UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
May 15, 2015
SUTOR
TECHNOLOGY GROUP LIMITED
(Exact
name of registrant as specified in its charter)
Nevada |
001-33959 |
87-0578370 |
|
|
|
(State of Incorporation) |
(Commission File No.) |
(IRS Employer ID No.) |
No. 8, Huaye Road
Dongbang Industrial Park
Changshu, China 215534
(Address of Principal Executive Offices)
(86) 512-52680988
Registrant’s Telephone Number, Including
Area Code:
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Item
2.02. Results of Operations and Financial Condition.
On May 15, 2015, Sutor Technology Group
Limited (the “Company”) issued a press release announcing its unaudited financial results for the third quarter of
fiscal year 2015 ended March 31, 2015.
A copy of the press release is hereby furnished
as Exhibit 99.1 and incorporated herein by reference.
The information contained in this Current
Report on Form 8-K and the exhibit attached hereto shall not be deemed to be “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that
section, nor shall such information or such exhibit be deemed incorporated by reference in any filing under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01.
Regulation FD Disclosure.
The information set forth in Item 2.02 above is incorporated
by reference herein.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits
Exhibit |
|
Description |
99.1 |
|
Press release dated May 15, 2015, announcing financial results for the third quarter of fiscal year 2015 |
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 hereunto duly authorized.
Sutor Technology Group Limited |
|
Date: May 15, 2015 |
|
/s/ Lifang Chen |
|
Chief Executive Officer |
EXHIBIT INDEX
Exhibit |
|
Description |
99.1 |
|
Press release dated May 15, 2015, announcing its financial results for the third quarter of fiscal year 2015 |
Exhibit 99.1
Sutor Technology Group Limited Reports
Third Quarter of Fiscal Year 2015 Financial
Results
CHANGSHU, China, May 15, 2015 -- Sutor
Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the leading China-based manufacturers
and service providers for fine finished steel products used by a variety of downstream applications, today announced its unaudited
financial results for the third quarter of fiscal year 2015 ended March 31, 2015.
Ms. Lifang Chen, CEO and President of Sutor,
commented, “Since the Company changed its traditional production model, Sutor Technology Co., Ltd, one of our subsidiaries
( “Sutor Technology PRC”) has become a brand operation and service center. We are pleased to see that Sutor Technology
PRC generated 47.6% of Company’s total revenue in this fiscal quarter, and its revenue increased by 773.7% compared with
the same period of fiscal year 2014. Through our efforts in brand promotion and development of online-to-offline (O2O) E-commerce,
Sutor Technology PRC’s online orders increased gradually. With active expansion and development in emerging markets, our
revenues from related parties in this quarter declined 100.0% compared with the same period of last year.
Ms. Chen continued, “To better build
Sutor into a customized fine steel processing service provider, the other three subsidiaries Changshu Huaye Steel Strip Co., Ltd.
(“Changshu Huaye”), Jiangsu Cold-Rolled Technology Co., Ltd. (“Jiangsu Cold-Rolled”) and Ningbo Zhehua
Heavy Steel Pipe Manufacturing Co., Ltd. (“Ningbo Zhehua”) carried on customized processing services actively. To further
Company’s transformation, Ningbo Zhehua introduced two precision cold rolling production lines with capacity of 100,000 and
200,000 metric tons, respectively, to increase our cold rolled market shares and expand the scope of our existing steel pipe lines.
These two production lines are now under installation and testing.
“We abandoned massive extensive growth
model and are transforming from a traditional steel products manufacturer to an advanced service provider in fine finished steel
supply chain. Our efforts in launching O2O E-commerce strategy, constantly improving fine finished steel customized processing
model and developing emerging logistic distribution networking system are all our solid steps in reaching goal of transformation.
We believe that our transformation and upgrading certainly help us to obtain competitive advantages.” Ms. Chen concluded.
Third Quarter of Fiscal Year 2015 Results
Revenue. For the three months
ended March 31, 2015, revenue was $21.1 million, compared to $96.4 million for the same period last year, a decrease of $75.3 million,
or 78.1 %.The decrease was mainly attributable to the change in our business model. In the past, our revenue was primarily derived
from selling manufactured products and the sales price included the cost of steel sheets plus a gross profit. With the fee-based
processing services, the price of pure processing services does not include the cost of steel sheets as the customers are responsible
for procurement of the raw materials. As a result, revenue from processing one ton of fine finished steel products is only a fraction
of the revenue from the traditional business model. Compared with 4.7% fee-based processing service revenue during the same period
of last year, 19.1% of its revenue for the three months ended March 31, 2015 generated from fee-based processing service. In addition,
we did not produce PPGI steel as the production line was shut down for scheduled technical upgrading.
On a geographic basis, revenue generated
from outside of China was $1.3 million, or 5.9% of the total revenue, for the three months ended March 31, 2015, as compared to
$3.8 million, or 4.0% of the total revenue, for the same period in 2014. We did not produce PPGI steel as the production line was
shut down for scheduled technical upgrading. PPGI products are company’s main exported products. In addition, we lowered
the price of our products in order to gain international market penetration.
Cost
of Revenue. Cost of revenue decreased by $66.9 million, or 75.1%, to $22.2 million in the three months ended March
31, 2015, from $89.1 million in the same period in 2014. As a percentage of revenue, cost of revenue increased to 105.1% in the
three months ended March 31, 2015, as compared to 92.4% in the same period last year. The decrease in cost of revenue was mainly
due to our new fee-based processing model, which significantly reduced our cost of revenue. However, its percentage of revenue
increased because those fixed costs including depreciation and amortization cost did not decrease at the early stage of our transformation
period.
Gross
profit and gross margin. Gross profit decreased by $8.4 million to $(1.1) million in the three months ended March
31, 2015, from $7.3 million in the same period in 2014. Gross profit as a percentage of revenue (gross margin) was (5.1)% for the
three months ended March 31, 2015, as compared to 7.6% for the same period last year. The main reason for the declined gross margin
was the upgrading of our PPGI production line and as a result, we did not produce high margin PPGI products during this quarter.
In addition, in order to expand sales channels, we offered more competitive prices for processing services to attract more customers.
Total
operating expenses. Our total operating expenses was $2.5 million in the three months ended March 31, 2015, from
$3.7 million in the same period in 2014. As a percentage of revenue, our total operating expenses increased to 12.0% in the three
months ended March 31, 2015, from 3.8% in the same period in 2014.
Selling expenses. Our selling
expenses decreased by $0.5 million to $0.5 million in the three months ended March 31, 2015, from $1.0 million in the same period
in 2014. As a percentage of revenue, our selling expenses increased to 2.3% for the three months ended March 31, 2015, from 1.0%
for the same period last year. The reason for the decreased selling expenses is mainly because we optimized the delivery model
which reduced the selling expenses effectively.
General and administrative expenses. General and
administrative expenses increased by $0.7 million to $2.0 million, or 9.7% of the total revenue, in the three months ended March
31, 2015, from $2.7 million, or 2.8% of the revenue, in the same period in 2014. The increased general and administrative expenses
were primarily due to the increased office expenses and other fixed miscellaneous expenses in this fiscal quarter.
Interest expense. Our interest expense decreased
by $1.8 million to $0.2 million in the three months ended March 31, 2015, from $2.0 million in the same period in 2014. As a percentage
of revenue, our interest expense was 0.8% of total revenue in the three months ended March 31, 2015, compared to 2.1% in the same
period in 2014. The decrease was mainly due to a change in financing structure. We converted bank note payables to short term loans,
which reduced the restricted cash and financial cost.
Provision for income taxes. Our income tax benefit
was $1.3 million in the three months ended March 31, 2015, from $0.6 million of income tax expense in the same period last year,
due to the decreased taxable profit amount.
Net income. Net income, without including the
foreign currency translation adjustment, decreased by $3.7 million, or 329.2%, to $(2.6) million in the three months ended March
31, 2015, from $1.1 million in the same period in 2014, as a cumulative result of the above factors.
Liquidity and Capital Resources
As of March 31, 2015, we had cash and cash
equivalents (excluding restricted cash) of $2.6 million and no restricted cash. Our short-term loans were approximately $203.4
million. We also had approximately $11.0 million long-term loans. As of March 31, 2015, the Company had an unused line of credit
with banks of approximately $31.0 million which entitled us to draw bank loans for general corporate purposes. We do not have any
large capital expenditure for new investment projects for the coming months.
Conference Call Information
Sutor's management will host an earnings conference call today,
May 15, 2015, at 9:00 a.m. U.S. Eastern time/9:00 pm Beijing/Hong Kong time. Listeners may access the call by dialing US: +1 877
847 0047, CN: 800 876 5011, HK +852 3006 8101, access code: SUTR. A recording of the call will be available shortly after the call
through June 15, 2015. Listeners may access it by dialing US: +1 866 572 7808, CN: 800 876 5013, HK: +852 3012 8000, access code:
714488.
Functional Currency
The functional currency of the Company
is the Chinese Yuan Renminbi ("RMB"); however, the accompanying financial information has been expressed in United States
Dollars ("USD"). The accompanying consolidated balance sheets have been translated into USD at the exchange rates prevailing
at each balance sheet date. The accompanying consolidated statements of operations and cash flows have been translated using the
weighted-average exchange rates prevailing during the periods of each statement. Transactions in the Company's equity securities
have been recorded at the exchange rate existing at the time of the transaction.
About Sutor Technology Group Limited
Sutor is one of the leading China-based
manufacturers and service providers for high-end fine finished steel products and welded steel pipes used by a variety of downstream
applications. The Company utilizes a variety of in-house developed processes and technologies to convert steel manufactured by
third parties into fine finished steel products, including hot-dip galvanized steel, pre-painted galvanized steel, acid-pickled
steel, cold-rolled steel and welded steel pipe products. The Company also offers fee-based steel processing services and sells
products through electronic commerce platforms. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are “forward-looking statements” in nature within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include, among others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number
of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in
the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk
Factors" section of our Annual Report on Form 10-K for the year ended June 30, 2014, and other risks mentioned in our other
reports filed with the Securities Exchange Commission (“SEC”). Copies of filings made with the SEC are available through
the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov. The words "believe," "expect,"
"anticipate," "project," "targets," "optimistic," "intend," "aim,"
"will" or similar expressions are intended to identify forward-looking statements. All statements other than statements
of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not
intend to update any forward-looking statements, except as required by law.
For more
information, please contact:
Investor
Relations
Sutor Technology
Group Limited
Tel: +86-512-5268-0988
Email: investor_relations@sutorcn.com
Financial Tables Below:
SUTOR TECHNOLOGY GROUP LIMITED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| |
March 31, | | |
June 30, | |
| |
2015 | | |
2014 | |
| |
| | |
| |
ASSETS | |
| | |
| |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 2,611,240 | | |
$ | 12,178,225 | |
Restricted cash | |
| - | | |
| 60,860,255 | |
Short-term investments | |
| - | | |
| 3,248,652 | |
Trade accounts receivable, unrelated parties, net of allowance for doubtful accounts of $1,287,544 and $1,368,723, respectively | |
| 7,591,806 | | |
| 6,331,702 | |
Trade accounts receivable, related parties | |
| 39,490,041 | | |
| 16,149,269 | |
Notes receivables | |
| 63,657 | | |
| 194,919 | |
Other receivables and prepayments, unrelated parties, net of allowance for doubtful accounts of $325,427 and $255,628, respectively | |
| 2,001,352 | | |
| 1,875,785 | |
Other receivables and prepayments, related parties | |
| 407,931 | | |
| 405,558 | |
Advances to suppliers, unrelated parties, net of allowance for doubtful accounts of $619,141 and $527,673, respectively | |
| 8,111,881 | | |
| 8,645,751 | |
Advances to suppliers, related parties | |
| 275,880,702 | | |
| 286,085,768 | |
Inventories, net | |
| 29,895,466 | | |
| 78,277,682 | |
Current deferred tax assets | |
| 4,160,207 | | |
| 1,507,840 | |
Total Current Assets | |
| 370,214,283 | | |
| 475,761,406 | |
Non-current Assets: | |
| | | |
| | |
Advances for purchase of long term assets | |
| 85,739 | | |
| 85,241 | |
Long-term advances to suppliers, related parties, net | |
| 33,287,396 | | |
| - | |
Property, plant and equipment, net | |
| 82,949,711 | | |
| 87,121,382 | |
Intangible assets, net | |
| 3,524,275 | | |
| 3,568,855 | |
Long-term investments | |
| 1,825,349 | | |
| 1,814,734 | |
Total Non-current Assets | |
| 121,672,470 | | |
| 92,590,212 | |
TOTAL ASSETS | |
$ | 491,886,753 | | |
$ | 568,351,618 | |
| |
| | |
| |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | |
| |
Current Liabilities: | |
| | |
| |
Short-term loans | |
$ | 203,376,129 | | |
$ | 139,223,123 | |
Accounts payable, unrelated parties | |
| 7,996,523 | | |
| 5,843,599 | |
Accounts payable, related parties | |
| 352,907 | | |
| - | |
Notes payable | |
| 1,670,006 | | |
| 136,274,446 | |
Other payables and accrued expenses, unrelated parties | |
| 14,974,459 | | |
| 4,613,201 | |
Other payables and accrued expenses, related parties | |
| 3,378,641 | | |
| 3,110,196 | |
Advances from customers, unrelated parties | |
| 9,095,000 | | |
| 7,917,111 | |
Advances from customers, related parties | |
| 628,758 | | |
| 15,114,353 | |
Warrant liabilities | |
| - | | |
| 866 | |
Total Current Liabilities | |
| 241,472,423 | | |
| 312,096,895 | |
Non-Current Liabilities | |
| | | |
| | |
Long-term loans, unrelated parties | |
| 2,859,995 | | |
| 2,859,995 | |
Long-term loans, related parties | |
| 8,182,018 | | |
| 8,182,018 | |
Total Non-current Liabilities | |
| 11,042,013 | | |
| 11,042,013 | |
Total Liabilities | |
| 252,514,436 | | |
| 323,138,908 | |
| |
| | | |
| | |
Stockholders' Equity | |
| | | |
| | |
Undesignated preferred stock - $0.001 par value; 1,000,000 shares authorized; nil shares outstanding | |
| - | | |
| - | |
Common stock - $0.001 par value; authorized: 500,000,000 shares as of March 31, 2015 and June 30, 2014; issued: 42,282,267 shares and 42,252,267 shares as of March 31, 2015 and June 30, 2014, respectively | |
| 42,282 | | |
| 42,252 | |
Additional paid-in capital | |
| 43,797,358 | | |
| 43,652,089 | |
Statutory reserves | |
| 22,725,841 | | |
| 22,725,841 | |
Retained earnings | |
| 129,464,830 | | |
| 137,081,594 | |
Accumulated other comprehensive income | |
| 43,993,515 | | |
| 42,362,443 | |
Less: Treasury stock, at cost, 590,838 as of March 31, 2015 and June 30, 2014 | |
| (651,509 | ) | |
| (651,509 | ) |
Total Stockholders' Equity | |
| 239,372,317 | | |
| 245,212,710 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | |
$ | 491,886,753 | | |
$ | 568,351,618 | |
SUTOR TECHNOLOGY GROUP LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
AND COMPREHENSIVE INCOME
| |
For The Three Months Ended | | |
For The Nine Months Ended | |
| |
March 31, | | |
March 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| |
Revenue from unrelated parties – sales of goods | |
$ | 17,053,145 | | |
$ | 50,478,926 | | |
$ | 42,779,567 | | |
$ | 254,891,263 | |
Revenue from unrelated parties – services | |
| 4,013,826 | | |
| - | | |
| 17,583,405 | | |
| - | |
Revenue from related parties – sales of goods | |
| 21,860 | | |
| 45,898,686 | | |
| 83,972,747 | | |
| 108,911,484 | |
Revenue from related parties - services | |
| - | | |
| - | | |
| 43,191 | | |
| - | |
Total Revenue | |
| 21,088,831 | | |
| 96,377,612 | | |
| 144,378,910 | | |
| 363,802,747 | |
Cost of Revenue | |
| (22,163,818 | ) | |
| (89,054,821 | ) | |
| (142,025,978 | ) | |
| (330,651,702 | ) |
Gross Profit | |
| (1,074,987 | ) | |
| 7,322,791 | | |
| 2,352,932 | | |
| 33,151,045 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Selling expenses | |
| (480,426 | ) | |
| (1,006,441 | ) | |
| (1,506,935 | ) | |
| (4,339,215 | ) |
General and administrative expenses | |
| (2,043,997 | ) | |
| (2,687,763 | ) | |
| (6,180,614 | ) | |
| (8,216,753 | ) |
Total Operating Expenses | |
| (2,524,423 | ) | |
| (3,694,204 | ) | |
| (7,687,549 | ) | |
| (12,555,968 | ) |
Income from Operations | |
| (3,599,410 | ) | |
| 3,628,587 | | |
| (5,334,617 | ) | |
| 20,595,077 | |
| |
| | | |
| | | |
| | | |
| | |
Other Incomes/(Expenses): | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 2,194 | | |
| 771,046 | | |
| 618,058 | | |
| 2,607,812 | |
Interest expense | |
| (177,191 | ) | |
| (1,998,580 | ) | |
| (5,593,946 | ) | |
| (6,376,833 | ) |
Changes in fair value of warrant liabilities | |
| 138 | | |
| 143,567 | | |
| 866 | | |
| 76,669 | |
Income from equity method investments | |
| - | | |
| 30,681 | | |
| - | | |
| 296,809 | |
Other income | |
| (13,019 | ) | |
| (90,919 | ) | |
| 280,079 | | |
| 128,107 | |
Other expense | |
| (34,125 | ) | |
| (744,370 | ) | |
| (219,055 | ) | |
| (964,150 | ) |
Total Other Expenses, net | |
| (222,003 | ) | |
| (1,888,575 | ) | |
| (4,913,998 | ) | |
| (4,231,586 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income/(Loss) Before Taxes | |
| (3,821,413 | ) | |
| 1,740,012 | | |
| (10,248,615 | ) | |
| 16,363,491 | |
Income tax (expense)/benefit | |
| 1,269,521 | | |
| (626,356 | ) | |
| 2,631,851 | | |
| (3,666,452 | ) |
Net Income/(Loss) | |
$ | (2,551,892 | ) | |
$ | 1,113,656 | | |
$ | (7,616,764 | ) | |
$ | 12,697,039 | |
| |
| | | |
| | | |
| | | |
| | |
Other Comprehensive Income: | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| 1,150,656 | | |
| (2,422,686 | ) | |
| 1,631,072 | | |
| 714,426 | |
Comprehensive Income/(Loss) | |
$ | (1,401,236 | ) | |
$ | (1,309,030 | ) | |
$ | (5,985,692 | ) | |
$ | 13,411,465 | |
| |
| | | |
| | | |
| | | |
| | |
Basic Earnings/(Loss) per Share | |
$ | (0.06 | ) | |
$ | 0.03 | | |
$ | (0.18 | ) | |
$ | 0.31 | |
Diluted Earnings/(Loss) per Share | |
$ | (0.06 | ) | |
$ | 0.03 | | |
$ | (0.18 | ) | |
$ | 0.31 | |
| |
| | | |
| | | |
| | | |
| | |
Basic Weighted Average Shares Outstanding | |
| 41,679,096 | | |
| 41,548,819 | | |
| 41,667,232 | | |
| 41,470,152 | |
Diluted Weighted Average Shares Outstanding | |
| 41,679,096 | | |
| 41,548,819 | | |
| 41,667,232 | | |
| 41,470,152 | |
| |
| | | |
| | | |
| | | |
| | |
SUTOR TECHNOLOGY GROUP LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
| |
For The Nine Months Ended | |
| |
March 31, | |
| |
2015 | | |
2014 | |
Cash Flows from Operating Activities: | |
| | |
| |
Net (loss)/income | |
$ | (7,616,764 | ) | |
$ | 12,697,039 | |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities | |
| | | |
| | |
Depreciation and amortization | |
| 6,278,329 | | |
| 6,800,389 | |
Provision/(reversal) for doubtful accounts | |
| 67,797 | | |
| (121,322 | ) |
Stock based compensation | |
| 145,299 | | |
| 398,123 | |
Foreign currency exchange gain | |
| - | | |
| (37,907 | ) |
Gain on disposal of property, plant and equipment | |
| - | | |
| (11,075 | ) |
Income from equity method investments | |
| - | | |
| (296,809 | ) |
Deferred income taxes | |
| (2,631,851 | ) | |
| (8,987 | ) |
Changes in fair value of warrant liabilities | |
| (866 | ) | |
| (76,669 | ) |
Changes in current assets and liabilities: | |
| | | |
| | |
Restricted cash | |
| 60,945,391 | | |
| (7,926,735 | ) |
Trade accounts receivable, unrelated parties | |
| (1,129,463 | ) | |
| (588,183 | ) |
Trade accounts receivable, related parties | |
| (23,143,463 | ) | |
| (26,643,587 | ) |
Notes receivable | |
| 131,816 | | |
| - | |
Other receivables and prepayments, unrelated parties | |
| (182,090 | ) | |
| (1,821,968 | ) |
Advances to suppliers, unrelated parties | |
| 493,863 | | |
| 21,997,275 | |
Advances to suppliers, related parties | |
| (21,316,668 | ) | |
| (89,009,045 | ) |
Inventories | |
| 48,620,660 | | |
| (38,600,780 | ) |
Accounts payable, unrelated parties | |
| 1,255,961 | | |
| 64,198,549 | |
Accounts payable, related parties | |
| 351,345 | | |
| 41,735,109 | |
Notes payable | |
| (134,802,460 | ) | |
| - | |
Other payables and accrued expenses, unrelated parties | |
| 10,294,917 | | |
| 247,358 | |
Other payables and accrued expenses, related parties | |
| 259,895 | | |
| 27,528,078 | |
Advances from customers, unrelated parties | |
| 1,128,382 | | |
| 4,702,254 | |
Advances from customers, related parties | |
| (14,509,520 | ) | |
| 15,989,417 | |
Net Cash (Used in)/Provided by Operating Activities | |
| (75,359,490 | ) | |
| 31,150,524 | |
| |
| | | |
| | |
Cash Flows from Investing Activities: | |
| | | |
| | |
Purchase of property, plant and equipment | |
| (786,588 | ) | |
| (8,488,717 | ) |
Proceeds from disposal of property, plant and equipment | |
| 87,374 | | |
| 17,178 | |
Purchase of intangible assets | |
| - | | |
| (568,119 | ) |
Payments for short-term investments | |
| - | | |
| (13,851,544 | ) |
Proceeds from sale of short-term investments | |
| 3,253,196 | | |
| - | |
Net Cash Provided by/(Used In) Investing Activities | |
| 2,553,982 | | |
| (22,891,202 | ) |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Proceeds from loans | |
| 178,913,067 | | |
| 93,219,276 | |
Repayment of loans | |
| (115,854,623 | ) | |
| (121,389,798 | ) |
Proceeds from issuance of common stock | |
| - | | |
| 1,500,000 | |
Changes in restricted cash | |
| - | | |
| 21,517,459 | |
Net Cash Provided by Financing Activities | |
| 63,058,444 | | |
| (5,153,063 | ) |
| |
| | | |
| | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | |
| 180,079 | | |
| (12,317 | ) |
| |
| | | |
| | |
Net Change in Cash and Cash Equivalents | |
| (9,566,985 | ) | |
| 3,093,942 | |
Cash and Cash Equivalents at Beginning of Period | |
| 12,178,225 | | |
| 3,601,385 | |
Cash and Cash Equivalents at End of Period | |
$ | 2,611,240 | | |
$ | 6,695,327 | |
Supplemental Non-Cash Information: | |
| | | |
| | |
Accounts payable for purchase of long-term assets | |
$ | 853,408 | | |
$ | 110,393 | |
Advances for purchase of long-term assets | |
$ | - | | |
$ | 17,123,508 | |
| |
| | | |
| | |
Supplemental Cash Flow Information: | |
| | | |
| | |
Cash paid during the period for interest expense | |
$ | (4,160,475 | ) | |
$ | (7,256,280 | ) |
Cash paid during the period for income tax | |
$ | - | | |
$ | (4,678,335 | ) |
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