | ||||
6/29/07 | ||||
3/16/07 | ||||
9/8/06 | ||||
8/8/06 | ||||
8/3/02 | ||||
6/15/01 | ||||
4/3/99 | ||||
7/5/94 | ||||
12/25/93 | ||||
12/13/93 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/14/22 Building DreamStar Tech Inc. F-1/A 2:6.3M Toppan Merrill/FA 2/23/22 Building DreamStar Tech Inc. F-1/A 3:8.9M Toppan Merrill/FA 12/10/21 Building DreamStar Tech Inc. F-1/A 3:7.1M Toppan Merrill/FA 8/31/21 Building DreamStar Tech Inc. F-1/A 3:6.4M Toppan Merrill/FA 8/17/21 Building DreamStar Tech Inc. F-1/A 4:5.7M Toppan Merrill/FA 7/16/21 Building DreamStar Tech Inc. F-1/A 8:9.5M Toppan Merrill/FA 2/25/21 Building DreamStar Tech Inc. F-1 22:13M Toppan Merrill/FA |