Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Shares of our common stock are listed for trading on The Nasdaq Capital Market (“Nasdaq”) under the symbol “HFFG,” and have been publicly traded since August 8, 2017. Prior to that date, there was no public market for our stock.
Holders of Record
As of March 15, 2021, there were 51,193,411 shares of our common stock outstanding and held by 57 stockholders of record. The number of record holders was determined from the records of our transfer agent and does not include beneficial owners of common stock whose shares are held in the names of various security brokers, dealers, and registered clearing agencies.
Dividends
We have not paid any cash dividends on our common stock to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and our general financial condition. The payment of any dividends will be within the discretion of our board of directors at such time. It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate declaring any dividends in the foreseeable future. In addition, our board of directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.
ITEM 6. SELECTED FINANCIAL DATA
The selected historical consolidated statements of operations data for fiscal years 2020 and 2019 and the related selected consolidated balance sheet data as of the end of fiscal years 2020 and 2019, have been derived from our consolidated financial statements and related notes contained elsewhere in this Form 10-K. The selected historical consolidated statements of operations data for fiscal years 2018, 2017 and 2016, and the related selected consolidated balance sheet data as of the end of fiscal years 2018, 2017, and 2016, have been derived from our consolidated financial statements not included in this Form 10-K Report.
The following selected consolidated financial data should be read together with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements and related notes included in Item 8.
The following tables set forth our selected financial data for the periods and as of the dates indicated:
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Table of Conte n t s
For the twelve months ended December 31,
2020 2019 (2) 2018 2017 (1) 2016 (1)
Net Revenue $ 566,831,075 $ 388,162,281 $ 291,006,698 295,549,980 $ 279,500,235
Net Income (Loss) (342,680,799) 5,895,286 6,353,695 10,078,070 4,831,285
Net Income (Loss) Attributable to HF Foods Group Inc. (342,974,059) 5,389,677 6,286,455 9,646,071 4,715,163
Earnings (Loss) per common share - basic and diluted $ (6.58) $ 0.22 $ 0.30 $ 0.48 $ —
As of December 31,
Balance Sheet Data: 2020 2019 2018 2017 2016
Cash $ 9,580,853 $ 14,538,286 $ 5,489,404 $ 6,086,044 $ 5,956,145
Working Capital 22,343,869 40,973,863 25,454,459 10,932,809 13,199,477
Total Assets 484,285,083 802,843,794 82,476,407 80,657,900 72,616,118
Non Current Liabilities
Long-term debt, net 88,008,803 18,535,016 13,109,854 14,249,579 9,889,198
Promissory note payable - related party 7,000,000 — — — —
Obligations under finance leases, non-current 766,885 1,053,166 120,705 118,535 —
Obligations under operating leases, non-current 623,482 12,833,081 — — —
Deferred tax liabilities 46,382,704 52,320,045 1,196,061 436,212 26,236
Total Stockholders' equity $ 264,801,432 $ 607,656,732 $ 34,461,482 $ 26,898,112 $ 24,358,220
(1) Financial data for the years ended December 31, 2016 and 2017 derived from legacy HF's books and records and were not part of the Company's previous 10-K filings. The Company previously filed under the name Atlantic Acquisition Corp., a special acquisition company.
(2) The Company completed business combination with B&R Global Holdings, Inc. on November 4, 2019. Net revenue, net income, net income attributable to HF Foods Group, Inc. included operating results from B&R Global Holdings, Inc. from November 4, 2019 to December 31, 2019.