Financial Performance - For fiscal years ending December 31, 2020 and 2019, the company's revenues were 20.1 million, respectively, with application development services representing 82.5% of total revenue in fiscal 2020[234]. - Powerbridge generated revenue from a total of 602 customers in the fiscal year ended December 31, 2020, compared to 488 customers in 2019, representing a growth of approximately 23.4%[335]. - Research and Development expenses for Powerbridge were approximately 2.16 million in 2019, reflecting a growth of about 28.5%[342]. - Sales and marketing expenses for Powerbridge were approximately 334.5 million in 2019 and is expected to grow to 488 million in 2018 and is predicted to grow at more than 69% CAGR between 2019 and 2025[239]. - The company plans to expand into international markets by collaborating with Chinese organizations involved in the Belt and Road Initiative, which will help mitigate risks and reduce costs[249]. - The company intends to increase market penetration by leveraging its deep domain knowledge and building strategic partnerships with government and corporate organizations[248]. Technology and Innovation - The company intends to leverage emerging technologies such as big data, artificial intelligence, and Internet of Things to enhance its core technology capabilities[233]. - The company aims to leverage big data technologies to process and analyze large volumes of global trade transaction data, enhancing its service offerings[324]. - Powerbridge's IoT applications facilitate efficient monitoring and control of trade-related vehicles and containers, improving operational efficiency at checkpoints[331]. - The BaaS platform is designed to provide high scalability and performance, utilizing smart contracts for automated transaction processing[318]. Product and Service Development - The company has begun offering Powerbridge BaaS Services since June 2019, targeting limited government customers and generating limited revenue[230]. - Revenue from subscription services generated from Powerbridge SaaS Services represented 3.3% of total revenue in fiscal 2020[234]. - The company introduced Powerbridge SaaS Services in 2016, designed to provide significant benefits such as lower operational costs and faster processing times for global trade[251]. - The Powerbridge BaaS Services aim to provide significant improvements in workflow performance and reduce document handling through blockchain technology[293]. Customer Base and Relationships - The company has a solid customer base that includes global trade businesses, government agencies, and logistics service providers, enabling cross-selling opportunities[241]. - The company plans to increase revenue by leveraging existing customer relationships and identifying new use cases for its global trade software applications and technology services[247]. Research and Development - As of the date of the annual report, the company had a total of 236 full-time employees, with 106 in research and development[237]. - Powerbridge's R&D team consists of 106 full-time personnel, focusing on continuous innovation and rapid delivery of high-quality products[342]. Legal and Regulatory Environment - The company is not currently a party to any legal proceedings that would have a material adverse effect on its business[358]. - The company has entered into comprehensive confidentiality agreements with management and consultants to protect its intellectual property[349]. - The New M&A Rule mandates that offshore special purpose vehicles must obtain CSRC approval before listing on overseas exchanges[377]. Operational Aspects - The company maintains its headquarters in Zhuhai, China, with approximately 1,200 square meters of office space[352]. - The company does not own any real property and leases all of its facilities[352]. - The company has not experienced any labor disputes and none of its employees are represented by a labor union[356].
Powerbridge(PBTS) - 2020 Q4 - Annual Report