Exhibit 99.4
ONETRUST INTERNATIONAL LLC
FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
ONETRUST INTERNATIONAL LLC
FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
Table of Contents
| FINANCIAL STATEMENTS: |
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| Statement of Financial Position |
1 | |||
| Statement of Operations |
2 | |||
| Statement of Changes in Members’ Equity |
3 | |||
| Statement of Cash Flows |
4 | |||
| NOTES TO FINANCIAL STATEMENTS |
5-6 | |||
ONETRUST INTERNATIONAL LLC
STATEMENT OF FINANCIAL POSITION
SEPTEMBER 30, 2022
| Amount | ||||
| ASSETS | ||||
| CURRENT ASSETS: |
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| Cash |
$ | 1,261,951 | ||
| Accounts Receivable |
726,183 | |||
| Prepaid Expenses |
276,551 | |||
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| Total Current Assets |
2,264,685 | |||
| PROPERTY AND EQUIPMENT, Net |
29,375 | |||
| OTHER ASSETS |
8,887 | |||
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| Total Assets |
$ | 2,302,947 | ||
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| LIABILITIES AND MEMBERS’ EQUITY | ||||
| CURRENT LIABILITIES: |
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| Accounts Payable and Accrued Expenses |
$ | 582,919 | ||
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| Total Liabilities |
582,919 | |||
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| MEMBERS’ EQUITY: |
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| Paid-in Capital |
96,203 | |||
| Accumulated Earnings |
1,623,825 | |||
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| Total Members’ Equity |
1,702,028 | |||
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| Total Liabilities and Members’ Equity |
$ | 2,302,947 | ||
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The accompanying notes are an integral part of these financial statements.
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ONETRUST INTERNATIONAL LLC
STATEMENT OF OPERATIONS
SEPTEMBER 30, 2022
| Amount | ||||
| REVENUES |
$ | 5,942,102 | ||
| OPERATING EXPENSES: |
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| Salaries and Related Expenses |
2,215,617 | |||
| Occupancy, Equipment and Software |
790,305 | |||
| General and Administrative |
372,044 | |||
| Depreciation |
6,975 | |||
| Employee Benefits |
208,945 | |||
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| Total Operating Expenses |
3,593,886 | |||
| INCOME BEFORE OTHER INCOME |
2,348,216 | |||
| OTHER INCOME |
5,544 | |||
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| NET INCOME |
$ | 2,353,760 | ||
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The accompanying notes are an integral part of these financial statements.
2
ONETRUST INTERNATIONAL LLC
STATEMENT OF CHANGES IN MEMBERS’ EQUITY
SEPTEMBER 30, 2022
| Paid-In Capital | Accumulated Earnings |
Total Members’ Equity |
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| Balance - December 31, 2021 |
$ | 96,203 | $ | 1,770,065 | $ | 1,866,268 | ||||||
| Net Income |
— | 2,353,760 | 2,353,760 | |||||||||
| Members’ Distributions |
— | (2,500,000 | ) | (2,500,000 | ) | |||||||
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| Balance – September 30, 2022 |
$ | 96,203 | $ | 1,623,825 | $ | 1,720,028 | ||||||
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The accompanying notes are an integral part of these financial statements.
3
ONETRUST INTERNATIONAL LLC
STATEMENT OF CASH FLOWS
SEPTEMBER 30, 2022
| Amount | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
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| Net Income |
$ | 2,353,760 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation |
6,975 | |||
| Changes in in Assets- |
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| Accounts Receivable |
553,109 | |||
| Prepaid Expenses |
(16,097 | ) | ||
| Changes in Liabilities- |
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| Accounts Payable and Accrued Expenses |
195,540 | |||
| Income Tax Payable |
(50,559 | ) | ||
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| NET CASH PROVIDED BY OPERATING ACTIVITIES |
3,042,728 | |||
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| CASH FLOWS FROM FINANCING ACTIVITIES: |
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| Members’ Distributions |
(2,500,000 | ) | ||
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| NET CASH FLOWS USED IN FINANCING ACTIVITIES |
(2,500,000 | ) | ||
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| INCREASE IN CASH |
542,728 | |||
| CASH, Beginning of Year |
719,223 | |||
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| CASH, End of Period |
$ | 1,261,951 | ||
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The accompanying notes are an integral part of these financial statement
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ONETRUST INTERNATIONAL LLC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
1. Nature of Business and Summary of Significant Accounting Policies
ONETRUST INTERNATIONAL LLC, (the Company) was organized on June 14, 2019 in the city of San Juan, Puerto Rico as a domestic for profit limited liability company. The Company commenced operations on June 2019 and is engaged in providing mortgage loan servicing, consulting, centralized management, shared service center, and investment banking services.
The Company is a limited liability company. In a limited liability company (LLC), no member, manager, agent or employee of the LLC is personally liable for debts, obligations or liabilities of the LLC, whether arising from contract, tort or otherwise, for the acts or omission of any member, director, manager, agent or employee of the LLC, unless the individual signed a specific personal guarantee.
In the Company’s opinion, the accompanying financial statements contain all normal recurring adjustments necessary for a fair presentation of its financial statements for interim periods in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The information presented in these interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s financial statements as of and for the year ended December 31, 2021. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
2. Concentration of Credit Risk
Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash. The Company maintains its cash accounts at several high quality financial institutions, which may exceed at times the federally insured deposit limits. The amount by which cash deposits exceeded the amount insured by the Federal Deposit Insurance Corporation as of September 30, 2022, was approximately $1,011,951. The Company has not experienced any losses in such bank accounts while such financial institutions have strong credit ratings; therefore, management believes that credit risk related to these bank accounts are minimal and does not anticipate any nonperformance.
During the period ended September 30, 2022, three related party customers accounted for 100% of the Company’s revenues. A total of 100% of accounts receivable outstanding as of September 30, 2022 is concentrated in five related parties.
3. Subsequent Events
The Company has evaluated subsequent events from the statement of financial position date through December 15, 2022, the date at which the financial statements were available to be issued.
On October 1, 2022, MVB Bank, Inc. (the “Bank”) and wholly-owned subsidiary of MVB Financial Corp. (“MVB”), completed the purchase of 3,748,392.93 Class B Common Units (the “MVB Investment”) of Warp Speed Holdings LLC, a Wyoming limited liability company (“Warp Speed”), pursuant to the terms of the Equity Purchase Agreement between the Bank and Warp Speed dated March 13, 2022, as thereby assigned by the Bank to MVB effective as of April 28, 2022 (as assigned, the “Purchase Agreement”). The MVB Investment represented 37.5% of the outstanding equity interests of Warp Speed on a fully-diluted basis.
Immediately prior to the closing of the MVB Investment, the pre-closing members of Warp Speed contributed to Warp Speed all of their equity interests in certain entities under common control of the sellers specified in the Purchase Agreement, in exchange for equity interests in Warp Speed (the “Put-Together Transaction”). As of October 1, 2022,
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ONETRUST INTERNATIONAL LLC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
Warp Speed serves as a holding company for the entities contributed in the Put-Together Transaction, which are focused on residential and commercial loan origination and servicing, business and personal insurance brokerage and data analytics. The Company is included as part of a number of entities that were contributed by the Warp Speed members to Warp Speed as part of the Put-Together Transaction.
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