As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2015 Y 6/30/2016 USD 2016 Y 6/30/2017 USD 2017 Y 6/30/2018 USD 2018 Y 6/30/2018 USD 2019 Q1 YTD 9/30/2018 USD
Source Document Currency Code 2015 Y 6/30/2016 USD 2016 Y 6/30/2017 USD 2017 Y 6/30/2018 USD 2018 Y 6/30/2018 USD 2019 Q1 YTD 9/30/2018 USD

Operating Activitities

Net income (loss) 643,922 (2,301,522) 3,603,544 523,107 (1,287,531)

Adjustments to reconcile net income (loss) to net cash used in operating activities

Stock-based compensation - employess NA NA 0 1,032,000 473,000
Stock-based compensation - consultants NA NA NA NA 63,500
Amortization of stock - based compensation to management and employees 0 349,800 NA NA 91,000
Amortization of stock - based compensation to consultants 512,269 1,327,780 599,846 621,834 189,708
Amortization of stock option expense 3,880 3,880 110,195 9,665 NA
Depreciation and amortization 165,088 59,508 49,367 94,919 25,715
Provision of doubtful accounts 33,382 NA NA NA NA
Provision for (recovery of) doubtful accounts NA 132,915 (18,912) 1,726,599 871,081
Deferred tax provision (benefit) (116,700) 280,600 (749,400) 114,900 (194,500)
Loss on disposition of property and equipment (20,693) NA NA NA NA

Changes in assets and liabilities

Accounts receivable (2,633,716) 616,280 (260,165) (7,421,179) (3,709,059)
Other receivables (17,566) (98,935) 249,768 (31,328) 67,499
Decrease (increase) in advances to suppliers-third parties NA (2,141,935) 2,085,281 (662,144) NA
Advances to suppliers-third parties (42,493) NA NA NA (789,150)
Advances to suppliers-related party NA 0 (3,317,382) 0 3,322,210
Prepaid expenses (296,750) (4,228) 143,796 (280,627) (290,651)
Increase in other current assets (20,943) (30,600) NA NA NA
Other long-term assets - deposits NA 0 (70,806) (470,319) (2,510,665)
Due from related parties (724,425) 1,162,072 (117,772) (604,863) 807,405
Advances from customers 37,724 (101,828) 343,790 38,174 (250,650)
Accounts payable 292,832 (202,098) (272,474) 3,064,257 (2,804,782)
Taxes payable 789,188 640,549 278,288 754,512 (35,535)
Due to related parties NA 0 206,323 (206,323) 0
Accrued expenses and other current liabilities (403,097) 186,714 131,483 (110,836) 122,962
Net cash used in operating activities (1,798,098) (121,048) 2,994,770 (1,807,652) (5,838,443)

Investing Activities

Acquisition of property and equipment (84,102) (31,659) (62,412) (822,777) (830)
Proceeds from sale of property and equipment 80,661 NA NA NA NA
Collection of short-term loan from related party 1,113,599 NA NA NA NA
Acquisitions of vessel (516,229) NA NA NA NA
Cash collected from the termination of vessel acquisition NA 326,035 NA NA NA
Acquisition of intangible assets NA NA 0 (190,000) NA
Prepayment for acquisition of intangible assets NA NA 0 (1,440,107) NA
Net cash used in investing activities 593,929 294,376 (62,412) (2,452,884) (830)

Financing Activities

Proceeds from issuance of common stock, net 967,820 691,600 4,319,988 2,585,091 NA
Proceeds from exercise of stock options NA 0 82,500 0 NA
Repurchase of common stock NA (45,011) NA NA NA
Net cash provided by financing activities 967,820 646,589 4,402,488 2,585,091 NA
Effect of exchange rate fluctuations on cash 64,140 (164,245) 12,902 39,962 (271,955)
Net decrease in cash (172,209) 655,672 7,347,748 (1,635,483) (6,111,228)
Cash at beginning of period 902,531 730,322 1,385,994 8,733,742 7,098,259
Cash at end of period 730,322 1,385,994 8,733,742 7,098,259 987,031

Supplemental information

Income taxes paid 8,104 23,286 89,324 68,268 9,108

Non-cash investing and financing activities

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