Nova LifeStyle Reports Third Quarter 2016 Financial Results
14 November 2016 - 2:30PM
Nova LifeStyle, Inc. (NASDAQ:NVFY), a U.S. based
fast-growing, innovative designer, manufacturer and distributor of
modern LifeStyle furniture, today announced financial results for
the third quarter ended September 30, 2016.
Third Quarter 2016 Financial
Highlights:
- Third quarter net sales were $30.5 million, an increase of
26.9% compared to $24.0 million in the prior year
period.
- The year over year increase was the result of a 55% increase in
average selling price as the Company’s recent efforts to focus its
sales mix on premium products began yielding positive
results. As expected, the focus on higher-margin, lower
volume products did negatively impact overall volumes, which fell
19% in the quarter.
- Third quarter gross margin was 15.1%, compared to 14.6% in the
prior year period, as the product focus noted above had a positive
impact on margins.
- Gross profit increased 31.3% to $4.6 million for the three
months ended September 30, 2016 compared to $3.5 million in the
same quarter of the prior year.
- Operating expenses in the third quarter of 2016 were $3.5
million, compared to $3.0 million in the third quarter of
2015. As a percentage of sales, operating expenses in the
third quarter of 2016 were 11.6% of sales versus 12.3% during the
same period a year ago.
- Net income from continuing operations was $1.0 million, or
$0.04 per diluted share based on 25.7 million shares outstanding in
the third quarter of 2016, compared to net income from continuing
operations of $0.4 million or $0.02 per diluted share based on 24.1
million shares outstanding in the same period of the prior
year.
- The Company agreed to sell its Chinese manufacturing operations
for $8.5 million in order to focus the business on an “asset light”
operating model.
Management Commentary
Tawny Lam, President and Interim Chief Executive
Officer of Nova LifeStyle, stated, "We are excited to report a very
solid third quarter for Nova LifeStyle. Our top line sales
grew nearly 27% versus the same period last year as efforts we have
made in recent quarters to focus our sales mix on higher-margin
products began to pay off in the form of higher average selling
prices and improved gross margins. Sales improved in every
geography we serve, with European sales more than doubling in this
quarter as compared to the same period last year as the regional
economy there continues to improve. Our expectation is that
growth will continue there and we are looking to capitalize on that
momentum with an increased local sales and marketing effort.”
Ms. Lam continued, “The third quarter also saw
us make a significant strategic change to our business as we agreed
to sell our Chinese operations in order to focus on an
“asset-light” operating model. The transaction, which we
announced on September 29th and closed on October 25th, added $8.5
million to our balance sheet while also eliminating a significant
source of margin pressure which has negatively impacted our results
in recent quarters. As part of our strategic transition, we
are devoting more energy and emphasis to developing our E-commerce
initiatives, as exemplified by our recent agreement with Inno
International. That partnership will allow us to engage
consumers who are utilizing reward point programs for a wide
variety of products and services.”
Operational Overview
Product CategoryNova LifeStyle’s largest selling
product categories in the three months ended September 30, 2016 and
2015 were sofas, beds and dining tables, which accounted for
approximately 57%, 15% and 6% of sales, versus 23%, 10% and 13% of
sales in the prior year period.
Geographic BreakdownNorth AmericaSales to North
America were $22.5 million in the three months ended September 30,
2016, an increase of 4% from $21.6 million in the same period of
2015. The Company is aggressively focusing on changing its product
mix while also implementing sales and marketing strategies designed
to diversify sales. Termination of promotional discounts that
were offered in the second quarter positively impacted margin in
the quarter as well.
Europe Sales to Europe were $2.9 million in the three
months ended September 30, 2016, an increase of 114.2% from $1.4
million in the same period of 2015 as European economies continued
to improve, leading to increased sales volume. Nova LifeStyle
anticipates increasing sales and marketing efforts in Europe in
order to capitalize on continued regional economic growth.
Geographical distribution of sales is set out as follows:
(US$ in millions) |
For nine
months ended September 30, |
|
For three
months ended September 30, |
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
Sales |
% of
Total |
Sales |
% of
Total |
|
Sales |
% of
Total |
Sales |
% of
Total |
North America |
|
52.5 |
|
|
72 |
% |
|
57.0 |
|
|
85 |
% |
|
|
22.5 |
|
|
74 |
% |
|
21.6 |
|
|
90 |
% |
Asia* |
|
3.6 |
|
|
5 |
% |
|
2.1 |
|
|
3 |
% |
|
|
1.7 |
|
|
6 |
% |
|
0.8 |
|
|
3 |
% |
Europe |
|
10.7 |
|
|
15 |
% |
|
6.9 |
|
|
10 |
% |
|
|
2.9 |
|
|
10 |
% |
|
1.4 |
|
|
6 |
% |
Australia |
|
3.4 |
|
|
5 |
% |
|
0.4 |
|
|
1 |
% |
|
|
1.4 |
|
|
5 |
% |
|
0.2 |
|
|
1 |
% |
Hong Kong |
|
2.2 |
|
|
3 |
% |
|
0.2 |
|
|
0 |
% |
|
|
1.9 |
|
|
6 |
% |
|
0.2 |
|
|
1 |
% |
Other countries |
|
0.2 |
|
|
0 |
% |
|
0.1 |
|
|
0 |
% |
|
|
0.1 |
|
|
0 |
% |
|
0.0 |
|
|
0 |
% |
|
$ |
72.7 |
|
|
100 |
% |
$ |
66.7 |
|
|
100 |
% |
|
$ |
30.5 |
|
|
100 |
% |
$ |
24.1 |
|
|
100 |
% |
* excluding Hong Kong |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and Cash Flow
Highlights
- Cash and cash equivalents were $5.8 million at September 30,
2016, as compared to $1.0 million as of December 31,
2015.
- Working capital at September 30, 2016 was $56.5 million, as
compared to $50.9 million at June 30, 2016; $48.3 million at
September 30, 2015; and $48.6 million at December 31, 2015.
The following is a summary of cash provided by or used in each
of the indicated types of activities during the nine months ended
September 30, 2016 and 2015:
|
|
2016 |
|
|
2015 |
|
Cash (used in) provided
by: |
|
|
|
|
|
|
Operating
activities |
|
$ |
|
(1,465,248 |
) |
|
|
$ |
(4,217,872 |
) |
Investing
activities |
|
|
|
5,274,558 |
|
|
|
|
(2,224,830 |
) |
Financing
activities |
|
|
|
1,409,387 |
|
|
|
|
5,388,462 |
|
Net cash provided by operating activities was
$1.5 million in the nine months ended September 30, 2016, a
decrease in cash outflow of $2.7 million from $4.2 million of cash
used in operating activities in the same period of 2015.
Investor InquiriesAn open line
of communication with investors and analysts remains a top priority
of the Company and management is readily available for discussions
with investors on a one on one basis. Investors and analysts
wishing to speak with management are urged to contact the Company’s
investor relations representatives at The Equity Group at +1 212
836 9600 or aprior@equityny.com.
About Nova LifeStyleNova
LifeStyle, Inc., a NASDAQ Global Markets Exchange listed company
headquartered in California, is a fast growing, innovative
designer, manufacturer and distributor of modern LifeStyle
furniture; primarily sofas, dining rooms, cabinets, office
furniture and related components, bedrooms, and various accessories
in matching collections. Nova's products are made in the US,
Europe, and Asia and include LifeStyle brands such as Diamond Sofa,
Colorful World, Giorgio Mobili, Nova QwiK, and Bright Swallow
International. Nova's products feature urban contemporary styles
that integrate comfort and functionality incorporating upscale
luxury designs appealing to LifeStyle-conscious middle and upper
middle-income consumers in the U.S., China, Europe, and elsewhere
in the world. To learn more about Nova LifeStyle, Inc., please
visit our website at www.NovaLifeStyle.com.
Safe Harbor Statement All statements in this
press release that are not historical are forward-looking
statements made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. There can be no
assurance that actual results will not differ from the company's
expectations. You are cautioned not to place undue reliance on any
forward-looking statements in this press release as they reflect
Nova's current expectations with respect to future events and are
subject to risks and uncertainties that may cause actual results to
differ materially from those contemplated. Potential risks and
uncertainties include, but are not limited to, the risks described
in Nova's filings with the Securities and Exchange Commission.
NOVA
LIFESTYLE, INC. AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(LOSS)(UNAUDITED) |
|
|
Nine Months Ended September 30, |
|
|
Three Months Ended September 30, |
|
|
|
2016 |
|
|
|
|
2015 |
|
|
|
|
2016 |
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
|
72,748,972 |
|
|
$ |
|
66,725,811 |
|
|
$ |
|
30,538,918 |
|
|
$ |
|
24,064,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
|
62,091,435 |
|
|
|
|
55,176,720 |
|
|
|
|
25,935,832 |
|
|
|
|
20,558.658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
10,657,537 |
|
|
|
|
11,549,091 |
|
|
|
|
4,603,086 |
|
|
|
|
3,505,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
Selling
Expenses |
|
|
4,358,206 |
|
|
|
|
2,709,161 |
|
|
|
|
2,050,201 |
|
|
|
|
1,151,721 |
|
General and
Administrative Expenses |
|
|
4,756,118 |
|
|
|
|
4,806,282 |
|
|
|
|
1,491,684 |
|
|
|
|
1,811,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses |
|
|
9,114,324 |
|
|
|
|
7,515,443 |
|
|
|
|
3,541,885 |
|
|
|
|
2,963,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations |
|
|
1,543,213 |
|
|
|
|
4,033,648 |
|
|
|
|
1,061,201 |
|
|
|
|
542,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expenses) |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense), net |
|
|
40,994 |
|
|
|
|
38,826 |
|
|
|
|
16,623 |
|
|
|
|
11,859 |
|
Foreign
exchange transaction gain |
|
|
(5,578 |
) |
|
|
|
(5,208 |
) |
|
|
|
(3,281 |
) |
|
|
|
(1,860 |
) |
Loss on
change in fair value and extinguishment of warrant liability |
|
|
- |
|
|
|
|
(767,096 |
) |
|
|
|
- |
|
|
|
|
(17,644 |
) |
Interest
expense |
|
|
(241,202 |
) |
|
|
|
(205,324 |
) |
|
|
|
(96,535 |
) |
|
|
|
(69,576 |
) |
Financial
expense |
|
|
(88,098 |
) |
|
|
|
(42,070 |
) |
|
|
|
(33,733 |
) |
|
|
|
(13,460 |
) |
Total Other Expenses,
Net |
|
|
(293,884 |
) |
|
|
|
(980,872 |
) |
|
|
|
(116,926 |
) |
|
|
|
(90,681 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
and Discontinued operations |
|
|
1,189,266 |
|
|
|
|
3,052,776 |
|
|
|
|
944,275 |
|
|
|
|
451,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Benefit)
Expense |
|
|
60,063 |
|
|
|
|
111,936 |
|
|
|
|
(100,656 |
) |
|
|
|
48,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income From Continuing
Operations |
|
|
1,189,266 |
|
|
|
|
2,940,840 |
|
|
|
|
1,044,931 |
|
|
|
|
403,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss From Discontinued
Operations |
|
|
(1,476,572 |
) |
|
|
|
(1,425,101 |
) |
|
|
|
(743,594 |
) |
|
|
|
(372,854 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
|
(287,306 |
) |
|
|
|
1,515,739 |
|
|
|
|
301,337 |
|
|
|
|
30,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive (Loss)
Income |
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation |
|
|
(420,752 |
) |
|
|
|
(665,170 |
) |
|
|
|
(98,638 |
) |
|
|
|
(668,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (Loss)
Income |
$ |
|
(708,058 |
) |
|
$ |
|
860,569 |
|
|
$ |
|
202,699 |
|
|
$ |
|
(638,318 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
shares outstanding |
|
|
24,937,069 |
|
|
|
|
22,362,381 |
|
|
|
|
25,558,604 |
|
|
|
|
24,144,512 |
|
Diluted weighted average
shares outstanding |
|
|
24,937,069 |
|
|
|
|
22,362,381 |
|
|
|
|
25,558,604 |
|
|
|
|
24,144,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.05 |
|
|
$ |
|
0.13 |
|
|
$ |
|
0.04 |
|
|
$ |
|
0.02 |
|
Diluted |
$ |
|
0.05 |
|
|
$ |
|
0.13 |
|
|
$ |
|
0.04 |
|
|
$ |
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
(0.06 |
) |
|
$ |
|
(0.06 |
) |
|
$ |
|
(0.03 |
) |
|
$ |
|
(0.02 |
) |
Diluted |
$ |
|
(0.06 |
) |
|
$ |
|
(0.06 |
) |
|
$ |
|
(0.03 |
) |
|
$ |
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share of common stock |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
(0.01 |
) |
|
$ |
|
0.07 |
|
|
$ |
|
0.01 |
|
|
$ |
|
0.00 |
|
Diluted |
$ |
|
(0.01 |
) |
|
$ |
|
0.07 |
|
|
$ |
|
0.01 |
|
|
$ |
|
0.00 |
|
NOVA
LIFESTYLE, INC. AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
2016 |
|
|
2015 |
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
Cash and
cash equivalents |
$ |
5,843,598 |
|
$ |
988,029 |
Accounts
receivable, net |
|
43,209,014 |
|
|
50,451,665 |
Advance to
suppliers |
|
11,549,905 |
|
|
7,958,870 |
Inventories |
|
2,272,708 |
|
|
5,254,029 |
Prepaid
expenses and other receivables |
|
1,305,327 |
|
|
1,180,452 |
Assets held
for sale |
|
25,055,319 |
|
|
- |
|
|
|
|
|
|
Total Current
Assets |
|
89,235,871 |
|
|
65,833,045 |
|
|
|
|
|
|
Noncurrent
Assets |
|
|
|
|
|
Heritage and
cultural assets |
|
- |
|
|
124,868 |
Plant,
property and equipment, net |
|
174,133 |
|
|
15,201,395 |
Lease
deposit |
|
43,260 |
|
|
94,235 |
Deposits for
equipment and factory construction |
|
- |
|
|
143,758 |
Goodwill |
|
218,606 |
|
|
218,606 |
Intangible
assets, net |
|
5,818,504 |
|
|
8,062,649 |
Deferred tax
asset |
|
61,000 |
|
|
69,451 |
|
|
|
|
|
|
Total Noncurrent
Assets |
|
6,315,503 |
|
|
23,914,962 |
|
|
|
|
|
|
Total
Assets |
$ |
95,551,374 |
|
$ |
89,748,007 |
|
|
|
|
|
|
NOVA
LIFESTYLE, INC. AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
September 30, |
|
|
December 31, |
|
|
2016 |
|
|
2015 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
Accounts
payable |
$ |
6,354,379 |
|
$ |
9,822,857 |
Line of
credit |
|
8,033,733 |
|
|
4,604,560 |
Advance from
customers |
|
648,756 |
|
|
187,359 |
Accrued
liabilities and other payables |
|
1,129,541 |
|
|
2,584,622 |
Deposit
received from buyer |
|
5,500,000 |
|
|
- |
Taxes
payable |
|
129,644 |
|
|
5,773 |
Liabilities
held for sale |
|
10,891,907 |
|
|
- |
|
|
|
|
|
|
Total Current
Liabilities |
|
32,687,960 |
|
|
17,205,171 |
|
|
|
|
|
|
Noncurrent
Liabilities |
|
|
|
|
|
Line of
credit |
|
- |
|
|
5,659,357 |
Deferred
rent payable |
|
- |
|
|
89,904 |
Income tax
payable |
|
2,075,175 |
|
|
6,801,893 |
|
|
|
|
|
|
Total Noncurrent
Liabilities |
|
2,269,303 |
|
|
12,551,154 |
|
|
|
|
|
|
Total
Liabilities |
|
34,763,135 |
|
|
29,756,325 |
|
|
|
|
|
|
Contingencies and
Commitments |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
Common
stock, $0.001 par value; 75,000,000 shares authorized, |
|
|
|
|
|
25,716,271
and 24,254,160 shares issued and outstanding; |
|
|
|
|
|
As of
September 30, 2016 and December 31, 2015, respectively |
|
25,716 |
|
|
24,254 |
Additional
paid-in capital |
|
33,265,136 |
|
|
31,761,983 |
Statutory
reserves |
|
6,241 |
|
|
6,241 |
Accumulated
other comprehensive income |
|
1,149,782 |
|
|
1,570,534 |
Retained
earnings |
|
26,341,364 |
|
|
26,628,670 |
|
|
|
|
|
|
Total
Stockholders’ Equity |
|
60,788,239 |
|
|
59,991,682 |
|
|
|
|
|
|
Total Liabilities
and Stockholders’ Equity |
$ |
95,551,374 |
|
$ |
89,748,007 |
NOVA
LIFESTYLE, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2016 AND 2015 |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(Unaudited) |
|
|
|
|
|
Cash Flows From
Operating Activities |
|
|
|
|
Net (loss)
income |
$ |
|
1,189,266 |
|
$ |
|
2,940,840 |
|
Adjustments
to reconcile net (loss) income to net cash |
|
|
|
|
Used in
operating activities: |
|
|
|
|
Depreciation
and amortization |
|
|
462,194 |
|
|
|
377,085 |
|
Stock
compensation expense |
|
|
1,216,765 |
|
|
|
1,089,549 |
|
Change in
fair value and extinguishment of warrant liability |
|
|
- |
|
|
|
767,096 |
|
Changes in
bad debt expenses |
|
|
33,818 |
|
|
|
651,989 |
|
Changes in
operating assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
|
(558,573 |
) |
|
|
(8,429,217 |
) |
Advance to
suppliers |
|
|
(3,613,765 |
) |
|
|
1,900,128 |
|
Inventories |
|
|
241,611 |
|
|
|
(2,124,204 |
) |
Other
current assets |
|
|
(711,727 |
) |
|
|
(555,168 |
) |
Accounts
payable |
|
|
129,278 |
|
|
|
(543,253 |
) |
Advance from
customers |
|
|
584,968 |
|
|
|
(56,125 |
) |
Accrued
expenses and other payables |
|
|
(325,799 |
) |
|
|
(515,286 |
) |
Deferred
rent payable |
|
|
- |
|
|
|
(1,260 |
) |
Taxes
payable |
|
|
52,864 |
|
|
|
17,949 |
|
|
|
|
|
|
Net Cash Provided
by (Used) in Continuing Operations |
|
|
(1,299,100 |
) |
|
|
(4,479,877 |
) |
Net Cash Provided
by (Used) in Discontinued Operations |
|
|
(166,148 |
) |
|
|
262,005 |
|
Net Cash Provided
by (Used) in Operating Activities |
|
|
(1,465,248 |
) |
|
|
(4,217,872 |
) |
|
|
|
|
|
Cash Flows From
Investing Activities |
|
|
|
|
Purchase of
property and equipment |
|
|
(7,272 |
) |
|
|
(1,525 |
) |
Cash
received from Buyer |
|
|
5,500,000 |
|
|
|
- |
|
Construction
in progress |
|
|
- |
|
|
|
(112,750 |
) |
|
|
|
|
|
Net Cash Used in
Continuing Operations |
|
|
5,492,728 |
|
|
|
(114,275 |
) |
Net Cash Used
Provided by Discontinued Operations |
|
|
(218,170 |
) |
|
|
(1,325,154 |
) |
Net Cash Used in
Investing Activities |
|
|
5,274,558 |
|
|
|
(1,439,429 |
) |
|
|
|
|
|
Cash Flows From
Financing Activities |
|
|
|
|
Proceeds
from line of credit and bank loan |
|
|
29,828,074 |
|
|
|
25,603,644 |
|
Repayment to
line of credit and bank loan |
|
|
(29,301,699 |
) |
|
|
(24,896,823 |
) |
Proceeds
from warrant exercised |
|
|
203,250 |
|
|
|
- |
|
Proceeds
from equity financing, net of expenses of $355,000 |
|
|
- |
|
|
|
3,645,002 |
|
|
|
|
|
|
Net Cash Used in
Continuing Operations |
|
|
729,625 |
|
|
|
4,351,823 |
|
Net Cash Used
Provided by Discontinued Operations |
|
|
319,762 |
|
|
|
1,036,639 |
|
Net Cash Provided
by Financing Activities |
$ |
|
1,049,387 |
|
$ |
|
5,388,462 |
|
NOVA
LIFESTYLE, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONTINUED)FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2016 AND 2015(UNAUDITED) |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(Unaudited) |
|
|
|
|
|
Effect of Exchange Rate Changes on Cash and Cash
Equivalents |
$ |
|
(3,128 |
) |
$ |
|
(4,595 |
) |
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents |
|
|
4,855,569 |
|
|
|
(273,434 |
) |
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
|
988,029 |
|
|
|
1,244,308 |
|
|
|
|
|
|
Cash and cash
equivalents, ending of period |
$ |
|
5,843,598 |
|
$ |
|
970,874 |
|
|
|
|
|
|
Supplemental
Disclosure of Cash Flow Information |
|
|
|
|
|
|
|
|
|
Cash paid
during the period for: |
|
|
|
|
Income tax
payments |
$ |
|
7,200 |
|
$ |
|
93,984 |
|
Interest
expense |
$ |
|
371,036 |
|
$ |
|
282,961 |
|
|
|
|
|
|
Supplemental
Disclosure of Non-Cash Investing and Financing
Activities |
|
|
|
|
|
|
|
|
|
Deposit on
plant construction and website design transfer to construction in
progress |
$ |
|
- |
|
$ |
|
726,722 |
|
Issuance of
common stock in exchange of surrender and termination of
warrants |
$ |
|
- |
|
$ |
|
2,212,707 |
|
Company Contact:
Investor Relations:
The Equity Group Inc.
In U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
aprior@equityny.com
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com
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