EXHIBIT 99.1
Published on January 28, 2022
|
ZK International Group Co., Ltd. Announces Record Revenues of $99.41 Million, an Increase of 14.5% for the Fiscal Year 2021
WENZHOU, China, Jan. 28, 2022 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) ("ZK International" or the "Company"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced its audited financial results for the fiscal year ended September 30, 2021.
Financial Highlights for the Fiscal Year 2021
| For the Fiscal Year Ended September 30, | ||||||||||||
| ($ millions, except per share data) | 2021 | 2020 | % Change | |||||||||
| Revenue | $ | 99.41 | $ | 86.85 | 14.46 | % | ||||||
| Gross profit | $ | 6.47 | $ | 3.94 | 64.13 | % | ||||||
| Gross margin | 6.51 | % | 4.54 | % | 1.97 percentage points | |||||||
| Income (loss) from operations | $ | (3.65 | ) | $ | (1.88 | ) | 94.40 | % | ||||
| Operating income (loss) margin | (3.68 | %) | (2.16 | %) | -1.51 percentage points | |||||||
| Net income (loss) attributable to ZK | ||||||||||||
| International | $ | (3.80 | ) | $ | (0.83 | ) | -360.20 | % | ||||
| Diluted earnings (loss) per share | $ | (0.17 | ) | $ | (0.05 | ) | 236.70 | % | ||||
| Net book value per share | $ | 3.08 | $ | 2.72 | 13.24 | % | ||||||
| · | Revenue increased by 14.46% to a record $99.41 million primarily driven by the market demand of construction materials and the shortages of supply in the current market. In particular, the piping systems in the real estate sector, we observed an increase of the weighted average selling price ("ASP") during the fiscal year 2021. As a result of global shortage of construction materials, with our ability to lock in the supply of material, our international sales increased by 144.04% compared to the last fiscal year. | |
| · | Gross profit increased by 64.13% to $6.47 million. Gross margin was 6.51%, compared to 4.54% for the prior fiscal year. The increase of gross profit was primarily due to increased weighted average selling prices which is attributable to the market demand recovery over the construction materials and supply shortages on the current market. | |
| · | Loss from operations was $3.65 million, compared to loss from operations of $1.88 million for the prior fiscal year. The increase of operational loss was mainly due to the one-time stock-based compensations incurred during the fiscal year 2021 for the expenses related to our new business operations and subsidiaries. During fiscal year 2021, we hired third-part individuals and consulting firms to facilitate our operations in xSigma Corporation, which is principally engaged in decentralized finance ("DeFi") and cryptocurrency market, and xSigma Collectibles which is principally engaged in operating an NFT (Non-Fungible Token) marketplace. | |
| · | Net loss attributable to ZK International was $3.80 million, or net loss of $0.17 per share. This compared to net loss attributable to ZK International of $0.83 million, or $0.05 per share, for the prior fiscal year. | |
| · | Net book value per share was $3.08 as of September 30, 2021, compared to $2.72 as of September 30, 2020. |
Mr. Jiancong Huang, Chairman of ZK International, commented, "We are pleased with our record revenue growth to almost $100 million and increased gross margin. Our financial results in 2021 were largely driven by the market recovery from the pandemic and worldwide construction material supply shortage. The Chinese government also continues to focus on improving water and gas infrastructure. Our ability to work closely with the local government and provide sophisticated piping solutions for major projects is key to our growth trajectory. We anticipate that our business will continue to grow and expand into the the next fiscal year."
Mr. Huang continued, "Building on the foundation of our core steel pipe business, we are excited to provide additional value to our shareholders with our various investments in our xSigma subsidiary assets. With our investments into xSigma DeFi, xSigma Trading, MaximBet, and MaximNFT, we are excited in diversifying our revenue stream and creating shareholder value for our shareholder. We are thinking out of the box and by doing so, we are confident that ZK is going to provide its existing and future shareholders with a value propisition for a long time to come".
Financial Results for the Fiscal Year 2021
Revenues
Revenues increased by $12,560,426 or 14.46%, to $99,407,217 for the year ended September 30, 2021 from $86,846,791 for the year ended September 30, 2020. The increase in revenues was primarily driven by the following factors:
1) Due to increased market demand of construction materials and the shortages of supply in the current market. In particular, the piping systems in the real estate sector, we observed an increase of the weighted average selling price ("ASP") during the fiscal year 2021.
2) As a result of global shortage of construction materials, and our ability to lock in supply of material, our international sales increased by 144.04% compared to the last fiscal year. Our international sales revenue during fiscal year 2021 amounted to $2,707,441, an increase of
$1,676,951 compared to last fiscal year.
Gross Profit
Our gross profit increased by $2,528,386, or 64.13%, to $6,471,188 for the year ended September 30, 2021 from $3,942,802 for the year ended September 30, 2020. Gross profit margin was 6.51% for the year ended September 30, 2021, as compared to 4.54% for the year ended September 30, 2020. The increase of gross profit was primarily due to increased weighted average selling prices which is attributable to the market demand recovery over the construction materials and supply shortages on the current market.
In the prior years, our gross profit decreased by $11,701,240, or 74.80%, to $3,942,802 for the year ended September 30, 2020 from $15,644,042 for the year ended September 30, 2019. Gross profit margin was 4.54% for the year ended September 30, 2020, as compared to 24.49% for the year ended September 30, 2019. The decrease of gross profit was primarily due to decreased weighted average selling prices we offered to customers as a temporary sales strategy during the pandemic by providing one-off discount on certain products to some key customers as a result of other customers not being able to fulfill their orders as they suffered from the negative impact of the COVID-19 pandemic earlier this year. The decrease of gross profit was also attributable to the increased sales percentage of low gross margin products such as stainless steel coil and strip and decreased sales percentage of high gross margin products such as stainless steel piping and fitting products. The gross profit of stainless steel coil products is approximately 0.15% due to the decrease of average selling price of stainless steel coil products, while our water and gas piping products generally have gross margin of 7.58% during the year ended September 30, 2020.
Operating Expenses
Selling and marketing expenses increased by $0.90 million, or 40.71%, to $3.12 million for the fiscal year 2021 from $2.22 million for the prior fiscal year. As a percentage of sales, selling and marketing expenses was 3.1% for the fiscal year 2021, compared to 2.6% for the prior fiscal year. This increase is primarily due to increase in payroll expenses, freight expenses, and compensation for the sales personnel during the year. The increase in our selling and marketing expenses is related to our international sales and can be attributed to the increased marketing of our subsidiaries.
General and administrative expenses increase by $3.30 million, or 132.49%, to $5.77 million for the fiscal year 2021 from $2.48 million for the prior fiscal year. As a percentage of sales, general and administrative expenses was 5.8% for the fiscal year 2021, compared to 2.9% for the prior fiscal year. The increase is primarily due to the stock-based compensation incurred during the fiscal year 2021 for the expenses related to our new business operations and subsidiaries. During fiscal year 2021, we hired third-part individuals and consulting firms to facilitate our operations in xSigma Corporation, which is principally engaged in decentralized finance ("DeFi") and cryptocurrency market, and xSigma Collectibles which is principally engaged in operating an NFT (Non-Fungible Token) marketplace.
Research and development expenses increased by $0.11 million, or 9.84%, to $1.23 million for the fiscal year 2021 from $1.12 million for the prior fiscal year. As a percentage of sales, research and
development expenses was 1.2% for the fiscal year 2021, compared to 1.3% for the prior fiscal year.
The increase was primarily due to the increased research and development activities during fiscal year 2021. Management is committed to expanding our research and development activities to enhance competitive advantage.
Total operating expenses increase by $4.30 million, or 73.9%, to $10.12 million for the fiscal year 2020 from $5.82 million for the prior fiscal year. As a percentage of sales, total operating expenses was 10.2% for the fiscal year 2021, compared to 6.7% for the prior fiscal year.
Income(loss) from Operations
Loss from operations was $3.65 million for the fiscal year 2021, compared to loss from operations of $1.88 million for the prior fiscal year. As a result, operating loss margin was 3.68% for the fiscal year 2021, compared to operating loss margin of 2.16% for the prior fiscal year. The increase in operating loss and operating loss margin were primarily related to increased General and Administrative expenses as explained above and partially offset by increased gross profit.
Other Income (Expenses)
Interest expenses were $1.19 million for the fiscal year 2021, compared to $1.00 million for the prior fiscal year. Other income was $0.43 million for the fiscal year 2021, compared to $0.33 million for the prior fiscal year. As a result, total net other expenses were $0.70 million for the fiscal year 2021, compared to $0.39 million for the prior fiscal year.
Net Income (loss) and earnings (loss) per share
As a result of the factors described above, net loss was $3.80 million for the fiscal year 2021, compared to net loss of $0.84 million for the prior fiscal year. Net loss margin was 3.82% for the fiscal year 2021, compared to net loss margin of 0.96% for the prior fiscal year.
After deducting for non-controlling interests, net loss attributable to ZK International was $3.80 million, or net loss of $0.17 per share, for the fiscal year 2021. This compared to net loss attributable to ZK International of $0.83 million, or $0.05 per share, for the prior fiscal year.
Financial Condition
As of September 30, 2021, cash and cash equivalents and short-term investments totaled $13.53 million, compared to $3.76 million as of September 30, 2020. Short-term bank borrowings were $21.39 million as of September 30, 2021, compared to $17.37 million as of September 30, 2020.
Accounts receivable was $27.12 million as of September 30, 2021, compared to $31.39 million as of September 30, 2020. Inventories were $20.68 million as of September 30, 2021, compared to $21.68 million as of September 30, 2020. Accounts payable was $2.16 million as of September 30, 2021, compared to $10.35 million as of September 30, 2020.
Total current assets and current liabilities were $78.70 million and $44.51 million, respectively, leading to a current ratio of 1.77 as of September 30, 2021. This compared to the total current assets and current liabilities of $64.78 million and $40.88 million, respectively, and current ratio of 1.58 as of September 30, 2020.
Net cash used in operating activities was $3.48 million for the fiscal year 2021, compared to net cash provided by operating activities was $0.46 million for the prior fiscal year. Net cash used in investing activities was $27.15 million for the fiscal year 2021, compared to $1.16 million for the prior fiscal year. Net cash provided by financing activities was $40.24 million for the fiscal year 2021, compared to net cash provided by financing activities of $0.76 million for the prior fiscal year.
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the "Water Cube", and "Bird's Nest", which were venues for the 2008 Beijing Olympics.
Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia.
For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company's SEC filings please visit www.sec.gov.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. 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. 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 guarantee 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 ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company's filings with the U.S. Securities and Exchange Commission. Although ZK International 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 ZK International or any other person that their objectives or plans will be achieved. ZK International 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.
ZK INTERNATIONAL GROUP CO., LTD
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(IN U.S. DOLLARS, EXCEPT SHARE DATA)
| For the year ended September 30, | ||||||||||||
| 2021 | 2020 | 2019 | ||||||||||
| Revenues | $ | 99,407,217 | $ | 86,846,791 | $ | 63,883,520 | ||||||
| Cost of sales | (92,936,029 | ) | (82,903,989 | ) | (48,239,478 | ) | ||||||
| Gross profit | 6,471,188 | 3,942,802 | 15,644,042 | |||||||||
|
Operating expenses: |
||||||||||||
| Selling and marketing expenses | 3,117,906 | 2,215,651 | 2,647,429 | |||||||||
| General and administrative expenses | 5,772,710 | 2,482,972 | 2,897,995 | |||||||||
| Research and development costs | 1,234,161 | 1,123,555 | 1,452,061 | |||||||||
| Total operating expenses | 10,124,777 | 5,822,178 | 6,997,485 | |||||||||
|
Operating Income (loss) |
(3,653,589 | ) | (1,879,376 | ) | 8,646,557 | |||||||
|
Other income (expenses): |
||||||||||||
| Interest expenses | (1,196,648 | ) | (1,000,554 | ) | (1,151,045 | ) | ||||||
| Interest income | 13,733 | 7,192 | 24,437 | |||||||||
| Gain on disposal of subsidiary, net | — | 536,612 | — | |||||||||
| Income (loss) on investment | 50,649 | (256,937 | ) | — | ||||||||
| Other income, net | 431,438 | 327,845 | 921,973 | |||||||||
| Total other expenses, net | (700,828 | ) | (385,842 | ) | (204,635 | ) | ||||||
|
Income (loss) before income taxes |
(4,354,417 | ) | (2,265,218 | ) | 8,441,922 | |||||||
|
Income tax recovery (expense) |
552,146 | 1,428,202 | (248,228 | ) | ||||||||
|
Net (loss) income |
$ | (3,802,271 | ) | $ | (837,016 | ) | $ | 8,193,694 | ||||
| Net (loss) income attributable to non-controlling interests | 2,757 | 11,402 | (86,828 | ) | ||||||||
|
Net (loss) income attributable to ZK International Group Co., Ltd. |
(3,799,514 | ) | (825,614 | ) | $ | 8,106,866 | ||||||
|
Net (loss) income |
(3,802,271 | ) | $ | (837,016 | ) | $ | 8,193,694 | |||||
|
Other comprehensive income (loss): |
||||||||||||
| Foreign currency translation adjustment | 2,423,439 | 2,319,048 | (1,694,278 | ) | ||||||||
| Total comprehensive income | $ | (1,378,832 | ) | $ | 1,482,032 | $ | 6,499,416 | |||||
| Comprehensive loss (income) attributable to non-controlling interests | (14,773 | ) | (6,136 | ) | (73,919 | ) | ||||||
| Comprehensive income attributable to ZK International Group Co., Ltd. | $ | (1,393,605 | ) | $ | 1,475,896 | $ | 6,425,497 | |||||
|
Basic and diluted earnings (loss) per share |
||||||||||||
| Basic | $ | (0.17 | ) | $ | (0.05 | ) | $ | 0.49 | ||||
| Diluted | (0.17 | ) | (0.05 | ) | 0.49 | |||||||
| Weighted average number of shares outstanding | ||||||||||||
| Basic | 21,873,594 | 16,558,037 | 16,551,708 | |||||||||
| Diluted | 22,633,819 | 16,558,037 | 16,551,708 | |||||||||
ZK INTERNATIONAL GROUP CO., LTD
CONSOLIDATED BALANCE SHEETS
(IN U.S. DOLLARS)
| As of September 30, | ||||||||
| 2021 | 2020 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 13,525,298 | $ | 3,759,535 | ||||
| Restricted cash | 77,906 | — | ||||||
| Short-term Investment | 2,560,760 | 294,568 | ||||||
| Accounts receivable, net of allowance for doubtful accounts of $2,221,870 and $2,020,373, respectively | 27,124,959 | 31,393,289 | ||||||
| Notes receivable | — | 192,819 | ||||||
| Other receivables | 2,158,120 | 3,337,634 | ||||||
| Due from related parties | — | 47,135 | ||||||
| Inventories | 20,689,252 | 21,679,258 | ||||||
| Advance to suppliers | 12,567,368 | 4,078,256 | ||||||
| Total current assets | 78,703,663 | 64,782,494 | ||||||
| Property, plant and equipment, net | 8,004,855 | 7,870,680 | ||||||
| Right-of use asset | 54,166 | — | ||||||
| Intangible assets, net | 8,749,987 | 929,021 | ||||||
| Deferred tax assets | 353,460 | 724,612 | ||||||
| Long-term deposit | 12,472,847 | 11,836,860 | ||||||
| Long-term investment | 25,323,323 | 306,837 | ||||||
| TOTAL ASSETS | $ | 133,662,301 | $ | 86,450,504 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,159,731 | $ | 10,351,880 | ||||
| Accrued expenses and other current liabilities | 6,875,769 | 4,172,781 | ||||||
| Lease liability - current portion | 26,332 | — | ||||||
| Accrued payroll and welfare | 1,853,019 | 1,555,705 | ||||||
| Advance from customers | 5,666,214 | 2,345,891 | ||||||
| Due to related parties | 1,072,335 | 1,315,803 | ||||||
| Convertible debentures | 2,823,364 | — | ||||||
| Short-term bank borrowings | 21,394,761 | 17,372,894 | ||||||
| Other borrowing - short term portion | 283,758 | 420,741 | ||||||
| Notes payables | — | 153,175 | ||||||
| Income tax payable | 2,354,832 | 3,188,615 | ||||||
| Total current liabilities | 44,510,115 | 40,877,485 | ||||||
| Lease liability - long term portion | 27,834 | — | ||||||
| Other borrowing - long term portion | — | 269,290 | ||||||
| TOTAL LIABILITIES | $ | 44,537,949 | $ | 41,146,775 | ||||
|
Equity |
||||||||
| Common stock, no par value, 50,000,000 shares authorized, 28,918,177 and 16,558,037 shares issued and outstanding, respectively | ||||||||
| Additional paid-in capital | 63,374,085 | 18,049,630 | ||||||
| Statutory surplus reserve | 2,914,602 | 2,904,699 | ||||||
| Subscription receivable | (125,000 | ) | — | |||||
| Retained earnings | 19,737,504 | 23,546,921 | ||||||
| Accumulated other comprehensive income (loss) | 2,898,594 | 492,685 | ||||||
| Total equity attributable to ZK International Group Co., Ltd. | 88,799,785 | 44,993,935 | ||||||
| Equity attributable to non-controlling interests | 324,567 | 309,794 | ||||||
| Total equity | 89,124,352 | 45,303,729 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 133,662,301 | $ | 86,450,504 | ||||
ZK INTERNATIONAL GROUP CO., LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN U.S. DOLLARS)
| For the year ended September 30, | ||||||||||||
| 2021 | 2020 | 2019 | ||||||||||
| Cash Flows from Operating Activities: | ||||||||||||
| Net income | $ | (3,802,271 | ) | $ | (837,016 | ) | $ | 8,193,694 | ||||
| Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
| Depreciation expense | 568,038 | 438,467 | 375,286 | |||||||||
| Amortization expense | 481,763 | 11,366 | 13,638 | |||||||||
| Loss on disposal of fixed assets | — | 7,608 | 2,244 | |||||||||
| Bad debt expense | 92,032 | — | — | |||||||||
| Inventory provision | — | 103,942 | — | |||||||||
| Write-off of advance to suppliers | 108,395 | 100,684 | 102,523 | |||||||||
| Deferred tax benefits | 406,064 | (406,637 | ) | (1,958 | ) | |||||||
| Non-cash service expense | — | — | 50,679 | |||||||||
| Gain on disposal of subsidiary | — | (536,612 | ) | — | ||||||||
| Loss on investment | — | 214,114 | — | |||||||||
| Change in unrecognized tax benefits | (918,038 | ) | (1,021,565 | ) | — | |||||||
| Stock compensation expense | 1,351,082 | — | — | |||||||||
| Interest expense of convertible notes | 210,173 | — | — | |||||||||
| Interest expense of financing lease | 44,458 | — | — | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | 5,804,654 | (4,800,889 | ) | 995,327 | ||||||||
| Other receivables | 1,345,520 | (793,936 | ) | 680,970 | ||||||||
| Notes receivable | 201,187 | 206,465 | 13,119 | |||||||||
| Inventories | 2,021,789 | 103,123 | (3,846,722 | ) | ||||||||
| Advance to suppliers | (8,297,301 | ) | 2,933,852 | 596,380 | ||||||||
| Right of use assets | (53,634 | ) | — | |||||||||
| Accounts payable | (8,662,576 | ) | 5,582,787 | 2,593,103 | ||||||||
| Notes payable | (159,823 | ) | (153,824 | ) | 308,005 | |||||||
| Accrued expenses and other current liabilities | 2,428,410 | (484,477 | ) | (1,314,005 | ) | |||||||
| Accrued payroll and welfare | 211,632 | 140,497 | 506,894 | |||||||||
| Advance from customers | 3,162,961 | (198,358 | ) | (887,934 | ) | |||||||
| Income tax payable | (77,214 | ) | (149,386 | ) | 83,250 | |||||||
| Lease liability | 53,635 | — | — | |||||||||
| Net cash provided (used in) operating activities | (3,479,064 | ) | 460,205 | 8,464,493 | ||||||||
|
Cash Flows from Investing Activities: |
||||||||||||
| Purchases of property, plant and equipment | (114,319 | ) | (1,168,322 | ) | (880,289 | ) | ||||||
| Proceed from disposal of property, plant and equipment | — | 6,281 | 5,963 | |||||||||
| Purchase of CIP | (47,942 | ) | — | — | ||||||||
| Disposal of intangible asset | — | — | — | |||||||||
| Purchases of intangible assets | (1,983,812 | ) | — | (11,149 | ) | |||||||
| Investment into CG Malta | (25,000,000 | ) | — | — | ||||||||
| Net cash used in investing activities | (27,146,073 | ) | (1,162,041 | ) | (885,475 | ) | ||||||
| Cash Flows from Financing activities: | ||||||||||||
| Net proceeds released from (placed into) short-term investment | (2,228,301 | ) | — | 559,030 | ||||||||
| Net proceeds received from (placed into) long-term deposit | — | — | (7,682,151 | ) | ||||||||
| Proceeds from short-term bank borrowings | 31,203,129 | 18,061,979 | 25,875,962 | |||||||||
| Repayments of short-term bank borrowings | (28,144,978 | ) | (17,836,445 | ) | (28,199,497 | ) | ||||||
| Net proceeds received from (repaid to) related parties | (280,313 | ) | (133,007 | ) | (2,279,911 | ) | ||||||
| Proceed from other borrowing | — | 775,951 | — | |||||||||
| Repayment of other borrowing | (483,458 | ) | (107,195 | ) | — | |||||||
| Proceeds from stock issuances | 24,758,458 | — | — | |||||||||
| Proceeds from convertible notes issuances | 14,071,908 | — | — | |||||||||
| Proceeds from stock warrants exercise | 1,345,056 | — | — | |||||||||
| Net cash provided by (used in) financing activities | 40,241,501 | 761,283 | (11,726,567 | ) | ||||||||
|
Effect of exchange rate changes on cash |
227,305 | 248,950 | (83,902 | ) | ||||||||
|
Net change in cash, cash equivalents and restricted cash |
9,843,669 | 308,397 | (4,231,451 | ) | ||||||||
| Cash and cash equivalents and restricted cash at the beginning of period | 3,759,535 | 3,451,138 | 7,682,589 | |||||||||
| Cash, cash equivalents and restricted cash at the end of period | $ | 13,603,204 | $ | 3,759,535 | $ | 3,451,138 | ||||||
|
Supplemental disclosures of cash flows information: Non-cash financing activities |
$ | — | $ | — | $ | — | ||||||
| Cash paid for income taxes | $ | 37,041 | $ | 149,291 | $ | 170,331 | ||||||
| Cash paid for interest expenses | $ | 338,575 | $ | 991,319 | $ | 1,197,504 | ||||||
For Enquiries:
Contact Person: Di Chen
Cell Number: +86 15057357883
Email: super.di@live.cn