As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2013 Y 6/30/2013 USD 2014 Y 6/30/2015 USD 2015 Y 6/30/2016 USD 2016 Y 6/30/2016 USD 2017 Q3 YTD 3/31/2017 USD
Source Document Currency Code 2013 Y 6/30/2013 USD 2014 Y 6/30/2015 USD 2015 Y 6/30/2016 USD 2016 Y 6/30/2016 USD 2017 Q3 YTD 3/31/2017 USD

Operating Activities
Net income (loss) (2,576,896) 434,486 643,922 (2,301,522) 2,729,592

Adjustment to reconcile net income (loss) to net cash provided by operating activities
Stock-based compensation to management NA NA 0 349,800 NA
Amortization of stock-based compensation to consultants NA 0 512,269 1,327,780 547,138
Amortization of stock option expense 139,615 3,880 3,880 3,880 77,320
Depreciation and amortization 198,825 155,657 165,088 59,508 36,432
Provision of doubtful accounts 518,835 NA 33,382 132,915 NA
Provision for (recovery of) doubtful accounts NA (246,206) NA NA (107,608)
Deferred tax benefit 413,900 (50,445) NA NA NA
Loss from equity investment 0 NA NA NA NA

Changes in assets and liabilities
Deferred tax provision (benefit) NA NA (116,700) 280,600 (387,900)
Loss on disposition of property and equipment (3,448) (385) (20,693) 0 NA
Decrease in accounts receivable 127,928 201,155 (2,633,716) 616,280 517,463
Decrease (increase) in other receivables 235,629 16,154 (17,566) (98,935) 184,753
Decrease in advances to suppliers 128,505 223,290 (42,493) (2,141,935) 816,715
Decrease in prepaid expenses NA 26,288 (296,750) (4,228) 82,210
Increase in other current assets 74,984 (17,041) (20,943) (30,600) (16,931)
Decrease in prepaid taxes 1,068 NA NA NA NA
Increase in other long-term assets 6,964 1,544 NA NA (14,185)
(Increase) decrease in due from related parties 0 (1,473,752) (724,425) 1,162,072 (2,843,131)
Decrease in noncontrolling interest in majority-owned subsidiary (13,876) NA NA NA NA
Increase (decrease) in advances from customers 406,735 (506,066) 37,724 (101,828) 324,476
Increase (decrease) in accounts payable (4,247,905) (230,745) 292,832 (202,098) 312,883
Decrease (increase) in accrued expenses (40,865) 126,525 NA NA NA
Increase in taxes payable NA 201,375 789,188 640,549 201,259
Decrease in other current liabilities 254,513 (108,185) NA NA NA
Increase in due to related parties NA NA NA NA 156,841
Increase (decrease) in accrued expenses and other current liabilities NA NA (403,097) 186,714 514,445
Net cash provided by operating activities (4,361,613) (1,242,471) (1,798,098) (121,048) 3,131,772

Investing Activities
Acquisition of property and equipment (67,116) (203,252) (84,102) (31,659) (55,474)
Proceeds from sale of fixed assets 16,185 854 NA NA NA
Received from (Payment to) related party NA (1,158,636) NA NA NA
Installment payment related to vessel acquisition NA 0 NA NA NA
Proceeds from sale of property and equipment NA NA 80,661 0 NA
Cash collected from the termination of vessel acquisition NA NA NA 326,035 0
Collection of short-term loan from related party NA NA 1,113,599 0 NA
Acquisitions of vessel NA NA (516,229) 0 NA
Net cash provided by (used in) investing activities (50,931) (1,361,034) 593,929 294,376 (55,474)

Financing Activities
Proceeds from issuance of common stock, net 3,040,412 444,000 967,820 691,600 4,319,988
Proceeds from exercise of stock options NA NA NA NA 82,500
Repurchase of common stock NA NA NA (45,011) 0
Net cash provided by financing activities 3,026,536 444,000 967,820 646,589 4,402,488
Effect of exchange rate fluctuations on cash and cash equivalents 1,506 13,205 64,140 (164,245) (24,591)
Net increase in cash and cash equivalents (1,384,502) (2,146,300) (172,209) 655,672 7,454,195
Cash and cash equivalents at beginning of period 4,433,333 3,048,831 902,531 730,322 1,385,994
Cash and cash equivalents at end of period 3,048,831 902,531 730,322 1,385,994 8,840,189

Supplemental information
Income taxes paid 26,400 24,841 8,104 23,286 89,324

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

Non-cash transactions of operating activities
Settlement of related accounts receivable and payable NA 2,589,739 NA NA NA
Common stock issued for unearned stock-based compensation NA 468,000 NA NA NA
Shares issued for LSM acquisition NA 0 NA NA NA
Share issued for Vessel acquisition NA 0 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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