NEW YORK, Feb. 10, 2015 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NasdaqCM: SINO) ("Sino-Global" or the
"Company"), a shipping agency, logistics and ship management
services company, today announced its financial results for the
second quarter of fiscal year 2015 ended December 31, 2014.
|
|
For the Three
Months Ended December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
% Change
|
|
Revenues
|
|
$
|
3,092,580
|
|
|
$
|
2,472,189
|
|
|
|
25.1
|
%
|
Shipping Agency and Ship Management Services
|
|
$
|
1,800,499
|
|
|
$
|
1,971,903
|
|
|
|
-8.7
|
%
|
Shipping and
Chartering Services
|
|
|
-
|
|
|
$
|
50,196
|
|
|
|
NM
|
|
Inland Transportation
Management Services
|
|
$
|
1,292,081
|
|
|
$
|
450,090
|
|
|
|
187.1
|
%
|
Gross
margin
|
|
|
45.8
|
%
|
|
|
29.6
|
%
|
|
|
54.9
|
%
|
Operating
margin
|
|
|
2.9
|
%
|
|
|
2.2
|
%
|
|
|
32.5
|
%
|
Net income
attributable to Sino-Global
|
|
$
|
136,422
|
|
|
$
|
499,122
|
|
|
|
-72.7
|
%
|
Diluted earnings per
share
|
|
$
|
0.02
|
|
|
$
|
0.11
|
|
|
|
-79.3
|
%
|
- Total revenues for the three months ended December 31, 2014 grew 25.1% to $3,092,580 with revenues from Inland
Transportation Management Services increasing 187.1% to a record
level of $1,292,081.
- Gross margin of 45.8% for the three months ended
December 31, 2014 was significantly
higher than the 29.6% for the same period of last year driven
mainly by strong contribution from the higher margin Inland
Transportation Management Services.
- Basic and diluted EPS of $0.02 for the three months ended December 31, 2014 marked the sixth consecutive
quarter of net profit for the Company. The decline in EPS was due
primarily to higher general and administrative expenses as a result
of increased business development and capital raise
activities.
- To explore new growth opportunities and diversify its
revenue streams, the Company signed a memorandum of understanding
in January 2015 to acquire, subject
to certain closing conditions, a small oil/chemical tanker for
RMB 65 million (approximately US
$10.5 million) in a combination of
cash, debt financing and/or securities of the Company, to be agreed
to by the parties in the definitive purchase agreement.
Mr. Lei Cao, Chairman and Chief Executive Officer of Sino-Global
commented: "We are pleased to report our sixth consecutive quarter
of net profit, capping a tremendous calendar year 2014 which marked
the successful transformation of our service platform and the first
profitable calendar year since our initial public offering in 2008.
For the three months ended December 31,
2014, while our EPS declined as of result of heightened
business development and capital raise efforts, our revenues grew
25.1% and gross margin also increased significantly to 45.8% from
29.6% for the same period of 2013."
Mr. Cao, continued: "To enhance our ability to deliver
sustainable earnings in the long run, we will continue to seek out
new growth opportunities and diversify our revenue streams. We are
excited about this possible vessel acquisition opportunity, and we
believe that, as a vessel owner, the acquisition will generate
incremental revenue and earnings growth for Sino-Global."
Q2 FY2015 Financial Results
|
|
For the Three
Months Ended December 31,
|
|
|
2014
|
|
|
2013
|
|
|
Revenues
|
|
|
Cost of
Revenues
|
|
|
Gross
Profit
|
|
|
Revenues
|
|
|
Cost of
Revenues
|
|
|
Gross
Profit
|
Shipping Agency and
Ship Management Services
|
|
$
|
1,800,499
|
|
|
$
|
1,493,285
|
|
|
$
|
307,214
|
|
|
$
|
1,971,903
|
|
|
$
|
1,660,657
|
|
|
$
|
311,246
|
Shipping and
Chartering Services
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
50,196
|
|
|
|
16,048
|
|
|
|
34,148
|
Inland Transportation
Management Services
|
|
|
1,292,081
|
|
|
|
181,576
|
|
|
|
1,110,505
|
|
|
|
450,090
|
|
|
|
64,063
|
|
|
|
386,027
|
Consolidated
|
|
$
|
3,092,580
|
|
|
$
|
1,674,861
|
|
|
$
|
1,417,719
|
|
|
$
|
2,472,189
|
|
|
$
|
1,740,768
|
|
|
$
|
731,421
|
Total revenues increased by 25.1% to $3,092,580 for the three months ended
December 31, 2014 from $2,472,189 for the same period of 2013. The
increase in total revenues was due mainly to the increase in
revenues from Inland Transportation Management Services. Revenues
from Shipping Agency and Ship Management Services decreased by 8.7%
to $1,800,499 for the three months
ended December 31, 2014 from
$1,971,903 for the same period of
2013. The decrease was due mainly to the decrease in Shipping
Agency revenues attributable to the decline in the total number of
ships we served to 27 for the three months ended December 31, 2014 from 96 for the same period of
last year, partially offset by contribution from Ship Management
Services which generated revenues of $142,508 for the three months ended December 31, 2014. Revenues from Inland
Transportation Management Services grew 187.1% to $1,292,081 for the three months ended
December 31, 2014 from $450,090 for the same period of last year. We did
not provide any Shipping and Chartering Services during the three
months ended December 31, 2014, as
compared to revenues of $50,196
during the same period of 2013.
Cost of revenues decreased by 3.8% to $1,674,861 for the three months ended
December 31, 2014 from $1,740,768 for the same period of 2013. The
decrease was due mainly to change in services mix with increased
contribution from Inland Transportation Management Services that
featured lower overhead than Shipping Agency as well as Shipping
and Chartering Services.
Gross margin of 45.8% for the three months ended December 31, 2014 improved significantly from
29.6% for the same period of 2013, mainly because our newly
launched Inland Transportation Management Services featured higher
gross margin than Shipping Agency as well as Shipping and
Chartering Services. Cost of revenues for Shipping Agency and Ship
Management Services and Inland Transportation Management services
were $1,493,285 and $181,576, leading to gross margins of 17.1% and
85.9%, respectively, for the three months ended December 31, 2014.
General and administrative expenses increased by 119.7% to
$1,317,341 for the three months ended
December 31, 2014 from $599,678 for the same period of 2013. The
increase was mainly due to higher business development expenses of
$59,121, office expense of
$148,910, legal fees of $253,513, salaries and benefits of $92,577 and recognition of stock-based
compensation for common stock issued to consultants of $122,867.
Selling expenses decreased by 86.6% to $10,382 for the three months ended December 31, 2014 from $77,437 for the same period of 2013, due mainly
to the decline in revenues from the Shipping Agency business that
led to decreased sales commission.
Operating income of $89,996 for
the three months ended December 31,
2014 compared to $54,306 for
the same period of 2013. This marked our fifth consecutive quarter
of operating profit and sixth consecutive quarter of net profit,
showing that our continued efforts to streamline our operations and
diversify our revenue streams have borne fruit. Operating profit
margin of 2.9% for the three months ended December 31, 2014 compared to 2.2% for the same
period of 2013.
As a result of the foregoing, we reported net income of
$75,740 for the three months ended
December 31, 2014, compared to
$82,766 for the same period of 2013.
After deduction of non-controlling interest, net income
attributable to Sino-Global was $136,422, or $0.02
per diluted share, for the three months ended December 31, 2014, compared to $499,122, or $0.11
per diluted share, for the same period of 2013.
Six Months Ended December 31,
2014
|
|
For the Six Months
Ended December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
Revenues
|
|
|
Cost of
Revenues
|
|
|
Gross
Profit
|
|
|
Revenues
|
|
|
Cost of
Revenues
|
|
|
Gross
Profit
|
|
Shipping Agency and
Ship Management Services
|
|
$
|
3,459,790
|
|
|
$
|
2,776,790
|
|
|
$
|
683,000
|
|
|
$
|
3,402,564
|
|
|
$
|
2,773,460
|
|
|
$
|
629,104
|
|
Shipping and
Chartering Services
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,937,196
|
|
|
|
1,291,048
|
|
|
|
646,148
|
|
Inland Transportation
Management Services
|
|
|
2,238,715
|
|
|
|
307,224
|
|
|
|
1,931,491
|
|
|
|
450,090
|
|
|
|
64,063
|
|
|
|
386,027
|
|
Consolidated
|
|
$
|
5,698,505
|
|
|
$
|
3,084,014
|
|
|
$
|
2,614,491
|
|
|
$
|
5,789,850
|
|
|
$
|
4,128,571
|
|
|
$
|
1,661,279
|
|
Total revenues decreased by 1.6% to $5,698,505 for the six months ended December 31, 2014 from $5,789,850 for the same period of 2013. The
decrease in total revenues was due mainly to no revenues generated
from Shipping and Chartering Services during the six months ended
December 31, 2014, partially offset
by higher revenues from Inland Transportation Management Services.
Revenues from Shipping Agency and Ship Management Services
increased by 1.7% to $3,459,790 for
the six months ended December 31,
2014 from $3,402,564 for the
same period of 2013. The increase was due mainly to the new Ship
Management Services which contributed revenues of $190,095 from the closing date to December 31, 2014, partially offset by the
decrease in revenues from Shipping Agency Services as the total
number of ships we served declined to 97 for the six months ended
December 31, 2014 from 160 for the
same period of last year. Revenues from Inland Transportation
Management Services grew 397.4% to $2,238,715 for the six months ended December 31, 2014 from $450,090 for the same period of last year. We did
not provide any Shipping and Chartering Services during the six
months ended December 31, 2014, as
compared to revenues of $1,937,196
during the same period of 2013.
Cost of revenues decreased by 25.3% to $3,084,014 for the six months ended December 31, 2014 from $4,128,571 for the same period of 2013. The
decrease was due mainly to change in services mix with increased
contribution from Inland Transportation Management Services that
featured lower overhead than Shipping Agency as well as Shipping
and Chartering Services.
Gross margin of 45.9% for the six months ended December 31, 2014 improved significantly from
28.7% for the same period of 2013, mainly because our newly
launched Inland Transportation Management Services featured higher
gross margin than Shipping Agency as well as Shipping and
Chartering Services. Cost of revenues for Shipping Agency and Ship
Management Services and Inland Transportation Management services
were $2,776,790 and $307,224, leading to gross margins of 19.7% and
86.3%, respectively, for the six months ended December 31, 2014.
General and administrative expenses increased by 50.9% to
$2,257,146 for the six months ended
December 31, 2014 from $1,495,842 for the same period of 2013. The
increase was due mainly to higher business development expenses of
$263,801, office expense of
$107,327, legal fees of $117,426, salaries and benefits of $64,935 and recognition of stock-based
compensation for common stock issued to consultants of $194,556.
Selling expenses decreased by 48.1% to $66,721 for the six months ended December 31, 2014 from $128,525 for the same period of 2013, due mainly
to the decline in revenues from the Shipping Agency business which
led to decreased sales commission.
Operating income of $290,624 for
the six months ended December 31,
2014 compared to $36,912 for
the same period of 2013.The increase was due mainly to higher gross
profit margin for Inland Transportation Management Services.
Operating profit margin of 5.1% for the six months ended
December 31, 2014 compared to 0.6%
for the same period of 2013.
As a result of the foregoing, we reported net income of
$241,241 for the six months ended
December 31, 2014, compared to
$111,739 for the same period of 2013.
After deduction of non-controlling interest, net income
attributable to Sino-Global was $468,881, or $0.08
per diluted share, for the six months ended December 31, 2014, compared to $774,517, or $0.16
per diluted share, for the same period of 2013.
Financial Condition
As of December 31, 2014, the
Company had cash and cash equivalents of $2,031,747 and working capital of $5,530,574, compared to $902,531 and $3,727,003, respectively, at the end of the
fiscal year 2014 ended June 30, 2014.
Net cash used in operating activities was $969,590 for the six months ended December 31, 2014, as compared to $342,535 for the same period of last year. Net
cash provided by investing activities was $1,092,133 for the six months ended December 31, 2014 mainly as a result of the
collection of a short-term loan from a related party, as compared
to net cash used in investing activities of $193,369 for the same period of last year. Net
cash provided by financing activities was $967,820 for the six months ended December 31, 2014 due to the net proceeds from
the issuance of common stock of 647,000 shares in July 2014.
Recent Development
On January 26, 2015, the Company
announced that it has entered into a Memorandum of Understanding
(the "MOU") to acquire, subject to certain closing conditions, a
small oil/chemical tanker (the "Vessel") from Rong Yao
International Shipping Limited, a Hong
Kong corporation (the "Vessel Seller"). Pursuant to the
terms of the MOU, the purchase price for the Vessel is RMB 65 million (or approximately US $10.5 million), which may be paid in a
combination of cash, debt financing and/or the issuance of
securities of the Company to the Vessel Seller, as may be agreed to
in the definitive purchase agreement.
About Sino-Global Shipping America, Ltd.
Founded in the United States in
2001, Sino-Global Shipping America, Ltd. is a shipping agency,
logistics and ship management services company. The Company is
headquartered in New York with
offices in China, Australia, Canada and Hong
Kong. Its current service offerings consist of shipping
agency services, shipping and chartering services, inland
transportation management services and ship management services.
For more information, please visit: www.sino-global.com
Forward Looking Statements
No statement made in this press release should be interpreted
as an offer to purchase any security. Such an offer can only be
made in accordance with the Securities Act of 1933, as amended, and
applicable state securities laws. Any statements contained in this
release that relate to future plans, events or performance are
forward-looking statements that involve risks and uncertainties as
identified in Sino-Global's filings with the Securities and
Exchange Commission. Actual results, events or performance may
differ materially. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
the date hereof. Sino-Global undertakes no obligation to publicly
release the results of any revisions to these forward-looking
statements that may be made to reflect the events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
For more information, please contact:
Mr. Anthony S. Chan, CPA
EVP & Acting CFO
+1 718-888-1814
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
December
31,
|
|
June
30,
|
|
|
2014
|
|
2014
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
2,031,747
|
|
$
|
902,531
|
Advances to
suppliers
|
|
|
592,553
|
|
|
8,482
|
Accounts receivable,
less allowance for doubtful accounts of $426,845 and $443,858 as of
December 31, 2014 and June 30, 2014, respectively
|
|
|
1,404,366
|
|
|
481,885
|
Other receivables,
less allowance for doubtful accounts of $241,454 and $250,100 as of
December 31, 2014 and June 30, 2014, respectively
|
|
|
573,920
|
|
|
174,406
|
Prepaid
expenses
|
|
|
666,114
|
|
|
216,729
|
Due from related
parties
|
|
|
1,248,281
|
|
|
3,173,765
|
|
|
|
|
|
|
|
Total Current
Assets
|
|
|
6,516,981
|
|
|
4,957,798
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
261,927
|
|
|
294,722
|
Prepaid expenses -
noncurrent
|
|
|
506,090
|
|
|
280,800
|
Other long-term
assets
|
|
|
16,726
|
|
|
16,734
|
Deferred tax
assets
|
|
|
221,200
|
|
|
163,900
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
7,522,924
|
|
$
|
5,713,954
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Advances from
customers
|
|
$
|
113,115
|
|
$
|
88,477
|
Accounts
payable
|
|
|
213,371
|
|
|
398,756
|
Accrued
expenses
|
|
|
32,428
|
|
|
177,877
|
Other current
liabilities
|
|
|
627,493
|
|
|
565,685
|
|
|
|
|
|
|
|
Total Current
Liabilities
|
|
|
986,407
|
|
|
1,230,795
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
986,407
|
|
|
1,230,795
|
|
|
|
|
|
|
|
Commitments and
Contingency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Preferred stock,
2,000,000 shares authorized, no par value, none issued.
|
|
|
-
|
|
|
-
|
Common stock,
50,000,000 shares authorized, no par value; 6,326,032 and 5,229,032
shares issued as of December 31, 2014 and June 30, 2014; 6,200,841
and 5,103,841 shares outstanding as of December 31, 2014 and June
30, 2014
|
|
|
13,385,477
|
|
|
11,662,157
|
Additional paid-in
capital
|
|
|
1,144,842
|
|
|
1,144,842
|
Treasury stock, at
cost - 125,191 shares
|
|
|
(372,527)
|
|
|
(372,527)
|
Accumulated
deficit
|
|
|
(2,801,379)
|
|
|
(3,270,260)
|
Accumulated other
comprehensive income
|
|
|
50,471
|
|
|
24,618
|
Unearned stock-based
compensation
|
|
|
(11,640)
|
|
|
(11,640)
|
|
|
|
|
|
|
|
Total Sino-Global
Shipping America Ltd. Stockholders' Equity
|
|
|
11,395,244
|
|
|
9,177,190
|
|
|
|
|
|
|
|
Non-Controlling
Interest
|
|
|
(4,858,727)
|
|
|
(4,694,031)
|
|
|
|
|
|
|
|
Total
Equity
|
|
|
6,536,517
|
|
|
4,483,159
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
$
|
7,522,924
|
|
$
|
5,713,954
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
|
(UNAUDITED)
|
|
|
|
For the six months
ended
December 31,
|
|
For the three
months ended December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
5,698,505
|
|
$
|
5,789,850
|
|
$
|
3,092,580
|
|
$
|
2,472,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(3,084,014)
|
|
|
(4,128,571)
|
|
|
(1,674,861)
|
|
|
(1,740,768)
|
Gross
profit
|
|
|
2,614,491
|
|
|
1,661,279
|
|
|
1,417,719
|
|
|
731,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
(2,257,146)
|
|
|
(1,495,842)
|
|
|
(1,317,341)
|
|
|
(599,678)
|
Selling
expenses
|
|
|
(66,721)
|
|
|
(128,525)
|
|
|
(10,382)
|
|
|
(77,437)
|
|
|
|
(2,323,867)
|
|
|
(1,624,367)
|
|
|
(1,327,723)
|
|
|
(677,115)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
290,624
|
|
|
36,912
|
|
|
89,996
|
|
|
54,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial (expense)
income, net
|
|
|
(121,334)
|
|
|
39,722
|
|
|
(58,952)
|
|
|
15,855
|
Other income,
net
|
|
|
20,488
|
|
|
30,372
|
|
|
20,488
|
|
|
30,372
|
|
|
|
(100,846)
|
|
|
70,094
|
|
|
(38,464)
|
|
|
46,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before
provision for income taxes
|
|
|
189,778
|
|
|
107,006
|
|
|
51,532
|
|
|
100,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
|
51,463
|
|
|
4,733
|
|
|
24,208
|
|
|
(17,767)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
241,241
|
|
|
111,739
|
|
|
75,740
|
|
|
82,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interest
|
|
|
(227,640)
|
|
|
(662,778)
|
|
|
(60,682)
|
|
|
(416,356)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Sino-Global Shipping America, Ltd.
|
|
$
|
468,881
|
|
$
|
774,517
|
|
$
|
136,422
|
|
$
|
499,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
241,241
|
|
$
|
111,739
|
|
$
|
75,740
|
|
$
|
82,766
|
Foreign currency
translation gain (loss)
|
|
|
88,796
|
|
|
(40,394)
|
|
|
22,262
|
|
|
(14,757)
|
Comprehensive
income
|
|
|
330,037
|
|
|
71,345
|
|
|
98,002
|
|
|
68,009
|
Less: Comprehensive
loss attributable to non-controlling interest
|
|
|
(164,696)
|
|
|
(710,592)
|
|
|
(29,472)
|
|
|
(450,419)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to Sino-Global Shipping America
Ltd.
|
|
$
|
494,733
|
|
$
|
781,937
|
|
$
|
127,474
|
|
$
|
518,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic and
diluted
|
|
$
|
0.08
|
|
$
|
0.16
|
|
$
|
0.02
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used in computation
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic and
diluted
|
|
|
6,054,933
|
|
|
4,703,841
|
|
|
6,200,841
|
|
|
4,703,841
|
SINO-GLOBAL
SHIPPING AMERICA LTD. AND AFFILIATES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
For the six months
ended
December 31,
|
|
|
2014
|
|
2013
|
|
|
|
|
|
Operating
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
241,241
|
|
$
|
111,739
|
Adjustment to
reconcile net income to net cash provided by (used in) operating
activities
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
108,364
|
|
|
73,632
|
Amortization of
stock-based compensation to consultants
|
|
|
193,156
|
|
|
-
|
Recovery of doubtful
accounts
|
|
|
(17,013)
|
|
|
(54,037)
|
Deferred tax
benefit
|
|
|
(57,300)
|
|
|
(13,700)
|
(Gain) loss on
disposition of property and equipment
|
|
|
1,483
|
|
|
(612)
|
Changes in assets and
liabilities
|
|
|
|
|
|
|
(Increase) decrease
in advances to suppliers
|
|
|
(584,071)
|
|
|
226,908
|
(Increase) decrease
in accounts receivable
|
|
|
(905,468)
|
|
|
371,494
|
Increase in other
receivables
|
|
|
(399,514)
|
|
|
(149,373)
|
Increase in prepaid
expenses
|
|
|
(195,831)
|
|
|
(9,246)
|
Decrease in employee
loan receivables
|
|
|
-
|
|
|
5,338
|
Decrease in other
long-term assets
|
|
|
8
|
|
|
1,339
|
Decrease (increase)
in trade receivable from related parties
|
|
|
806,243
|
|
|
(96,445)
|
Increase (decrease)
in advances from customers
|
|
|
24,638
|
|
|
(563,637)
|
Decrease in accounts
payable
|
|
|
(185,385)
|
|
|
(203,964)
|
(Decrease) increase
in accrued expenses
|
|
|
(145,449)
|
|
|
11,215
|
Increase (decrease)
in other current liabilities
|
|
|
145,308
|
|
|
(53,186)
|
|
|
|
|
|
|
|
Net cash used in
operating activities
|
|
|
(969,590)
|
|
|
(342,535)
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
Acquisitions of
property and equipment
|
|
|
(27,108)
|
|
|
(193,369)
|
Collection of short
term loan included in due from related parties
|
|
|
1,119,241
|
|
|
-
|
|
|
|
|
|
|
|
Net cash provided
by (used in) investing activities
|
|
|
1,092,133
|
|
|
(193,369)
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
Proceeds from
issuance of common stock, net
|
|
|
967,820
|
|
|
-
|
|
|
|
|
|
|
|
Net cash provided
by financing activities
|
|
|
967,820
|
|
|
-
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash equivalents
|
|
|
38,853
|
|
|
(47,585)
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
1,129,216
|
|
|
(583,489)
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
902,531
|
|
|
3,048,831
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
|
2,031,747
|
|
$
|
2,465,342
|
|
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
8,104
|
|
$
|
4,855
|
Non-cash
transactions of operating and financing activities:
|
|
|
|
|
|
|
Settlement of related
accounts receivable and payable
|
|
$
|
-
|
|
$
|
2,283,641
|
Common stock issued
for stock-based compensation to consultants
|
|
$
|
672,000
|
|
$
|
-
|
Common stock issued
for LSM acquisition
|
|
$
|
83,500
|
|
$
|
-
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sino-global-announces-fiscal-year-2015-second-quarter-financial-results-300033482.html
SOURCE Sino-Global Shipping America, Ltd.