TDH Holdings, Inc. Reports Full Year 2019 Audited Financial Results

    QINGDAO, China, June 16, 2020 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that specializes in the development, manufacturing and sales of pet food products in China and beyond, announced today its financial results for the twelve months ended December 31, 2019.

    Full Year 2019 Financial Highlights:



     For the Twelve Months Ended December 31, 

     ($ millions, except per share data) 


    2019


    2018


     % Change 

     Revenues 


    $12.65


    $23.67


    -46.6%

     Gross profit (loss) 


    ($1.52)


    ($4.05)


    -62.4%

     Gross profit (loss) margin 


    -12.0%


    -17.1%


    5.1 pp*

     Operating income (loss) 


    ($6.96)


    ($14.04)


    -50.5%

     Operating income (loss) margin 


    -55.0%


    -59.3%


    4.3 pp*

     Net income (loss) attributable to common stockholders 


    ($8.63)


    ($14.22)


    -39.3%

     Earnings (loss) per share - basic and diluted 


    ($0.41)


    ($1.49)


    -72.5%








     * pp: percentage points 







    • Revenues decreased by 46.6% from $23.67 million to $12.65 million for the year of 2019, with decrease in sales from overseas markets, domestic market and E-commerce platform. The decrease in total revenues in 2019 was mainly due to: (1) decrease in sales orders due to our uncompetitive sales price; (2) suspension of our overseas E-commerce business due to continuous losses; and (3) cessation of our manufacturing activities in late 2019 in view of rising raw material costs.   As a result, we received reduced sales orders from our customers and our sales volume significantly decreased in 2019 as compared to 2018.
    • Gross loss was $1.52 million for the year of 2019 as compared to gross loss of $4.05 million for 2018.  This loss in 2019 was mainly due to rising raw material costs, such as chicken, beef and pork, write-down of obsolete inventories and low productivity after the relocation of one of our main production facilities.  The decrease in gross loss was a result of stop taking unprofitable orders, and the slightly improvement of our cost management.
    • Operating loss was $6.96 million for the year of 2019 as compared to operating loss of $14.04 million for 2018. The continuous deficit from operation was mainly due to the fact that our sales revenue continued to decrease, while the raw material cost increased continuously and significantly through the year. The decrease in loss from operations was the combined result of improvement in gross margin and decrease in operating expenses.
    • Net loss attributable to common stockholders was $8.63 million, or loss per share of $0.41, for the year of 2019 as compared to net loss of $14.22 million, or loss per share of $1.49, for 2018.

    Full Year 2019 Financial Results

    Revenues

    The Company generates its revenues from product sales, mainly including sales for pet chews, dried pet snacks and wet canned pet foods in oversea markets, domestic markets and by e-commerce platform. Revenue consists of the invoiced value for the sales, net of value-added tax ("VAT"), business tax, and applicable local government levies. For the year of 2019, total revenues decreased by $11.03 million, or 46.6%, to $12.65 million from $23.67 million in 2018.  The decrease in total revenues in 2018 was mainly due to: (1) decrease in sales orders due to our uncompetitive sales price; (2) suspension of our overseas E-commerce business due to continuous losses; and (3) cessation of our manufacturing activities in late 2019 in view of rising raw material costs.    As a result, we received reduced sales orders from our customers and our sales volume significantly decreased in 2019 as compared to 2018.



     For the Twelve Months Ended December 31, 



    2019



    2018



     Y/Y Change 



    Revenues ($'000)


    % of Total



    Revenues ($'000)


    % of Total



    Amount ($'000)


    %

     Overseas 

    $

    9,995


    79.0%


    $

    15,832


    66.9%


    $

    (5,837)


    -36.9%

     Domestic 


    2,711


    21.4%



    4,102


    17.3%



    (1,391)


    -33.9%

     E-commerce 


    84


    0.7%



    3,801


    16.1%



    (3,717)


    -97.8%

     less: sales tax and additional surcharge 


    (142)


    -1.1%



    (61)


    -0.3%



    (81)


    131.3%

     Total 

    $

    12,648


    100.0%


    $

    23,674


    100.0%


    $

    (11,026)


    -46.6%

    Overseas sales decreased by $5.84 million, or 36.9%, to $10.00 million for the year of 2019 from $15.83 million for 2018. Domestic sales decreased by $1.39 million, or 33.9%, to $2.71 million for the year of 2019 from $4.10 million for 2018. These decrease were due to the decrease in sales orders due to our uncompetitive sales price, and temporary suspension of our manufacturing activities in 2019.   Sales from the e-commerce channel decreased by $3.72 million, or 97.8%, to $0.08 million for the year of 2019 from $3.80 million for 2018, due to suspension of our overseas E-commerce business as the losses continue to grow.


     For the Twelve Months Ended December 31, 



    2019



    2018



     Y/Y Change 



    Revenues ($'000)


    % of Total



    Revenues ($'000)


    % of Total



    Amount ($'000)


    %

     Pet chews 

    $

    6,470


    51.2%


    $

    6,272


    26.5%


    $

    198


    3.2%

     Dried pet snacks 


    4,618


    36.5%



    13,611


    57.5%



    (8,993)


    -66.1%

     Wet canned pet food 


    1,310


    10.4%



    2,782


    11.8%



    (1,472)


    -52.9%

     Dental health snacks 


    305


    2.4%



    496


    2.1%



    (190)


    -38.4%

     Baked pet biscuits 


    87


    0.7%



    95


    0.4%



    8


    -8.2%

     Others 


    -


    0%



    480


    2.0%



    (480)


    -100%

     Less: sales tax and additional surcharge 


    (142)


    -1.1%



    (61)


    -0.3%



    (81)


    131.1%

     Total 

    $

    12,648


    100.0%


    $

    23,674


    100.0%


    $

    (11,026)


    -46.6%

    Sales of pet chews increased by $0.20 million, or 3.2%, to $6.47 million for the year of 2019 from $6.27 million for 2018. Sales of dried pet snacks decreased by $8.99 million, or 66.1%, to $4.62 million for the year of 2019 from $13.61 million for 2018. Sales of wet canned pet food decreased by $1.47 million, or 52.9%, to $1.31 million for the year of 2019 from $2.78 million for 2018. Sales of dental health snacks decreased by $0.19 million, or 38.4%, to $0.31 million for the year of 2019 from $0.50 million for 2018. The foregoing decrease was mainly due to our rejecting certain unprofitable orders, suspension of our overseas E-commerce business and suspension of our manufacturing activities from late 2019. Sales of pet chews, dried pet snacks, wet canned pet food, and dental health snacks accounted for 51.2%, 36.5%, 10.4%, and 2.4%, respectively, for the year of 2019, compared to 26.5%, 57.5%, 11.8%, and 2.1%, respectively, for 2018.

    Cost of revenues

    Cost of revenues consists primarily of raw materials, labor and factory overhead. Cost of revenues decreased by $13.56 million, or 48.9%, to $14.17 million for the year of 2019 from $27.73 million for 2018. This decrease in cost of revenues was mainly due to the 46.57% decrease in our total net revenue for the year ended December 31, 2019. As a percentage of revenues, cost of revenues was 112.0% for the year of 2019, compared to 117.1% for 2018.

    Gross profit (loss) and gross profit (loss) margin

    Gross loss was $1.52 million for the year of 2019, compared to gross profit of $4.05 million for 2018. Gross loss margin was 12.0% for the year of 2019, compared to gross loss margin of 17.1% for 2018.

    Operating expense

    Operating expense consists of selling expenses, general and administrative expenses and research and development expenses.

    Selling expenses decreased by $3.62 million, or 79.7%, to $0.92 million for the year of 2019 from $4.54 million for 2018. The decrease in our selling price was in line with our decreased revenue in 2019.

    General and administrative expenses increased by $0.91 million, or 32.6%, to $3.70 million for the year of 2019 from $2.79 million for 2018. The increase was mainly resulted from the increase in bad debt expenses and an increase in severance compensation to the employees due to suspension of production at our plants since late October 2019.

    Research and development expense decreased by $1.06 million, or 100%, to $Nil million for the year of 2019 from $1.06 million for 2018.

    The Company also incurred impairment of long-lived assets other than goodwill charge of $0.81 million for the year of 2019, compared to $0 for 2018.

    Due to our continuous operating loss in 2019, we reassessed our long-lived assets based on a forecast of the Company's future performance.

    As a result, total operating expenses decreased by $4.56 million, or 45.6%, to $5.43 million for the year of 2019 from $9.99 million for 2018. As a percentage of total revenues, total operating expenses was 43.0% for the year of 2019, compared to 42.2% for 2018.

    Operating income (loss) and operating income (loss) margin

    Loss from operations was $6.96 million for the year of 2019, compared to operating loss of $14.04 million for 2018. The decrease in income from operations was the combined result of decrease in revenues and increases in cost of goods sold and operating expenses.

    Net Income (loss) and earnings (loss) per share

    Net loss was $8.63 million for the year of 2019, compared to net loss of $14.22 million for 2018. After deducting for noncontrolling interest, net loss attributable to common stockholders was $8.63 million, or loss per share of $0.41, for the year of 2019. This is compared to net loss attributable to common stockholders of $14.22 million, or earnings per share of $1.49, for 2018.

    Financial Conditions

    As of December 31, 2019, the Company had cash, cash equivalents and restricted cash of $6.50 million, compared to $2.70 million at December 31, 2018. Accounts receivable and inventories were $0.02 million and $0.47 million, respectively, as of December 31, 2019, compared to $0.85 million and $3.02 million, respectively, at the end of 2018. Total working capital deficit was $7.27 million as of December 31, 2019, as compared to working capital deficit of $11.34 million at the end of 2018.

    Net cash used in operating activities was $5.63 million for the year of 2019, compared to $2.17 million for 2018. Net cash provided by investing activities was $0.11 million for the year of 2019, compared to used in investing activities of $6.59 million for 2018. Net cash provided by financing activities was $9.52 million for the year of 2019, compared to $7.73 million for 2018.

    Going Concern

    As reflected in our consolidated financial statements, our revenue decreased by approximately $11 million from approximately $23.6 million in 2018 to approximately $12.6 million in 2019. Net cash used in operating activities amounted to approximately $5.6 million for the year ended December 31, 2019. As of December 31, 2019, we had working capital deficit of approximately $7.3 million as compared to working capital deficit of approximately $11.3 million as of December 31, 2018. In addition, in November 2019, we temporarily suspended our manufacturing activities due to rising raw material costs and continued losses in our operations. The suspension of our manufacturing activities led to reduced sales and operating cash flows, and consequently caused our inability to make the payments to settle vendor bills. In addition, some lenders were demanding loans to be paid off upon maturity. As a result, in late 2019, some of our vendors and several of the financial institutions initiated lawsuits against us for payment. To the extent such claims the Company prevail and the Company is unable to settle them on terms favorable to it, the Company's financial condition will be materially adversely affected in 2020. Furthermore, in December 2019, a novel strain of coronavirus (COVID-19) surfaced. COVID-19 has spread rapidly throughout China and worldwide, which has caused significant volatility in the PRC and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the PRC and international economies. To reduce the spread of the COVID-19, the Chinese government has employed measures including city lockdowns, quarantines, travel restrictions, suspension of business activities and school closures. Due to difficulties resulting from the COVID-19 outbreak and all the other aspects of our operating challenges, including, but not limited to, the extending temporary closure of our facilities and operations to until the middle of May 2020, pending lawsuits for supplier arrears, bank loans and employee compensation, limited support from the Company's employees, delayed access to raw material supplies, reduced customer sales orders, and our inability to promote the sales to customers on a timely basis, our revenue for the year ended December 31, 2020 will be much lower than expected. These facts raised substantial doubt about our ability to continue as a going concern for the next 12 months from the date of this report.

    Notice

    Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

    About TDH Holdings, Inc.

    Founded in April 2002, TDH Holdings, Inc. (the "Company") (NASDAQ: PETZ), is a developer, manufacturer and distributer of a variety of pet food products under multiple brands that are sold in the China, Asia and Europe. More information about the Company can be found at www.tiandihui.com.

    Safe Harbor Statement

    This news release contains forward-looking statements.  Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements are only predictions, uncertainties and other factors may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Specifically, the Company's statements regarding, among others, its growth and business outlook, the Company's ability to execute on its business plan, secure necessary capital to sustain and maintain its operations, its ability to resume its operations at the previous levels, its ability to successfully resolve various legal proceedings in which it is involved, are forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of the Company.  Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties that are described more fully in the Company's public reports filed with the U.S. Securities and Exchange Commission. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized.  In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by TDH or any other person that their objectives or plans will be achieved. The Company does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

     

     

    TDH HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS



    December 31,


    December 31,


    2019


    2018





    ASSETS


    CURRENT ASSETS:




    Cash and cash equivalents

    $

    5,114,175


    $

    893,020

    Restricted cash, current


    1,390,403



    1,807,485

    Accounts receivable


    21,657



    845,800

    Accounts receivable - related party


    -



    435,513

    Advances to suppliers


    39,806



    77,280

    Inventories, net


    473,216



    3,019,804

    Due from related parties


    -



    43,554

    Prepayments and other current assets


    153,633



    680,606

    Total current assets


    7,192,890



    7,803,062

    NON-CURRENT ASSETS:






    Property, plant and equipment, net


    6,562,669



    8,410,525

    Land use rights, net


    973,224



    1,014,538

    Long-term investments


    71,757



    201,281

    Operating lease right-of-use assets - related parties


    286,670



    -

    Total non-current assets


    7,894,320



    9,626,344

    Total assets

    $

    15,087,210


    $

    17,429,406







    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)






    CURRENT LIABILITIES:






    Accounts payable

    $

    3,436,939


    $

    6,220,375

    Accounts payable - related parties


    116,834



    125,126

    Notes payable


    908,008



    2,462,044

    Advances from customers


    116,155



    160,828

    Bank overdrafts


    78,320



    -

    Short term loans


    7,624,061



    8,263,038

    Short term loans - related parties


    892,510



    1,061,360

    Current portion of long term loans - related party


    -



    68,673

    Taxes payable


    57,521



    44,319

    Due to related parties


    39,387



    45,146

    Operating lease liabilities - related parties, current


    137,347



    -

    Other current liabilities


    1,054,818



    692,669

    Total current liabilities


    14,461,900



    19,143,578

    NON-CURRENT LIABILITIES:






    Deferred tax liabilities


    1,036



    4,929

    Long term loans - related party, non-current


    -



    217,466

    Operating lease liabilities - related party, non-current


    286,875



    -

    Total liabilities


    14,749,811



    19,365,973

    STOCKHOLDERS' EQUITY (DEFICIT):






    Common stock ($0.001 par value; 200,000,000 shares authorized; 45,849,995 and 10,516,662 shares issued and outstanding at December 31, 2019 and 2018, respectively)


    45,850



    10,517

    Additional paid-in capital


    21,963,678



    10,999,011

    Stock subscription receivable


    -



    -

    Statutory reserves


    160,014



    160,014

    Retained earnings (Accumulated deficit)


    (21,974,651)



    (13,349,232)

    Accumulated other comprehensive income


    142,516



    243,470

    Total TDH Holdings, Inc. stockholders' equity (deficit)


    337,407



    (1,936,220)

    Noncontrolling interest


    (8)



    (347)

    Total stockholders' equity (deficit)


    337,399



    (1,936,567)

    Total liabilities and stockholders' equity (deficit)

    $

    15,087,210


    $

    17,429,406

     

     

     

    TDH HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)



    For The Years Ended December 31,


    2019


    2018


    2017







    Net revenue

    $

    12,455,414


    $

    22,154,506


    $

    28,473,016

    Net revenue - related parties


    192,841



    1,519,531



    506,495

    Total revenue


    12,648,255



    23,674,037



    28,979,511

    Cost of revenue


    13,992,499



    26,278,300



    20,283,321

    Cost of revenue - related parties


    178,636



    1,448,533



    399,177

    Total cost of revenue


    14,171,135



    27,726,833



    20,682,498

    Gross profit


    (1,522,880)



    (4,052,796)



    8,297,013

    Operating expenses:









    Selling expense


    920,237



    4,535,945



    4,882,367

    General and administrative expense


    3,702,035



    2,792,858



    2,095,676

    Research and development expense


    -



    1,062,582



    1,051,665

    Impairment of long-lived assets other than goodwill


    813,344



    -



    -

    Impairment of goodwill


    -



    1,599,591



    -

    Total operating expenses


    5,435,616



    9,990,976



    8,029,708

    Income (loss) from operations


    (6,958,496)



    (14,043,772)



    267,305

    Interest expense


    (1,378,755)



    (233,101)



    (82,946)

    Government subsidies


    129,255



    81,882



    414

    Other income


    1,189



    20,242



    19,305

    Other expense


    (290,655)



    (26,992)



    (144,069)

    Loss from equity method investment


    (127,965)



    (17,524)



    -

    Total other expenses


    (1,666,931)



    (175,493)



    (207,296)

    Income (loss) before income taxes provision (benefit)


    (8,625,427)



    (14,219,265)



    60,009

    Income tax provision (benefit)


    -



    -



    (55,102)

    Net income (loss)


    (8,625,427)



    (14,219,265)



    115,111

    Less: Net loss attributable to noncontrolling interest


    (8)



    (40)



    -

    Net income (loss) attributable to TDH Holdings, Inc.

    $

    (8,625,419)


    $

    (14,219,225)


    $

    115,111

    Comprehensive income (loss)









    Net income (loss)

    $

    (8,625,427


    $

    (14,219,265)


    $

    115,111

    Other comprehensive income (loss)









    Foreign currency translation adjustment


    (100,954)



    (65,123)



    410,642

    Total comprehensive income (loss)

    $

    (8,726,381)


    $

    (14,284,388)


    $

    525,753

    Less: Comprehensive loss attributable to noncontrolling interest


    (8)



    (347)



    -

    Comprehensive income (loss) attributable to TDH Holdings, Inc.

    $

    (8,726,373)


    $

    (14,284,041)


    $

    525,753










    Earnings (loss) per common share attributable to TDH Holdings Inc.









    Basic

    $

    (0.41)


    $

    (1.49)


    $

    0.01

    Diluted

    $

    (0.41)


    $

    (1.49)


    $

    0.01

    Weighted average common shares outstanding









    Basic


    21,022,598



    9,558,493



    8,303,853

    Diluted


    21,022,598



    9,558,493



    8,303,853

     

     

    TDH HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS



    For The Years Ended December 31,


    2019


    2018


    2017

    Cash flows from operating activities






    Net income (loss)

    $

    (8,625,427)


    $

    (14,219,265)


    $

    115,111

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









    Depreciation and amortization expense


    571,528



    395,355



    364,170

    Loss from equity method investment


    127,965



    17,524



    -

    Loss from disposal of subsidiaries


    5,018



    -



    -

    Impairment of goodwill


    -



    1,599,591



    -

    Impairment of long-lived assets other than goodwill


    813,344



    -



    -

    Inventory write-down


    518,119



    1,668,508



    -

    Bad debt provision


    659,569



    -



    18,201

    Deferred income tax liability


    (3,861)



    (591)



    (8,581)

    Loss on disposal of property, plant and equipment


    308,003



    -



    1,783

    Non-cash lease expense


    89,176



    -



    -

    Changes in operating assets and liabilities:









    Accounts receivable, net


    329,042



    1,302,573



    (971,831)

    Accounts receivable - related party, net


    306,301



    (778,516)



    (10,817)

    Inventories, net


    2,009,862



    4,203,927



    (2,658,359)

    Operating lease liabilities - related parties


    16,404



    -



    -

    Due from related parties, net


    (2,206)



    -



    -

    Due to related parties


    14,387



    18,142



    5,920

    Advances to suppliers


    36,322



    569,723



    121,360

    Prepayments and other current assets


    516,018



    (291,336)



    18,197

    Accounts payable


    (2,775,356)



    1,870,157



    1,174,363

    Accounts payable - related parties


    (6,703)



    19,848



    32,440

    Interest payable


    260,417



    119,712



    -

    Notes payable


    (1,046,257)



    1,204,910



    (127,275)

    Taxes payable


    13,797



    32,733



    (115,219)

    Advances from customers


    (42,923)



    (60,254)



    (601,855)

    Advances from customer - related party


    -



    (7,397)



    7,241

    Other current liabilities


    280,843



    160,914



    (39,785)

    Net cash used in operating activities


    (5,626,618)



    (2,173,742)



    (2,674,936)

    Cash flows from investing activities









    Payments to acquire property, plant and equipment


    (121,560)



    (5,627,422)



    (227,900)

    Proceeds from disposal of property, plant and equipment


    233,747



    -



    2,012

    Payments to acquire land use rights


    -



    (854,221)



    (103,596)

    Acquisition of businesses, net of cash acquired


    -



    19,888



    -

    Disposal of subsidiaries


    83



    -



    -

    Loans to related parties


    -



    (132,147)



    (533,242)

    Repayments from related parties


    1,282



    235,049



    15,443

    Payments for long-term investments


    -



    (235,605)



    -

    Net cash provided by (used in) investing activities


    113,552



    (6,594,458)



    (847,283)

    Cash flows from financing activities









    Proceeds from issuance of common shares


    6,760,000



    -



    5,542,047

    Collection of stock subscription receivable


    -



    100,000



    827,730

    Proceeds from related parties


    -



    5,306



    1,073,961

    Repayments to related parties


    (1,000)



    (385,420)



    (1,767,391)

    Proceeds from bank overdrafts


    78,162



    -



    -

    Proceeds from short term loans


    1,046,275



    8,400,090



    2,077,219

    Repayments of short term loans


    (2,073,177)



    (1,508,056)



    (2,494,793)

    Proceeds from short term loans - related parties


    4,791,403



    1,176,690



    -

    Repayments of short term loans - related party


    (1,080,947)



    (60,490)



    -

    Net cash provided by financing activities


    9,520,716



    7,728,120



    5,258,773

    Effect of exchange rate changes on cash, cash equivalents and restricted cash


    (203,577)



    96,808



    55,000

    Net change in cash, cash equivalents and restricted cash


    3,804,073



    (943,272)



    1,791,554

    Cash, cash equivalents and restricted cash, beginning of the year


    2,700,505



    3,643,777



    1,852,223

    Cash, cash equivalents and restricted cash, end of the year

    $

    6,504,578


    $

    2,700,505


    $

    3,643,777










    Supplemental cash flow information









    Interest paid

    $

    1,118,338


    $

    113,389


    $

    82,234

    Income taxes paid

    $

    -


    $

    -


    $

    59,927










    Non-cash investing and financial activities









    Accrued interest added to short term loan – related party


    126,697



    -



    -

    Operating expenses paid by related parties

    $

    -


    $

    157,094


    $

    85,837

    Liabilities assumed in connection with purchase of property, plant and equipment

    $

    51,196


    $

    38,636


    $

    133,229

    Notes payable reclassified to short term loans


    479,724



    -



    -

    Receivables from related parties settled with payables to related parties

    $

    28,694


    $

    114,707


    $

    169,906

    Receivables from common stock subscription settled with loan payables to a related party


    4,240,000



    -



    -

    Shares issuance in connection with acquisition of subsidiaries

    $

    -


    $

    1,053,020


    $

    -

    Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets









    Cash and cash equivalents

    $

    5,114,175


    $

    893,020


    $

    2,346,109

    Restricted cash, current

    $

    1,390,403


    $

    1,807,485


    $

    797,668

    Restricted cash, non-current

    $

    -


    $

    -


    $

    500,000

    Total cash, cash equivalents, and restricted cash at end of year

    $

    6,504,578


    $

    2,700,505


    $

    3,643,777

     

    Caishen.Co - Primary Data for China Secondary Investment and Stock Markets
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