|
China YCT International Group Reports Second Quarter Fiscal 2018 Financial Results
SISHUI CITY, CHINA / ACCESSWIRE / November 14, 2017 / China YCT International Group, Inc. (OTCQB: CYIG) ("China YCT" or the "Company"), a diversified company that engages in the business of developing, manufacturing, and selling medicine, developing acer truncatum bunge planting bases and manufacturing and selling the seed oil, and distributing healthcare supplement products manufactured by a third party, today announced its financial results for the three and six months ended September 30, 2017.
- Total revenues increased by 19.6% year-over-year to $13.87 million with growth in sales of both healthcare products and Huoliyuan capsules for the three months ended September 30, 2017, despite a decrease in sales of acertruncatumbunge seed oil as a result of a temporary production suspension for approximately two-months during the quarter.
- Overall gross margin was 36.5% for the three months ended September 30, 2017, compared to 39.5% for the same period of the last fiscal year. The decrease in overall gross margin was mainly related to Huoliyuan capsules as a result of increased raw material and manufacturing costs.
- Net income attributable to the Company was $2.24 million, or $0.08 per share, for the three months ended September 30, 2017, compared to $2.00 million, or $0.07 per share, for the same period of the last fiscal year.
"Despite the negative impact of the temporary suspension of acertruncatumbunge seed oil production for an extended period of approximately two months during the second quarter for system adjustment and maintenance, we managed to grow our business with revenue and net income attributable to the Company growing 19.6% and 12.1%, respectively, highlighting continued strength in our business," commented Mr. Tinghe Yan, Chairman and Chief Executive Officer of China YCT.
Second Quarter Fiscal 2018 Financial Results
| |
|
For the Three Months Ended September 30,
|
|
|
($ millions, except per share data)
|
|
2017
|
|
|
2016
|
|
|
% Change
|
|
|
Revenues
|
|
$ |
13.87 |
|
|
$ |
11.59 |
|
|
|
19.6 |
% |
|
Gross profit
|
|
$ |
5.06 |
|
|
$ |
4.58 |
|
|
|
10.3 |
% |
|
Gross margin
|
|
|
36.5 |
% |
|
|
39.5 |
% |
|
-3.1 pp
|
|
|
Operating income
|
|
$ |
3.04 |
|
|
$ |
2.63 |
|
|
|
15.5 |
% |
|
Operating margin
|
|
|
21.9 |
% |
|
|
22.7 |
% |
|
-0.8 pp
|
|
|
Net income attributable to CYIG
|
|
$ |
2.24 |
|
|
$ |
2.00 |
|
|
|
12.1 |
% |
|
Earnings per share
|
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
|
12.0 |
% |
Revenues
For the three months ended September 30, 2017, total revenues increased by $2.27 million, or 19.6%, to $13.87 million from $11.59 million for the same period of the last fiscal year. The increase in total revenues was related to the increase in sales of healthcare products and Huoliyuan capsules and partially offset by a decrease in sales of acer truncatum bunge seed oil.
Revenues from healthcare products increased by $1.28 million, or 30.3%, to $5.52 million for the three months ended September 30, 2017 from $4.24 million for the same period of the last fiscal year. The increase in sales of healthcare products was primarily due to the growth of our customer base as well as the contribution from internet direct-sales. We sell healthcare products manufactured by Shandong Yongchuntang Group Co., Ltd. ("Shandong Yongchuntang"), a related party, which owns the remaining 3% equity interest in our operating subsidiary, Shandong Spring Pharmaceutical Co., Ltd. ("Shandong Spring").
Revenues from Huoliyuan capsules increased by $1.34 million, or 24.3%, to $6.86 million for the three months ended September 30, 2017 from $5.52 million for the same period of the last fiscal year.
Revenues from acer truncatum bunge seed oil decreased by $0.35 million, or 19.1%, to $1.49 million for the three months ended September 30, 2017 from $1.84 million for the same period of the last fiscal year. The decrease in sales of acer truncatum bunge seed oil was primarily due to temporary suspension of production for system maintenance and adjustment for an approximately two-month period during the quarter. Since July 2015, the Company has produced and sold acer truncatum bunge seed oil extracted from the acer truncatum pods that were purchased from third party vendors. Our self-grown acer truncatum pods will not be ready to be used for production until approximately the fall of 2018.
The sales of healthcare products, Huoliyuan capsules and acer truncatum bunge seed oil accounted for 39.8%, 49.4% and 10.8%, respectively, of total revenues for the three months ended September 30, 2017, compared to 36.5%, 47.6%, and 15.9%, respectively, for same period of the last fiscal year.
The following table summarizes the breakdown of revenues and gross profit by products for the three months ended September 30, 2017 and 2016, respectively:
| |
|
For the Three Months Ended September 30,
|
|
| |
|
2017
|
|
|
2016
|
|
| |
|
Revenues ($M)
|
|
Gross Profit ($M)
|
|
Gross Margin (%)
|
|
Revenues ($M)
|
|
Gross Profit ($M)
|
|
Gross Margin (%)
|
|
|
Health care supplements
|
|
|
5.52 |
|
|
|
2.46 |
|
|
|
44.5 |
% |
|
|
4.24 |
|
|
|
1.89 |
|
|
|
44.5 |
% |
|
Drug (Huoliyuan capsule)
|
|
|
6.86 |
|
|
|
1.97 |
|
|
|
28.7 |
% |
|
|
5.52 |
|
|
|
1.89 |
|
|
|
34.3 |
% |
|
Acer truncatum oil
|
|
|
1.49 |
|
|
|
0.63 |
|
|
|
42.2 |
% |
|
|
1.84 |
|
|
|
0.80 |
|
|
|
43.6 |
% |
|
Total
|
|
|
13.87 |
|
|
|
5.06 |
|
|
|
36.5 |
% |
|
|
11.59 |
|
|
|
4.58 |
|
|
|
39.5 |
% |
Cost of Goods Sold
Our cost of goods sold was comprised primarily of the cost of finished goods we purchased from Shandong Yongchuntang, the raw materials we purchased from third party vendors, and the manufacturing cost of acer truncatum bunge seed oil and Huoliyuan capsules. For the three months ended September 30, 2017, the total cost of goods sold increased by $1.80 million, or 25.7%, to $8.81 million from $7.01 million for the same period of the last fiscal year. Cost of goods sold for healthcare products, Huoliyuan capsules and acer truncatum bunge seed oil were $3.06 million, $4.89 million and $0.86 million, respectively, for the three months ended September 30, 2017, compared to $2.35 million, $3.62 million and $1.04 million, respectively, for the same period of the last fiscal year.
Gross Profit
Gross profit increased by $0.47 million, or 10.3%, to $5.06 million for the three months ended September 30, 2017 from $4.58 million for the same period of the last fiscal year. Gross profit for healthcare products, Huoliyuan capsules and acer truncatum bunge seed oil were $2.46 million, $1.97 million and $0.63 million, respectively, for the three months ended September 30, 2017, compared to $1.89 million, $1.89 million and $0.80 million, respectively, for the same period of the last fiscal year.
Overall gross margin was 36.5%, with gross margins for healthcare products, Huoliyuan capsules and acer truncatum bunge seed oil of 44.5%, 28.7%, and 42.1%, respectively, for the three months ended September 30, 2017. This compared to an overall gross margin of 39.5%, and gross margins for healthcare products, Huoliyuan capsules and acer truncatum bunge seed oil of 44.5%, 34.3%, and 43.6%, respectively, for the same period of the last fiscal year. The decrease in overall gross margin was mainly related to Huoliyuan capsules as a result of increased raw material and manufacturing costs.
Operating Expenses
Our selling expenses consist primarily of sales commissions, advertising and promotion expenses, freight charges and related compensation. For the three months ended September 30, 2017, selling expenses increased by $0.27 million, or 34.0%, to $1.08 million from $0.81 million for the same period of the last fiscal year. The increase in selling expenses was primarily due to the increase in shipping cost and sales commission as a result of increased sales volume. General and administrative expenses increased by $0.13 million, or 18.2%, to $0.87 million for the three months ended September 30, 2017 from $0.73 million for the same period of the last fiscal year. The increase in general and administrative expenses was primarily due to the increase in depreciation and amortization expenses and consulting fees. Our research and development expenses were $0.06 million for the three months ended September 30, 2017, compared to $0.41 million for the same period of the last fiscal year. The decrease in research and development expenses was mainly due to the decreased purchase of the materials used for R&D. As a result, total operating expenses increased by $0.06 million, or 3.3%, to $2.01 million for the three months ended September 30, 2017 from $1.95 million for the same period of the last fiscal year.
Operating Income
Total operating income increased by $0.41 million, or 15.5%, to $3.04 million for the three months ended September 30, 2017 from $2.63 million for the same period of the last fiscal year. The increase in total operating income was mainly a result of increased gross profit. Operating margin was 21.9% for the three months ended September 30, 2017, compared to 22.7% for the same period of the last fiscal year.
Net Income
Income tax expense increased by $0.11 million, or 17.2%, to $0.77 million for the three months ended September 30, 2017 from $0.66 million for the same period of the last fiscal year.
Net income increased by $0.31 million, or 15.5%, to $2.31 million for the three months ended September 30, 2017 from $2.00 million for the same period of the last fiscal year. The increase in net income was mainly due to the higher revenues from sales of healthcare products and Huoliyuan capsules as well as lower research and development expenses.
After the deduction of non-controlling interest, net income attributable to the Company was $2.24 million or $0.08 per basic and diluted share, for the three months ended September 30, 2017, compared to $2.00 million, or $0.07 per basic and diluted share, for the same period of the last fiscal year.
First Half Fiscal 2018 Financial Results
| |
|
For the Six Months Ended September 30,
|
|
|
($ millions, except per share data)
|
|
2017
|
|
|
2016
|
|
|
% Change
|
|
|
Revenues
|
|
$ |
31.00 |
|
|
$ |
21.31 |
|
|
|
45.5 |
% |
|
Gross profit
|
|
$ |
11.90 |
|
|
$ |
8.38 |
|
|
|
42.0 |
% |
|
Gross margin
|
|
|
38.4 |
% |
|
|
39.3 |
% |
|
-0.9 pp
|
|
|
Operating income
|
|
$ |
7.68 |
|
|
$ |
4.77 |
|
|
|
61.1 |
% |
|
Operating margin
|
|
|
24.8 |
% |
|
|
22.4 |
% |
|
2.4 pp
|
|
|
Net income attributable to CYIG
|
|
$ |
6.05 |
|
|
$ |
3.57 |
|
|
|
69.3 |
% |
|
Earnings per share
|
|
$ |
0.20 |
|
|
$ |
0.12 |
|
|
|
69.1 |
% |
Revenues
For the six months ended September 30, 2017, total revenues increased by $9.69 million, or 45.5%, to $31.00 million from $21.31 million for the same period of the last fiscal year. The increase in total revenues was across all product categories.
Revenues from healthcare products increased by $5.94 million, or 80.1%, to $13.36 million for the six months ended September 30, 2017 from $7.42 million for the same period of the last fiscal year. The increase in sales of healthcare products was primarily due to the growth of our customer base as well as contribution from internet direct-sales.
Revenues from Huoliyuan capsules increased by $2.62 million, or 24.6%, to $13.25 million for the six months ended September 30, 2017 from $10.63 million for the same period of the last fiscal year. The increase in sales of Huoliyuan capsules was primarily due to ease of market competition.
Revenues from acer truncatum bunge seed oil increased by $1.13 million, or 34.9%, to $4.39 million for the six months ended September 30, 2017 from $3.25 million for the same period of the last fiscal year. The increase in sales of acer truncatum bunge seed oil was primarily due to increased marketing efforts in promoting the products. Since July 2015, the Company has produced and sold acer truncatum bunge seed oil extracted from the acer truncatum pods that were purchased from third party vendors. Our self-grown acer truncatum pods will not be ready to be used for production until approximately the fall of 2018.
The sales of healthcare products, Huoliyuan capsules and acer truncatum bunge seed oil accounted for 43.1%, 42.7% and 14.2%, respectively, of total revenues for the six months ended September 30, 2017, compared to 34.8%, 49.9%, and 15.3%, respectively, for same period of the last fiscal year.
The following table summarizes the breakdown of revenues and gross profit by products for the six months ended September 30, 2017 and 2016, respectively:
| |
|
For the Six Months Ended September 30,
|
|
| |
|
2017
|
|
|
2016
|
|
| |
|
Revenues ($M)
|
|
Gross Profit ($M)
|
|
Gross Margin (%)
|
|
Revenues ($M)
|
|
Gross Profit ($M)
|
|
Gross Margin (%)
|
|
|
Health care supplements
|
|
|
13.36 |
|
|
|
5.96 |
|
|
|
44.6 |
% |
|
|
7.42 |
|
|
|
3.30 |
|
|
|
44.5 |
% |
|
Drug (Huoliyuan capsule)
|
|
|
13.25 |
|
|
|
4.02 |
|
|
|
30.4 |
% |
|
|
10.63 |
|
|
|
3.61 |
|
|
|
34.0 |
% |
|
Acer truncatum oil
|
|
|
4.39 |
|
|
|
1.92 |
|
|
|
43.7 |
% |
|
|
3.25 |
|
|
|
1.47 |
|
|
|
45.2 |
% |
|
Total
|
|
|
31.00 |
|
|
|
11.90 |
|
|
|
38.4 |
% |
|
|
21.31 |
|
|
|
8.38 |
|
|
|
39.3 |
% |
Cost of Goods Sold
Our cost of goods sold was comprised primarily of the cost of finished goods we purchased from Shandong Yongchuntang, the raw materials we purchased from third party vendors, and the manufacturing cost of acer truncatum bunge seed oil and Huoliyuan capsules. For the six months ended September 30, 2017, total cost of goods sold increased by $6.17 million, or 47.8%, to $19.10 million from $12.92 million for the same period of the last fiscal year. Cost of goods sold for healthcare products, Huoliyuan capsules and acer truncatum bunge seed oil were $7.40 million, $9.23 million and $2.47 million, respectively, for the six months ended September 30, 2017, compared to $4.12 million, $7.02 million and $1.78 million, respectively, for the same period of the last fiscal year.
Gross Profit
Gross profit increased by $3.52 million, or 42.0%, to $11.90 million for the six months ended September 30, 2017 from $8.38 million for the same period of last fiscal year. Gross profit for healthcare products, Huoliyuan capsules and acer truncatum bunge seed oil were $5.96 million, $4.02 million and $1.92 million, respectively, for the six months ended September 30, 2017, compared to $3.30 million, $3.61 million and $1.47 million, respectively, for the same period of the last fiscal year.
Overall gross margin was 38.4%, with gross margins for healthcare products, Huoliyuan capsules and acertruncatumbunge seed oil of 44.6%, 30.4%, and 43.7%, respectively, for the six months ended September 30, 2017. This compared to overall gross margin of 39.3%, and gross margins for healthcare products, Huoliyuan capsules and acer truncatum bunge seed oil of 44.5%, 34.0%, and 45.2%, respectively, for the same period of the last fiscal year. The decrease in overall gross margin was mainly related to Huoliyuan capsules as a result of increased raw material and manufacturing costs.
Operating Expenses
Our selling expenses consist primarily of sales commissions, advertising and promotion expenses, freight charges and related compensation. For the six months ended September 30, 2017, selling expenses increased by $0.76 million, or 49.0%, to $2.32 million from $1.56 million for the same period of the last fiscal year. The increase in selling expenses was primarily due to the increase in shipping cost and sales commission as a result of increased sales volume. General and administrative expenses increased by $0.19 million, or 12.1%, to $1.78 million for the six months ended September 30, 2017 from $1.58 million for the same period of the last fiscal year. The increase in general and administrative expenses was primarily due to the increase in depreciation and amortization expenses and consulting fees. Our research and development expenses were $0.13 million for the six months ended September 30, 2017, compared to $0.47 million for the same period of the last fiscal year. The decrease in research and development expenses was mainly due to the decreased purchase of the materials used for R&D. As a result, total operating expenses increased by $0.61 million, or 16.8%, to $4.22 million for the six months ended September 30, 2017 from $3.62 million for the same period of the last fiscal year.
Operating Income
Total operating income increased by $2.91 million, or 61.1%, to $7.68 million for the six months ended September 30, 2017 from $4.77 million for the same period of the last fiscal year. The increase in total operating income was mainly a result of increased gross profit. Operating margin was 24.8% for the six months ended September 30, 2017, compared to 22.4% for the same period of the last fiscal year.
Net Income
Income tax expense increased by $0.85 million, or 69.1%, to $2.08 million for the six months ended September 30, 2017 from $1.23 million for the same period of the last fiscal year.
Net income increased by $2.66 million, or 74.5%, to $6.23 million for the six months ended September 30, 2017 from $3.57 million for the same period of the last fiscal year. The increase in net income was mainly due to the higher revenues across all product categories, lower research and development expenses and gain from disposal of acer truncatum bunge plants this year.
After the deduction of non-controlling interest, net income attributable to the Company was $6.05 million or $0.20 per basic and diluted share, for the six months ended September 30, 2017, compared to $3.57 million, or $0.12 per basic and diluted share, for the same period of the last fiscal year.
Liquidity and Capital Resources
As of September 30, 2017, the Company had cash and cash equivalents and inventories of $19.19 million and $2.41 million, respectively, compared to $10.31 million and $5.48 million, respectively, as of March 31, 2017. Total working capital was $21.33 million as of September 30, 2017, compared to $15.49 million as of March 31, 2017.
Net cash provided by operating activities was $10.74 million for the six months ended September 30, 2017, compared to $4.94 million for the same period of the last fiscal year. Net cash used in investing activities was $2.42 million for the six months ended September 30, 2017, compared to $3.72 million for the same period of the last fiscal year. Net cash provided by financing activities was $nil for the six months ended September 30, 2017 and 2016, respectively.
About China YCT International Group, Inc.
Based in Sishui City, Shandong Province and established in January 1989, China YCT International Group, Inc., through its subsidiaries, engages in the business of developing, manufacturing, and selling medicine, developing acer truncatum bunge planting bases, manufacturing and selling acer truncatum bunge seed oil, and distributing healthcare supplement products manufactured by third party in the PRC. For more information about the Company, please visit 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: tony.tian@weitian-ir.com
CHINA YCT INTERNATIONAL GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| |
|
THREE MONTHS ENDED
SEPTEMBER 30,
|
|
|
SIX MONTHS ENDED
SEPTEMBER 30,
|
|
| |
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$ |
13,866,784 |
|
|
$ |
11,594,484 |
|
|
$ |
31,001,649 |
|
|
$ |
21,306,979 |
|
|
Cost of Goods Sold (including $3,020,708 and $2,314,522 from a related party for the three months ended September 30, 2017 and 2016, respectively; including $7,309,643 and $4,058,001 from a related party for the six months ended September 30, 2017 and 2016, respectively)
|
|
|
8,811,390 |
|
|
|
7,011,566 |
|
|
|
19,098,538 |
|
|
|
12,923,827 |
|
|
Gross profit
|
|
|
5,055,394 |
|
|
|
4,582,918 |
|
|
|
11,903,111 |
|
|
|
8,383,152 |
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
|
1,082,147 |
|
|
|
807,803 |
|
|
|
2,318,439 |
|
|
|
1,555,683 |
|
|
General and administrative expenses
|
|
|
868,258 |
|
|
|
734,502 |
|
|
|
1,776,663 |
|
|
|
1,584,859 |
|
|
Research and development expenses
|
|
|
62,033 |
|
|
|
405,736 |
|
|
|
126,411 |
|
|
|
474,896 |
|
|
Total operating expenses
|
|
|
2,012,438 |
|
|
|
1,948,041 |
|
|
|
4,221,513 |
|
|
|
3,615,438 |
|
|
Income from operations
|
|
|
3,042,956 |
|
|
|
2,634,877 |
|
|
|
7,681,598 |
|
|
|
4,767,714 |
|
|
Gain on disposal of acer truncatum bunge plants
|
|
|
- |
|
|
|
- |
|
|
|
573,092 |
|
|
|
- |
|
|
Interest income
|
|
|
31,199 |
|
|
|
16,727 |
|
|
|
56,302 |
|
|
|
32,149 |
|
|
Income before income tax provision
|
|
|
3,074,155 |
|
|
|
2,651,604 |
|
|
|
8,310,992 |
|
|
|
4,799,863 |
|
|
Income tax provision
|
|
|
768,539 |
|
|
|
655,904 |
|
|
|
2,077,748 |
|
|
|
1,228,628 |
|
|
Net income
|
|
|
2,305,616 |
|
|
|
1,995,700 |
|
|
|
6,233,244 |
|
|
|
3,571,235 |
|
|
Less: Net income attributable to noncontrolling interest
|
|
|
69,168 |
|
|
|
- |
|
|
|
186,997 |
|
|
|
- |
|
|
Net income attributable to the Company
|
|
|
2,236,448 |
|
|
|
1,995,700 |
|
|
|
6,046,247 |
|
|
|
3,571,235 |
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
1,908,799 |
|
|
|
(565,119 |
) |
|
|
3,564,300 |
|
|
|
(2,650,307 |
) |
|
Comprehensive income
|
|
|
4,214,415 |
|
|
|
1,430,581 |
|
|
|
9,797,544 |
|
|
|
920,928 |
|
|
Less: Comprehensive income attributable to noncontrolling interest
|
|
|
126,432 |
|
|
|
- |
|
|
|
292,747 |
|
|
|
- |
|
|
Comprehensive income attributable to the Company
|
|
$ |
4,087,983 |
|
|
$ |
1,430,581 |
|
|
$ |
9,504,797 |
|
|
$ |
920,928 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
0.20 |
|
|
$ |
0.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
|
|
29,789,168 |
|
|
|
29,764,168 |
|
|
|
29,789,168 |
|
|
|
29,759,891 |
|
CHINA YCT INTERNATIONAL GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| |
|
|
|
|
|
|
| |
|
SEPTEMBER 30, 2017
|
|
|
MARCH 31,
2017
|
|
| |
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
19,190,930 |
|
|
$ |
10,308,622 |
|
|
Accounts receivable
|
|
|
- |
|
|
|
1,134,967 |
|
|
Inventories
|
|
|
2,410,772 |
|
|
|
5,483,040 |
|
|
Purchase deposit to vendors
|
|
|
- |
|
|
|
650,790 |
|
|
Prepaid expenses
|
|
|
284,288 |
|
|
|
- |
|
|
Prepaid leases – current portion
|
|
|
817,120 |
|
|
|
900,547 |
|
|
Total current assets
|
|
|
22,703,110 |
|
|
|
18,477,966 |
|
| |
|
|
|
|
|
|
|
|
|
Prepaid leases
|
|
|
937,101 |
|
|
|
1,265,252 |
|
|
Development cost of acer truncatum bunge planting
|
|
|
44,613,910 |
|
|
|
42,055,972 |
|
|
Plant, property, and equipment, net
|
|
|
16,582,016 |
|
|
|
14,487,135 |
|
|
Intangible assets, net
|
|
|
11,878,750 |
|
|
|
12,042,758 |
|
|
Deferred tax assets
|
|
|
245,543 |
|
|
|
508,521 |
|
|
Security deposit to related party
|
|
|
1,506,728 |
|
|
|
1,449,422 |
|
|
Total assets
|
|
$ |
98,467,158 |
|
|
$ |
90,287,026 |
|
| |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable to related party
|
|
$ |
34,739 |
|
|
$ |
706,048 |
|
|
Accounts payable and other accrued expenses
|
|
|
285,710 |
|
|
|
251,307 |
|
|
Advance from customers
|
|
|
115,669 |
|
|
|
- |
|
|
Taxes payable
|
|
|
932,015 |
|
|
|
2,028,190 |
|
|
Total current liabilities
|
|
|
1,368,133 |
|
|
|
2,985,545 |
|
| |
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value $500 per share; 45 shares authorized, issued and outstanding at September 30, 2017 and March 31, 2017.
|
|
|
22,500 |
|
|
|
22,500 |
|
|
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 29,789,168 shares issued and outstanding at September 30, 2017 and March 31, 2017.
|
|
|
29,789 |
|
|
|
29,789 |
|
|
Additional paid-in capital
|
|
|
4,322,838 |
|
|
|
4,322,838 |
|
|
Statutory reserve
|
|
|
1,828,504 |
|
|
|
1,828,504 |
|
|
Retained earnings
|
|
|
89,107,851 |
|
|
|
83,061,604 |
|
|
Accumulated other comprehensive loss
|
|
|
(928,295 |
) |
|
|
(4,386,845 |
) |
|
Total stockholders' equity attributable to the Company
|
|
|
94,383,187 |
|
|
|
84,878,390 |
|
|
Noncontrolling interest
|
|
|
2,715,838 |
|
|
|
2,423,091 |
|
|
Total stockholders' equity
|
|
|
97,099,025 |
|
|
|
87,301,481 |
|
|
Total liabilities and stockholders' equity
|
|
$ |
98,467,158 |
|
|
$ |
90,287,026 |
|
CHINA YCT INTERNATIONAL GROUP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
| |
SIX MONTHS ENDED
SEPTEMBER 30,
|
|
| |
2017
|
|
|
2016
|
|
|
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
$ |
6,233,244 |
|
|
$ |
3,571,235 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization of plant, property and equipment
|
|
|
615,112 |
|
|
|
357,812 |
|
|
Amortization of intangible assets
|
|
|
628,768 |
|
|
|
560,100 |
|
|
Amortization of prepaid leases
|
|
|
431,644 |
|
|
|
470,700 |
|
|
Issuance of common shares for services
|
|
|
- |
|
|
|
10,609 |
|
|
Stock-based compensation expenses
|
|
|
- |
|
|
|
101,026 |
|
|
Deferred taxes
|
|
|
278,054 |
|
|
|
(20,937 |
) |
|
Gain on disposal of acer truncatum bunge plants
|
|
|
(573,092 |
) |
|
|
- |
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Advance payment to vendors
|
|
|
664,506 |
|
|
|
- |
|
|
Inventory
|
|
|
3,230,636 |
|
|
|
(602,301 |
) |
|
Accounts receivable
|
|
|
1,158,886 |
|
|
|
62,579 |
|
|
Cancellation of lease
|
|
|
56,732 |
|
|
|
- |
|
|
Prepaid expenses
|
|
|
(279,239 |
) |
|
|
- |
|
|
Taxes payable
|
|
|
(1,155,471 |
) |
|
|
387,577 |
|
|
Purchase deposit and accounts payable to related party, net
|
|
|
(686,806 |
) |
|
|
- |
|
|
Accounts payable and other accrued expenses
|
|
|
24,034 |
|
|
|
39,190 |
|
|
Advance from customers
|
|
|
113,615 |
|
|
|
- |
|
|
Net cash provided by operating activities
|
|
|
10,740,623 |
|
|
|
4,937,590 |
|
| |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of property, plant and equipment
|
|
|
(2,110,189 |
) |
|
|
(1,391,163 |
) |
|
Proceeds from disposal of acer truncatum bunge plants
|
|
|
2,114,541 |
|
|
|
- |
|
|
Development cost of acer truncatum bunge planting
|
|
|
(2,420,741 |
) |
|
|
(2,325,126 |
) |
|
Net cash used in investing activities
|
|
|
(2,416,389 |
) |
|
|
(3,716,289 |
) |
| |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
558,074 |
|
|
|
(263,166 |
) |
|
Net increase in cash and cash equivalents
|
|
|
8,882,308 |
|
|
|
958,135 |
|
|
Cash and cash equivalents at beginning of period
|
|
|
10,308,622 |
|
|
|
7,639,084 |
|
|
Cash and cash equivalents at end of period
|
|
$ |
19,190,930 |
|
|
$ |
8,597,219 |
|
| |
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
|
Cash paid during the periods for:
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$ |
- |
|
|
$ |
- |
|
|
Income taxes
|
|
$ |
2,790,002 |
|
|
$ |
1,018,543 |
|
SOURCE: China YCT International Group, Inc.
Source: ACCESSWIRE
(November 14, 2017 - 4:30 PM EST)
News by QuoteMedia
www.quotemedia.com |
