As Reported Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in units) 2016 Y 10-K 6/30/2016 USD 2017 Y 10-K 6/30/2017 USD 2018 Y 10-K 6/30/2018 USD 2019 Y 10-K 6/30/2019 USD 2020 Q1 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2016 Y 10-K 6/30/2016 USD 2017 Y 10-K 6/30/2017 USD 2018 Y 10-K 6/30/2018 USD 2019 Y 10-K 6/30/2019 USD 2020 Q1 YTD 10-Q 9/30/2019 USD

Operating Activities

Net loss (2,301,522) 3,603,544 523,107 (7,012,113) (1,748,624)

Adjustments to reconcile net loss to net cash used in operating activities

Stock-based compensation NA NA 1,663,499 2,267,833 414,708
Stock-based compensation - employees, management and directors NA 0 NA NA NA
Amortization of stock-based compensation to management 349,800 NA NA NA NA
Amortization of stock-based compensation - consultants 1,327,780 599,846 NA NA NA
Amortization of stock option expense 3,880 110,195 NA NA NA
Depreciation and amortization 59,508 49,367 94,919 130,920 154,577
Non-cash lease expense NA NA NA NA 40,426
Provision for doubtful accounts 132,915 (18,912) 1,726,599 3,978,893 889,078
Impairment loss of deposit for leasehold improvement NA NA 0 425,068 NA
Deferred tax provision 280,600 (749,400) 114,900 634,500 NA
Impairment loss of fixed assets and intangible asset NA NA NA NA 327,632
Deferred tax benefit NA NA NA NA 0

Changes in assets and liabilities

Notes receivable NA NA 0 (386,233) 386,233
Accounts receivable 616,280 (260,165) (7,421,179) (2,553,973) 2,159,346
Other receivables (98,935) 249,768 (31,328) 161,057 (5,389,083)
Decrease (increase) in advances to suppliers-third parties (2,141,935) 2,085,281 NA NA NA
Advances to suppliers - third parties NA NA (662,144) (3,671,931) 67,902
Advances to suppliers - related party 0 (3,317,382) 0 3,312,666 0
Prepaid expenses and other current assets (4,228) 143,796 (280,627) 1,407,599 81,209
Increase in other current assets (30,600) NA NA NA NA
Other long-term assets - deposits 0 (70,806) (470,319) (2,928,775) 90,016
Due from related parties 1,162,072 (117,772) (604,863) 1,422,254 372,500
Advances from customers (101,828) 343,790 38,174 (353,432) (1,525)
Accounts payable (202,098) (272,474) 3,064,257 (2,709,194) 141,114
Taxes payable 640,549 278,288 754,512 487,197 (443,828)
Due to related parties 0 206,323 (206,323) 0 NA
Lease liabilities NA NA NA NA (39,201)
Accrued expenses and other current liabilities 186,714 131,483 (110,836) 1,114,597 (172,838)
Net cash used in operating activities (121,048) 2,994,770 (1,807,652) (4,273,067) (2,670,358)

Investing Activities

Acquisition of property and equipment (31,659) (62,412) (822,777) (143,493) (4,538)
Cash collected from the termination of vessel acquisition 326,035 NA NA NA NA
Acquisition of intangible assets NA 0 (190,000) 0 NA
Prepayment for acquisition of intangible assets NA 0 NA NA NA
Prepayment for intangible assets NA NA (1,440,107) 0 NA
Net cash used in investing activities 294,376 (62,412) (2,452,884) (143,493) (4,538)

Financing Activities

Proceeds from issuance of common stock 691,600 4,319,988 2,585,091 850,000 NA
Proceeds from exercise of stock options 0 82,500 NA NA NA
Repurchase of common stock (45,011) NA NA NA NA
Net cash provided by financing activities 646,589 4,402,488 2,585,091 850,000 NA
Effect of exchange rate fluctuations on cash (164,245) 12,902 39,962 (389,049) (326,316)
Net decrease in cash 655,672 7,347,748 (1,635,483) (3,955,609) (3,001,212)
Cash at beginning of period 730,322 1,385,994 8,733,742 7,098,259 3,142,650
Cash at end of period 1,385,994 8,733,742 7,098,259 3,142,650 141,438

Supplemental information

Income taxes paid 23,286 89,324 68,268 166,960 35,191
Interest paid NA NA 0 0 11,116

Non-cash transactions of operating and investing activities

Transfer of prepayment to intangible asset NA NA NA NA 218,678
Initial recognition of right-of-use assets and lease liabilities NA NA NA NA 469,218

Non-cash investing and financing activities

Return of common stock issued for vessel acquisition (2,220,000) NA NA NA NA
Issuance of common stock to pay for professional services 435,000 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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