JINING, China, Nov. 13, 2018 /PRNewswire/ -- Spring Pharmaceutical Group, Inc. CYIG (the "Company") today announced its financial results for the three and six months ended September 30, 2018.
Three Months Ended September 30, 2018 Financials and Recent Highlights
- Total revenues increased by 34.7% to $18.68 million with growth in sales across all three product categories. Sales of acer truncatum seed oil were particularly strong, increasing by 215.2% to $4.70 million and accounted for 25.2% of total revenues.
- Overall gross margin increased by 6.7% to 43.2%, as a result of increased contribution from the higher margin acer truncatum seed oil and decreased raw material, packaging and manufacturing costs.
- Net income attributable to the Company was $4.08 million, or $0.14 per share, compared to $2.24 million, or $0.08 per share, for the same period of the prior fiscal year.
- On October 8, 2018, the Company held its Annual Meeting of Stockholders (the "AGM") at our headquarter in Sishui County, China.
- On August 31, 2018, the Company changed its name to "Spring Pharmaceutical Group, Inc." from "China YCT Pharmaceutical Group, Inc." as part of its plan to rebrand the Company. The Company's ticker symbol, "CYIG", remains unchanged.
"We are pleased to report strong results that exceeded our expectations for the fiscal second quarter ended September 30, 2018. With revenues and net income attributable to the Company increasing by 34.7% and 82.4%, respectively, during our second quarter, thanks to growth across all three product categories as well as significant improvement in margins, we believe that our fiscal second quarter results highlight continuing strength in our business," said Mr. Tinghe Yan, Chairman and Chief Executive Officer of the Company.
"We are also making progress with our strategic plan and initiatives for fiscal year 2019 that include the change of our company's name in August to "Spring Pharmaceutical Group, Inc." ; and the successful convening in October of the first Annual Meeting of Stockholders in our history as a public company that attracted over 85 attendees.. We are optimistic about the prospect of our business and are committed to delivering consistent, profitable growth to return our investors," concluded Mr. Yan.
Three Months Ended September 30, 2018 Financial Results
For the Three Months Ended September 30, ($ millions, except per share data) 2018 2017 % Change Revenues $18.68 $13.87 34.7% Gross profit $8.07 $5.06 59.5% Gross margin 43.2% 36.5% 6.7 pp Operating income $5.57 $3.04 83.1% Operating margin 29.8% 21.9% 7.9 pp Net income attributable to CYIG $4.08 $2.24 82.4% Earnings per share $0.14 $0.08 82.1%
Revenues
For the three months ended September 30, 2018, total revenues increased by $4.82 million, or 34.7%, to $18.68 million from $13.87 million for the same period of the prior fiscal year. The increase in total revenues was across the all three product categories with sales for acer truncatum seed oil was particularly strong. The increase in revenues in RMB was 38.7% which was partially offset by the RMB depreciation versus USD during the three months ended September 30, 2018.
Revenues from health care products increased by $1.40 million, or 25.3%, to $6.92 million for the three months ended September 30, 2018 from $5.52 million for the same period of the prior fiscal year. The increase in sales of the health care products was primarily due to the expansion of our customer base and the increase in online direct sales.
Revenues from Huoliyuan capsules increased by $0.21 million, or 3.1%, to $7.07 million for the three months ended September 30, 2018 from $6.86 million for the same period of the prior fiscal year. The increase in sales of Huoliyuan capsules was primarily due to the stabilization of market competition.
Revenues from acer truncatum seed oil increased by $3.21 million, or 215.2%, to $4.70 million for the three months ended September 30, 2018 from $1.49 million for the same period of the prior fiscal year. The increase in sales of acer truncatum seed oil was primarily due to the continuing promotions of acer truncatum seed oil at conferences highlighting features and benefits of the product to our distributors and customers. Since July 2015, the Company has produced and sold acer truncatum seed oil extracted from the acer truncatum pods purchased from third party vendors. We expect that approximately 10% of our self-grown acer truncatum pods will be ready for use in production during the last quarter of 2018, and the rest of the self-grown acer truncatum pods will be gradually ready for use in production during the next two to three years depending upon the timing of their harvest.
The sales of health care products, Huoliyuan capsules, and acer truncatum seed oil accounted for 37.0%, 37.8%, and 25.2%, respectively, of total revenues for the three months ended September 30, 2018, compared to 39.8%, 49.4%, and 10.8%, respectively, for the same period of the prior fiscal year.
The following table summarizes revenues and gross profit by products for the three months ended September 30, 2018 and 2017, respectively:
For the Three Months Ended September 30, 2018 2017 Revenues Gross Gross Revenues Gross Gross Health care supplements 6.92 3.07 44.3% 5.52 2.46 44.5% Drugs (Huoliyuan capsule) 7.07 2.13 30.2% 6.86 1.97 28.7% Acer truncatum oil 4.70 2.87 61.0% 1.49 0.63 42.1% Total 18.68 8.07 43.2% 13.87 5.06 36.5%
M
Profit
M
Margin
(%)
M
Profit
M
Margin
(%)
Cost of Goods Sold
Cost of goods sold comprised primarily the cost of finished goods purchased from Shandong Yongchuntang, raw materials purchased from third party vendors, and the manufacturing cost of acer truncatum seed oil and Huoliyuan capsules. For the three months ended September 30, 2018, total cost of goods sold increased by $1.81 million, or 20.5%, to $10.62 million from $8.81 million for the same period of the prior fiscal year. As a percentage of revenues, total cost of goods sold was 56.8% for the three months ended September 30, 2018, compared to 63.5% for the same period of the prior fiscal year. The decrease was primarily due to the decreased raw material, packaging and manufacturing costs for acer truncatum seed oil.
Cost of goods sold for health care products, Huoliyuan capsules, and acer truncatum seed oil were $3.85 million, $4.94 million and $1.83 million, respectively for the three months ended September 30, 2018, compared to $3.06 million, $4.89 million, and $0.86 million, respectively, for the same period of the prior fiscal year.
Gross Profit
Gross profit increased by $3.01 million, or 59.5%, to $8.07 million for the three months ended September 30, 2018, from $5.06 million for the same period of the prior fiscal year. Gross profit for health care products, Huoliyuan capsules, and acer truncatum seed oil were $3.07 million, $2.13 million, and $2.87 million, respectively, for the three months ended September 30, 2018, compared to $2.46 million, $1.97 million, and $0.63 million, respectively, for the same period of the prior fiscal year.
Overall gross margin was 43.2%, with gross margins for health care products, Huoliyuan capsules, and acer truncatum seed oil being 44.3%, 30.2%, and 61.0%, respectively, for the three months ended September 30, 2018. Overall gross margin was 36.5%, and gross margins for health care products, Huoliyuan capsules, and acer truncatum seed oil were 44.5%, 28.7%, and 42.1%, respectively, for the same period of the prior fiscal year. The increase in overall gross margin was mainly due to the increased contribution from the higher margin acer truncatum seed oil.
Operating Expenses
Selling expenses consist primarily of sales commissions, advertising and promotion, freight charges, and related compensation. For the three months ended September 30, 2018, selling expenses increased by $0.23 million, or 21.3%, to $1.31 million, from $1.08 million for the same period of the prior fiscal year. The increase in selling expenses was primarily due to the increases in shipping cost and sales commission from increased sales and salary expense.
General and administrative expenses increased by $0.24 million, or 28.0%, to $1.11 million for the three months ended September 30, 2018 from $0.87 million for the same period of the prior fiscal year. The increase in general and administrative expenses was primarily due to the costs associated with our efforts to up-list our common stock to the Nasdaq Capital Market.
Research and development expenses were $0.07 million for the three months ended September 30, 2018, compared to $0.06 million for the same period of the prior fiscal year. Our long-term goal is to utilize advanced biological technology to refine and extract the beneficial compounds in plants that have traditionally been known to have medicinal benefits, primarily gingko and acer truncatum bunge plants. As of September 30, 2018, the Company had a staff of 27 in its R&D department.
As a result of the foregoing, total operating expenses increased by $0.48 million, or 23.8%, to $2.49 million for the three months ended September 30, 2018, from $2.01 million for the same period of the prior fiscal year.
Operating Income
Total operating income increased by $2.53 million, or 83.1%, to $5.57 million for the three months ended September 30, 2018, from $3.04 million for the same period of the prior fiscal year. The increase in total operating income was mainly a result of increased gross profit, partially offset by increased operating expenses. Operating margin was 29.8% for the three months ended September 30, 2018, compared to 21.9% for the same period of the prior fiscal year.
Income before Income Taxes
Interest income was $34,972 for the three months ended September 30, 2018, compared to $31,199 for the same period of the prior fiscal year.
Income before income tax provisions increased by $2.53 million, or 82.4%, to $5.61 million for the three months ended September 30, 2018, from $3.07 million for the same period of the prior fiscal year.
Net Income
Provision for income tax increased by $0.63 million, or 82.4%, to $1.40 million for the three months ended September 30, 2018, from $0.77 million for the same period of the prior fiscal year.
Net income increased by $1.90 million, or 82.4%, to $4.21 million for the three months ended September 30, 2018, from $2.31 million for the same period of the prior fiscal year.
After the deduction of non-controlling interest, net income attributable to the Company was $4.08 million, or $0.14 per basic and diluted share for the three months ended September 30, 2018, compared to $2.24 million, or $0.08 per basic and diluted share, for the same period of the prior fiscal year.
Six Months Ended September 30, 2018 Financial Results
For the Six Months Ended September 30, ($ millions, except per share data) 2018 2017 % Change Revenues $39.57 $31.00 27.7% Gross profit $16.99 $11.90 42.7% Gross margin 42.9% 38.4% 4.5 pp Operating income $11.70 $7.68 52.3% Operating margin 29.6% 24.8% 4.8 pp Net income attributable to CYIG $8.57 $6.05 41.7% Earnings per share $0.29 $0.20 41.5%
- Total revenues increased by 27.7% to $39.57 million with growth in sales across all three product categories. Sales of acer truncatum seed oil were particularly strong, increasing by 126.8% to $9.95 million and accounted for 25.1% of total revenues.
- Overall gross margin increased by 4.5% to 42.9%, benefitting from increased contribution from the higher margin acer truncatum seed oil and decreases in raw material, packaging and manufacturing costs.
- Net income attributable to the Company was $8.57 million, or $0.29 per share, compared to $6.05 million, or $0.20 per share, for the same period of the prior fiscal year.
Revenues
For the six months ended September 30, 2018, total revenues increased by $8.57 million, or 27.7%, to $39.57 million from $31.00 million for the same period of the prior fiscal year. The increase in total revenues was across the all three product categories with sales for acer truncatum seed oil particularly strong. The increase in revenues in RMB was 24.6%. RMB appreciation versus USD contributed to 3.1% of the increase in revenues for the six months ended September 30, 2018.
Revenues from health care products increased by $1.56 million, or 11.7%, to $14.93 million for the six months ended September 30, 2018 from $13.36 million for the same period of the prior fiscal year. The increase in sales of the health care products was primarily due to the expansion of our customer base and the increase in online direct sales.
Revenues from Huoliyuan capsules increased by $1.45 million, or 10.9%, to $14.70 million for the six months ended September 30, 2018 from $13.25 million for the same period of the prior fiscal year. The increase in sales of Huoliyuan capsules was primarily due to the stabilization of market competition.
Revenues from acer truncatum seed oil increased by $5.56 million, or 126.8%, to $9.95 million for the six months ended September 30, 2018 from $4.39 million for the same period of the prior fiscal year. The increase in sales of acer truncatum seed oil was primarily due to the continuing promotions of acer truncatum seed oil at conferences highlighting features and benefits of the product to our distributors and customers. Since July 2015, the Company has produced and sold acer truncatum seed oil extracted from the acer truncatum pods purchased from third party vendors. We expect that approximately 10% of our self-grown acer truncatum pods will be ready for use in production during the last quarter of 2018, and the rest of the self-grown acer truncatum pods will be gradually ready for use in production during the next two to three years depending upon the timing of their harvest.
The sales of health care products, Huoliyuan capsules, and acer truncatum seed oil accounted for 37.7%, 37.1%, and 25.1%, respectively, of total revenues for the six months ended September 30, 2018, compared to 43.1%, 42.7%, and 14.1%, respectively, for the same period of the prior fiscal year.
The following table summarizes revenues and gross profit by products for the six months ended September 30, 2018 and 2017, respectively:
For the Six Months Ended September 30, | ||||||||||||
2018 | 2017 | |||||||||||
Revenues | Gross | Gross | Revenues | Gross | Gross | |||||||
Health care supplements | 14.93 | 6.62 | 44.4% | 13.36 | 5.96 | 44.6% | ||||||
Drugs (Huoliyuan capsule) | 14.70 | 4.32 | 29.4% | 13.25 | 4.02 | 30.4% | ||||||
Acer truncatum oil | 9.95 | 6.04 | 60.7% | 4.39 | 1.92 | 43.7% | ||||||
Total | 39.57 | 16.99 | 42.9% | 31.00 | 11.90 | 38.4% |
Cost of Goods Sold
Cost of goods sold was comprised primarily of the cost of finished goods purchased from Shandong Yongchuntang, raw materials purchased from third party vendors, and the manufacturing cost of acer truncatum seed oil and Huoliyuan capsules. For the six months ended September 30, 2018, total cost of goods sold increased by $3.49 million, or 18.3%, to $22.58 million from $19.10 million for the same period of the prior fiscal year. As a percentage of revenues, total cost of goods sold was 57.1% for the six months ended September 30, 2018, compared to 61.6% for the same period of the prior fiscal year. The decrease was primarily due to the decreased raw material, packaging and manufacturing costs for acer truncatum seed oil.
Cost of goods sold for health care products, Huoliyuan capsules, and acer truncatum seed oil were $8.31 million, $10.37 million and $3.91 million, respectively for the six months ended September 30, 2018, compared to $7.40 million, $9.23 million, and $2.47 million, respectively, for the same period of the prior fiscal year.
Gross Profit
Gross profit increased by $5.09 million, or 42.7%, to $16.99 million for the six months ended September 30, 2018, from $11.90 million for the same period of the prior fiscal year. Gross profit for health care products, Huoliyuan capsules, and acer truncatum seed oil were $6.62 million, $4.32 million, and $6.04 million, respectively, for the six months ended September 30, 2018, compared to $5.96 million, $4.02 million, and $1.92 million, respectively, for the same period of the prior fiscal year.
Overall gross margin was 42.9%, with gross margins for health care products, Huoliyuan capsules, and acer truncatum seed oil being 44.4%, 29.4%, and 60.7%, respectively, for the six months ended September 30, 2018. Overall gross margin was 38.4%, and gross margins for health care products, Huoliyuan capsules, and acer truncatum seed oil were 44.6%, 30.4%, and 43.7%, respectively, for the same period of the prior fiscal year. The increase in overall gross margin was mainly due to the increased contribution from the higher margin on acer truncatum seed oil.
Operating Expenses
Selling expenses consist primarily of sales commissions, advertising and promotion, freight charges, and related compensation. For the six months ended September 30, 2018, selling expenses increased by $0.39 million, or 16.7%, to $2.70 million, from $2.32 million for the same period of the prior fiscal year. The increase in selling expenses was primarily due to the increases in shipping cost and sales commission from increased sales and salary expense.
General and administrative expenses increased by $0.42 million, or 23.4%, to $2.19 million for the six months ended September 30, 2018 from $1.78 million for the same period of the prior fiscal year. The increase in general and administrative expenses was primarily due to the costs associated with our efforts to up-list our common stock to the Nasdaq Capital Market.
Research and development expenses were $0.39 million for the six months ended September 30, 2018, compared to $0.13 million for the same period of the prior fiscal year. The increase in research and development expenses was mainly due to the increased cost of the materials used by the R&D department. As of September 30, 2018, the Company had a staff of 27 in its R&D department.
As a result, total operating expenses increased by $1.07 million, or 25.3%, to $5.29 million for the six months ended September 30, 2018, from $4.22 million for the same period of the prior fiscal year.
Operating Income
Total operating income increased by $4.02 million, or 52.3%, to $11.70 million for the six months ended September 30, 2018, from $7.68 million for the same period of the prior fiscal year. The increase in total operating income was mainly a result of increased gross profit, partially offset by increased operating expenses. Operating margin was 29.6% for the six months ended September 30, 2018, compared to 24.8% for the same period of the prior fiscal year.
Income before Income Taxes
Interest income was $75,045 for the six months ended September 30, 2018, compared to $56,302 for the same period of the prior fiscal year. The Company also booked gain on disposal of acer truncatum bunge plants of $0.57 million for the six months ended September 30, 2018.
Income before income tax provisions increased by $3.47 million, or 41.7%, to $11.78 million for the six months ended September 30, 2018, from $8.31 million for the same period of the prior fiscal year.
Net Income
Provision for income tax increased by $0.87 million, or 41.7%, to $2.94 million for the six months ended September 30, 2018, from $2.08 million for the same period of the prior fiscal year.
Net income increased by $2.60 million, or 41.7%, to $8.83 million for the six months ended September 30, 2018, from $6.23 million for the same period of the prior fiscal year.
After the deduction of non-controlling interest, net income attributable to the Company was $8.57 million, or $0.29 per basic and diluted share for the six months ended September 30, 2018, compared to $6.05 million, or $0.20 per basic and diluted share, for the same period of the prior fiscal year.
Liquidity and Capital Resources
As of September 30, 2018, the Company had cash and cash equivalents of $31.95 million, and inventories of $1.95 million, compared to $25.35 million, and $2.38 million, respectively, as of March 31, 2018. Total working capital was $33.96 million as of September 30, 2018, compared to $28.08 million as of March 31, 2018.
Net cash provided by operating activities was $9.94 million for the six months ended September 30, 2018, compared to $10.74 million for the same period of the prior fiscal year. Net cash used in investing activities was $0.78 million for the six months ended September 30, 2018, compared to $2.42 million for the same period of the prior fiscal year. Net cash provided by financing activities was $nil for the six months ended September 30, 2018 and 2017, respectively.
About Spring Pharmaceutical Group, Inc.
Based in Jining, Shandong Province and founded in January 1989, Spring Pharmaceutical Group, Inc., through its subsidiaries, engages in the business of (i) distributing health care supplement products manufactured by Shandong Yongchuntang Group Co., Ltd. in the PRC, (ii) developing, manufacturing, and selling Huoliyuan capsules, a prescription medicine, (iii) developing acer truncatum bunge planting bases, and manufacturing and selling acer truncatum bunge seed oil in the PRC. Acer truncatum bunge plants are a species of maple tree. For more information about the Company, please visit http://www.yctgroup.com/.
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
At the Company:
Zecheng Shao, Vice President
Phone: +86-156-5377-2006
Email: zc_shao@126.com
Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Phone: +1-732-910-9692
Email: ttian@weitianco.com
SPRING PHARMACEUTICAL GROUP, INC. (FORMERLY KNOWN AS CHINA YCT INTERNATIONAL GROUP, INC.) CONSOLIDATED BALANCE SHEETS (Unaudited) SEPTEMBER 30, MARCH 31, 2018 2018 Assets Current assets: Cash and cash equivalents $ 31,948,886 $ 25,353,360 Accounts receivable 122,093 174,558 Inventories 1,947,262 2,383,382 Purchase deposit to related party 1,286,166 1,412,864 Prepaid leases – current portion 856,662 741,583 Total current assets 36,161,069 30,065,747 Prepaid leases 1,319,382 641,349 Development cost of acer truncatum bunge planting 45,459,621 48,984,881 Plant, property, and equipment, net 14,761,960 16,793,413 Intangible assets, net 10,225,176 11,862,017 Deferred tax assets 182,405 200,387 Security deposit to related party 1,453,657 1,590,305 Total assets $ 109,563,270 $ 110,138,099 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and other accrued expenses $ 107,582 $ 372,782 Advance from customers - 445,829 Taxes payable 2,089,423 1,164,198 Total current liabilities 2,197,005 1,982,809 Stockholders' Equity Preferred stock, par value $0.001 per share; 5,000,000 shares authorized, zero shares issued and outstanding - - 12% Preferred stock, par value $500 per share; 45 shares authorized, issued and outstanding 22,500 22,500 Common stock, par value $0.001 per share; 100,000,000 shares authorized; 29,839,168 and 29,789,168 shares issued and outstanding at September 30, 2018 and March 31, 2018, respectively 29,839 29,789 Additional paid-in capital 4,363,788 4,322,838 Statutory reserve 1,828,504 1,828,504 Retained earnings 103,015,416 94,447,937 Accumulated other comprehensive income (loss) (4,917,587) 4,455,017 Total stockholders' equity attributable to the Company 104,342,460 105,106,585 Noncontrolling interest 3,023,805 3,048,705 Total stockholders' equity 107,366,265 108,155,290 Total liabilities and stockholders' equity $ 109,563,270 $ 110,138,099
SPRING PHARMACEUTICAL GROUP, INC. (FORMERLY KNOWN AS CHINA YCT INTERNATIONAL GROUP, INC.) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED 2018 2017 2018 2017 Sales $ 18,684,939 $ 13,866,784 $ 39,573,786 $ 31,001,649 Cost of Goods Sold (including $3,785,996 and $3,020,708 from a related party for the three months ended September 30, 2018 and 2017, respectively; including $8,176,320 and $7,309,643 from a related party for the six months ended September 30, 2018 and 2017, respectively) 10,619,845 8,811,390 22,584,545 19,098,538 Gross profit 8,065,094 5,055,394 16,989,241 11,903,111 Operating expenses Selling expenses 1,312,878 1,082,147 2,704,481 2,318,439 General and administrative expenses 1,110,995 868,258 2,192,044 1,776,663 Research and development expenses 68,424 62,033 391,157 126,411 Total operating expenses 2,492,297 2,012,438 5,287,682 4,221,513 Income from operations 5,572,797 3,042,956 11,701,559 7,681,598 Gain on disposal of acer truncatum bunge plants - - - 573,092 Interest income 34,972 31,199 75,045 56,302 Income before income tax provision 5,607,769 3,074,155 11,776,604 8,310,992 Income tax provision 1,401,942 768,539 2,944,151 2,077,748 Net income 4,205,827 2,305,616 8,832,453 6,233,244 Less: Net income attributable to noncontrolling interest 126,175 69,168 264,974 186,997 Net income attributable to the Company 4,079,652 2,236,448 8,567,479 6,046,247 Other comprehensive income (loss): Foreign currency translation adjustment (4,125,116) 1,908,799 (9,662,478) 3,564,300 Comprehensive income (loss) 80,711 4,214,415 (830,025) 9,797,544 Less: Comprehensive income (loss) attributable to noncontrolling interest 2,422 126,432 (24,900) 292,747 Comprehensive income (loss) attributable to the Company $ 78,289 $ 4,087,983 $ (805,125) $ 9,504,797 Earnings per common share Basic and Diluted $ 0.14 $ 0.08 $ 0.29 $ 0.20 Weighted average number of common shares outstanding Basic and Diluted 29,839,168 29,789,168 29,821,682 29,789,168
SEPTEMBER 30,
SEPTEMBER 30,
SPRING PHARMACEUTICAL GROUP, INC. (FORMERLY KNOWN AS CHINA YCT INTERNATIONAL GROUP, INC.) CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) SIX MONTHS ENDED SEPTEMBER 30, 2018 2017 Cash Flows From Operating Activities: Net income $ 8,832,453 $ 6,233,244 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of plant, property and equipment 682,403 615,112 Amortization of intangible assets 644,301 628,768 Amortization of prepaid leases 446,857 431,644 Stock-based compensation expenses 41,000 - Deferred taxes 797 278,054 Gain on disposal of acer truncatum bunge plants - (573,092) Changes in operating assets and liabilities: Purchase deposit to vendors - 664,506 Inventory 241,332 3,230,636 Accounts receivable 39,087 1,158,886 Cash received from cancellation of lease - 56,732 Prepaid expenses - (279,239) Prepaid leases (1,398,241) - Taxes payable 1,069,603 (1,155,471) Purchase deposit and accounts payable to related party, net 5,526 (686,806) Accounts payable and other accrued expenses (243,253) 24,034 Advance from customers (425,147) 113,615 Net cash provided by operating activities 9,936,718 10,740,623 Cash Flows From Investing Activities: Acquisition of property, plant and equipment (68,483) (2,110,189) Proceeds from disposal of acer truncatum bunge plants - 2,114,541 Development cost of acer truncatum bunge planting (713,375) (2,420,741) Net cash used in investing activities (781,858) (2,416,389) Effect of exchange rate changes on cash and cash equivalents (2,559,334) 558,074 Net increase in cash and cash equivalents 6,595,526 8,882,308 Cash and cash equivalents at beginning of period 25,353,360 10,308,622 Cash and cash equivalents at end of period $ 31,948,886 $ 19,190,930 Supplemental disclosures of cash flow information: Cash paid during the periods for: Interest $ - $ - Income taxes $ 1,966,462 $ 2,790,002
SOURCE Spring Pharmaceutical Group, Inc.
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