UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of March 2020

Commission File Number 001-38421

GOLDEN BULL LIMITED

(Translation of registrant’s name into English)

136-20 38^th Ave., Suite 9A-2, Flushing, NY 11354

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K as permitted by Regulation S-T Rule 101(b) (1): _____

Indicate by check mark if the registrant is submitting the Form 6-K as permitted by Regulation S-T Rule 101(b) (7): _____

March 23, 2020

Page 1

Item 8.01 Other Events

On March 23, 2020, Golden Bull Limited (the “Company”) announced its unaudited financial statements for the fiscal year ended December 31, 2019. Its audited financial statements are due by April 30, 2020, unless extended for the effects of the coronavirus. These unaudited results were announced in order to obtain a second grace period from Nasdaq’s maintenance requirements. The Company also stated it would effect a reverse stock split if necessary to maintain its Nasdaq listing.

Item 9.01 Financial Statements and Exhibits

99.1

Press Release dated March 23, 2020

March 23, 2020

Page 2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GOLDEN BULL LIMITED
	(Registrant)

Date: March 23, 2020	By:	/s/ Erke Huang
	Name:	Erke Huang
	Title:	Chief Financial Officer

EXHIBIT 99.1

GOLDEN BULL LIMITED

Golden Bull Limited Reports Unaudited Twelve Months

Ended December 31, 2019 Financial Results

March 23, 2020 - Golden Bull Limited (NASDAQ: DNJR) (“Golden Bull” or the “Company”), formerly an online finance marketplace, or “peer-to-peer” (“P2P”) lending company in China that provided borrowers access to short-term loans today announced its unaudited financial results for the twelve months ended December 31, 2019. The filing date for audited financial statements is April 30, 2020 unless extended for the effects of coronavirus. As previously announced, the Company shut down its peer-to-peer lending business and is commencing operations in the auto rental business and bitcoin mining business.

In order to remain in compliance with NASDAQ’s Minimum Bid Price requirement, the Company will effect a reverse stock split if necessary.

Twelve Months Ended December 31, 2019 Financial Highlights (all comparable to the prior year period):

	●	Total revenues for the twelve months ended December 31, 2019 decreased by 41.8% to approximately $4.6 million from approximately $7.9 million for the twelve months ended December 31, 2018.

	●	Net loss for the twelve months ended December 31, 2019 increased by 97.1% to approximately $6.9 million from approximately $3.5 million for twelve months ended December 31, 2018.

GOLDEN BULL LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	December 31,			December 31,
	2019			2018
	USD			USD

CURRENT ASSETS
Cash and cash equivalents		34,485			2,334,425
Other receivables		1,893,080			142,255
Prepaid costs and expenses					3,187,052
Total current assets		1,927,565			5,663,732

PROPERTY AND EQUIPMENT, NET		683,626			723,777

OTHER ASSETS
Restricted cash		600,000			600,000
Deposits for rental vehicles		3,246,277			2,482,592
Deposits for property and equipment		110,000
Prepaid expenses		-			2,200,506
Deferred tax assets		-			810,863
Total other assets		3,956,277			6,093,961

Total assets		6,567,468			12,481,470

CURRENT LIABILITIES
Other payables and accrued liabilities		1,622,755			355,434
Taxes payable		(233,447	)		47,785

Total current liabilities		1,389,308			403,219

NON CURRENT LIABILITIES
Long term payable		120,000
Total Non current liabilities		120,000

Total liabilities		1,509,308			403,219

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY

Common shares, $0.01 par value, 50,000,000 shares authorized, 14,899,185 and 13,000,000 shares issued and outstanding of December 31, 2018 and December 31, 2017*		148,992			148,992
Shares subscription receivables		(45,457	)		(45,457	)
Additional paid-in capital		15,855,220			15,855,220
Statutory reserves		6,189			6,189
Accumulated deficit		(11,105,447	)		(4,319,902	)
Accumulated other comprehensive income (loss)		(108,940	)		(33,947	)
Total shareholders’ equity		4,750,557			11,611,095

NONCONTROLLING INTEREST		307,603			467,156

Total shareholders’ equity		5,058,160			12,078,251

Total liabilities and shareholders’ equity		6,567,468			12,481,470

*Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.

GOLDEN BULL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

	For the years ended December 31,
	2019			2018			2017
	USD			USD			USD
OPERATING REVENUES
Transaction Fees		4,588,038.00			3,994,195			3,307,984
Management Fees					4,399,578			4,037,700
Sales taxes		-			(504,572	)		(391,927	)
Total operating revenues, net		4,588,038			7,889,201			6,953,757

OPERATING EXPENSES
Selling		(6,956,606	)		(4,940,784	)		(3,910,646	)
General and administrative		(2,476,987	)		(6,685,377	)		(3,916,736	)
Research and development		(137,423	)		(447,884	)		(485,852	)
Total operating expenses		(9,571,016	)		(12,074,045	)		(8,313,234	)

LOSS FROM OPERATIONS		(4,982,978	)		(4,184,844	)		(1,359,477	)

OTHER INCOME (EXPENSE)
Interest income					24,530			17,166
Other finance expenses		(1,241,482	)		(9,064	)		(1,703	)
Other income (expenses)		93,581			171,082			75,648
Total other income, net		(1,147,901	)		186,548			91,111

(LOSS) INCOME BEFORE INCOME TAXES (BENEFITS)		(6,130,879	)		(3,998,297	)		(1,268,366	)

PROVISION (BENEFIT) FOR INCOME TAXES
Current		-			84,401			10,542
Deferred		806,803			(545,572	)		(282,083	)
Total provision (benefit) for income taxes		806,803			(461,171	)		(271,541	)

NET INCOME (LOSS)		(6,937,682	)		(3,537,126	)		(996,825	)

Less: Net income (loss) attributable to noncontrolling interest		(152,136	)		(111,145	)		(54,457	)

NET INCOME (LOSS) ATTRIBUTABLE TO GOLDEN BULL LIMITED		(6,785,546	)		(3,425,981	)		(942,368	)

NET INCOME (LOSS)		(6,937,682	)		(3,537,126	)		(996,825	)

OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment		(82,410	)		(391,463	)		574,628

	For the years ended December 31,
	2019			2018			2017
	USD			USD			USD
COMPREHENSIVE LOSS		(7,020,092	)		(3,928,588	)		(422,197	)

Less: Comprehensive loss attributable to noncontrolling interest		(159,553	)		(137,955	)		(6,622	)

COMPREHENSIVE LOSS ATTRIBUTABLE TO GOLDEN BULL LIMITED		(6,860,539	)		(3,790,633	)		(415,575	)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
Basic and diluted*		14,645,593			14,392,001			6,815,134

EARNINGS (LOSS) PER SHARE
Basic and diluted*		(0.46	)		(0.24	)		(0.14	)

*Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.

GOLDEN BULL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)


											Retained earnings					Accumulated
	Ordinary Shares				Shares			Additional			(accumulated deficit)					other
	Shares*		Par Value		Subscription Receivables			paid-in capital			Statutory reserves		Unrestricted			comprehensive loss			Noncontrolling interest			Total
BALANCE, December 31, 2016		26,000	$	260	$	(45,457	)	$	8,046,392		$	6,189	$	48,447		$	(196,087	)	$	960,056		$	8,819,800
Variable interest entity acquired and contributed by shareholders		-		-		-			17,853			-		-			-			-			17,853
Noncontrolling interests acquired and contributed by shareholders		-		-		-			348,323			-		-			-			(348,323	)		-
Capital restructuring		10,942,360		109,424		-			(109,424	)		-		-			-			-			-
Issuance of ordinary shares to service providers		2,031,640		20,316		-			4,009,684			-		-			-			-			4,030,000
Net loss attributable to Golden Bull Limited		-		-		-			-			-		(942,368	)		-			-			(942,368	)
Net loss attributable to noncontrolling interest		-		-		-			-			-		-			-			(54,457	)		(54,457	)
Foreign currency translation		-		-		-			-			-		-			526,793			47,835			574,628
BALANCE, December 31, 2017		13,000,000		130,000		(45,457	)		12,312,828			6,189		(893,921	)		330,706			605,111			12,445,456
Issuance of original ordinary shares through Initial public offering, net		1,550,000		15,500		-			2,465,554			-		-			-			-			2,481,054
Issuance of over-allotment ordinary shares		232,500		2,325		-			839,325														841,650
Issuance of exercised warrants shares		63,645		636		-			(636	)													-
Issuance of ordinary shares to service consultants		53,040		530		-			238,150														238,680
Net loss attributable to Golden Bull Limited		-		-		-			-			-		(3,425,981	)								(3,425,981	)
Net loss attributable to noncontrolling interest		-		-		-			-			-		-			-			(111,145	)		(111,145	)
Foreign currency translation		-		-		-			-			-		-			(364,653	)		(26,810	)		(391,463	)
BALANCE, December 31, 2018		14,899,185	$	148,992	$	(45,457	)	$	15,855,220		$	6,189	$	(4,319,902	)	$	(33,947	)	$	467,156		$	12,078,252
Issuance of original ordinary shares through Initial public offering, net														-			-			-			-
Issuance of over-allotment ordinary shares																							-
Issuance of exercised warrants shares																							-
Issuance of ordinary shares to service consultants																							-
Net loss attributable to Golden Bull Limited														(6,785,546	)								(6,785,546	)
Net loss attributable to noncontrolling interest		-		-		-			-			-		-			-			(152,136	)		(152,136	)
Foreign currency translation		-		-		-			-			-		-			(74,993	)		(7,417	)		(82,410	)
BALANCE, December 31, 2019		14,899,185	$	148,992	$	(45,457	)	$	15,855,220		$	6,189	$	(11,105,447	)	$	(108,940	)	$	307,603		$	5,058,160

*Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.

GOLDEN BULL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	For the years ended December 31,
	2019			2018			2017
	USD			USD			USD
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(6,937,682	)		(3,537,126	)		(996,825	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		30,199			82,872			57,603
Loss on disposal of equipment					-			144
Deferred tax expenses (benefits)		810,863			(545,572	)		(282,083	)
Amortization of stock compensation expenses for services					758,750			488,334
Change in operating assets and liabilities
Other receivables		(1,750,825	)		47,043			(208,266	)
Prepaid costs and expenses		5,387,558			(1,872,945	)		(1,184,885	)
Security deposits					-			55,876
Accounts payable					-			-
Other payables and accrued liabilities		1,267,321			2,287			238,913
Deferred revenues					-			(13,651	)
Deferred rent liabilities					-			(13,410	)
Increase in Long term other payable		120,000
Taxes payable		(281,232	)		14,615			(50,489	)
Net cash used in operating activities		(1,353,798	)		(5,050,076	)		(1,908,739	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment					(753,094	)		(49,082	)
Deposits for property and equipment		(110,000	)
Deposits for rental vehicles		(763,685	)		(2,580,632	)		-
Cash acquired through variable interest entity					-			17,868
Net cash used in investing activities		(873,685	)		(3,333,726	)		(31,214	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares through initial public offerings, net					5,944,147			-
Prepaid initial public offerings costs					-			(389,635	)
Net cash provided by (used in) financing activities		0			5,944,147			(389,635	)

EFFECT OF EXCHANGE RATE ON CASH		(72,457	)		(82,699	)		407,446

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,299,940	)		(2,522,354	)		(1,922,142	)

CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year		2,934,425			5,456,778			7,378,920

CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, end of year		634,485			2,934,425			5,456,778

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income tax					84,402			10,542.42

NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES
Capital contribution on shares subscription receivables					-			-
Noncontrolling interests acquired and contributed by shareholders					-			348,323
Issuance of ordinary shares to consultants and service providers					238,680			4,030,000
Prepaid initial public offerings costs offset against initial public offerings proceeds					2,382,763			-