eFuture Information Technology Inc. (Nasdaq:EFUT) (the "Company" or
"eFuture"), a leading software and solution provider and a mobile
business enabler to China's rapidly growing retail and consumer
goods industries, today announced its unaudited financial results
for the first quarter ended March 31, 2015.
First Quarter
2015 Financial Highlights
- Total revenue increased 3% year-over-year to RMB23.6 million
(US$3.8 million).
- Gross profit remained stable year-over-year at RMB9.7 million
(US$1.6 million).
- Adjusted EBITDA was negative RMB3.4 million (US$0.6 million),
slightly improved compared with negative RMB3.8 million in the
first quarter 2014.
- Operating loss was RMB5.5 million (US$0.9 million), same as
that in the first quarter 2014.
- Net loss was RMB5.3 million (US$0.9 million), compared to a net
loss of RMB5.1 million in the first quarter 2014.
- Backlog as of March 31, 2015 increased 23% year-over-year to
RMB153.2 million (US$24.7 million).
Mr. David Ren, CEO, said, "After joining eFuture and conducting
many orientation meetings in the first quarter, I am confident to
work with our talented employee teams to promote growth and
innovation. eFuture remains committed to the seamless execution of
our consistent transition strategy from a pure software provider to
a software and mobile internet business enabler driven by
innovative solutions and mobile applications, such as the
omni-channel solution and myStore. We look forward to leveraging
the extraordinary power of our significant retailer base in
launching new innovative programs in 2015 and beyond."
Ms. Ping Yu, CFO, commented, "The first quarter represents our
lowest business season of the whole year. Despite the negative
seasonal impact, our backlog increased 23%. New contracts from
grocery and e-commerce are continuing to be the major growth driver
for the Company. While implementing effective expense control
measures, we increased our R&D investment on the omni-channel
cloud service offering to maintain our position as an innovation
leader in the retail industry."
FIRST QUARTER
2015 FINANCIAL RESULTS
Revenue
Total revenue for the first quarter 2015 increased 3% to RMB23.6
million (US$3.8 million) from RMB22.9 million in the first quarter
2014.
Revenue Breakdown
|
|
1Q14 |
1Q15 |
|
RMB '000 |
RMB '000 |
USD '000 |
Y-o-Y Change |
Software revenue |
7,420 |
6,533 |
1,054 |
-12% |
Hardware revenue |
501 |
1,913 |
308 |
281% |
Service fee revenue |
14,977 |
15,169 |
2,447 |
1% |
Total |
22,898 |
23,615 |
3,809 |
3% |
Software revenue for the first quarter 2015 decreased 12%
year-over-year to RMB6.5 million (US$1.1 million) from RMB7.4
million in the first quarter 2014. The decrease was primarily
attributable to decreased revenue recognized from customers in the
department store industry.
Hardware revenue for the first quarter 2015 increased 281%
year-over-year to RMB1.9 million (US$0.3 million) from RMB0.5
million in the first quarter 2014. The increase was a result of the
completion of a one-off project in the shopping mall industry in
the first quarter 2015.
Service fee revenue for the first quarter 2015 increased 1%
year-over-year to RMB15.2 million (US$2.4 million) from RMB15.0
million in the first quarter 2014.
Cost of Revenue
Cost of revenue for the first quarter 2015 increased 5% to
RMB13.9 million (US$2.2 million) from RMB13.2 million in the first
quarter 2014. The increase was primarily attributable to higher
cost of the increased hardware revenue.
Cost of Revenue Breakdown
|
|
1Q14 |
1Q15 |
|
RMB '000 |
RMB '000 |
USD '000 |
Y-o-Y Change |
Cost of software revenue |
3,340 |
2,065 |
333 |
-38% |
Cost of hardware revenue |
422 |
1,584 |
256 |
275% |
Cost of service fee revenue |
8,516 |
9,314 |
1,503 |
9% |
Amortization of software costs |
934 |
951 |
153 |
2% |
Total |
13,212 |
13,914 |
2,245 |
5% |
Gross Profit and Gross Margin
Gross profit for the first quarter 2015 was RMB9.7 million
(US$1.6 million), remained stable when compared to the first
quarter 2014 , and consolidated gross margin for the first quarter
2015 was 41%, compared with 42% in the first quarter 2014. The
decrease was mainly due to a higher proportion of low-margin
hardware revenue.
Operating Expenses
Research and development ("R&D") expenses for the first
quarter 2015 increased 159% year-over-year to RMB0.8 million
(US$0.1 million), or 3% of total revenue, compared with RMB0.3
million, or 1% of total revenue in the first quarter 2014. The
increase in R&D expense was primarily attributable to an
expenditure relating to an omni-channel cloud based project in the
first quarter 2015, and an increased option expense as the employee
incentive plan granted in December 2014.
General and administrative expenses ("G&A") for the first
quarter 2015 increased 26% year-over-year to RMB6.2 million (US$1.0
million), representing 26% of total revenue, compared with RMB4.9
million, or 22% of total revenue in the first quarter 2014. The
increase was primarily attributable to annual salary increases, as
well as an increased option expense and related expenditure as
employee incentive plan granted in December 2014.
Selling and distribution ("S&D") expenses for the first
quarter 2015 decreased 18% year-over-year to RMB8.2 million (US$1.3
million), representing 35% of total revenue, compared with RMB9.9
million, or 43% of total revenue in the first quarter 2014. The
decrease was primarily attributable to enhanced human resource
integration and improved management efficiency.
Operating Loss
Operating loss in the first quarter 2015 was RMB5.5 million
(US$0.9 million), which was the same for the first quarter
2014.
Net Loss/Adjusted
Net Loss and Loss Per
Share/Adjusted Loss Per
Share
First quarter 2015 net loss was RMB5.3 million (US$0.9 million),
compared with a net loss of RMB5.1 million for the first quarter
2014. Adjusted net loss for the first quarter 2015 was RMB3.7
million (US$0.6 million), compared with an adjusted net loss of
RMB3.9 million for the first quarter 2014.
Basic and diluted loss per share in the first quarter 2015 was
RMB1.25 (US$0.20), compared to basic and diluted loss per share of
RMB1.21 in the first quarter 2014. Adjusted diluted loss per share
was RMB0.87 (US$0.14), compared to RMB0.94 in the first quarter
2014.
EBITDA
Adjusted EBITDA for the first quarter 2015 was negative RMB3.4
million (US$0.6 million), compared to negative RMB3.8 million in
the first quarter 2014.
Balance Sheet and Cash Flow
As of March 31, 2015, cash and cash equivalents were RMB35.2
million (US$5.7 million), a decrease of RMB29.4 million from
RMB64.6 million as of December 31, 2014. The decrease was primarily
attributable to the payment of annual bonuses and increased
expenditures on certain customer projects.
Total accounts receivable as of March 31, 2015 decreased 12% to
RMB36.1 million (US$5.8 million) from RMB40.9 million as of
December 31, 2014. The decrease was primarily attributable to
improvement in receivables collection.
Inventory and work in process as of March 31, 2015 increased 98%
to RMB28.8 million (US$4.6 million) from RMB14.6 million as of
December 31, 2014. The increase was primarily attributable to an
increase in the number of on-going projects, which had not reached
the point of revenue recognition.
For the quarter ended March 31, 2015, net cash used in operating
activities was RMB28.6 million (US$4.6 million). Net cash used in
investing activities was RMB2.5 million (US$0.4 million). Net cash
provided by financing activities was RMB1.8 million (US$0.3
million).
SECOND QUARTER
2015 GUIDANCE
eFuture expects total revenue for the second quarter 2015 to be
in the range of RMB29 million (US$4.7 million) to RMB33 million
(US$5.3 million). Adjusted EBITDA for the second quarter 2015 is
expected to be in the range of negative RMB7 million (US$1.1
million) to negative RMB4 million (US$0.6 million).
CURRENCY CONVENIENCE TRANSLATION
This announcement contains translations of certain RMB amounts
into U.S. dollars ("USD") at specified rates, solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of RMB6.1990 to
US$1.00, the noon buying rate in effect on March 31, 2015 in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or USD amounts referred could
be converted into USD or RMB, as the case may be, at any particular
rate or at all. For analytical presentation, all percentages are
calculated using the numbers presented in the financial statements
contained in this earnings release.
USE OF NON-GAAP FINANCIAL MEASURES
To supplement eFuture's unaudited consolidated financial results
presented in accordance with U.S. GAAP, eFuture uses the following
non-GAAP measures defined as non-GAAP financial measures by the
U.S. Securities and Exchange Commission: (i) adjusted EBITDA
excluding amortization of acquired software technology,
amortization of intangibles, impairment of intangible assets,
share-based compensation expenses and depreciation; (ii) adjusted
net income excluding amortization of acquired software technology,
amortization of intangibles, impairment of intangible assets,
share-based compensation expenses and accretion on convertible
notes; and (iii) adjusted basic and diluted earnings per share
excluding amortization of acquired software technology,
amortization of intangibles, share-based compensation expenses and
accretion on convertible notes.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
U.S. GAAP.
eFuture believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance and
liquidity by excluding expenses that may not be indicative of its
operating performance from a cash perspective or be indicative of
its operating performance. eFuture believes that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing the Company's performance and when planning
and forecasting future periods. These non-GAAP financial measures
also facilitate management's internal comparisons to eFuture's
historical performance and liquidity. eFuture computes its non-GAAP
financial measures using the same consistent method from quarter to
quarter. The Company believes these non-GAAP financial measures are
useful to investors in allowing for greater transparency with
respect to supplemental information used by management in its
financial and operational decision-making. The accompanying
paragraphs have more details on the reconciliations between GAAP
financial measures that are most directly comparable to non-GAAP
financial measures.
eFuture's management also believes that EBITDA, defined as
earnings before interest, income tax expense, depreciation and
amortization is a useful financial metric to assess its operating
and financial performance before the impact of investing and
financing transactions and income taxes. In addition, eFuture's
management believes that EBITDA is widely used by other companies
in the software industry and may be used by investors as a measure
of its financial performance. Given the significant investments
that eFuture has made in property, equipment, depreciation and
amortization expense comprises a meaningful portion of the
Company's cost structure. eFuture's management believes that EBITDA
will provide investors with a useful tool for comparability between
periods because it eliminates depreciation and amortization expense
attributable to capital expenditures. The presentation of EBITDA
should not be construed as an indication that the Company's future
results will be unaffected by other charges and gains eFuture
considers to be outside the ordinary course of its business.
The use of EBITDA and adjusted EBITDA has certain limitations.
Depreciation and amortization expense for various long-term assets,
income tax expense, interest expense and interest income have been
and will be incurred and are not reflected in the presentation of
EBITDA. Further, share-based compensation expenses have been and
will be incurred and are not reflected in the presentation of
adjusted EBITDA. Each of these items should also be considered in
the overall evaluation of eFuture's financial results. The term
EBITDA or adjusted EBITDA is not defined under U.S. GAAP, and
EBITDA or adjusted EBITDA is not a measure of net income, operating
income, operating performance or liquidity presented in accordance
with U.S. GAAP. When assessing eFuture's operating and financial
performance, you should not consider this data in isolation or as a
substitute for its net income, operating income or any other
operating performance measure that is calculated in accordance with
U.S. GAAP. In addition, the Company's EBITDA and adjusted EBITDA
may not be comparable to EBITDA or similarly titled measures
utilized by other companies since such other companies may not
calculate EBITDA in the same manner as eFuture does.
STATEMENT REGARDING UNAUDITED FINANCIAL
INFORMATION
The unaudited financial information set forth above is subject
to adjustments that may be identified when audit work is performed
on the Company's year-end financial statements, which could result
in significant differences from this unaudited financial
information.
ABOUT EFUTURE INFORMATION TECHNOLOGY INC.
eFuture Information Technology Inc. (Nasdaq:EFUT) is a leading
software and solution provider and a mobile business enabler to
China's rapidly growing retail and consumer goods industries.
eFuture's clients include 1,000+ active retailers with more than
50,000 physical stores across China, of which about 45% were ranked
among the top 100 chain retailers during 2014. For more information
about eFuture, please visit http://www.e-future.com.cn.
SAFE HARBOR
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
2014 financial outlook and quotations from management in this
announcement, as well as strategic and operational plans, contain
forward-looking statements. eFuture may also make written or oral
forward-looking statements in periodic reports to the Securities
and Exchange Commission (the "SEC"), in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
second parties. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: eFuture's anticipated growth strategies; eFuture's
future business development, results of operations and financial
condition; expected changes in the Company's revenue and certain
cost or expense items; eFuture's ability to attract clients and
leverage its brand; trends and competition in the software
industry; the Company's ability to control expenses and maintain
profit margins; the Company's ability to hire, train and retain
qualified managerial and other employees; the Company's ability to
develop new software and pilot new business models at desirable
locations in a timely and cost-effective manner; the performance of
third parties under contracts with the Company; the expected growth
of the Chinese economy software market in retail and consumer goods
industries; and Chinese governmental policies relating to private
managers and operators of software and applicable tax rates.
Further information regarding these and other risks will be
included in eFuture's annual report on Form 20-F and other
documents filed with the SEC. All information provided in this
press release and in the attachments is as of May 22, 2015, and the
Company undertakes no duty to update such information or any other
forward-looking information, except as required under applicable
law.
– FINANCIAL TABLES TO FOLLOW –
EFUTURE INFORMATION TECHNOLOGY INC.
AND SUBSIDIARIES |
|
Exchange rate |
6.1990 |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
|
Chinese Yuan
(Renminbi) |
U.S.
Dollars |
|
December 31, |
March 31, |
March 31, |
|
2014 |
2015 |
2015 |
|
(Audited) |
(Unaudited) |
(Unaudited) |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
64,558,916 |
35,208,708 |
5,679,740 |
Trade receivables, net of allowance for
doubtful accounts of ¥4,502,766 and ¥5,647,464($911,028),
respectively |
40,889,759 |
36,101,703 |
5,823,795 |
Refundable value added tax |
6,765,916 |
1,071,273 |
172,814 |
Advances to employees |
1,117,272 |
1,622,329 |
261,708 |
Other receivables |
2,474,076 |
2,899,792 |
467,784 |
Prepaid expenses |
1,554,052 |
3,159,651 |
509,703 |
Inventory and work in process, net of
inventory provision of ¥4,356,091 and ¥4,022,184($648,844),
respectively |
14,560,195 |
28,777,039 |
4,642,207 |
Deferred tax assets, current portion |
7,046,782 |
7,237,262 |
1,167,489 |
Total current assets |
138,966,968 |
116,077,757 |
18,725,240 |
Non-current assets |
|
|
|
Long-term investments, net of impairment of
¥240,000 and ¥240,000($38,716), respectively |
-- |
-- |
-- |
Property and equipment, net of accumulated
depreciation of ¥9,515,986 and ¥9,915,243($1,599,491),
respectively |
3,279,483 |
2,946,541 |
475,325 |
Intangible assets, net of accumulated
amortization of ¥80,190,029 and ¥81,141,250($13,089,410),
respectively |
40,294,260 |
41,775,237 |
6,739,028 |
Goodwill |
80,625,667 |
80,625,667 |
13,006,238 |
Deferred tax assets |
919,637 |
980,938 |
158,241 |
Total non-current
assets |
125,119,047 |
126,328,383 |
20,378,832 |
Total assets |
264,086,015 |
242,406,140 |
39,104,072 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Current liabilities |
|
|
|
Short-term loans |
10,692,003 |
12,456,903 |
2,009,502 |
Trade payables |
12,509,613 |
11,597,131 |
1,870,807 |
Other payables |
17,978,021 |
13,158,225 |
2,122,637 |
Accrued expenses |
24,685,555 |
13,477,844 |
2,174,196 |
Taxes payable |
16,128,358 |
12,361,764 |
1,994,155 |
Advances from customers |
51,661,078 |
53,525,444 |
8,634,529 |
Total current
liabilities |
133,654,628 |
116,577,311 |
18,805,826 |
|
|
|
|
Equity |
|
|
|
Ordinary shares $0.0756 U.S. dollars par
value; 6,613,756 shares, authorized; 3,989,626 shares and
3,993,376 shares issued and outstanding, respectively |
2,357,978 |
2,359,714 |
380,660 |
Additional paid-in capital |
234,405,541 |
235,094,993 |
37,924,664 |
Statutory reserves |
8,574,634 |
8,574,634 |
1,383,229 |
Accumulated deficits |
(114,906,766) |
(120,200,512) |
(19,390,307) |
Total equity |
130,431,387 |
125,828,829 |
20,298,246 |
Total liabilities and
equity |
264,086,015 |
242,406,140 |
39,104,072 |
|
|
|
EFUTURE INFORMATION
TECHNOLOGY INC. AND SUBSIDIARIES |
Exchange rate |
6.1990 |
CONDENSED CONSOLIDATED
INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Chinese Yuan
(Renminbi) |
U.S.
Dollars |
|
|
March 31, |
March 31, |
March 31, |
|
|
|
|
|
Y-o-Y |
|
2014 |
2015 |
2015 |
Change |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
% |
Revenues |
|
|
|
|
Software revenue |
7,420,124 |
6,533,153 |
1,053,904 |
-12% |
Hardware revenue |
501,568 |
1,912,436 |
308,507 |
281% |
Service fee revenue |
14,976,789 |
15,169,133 |
2,447,029 |
1% |
Total revenues |
22,898,481 |
23,614,722 |
3,809,440 |
3% |
|
|
|
|
|
Cost of revenues |
|
|
|
|
Cost of software revenue |
3,339,956 |
2,064,250 |
332,997 |
-38% |
Cost of hardware revenue |
422,060 |
1,584,200 |
255,557 |
275% |
Cost of service fee revenue |
8,516,328 |
9,314,081 |
1,502,513 |
9% |
Amortization of software costs |
933,938 |
951,221 |
153,447 |
2% |
Total cost of revenues |
13,212,282 |
13,913,752 |
2,244,514 |
5% |
|
|
|
|
|
Gross profit |
9,686,199 |
9,700,970 |
1,564,926 |
0% |
|
|
|
|
|
Operating expenses |
|
|
|
|
Research and development expenses |
309,280 |
799,651 |
128,997 |
159% |
General and administrative expenses |
4,942,669 |
6,210,782 |
1,001,901 |
26% |
Selling and distribution expenses |
9,906,057 |
8,171,021 |
1,318,119 |
-18% |
Total operating
expenses |
15,158,006 |
15,181,454 |
2,449,017 |
0% |
|
|
|
|
|
Loss from operations |
(5,471,807) |
(5,480,484) |
(884,091) |
|
|
|
|
|
|
Other income (expenses) |
|
|
|
|
Interest income |
82,385 |
134,607 |
21,714 |
|
Interest expenses |
-- |
(245,170) |
(39,550) |
|
Other income |
-- |
37,748 |
6,089 |
|
Foreign currency exchange gain |
18,283 |
7,772 |
1,254 |
|
Loss before income tax |
(5,371,139) |
(5,545,527) |
(894,584) |
|
Less: Income tax benefit |
(274,723) |
(251,781) |
(40,616) |
|
Net loss |
(5,096,416) |
(5,293,746) |
(853,968) |
|
Loss per share |
|
|
|
|
Basic |
(1.21) |
(1.25) |
(0.20) |
|
Diluted |
(1.21) |
(1.25) |
(0.20) |
|
Basic weighted average shares
outstanding |
4,210,476 |
4,219,540 |
4,219,540 |
|
Fully diluted weighted average shares
outstanding |
4,220,386 |
4,352,384 |
4,352,384 |
|
|
|
|
EFUTURE INFORMATION
TECHNOLOGY INC. AND SUBSIDIARIES |
Exchange rate |
6.1990 |
NON-GAAP MEASURES OF
PERFORMANCE |
|
|
|
|
|
|
|
|
Three months
ended |
|
Chinese Yuan
(Renminbi) |
U.S.
Dollars |
|
March 31, |
March 31, |
March 31, |
|
2014 |
2015 |
2015 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
NON-GAAP OPERATING INCOME
(LOSS) AND ADJUSTED EBITDA |
|
|
|
|
|
|
|
Operating loss (GAAP
basis) |
(5,471,807) |
(5,480,484) |
(884,091) |
|
|
|
|
Adjustments for non-GAAP measures of
performance: |
|
|
|
Add back amortization of intangibles |
933,938 |
951,221 |
153,447 |
Add back share-based
compensation expenses |
221,087 |
691,188 |
111,500 |
Adjusted non-GAAP operating
loss |
(4,316,782) |
(3,838,075) |
(619,144) |
Add back depreciation |
488,593 |
408,375 |
65,878 |
|
|
|
|
Adjusted EBITDA (Earnings
before interest, taxes, depreciation and
amortization) |
(3,828,189) |
(3,429,700) |
(553,266) |
|
|
|
|
NON-GAAP OPERATING LOSS AND
ADJUSTED EBITDA, as a percentage of revenue |
|
|
|
|
|
|
|
Operating loss (GAAP
BASIS) |
-24% |
-23% |
-23% |
|
|
|
|
Adjustments for non-GAAP measures of
performance: |
|
|
|
Amortization of intangibles |
4% |
4% |
4% |
Share-based compensation
expenses |
1% |
3% |
3% |
Adjusted non-GAAP operating
loss |
-19% |
-16% |
-16% |
Depreciation |
2% |
2% |
2% |
|
|
|
|
Adjusted EBITDA (Earnings
before interest, taxes, depreciation and
amortization) |
-17% |
-15% |
-15% |
|
|
|
|
NON-GAAP EARNINGS PER
SHARE |
|
|
|
Net loss |
(5,096,416) |
(5,293,746) |
(853,968) |
Amortization of intangibles |
933,938 |
951,221 |
153,447 |
Share-based compensation
expenses |
221,087 |
691,188 |
111,500 |
Adjusted net loss |
(3,941,391) |
(3,651,337) |
(589,021) |
|
|
|
|
Adjusted non-GAAP diluted loss
per share |
(0.94) |
(0.87) |
(0.14) |
Shares used to compute non-GAAP diluted loss
per share |
4,210,476 |
4,219,540 |
4,219,540 |
|
|
|
|
EFUTURE INFORMATION TECHNOLOGY INC.
AND SUBSIDIARIES |
|
Exchange rate |
6.1990 |
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS |
|
|
|
|
|
|
|
|
Three months
ended |
|
Chinese Yuan
(Renminbi) |
U.S.
Dollars |
|
March 31, |
March 31, |
March 31, |
|
2014 |
2015 |
2015 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
Cash flows from operating
activities: |
|
|
|
Net loss |
(5,096,416) |
(5,293,746) |
(853,968) |
Adjustments to reconcile net loss to net cash
flows used in operating activities: |
|
|
|
Depreciation of property and equipment |
488,593 |
408,375 |
65,878 |
Amortization of intangible assets |
933,938 |
951,221 |
153,447 |
Loss on disposal of property and
equipment |
-- |
239 |
39 |
Allowance for doubtful accounts |
995,406 |
2,488,835 |
401,490 |
Compensation expenses |
221,087 |
691,188 |
111,500 |
Deferred income taxes |
(274,724) |
(251,781) |
(40,616) |
Foreign exchange gain |
(18,283) |
(7,772) |
(1,254) |
Trade receivables |
3,969,509 |
2,299,221 |
370,902 |
Refundable value added tax |
(1,429,534) |
5,694,643 |
918,639 |
Advances to employees |
37,042 |
(505,057) |
(81,474) |
Other receivables |
(294,284) |
(425,716) |
(68,675) |
Prepaid expenses |
7,997 |
(1,605,599) |
(259,009) |
Inventory and work in process |
(10,110,930) |
(14,216,844) |
(2,293,410) |
Trade payables |
(3,470,994) |
(912,482) |
(147,198) |
Other payables |
(4,381,359) |
(4,819,796) |
(777,512) |
Accrued expenses |
(12,164,070) |
(11,207,711) |
(1,807,987) |
Taxes payable |
(4,469,592) |
(3,753,732) |
(605,538) |
Advances from customers |
5,229,270 |
1,864,366 |
300,752 |
Net cash used in operating
activities |
(29,827,344) |
(28,602,148) |
(4,613,994) |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Purchases of property and equipment |
(663,939) |
(88,585) |
(14,290) |
Payments for intangible assets |
(3,334,926) |
(2,432,197) |
(392,354) |
Cash received from disposal of property and
equipment |
-- |
50 |
8 |
Net cash used in investing
activities |
(3,998,865) |
(2,520,732) |
(406,636) |
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Proceeds from short-term loans |
|
1,764,900 |
284,707 |
Proceeds from exercise of options by
employees |
55,805 |
-- |
-- |
Net cash provided by financing
activities |
55,805 |
1,764,900 |
284,707 |
|
|
|
|
Effect of exchange rate changes on
cash and cash equivalents |
18,283 |
7,772 |
1,254 |
|
|
|
|
Net decrease in cash and cash
equivalents |
(33,752,121) |
(29,350,208) |
(4,734,669) |
|
|
|
|
Cash and cash equivalents at
beginning of period |
62,620,652 |
64,558,916 |
10,414,408 |
Cash and cash equivalents at end of
period |
28,868,531 |
35,208,708 |
5,679,740 |
|
|
|
|
Supplemental cash flow
information |
|
|
|
Interest paid |
-- |
216,398 |
34,909 |
Income tax paid |
225,187 |
285,767 |
46,099 |
CONTACT: Investor Contact:
Troe Wen, Company Secretary
eFuture Information Technology Inc.
+86 10 52937699
ir@e-future.com.cn
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