As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2014 Y 6/30/2015 USD 2015 Y 6/30/2016 USD 2016 Y 6/30/2017 USD 2017 Y 6/30/2017 USD 2018 Q2 YTD 12/31/2017 USD
Source Document Currency Code 2014 Y 6/30/2015 USD 2015 Y 6/30/2016 USD 2016 Y 6/30/2017 USD 2017 Y 6/30/2017 USD 2018 Q2 YTD 12/31/2017 USD

Cash flows from operating Activities

Net income 434,486 643,922 (2,301,522) 3,603,544 1,107,885

Adjustment to reconcile net income to net cash provided by (used in) operating activities

Stock - based compensation expense NA NA NA NA 9,665
Amortization of stock-based compensation to management NA 0 349,800 0 NA
Amortization of stock - based compensation to consultants 0 512,269 1,327,780 599,846 333,417
Amortization of employee stock options 3,880 3,880 3,880 110,195 NA
Depreciation and amortization 155,657 165,088 59,508 49,367 31,742
Provision of doubtful accounts NA 33,382 NA NA NA
Provision for (recovery of) doubtful accounts (246,206) NA 132,915 (18,912) 837,431
Deferred tax provision NA (116,700) 280,600 (749,400) NA
Loss on disposition of property and equipment (385) (20,693) NA NA NA
Deferred tax benefit (50,445) NA NA NA (1,073,700)

Changes in assets and liabilities

Accounts receivable 201,155 (2,633,716) 616,280 (260,165) (2,210,485)
Other receivables 16,154 (17,566) (98,935) 249,768 (234,751)
Decrease (increase) in advances to suppliers-third parties NA NA (2,141,935) 2,085,281 NA
Increase in advances to suppliers-related party NA NA 0 (3,317,382) NA
Advances to suppliers - third parties 223,290 (42,493) NA NA 50,465
Prepaid expense and other current assets 26,288 (296,750) (4,228) 162,727 80,952
Increase in other current assets (17,041) (20,943) (30,600) (18,931) NA
Other long-term assets 1,544 NA 0 (70,806) 0
Due from related parties (1,473,752) (724,425) 1,162,072 (117,772) (921,532)
Advances from customers (506,066) 37,724 (101,828) 343,790 (23,001)
Accounts payable (230,745) 292,832 (202,098) (272,474) 288,283
Decrease (increase) in accrued expenses 126,525 NA NA NA NA
Taxes payable 201,375 789,188 640,549 278,288 731,456
Decrease in other current liabilities (108,185) NA NA NA NA
Due to related parties NA NA 0 206,323 (206,323)
Accrued expenses and other current liabilities NA (403,097) 186,714 131,483 (61,218)
Net cash provided by (used in) operating activities (1,242,471) (1,798,098) (121,048) 2,994,770 (1,259,714)

Cash flows from investing Activities

Acquisition of property and equipment (203,252) (84,102) (31,659) (62,412) (50,278)
Proceeds from sale of fixed assets 854 NA NA NA NA
Received from (Payment to) related party (1,158,636) NA NA NA NA
Installment payment related to vessel acquisition 0 NA NA NA NA
Proceeds from sale of property and equipment NA 80,661 NA NA NA
Collection of short-term loan from related party NA 1,113,599 NA NA NA
Acquisitions of vessel NA (516,229) NA NA NA
Cash collected from the termination of vessel acquisition NA NA 326,035 0 NA
Acquisition of intangible assets NA NA NA NA (190,000)
Prepayment for acquisition of intangible assets NA NA NA NA (10,000)
Net cash used in investing activities (1,361,034) 593,929 294,376 (62,412) (250,278)

Financing Activities

Proceeds from issuance of common stock, net 444,000 967,820 691,600 4,319,988 NA
Proceeds from exercise of employee stock options for common stock NA NA 0 82,500 NA
Repurchase of common stock NA NA (45,011) 0 NA
Net cash provided by financing activities 444,000 967,820 646,589 4,402,488 NA
Effect of exchange rate fluctuations on cash and cash equivalents 13,205 64,140 (164,245) 12,902 (3,902)
Net (decrease) increase in cash and cash equivalents (2,146,300) (172,209) 655,672 7,347,748 (1,513,894)
Cash and cash equivalents at beginning of period 3,048,831 902,531 730,322 1,385,994 8,733,742
Cash and cash equivalents at end of period 902,531 730,322 1,385,994 8,733,742 7,219,848

Supplemental information

Income taxes paid 24,841 8,104 23,286 89,324 60,162

Non-cash investing and financing activities

Common stock issued for vessel acquisition NA 2,220,000 NA NA NA
Return of common stock issued for vessel acquisition NA 0 (2,220,000) 0 NA
Common stock issued for stock-based compensation to consultants NA 1,419,950 NA NA NA
Common stock issued for LSM acquisition NA 33,400 NA NA NA
Issuance of common stock to pay for professional services NA NA 435,000 632,500 NA

Non-cash transactions of operating activities

Settlement of related accounts receivable and payable 2,589,739 NA NA NA NA
Common stock issued for unearned stock-based compensation 468,000 NA NA NA NA
Shares issued for LSM acquisition 0 NA NA NA NA
Share issued for Vessel acquisition 0 NA NA NA NA
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.

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