NEW YORK, May 13, 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 third quarter of
fiscal year 2015 ended March 31, 2015.
|
For the Three
Months Ended March 31,
|
|
2015
|
|
2014
|
|
%
Change
|
Revenues
|
$2,526,762
|
|
$2,092,525
|
|
20.8%
|
Shipping
Agency and Ship Management Services
|
$1,231,182
|
|
$1,226,015
|
|
0.4%
|
Inland
Transportation Management Services
|
$1,295,580
|
|
$866,510
|
|
49.5%
|
Shipping and
Chartering Services
|
-
|
|
-
|
|
NM
|
Gross
margin
|
51.7%
|
|
54.7%
|
|
-5.5%
|
Operating
margin
|
9.4%
|
|
3.4%
|
|
178.5%
|
Net income
attributable to Sino-Global
|
$350,983
|
|
$326,121
|
|
7.6%
|
Diluted earnings
per share
|
$0.05
|
|
$0.07
|
|
-27.9%
|
- Total revenues for the three months ended March 31, 2015 increased 20.8% to $2,526,762 with revenues from Inland
Transportation Management Services grew 49.5% to a record level of
$1,295,580.
- Operating margin increased to 9.4% for the three months ended
March 31, 2015 from 3.4% for the same
period of 2014.
- Basic and diluted EPS of $0.05
for the three months ended March 31,
2015 marked the seventh consecutive quarter of net profit
for the Company.
- To explore growth opportunities and further diversify
Sino-Global's revenue streams, the Company entered into an asset
purchase agreement in April 2015 to
acquire, subject to certain closing conditions, a small
oil/chemical tanker for $10.5
million.
Mr. Lei Cao, Chairman and Chief Executive Officer of Sino-Global
commented: "Our restructuring initiatives that began in fiscal year
2013, together with our strong business development efforts, have
helped generate seven consecutive quarters of net profit. For the
three months ended March 31, 2015,
our revenues grew 20.8% and our operating margin increased
significantly to 9.4% from 3.4% for the same period of
2014."
Mr. Cao continued: "The asset purchase agreement that we
executed in April 2015 marks the next
step of our turnaround story as we expand our business from being a
service provider to an asset owner with an integrated, scalable
service platform. We believe the acquisition will strengthen our
operating cash flows and enhance our ability to deliver sustainable
earning growth.
Financial Results for Three Months Ended March 31, 2015
|
For the Three
Months Ended March 31,
|
|
2015
|
|
2014
|
|
Revenues
|
|
Cost of
Revenues
|
|
Gross
Profit
|
|
Revenues
|
|
Cost of
Revenues
|
|
Gross
Profit
|
Shipping Agency and
Ship Management Services
|
$1,231,182
|
|
$980,136
|
|
$251,046
|
|
$1,226,015
|
|
$825,181
|
|
$400,834
|
Inland Transportation
Management Services
|
1,295,580
|
|
240,441
|
|
1,055,139
|
|
866,510
|
|
123,333
|
|
743,177
|
Shipping and
Chartering Services
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Consolidated
|
$2,526,762
|
|
$1,220,577
|
|
$1,306,185
|
|
$2,092,525
|
|
$948,514
|
|
$1,144,011
|
Total revenues increased by 20.8% to $2,526,762 for the three months
ended March 31, 2015 from $2,092,525 for the same period of 2014. The
increase in total revenues was due mainly to the increase in
revenues from Inland Transportation Management Services. Revenues
from Shipping Agency Services increased by 0.4% to $1,231,182 for the three months
ended March 31, 2015 from $1,226,015 for the same period of 2014. Even
with a decrease in the total number of ships we served to 20 for
the three months ended March 31, 2015 from 78 for the
same period of last year, we saw a slight increase in Shipping
Agency Services revenue. Revenues from Inland Transportation
Management Services grew 49.5% to $1,295,580 for the three months
ended March 31, 2015 from $866,510 for the same period of 2014. We did not
provide any Shipping and Chartering Services for the three months
ended March 31, 2015 and the same period of 2014.
Cost of revenues increased to $1,220,577 for the three months ended
March 31, 2015 from $948,514 for the same period of 2014. The
increase was due mainly to higher revenues from Inland
Transportation Management Services that led to more costs to be
allocated. Overall gross margin of 51.7% for the three months ended
March 31, 2015 compared to 54.7% for
the same period of 2014. Cost of revenues for Shipping Agency and
Inland Transportation Management Services were $980,136 and $240,441, leading to gross margin of 20.4% and
81.4%, respectively, for the three months ended March 31, 2015.
General and administrative expenses increased by 7.4% to
$1,069,623 for the three months
ended March 31, 2015 from $996,355 for the same period of 2014. The
increase was mainly due to higher office expenses of $211,611, legal fees of $187,178, and recognition of stock-based
compensation for common stock issued to consultants of $120,067.
Selling expenses decreased by 99.8% to $156 for the three
months ended March 31, 2015 from $77,346 for
the same period of 2014, mainly due to a decline in the number of
ships we served.
Operating income of $236,406 for the three months
ended March 31, 2015 compared to $70,310 for the same period of 2014. This
marked our sixth consecutive quarter of operating profit and
seventh consecutive quarter of net profit, attributed mainly to our
efforts to diversify our revenue streams. Operating profit margin
of 9.4% for the three months ended March
31, 2015 compared to 3.4% for the same period of
2014.
As a result of the foregoing, we reported net income
of $331,913 for the three months ended March 31, 2015,
compared to $86,399 for the same period of 2014. After
deduction of non-controlling interest, net income attributable to
Sino-Global was $350,983,
or $0.05 per diluted share, for the three months
ended March 31, 2015, compared to $326,121, or $0.07 per diluted share,
for the same period of 2014.
Financial Results for Nine Months Ended March 31, 2015
|
For the Nine
Months Ended March 31,
|
|
2015
|
|
2014
|
|
Revenues
|
|
Cost of
Revenues
|
|
Gross
Profit
|
|
Revenues
|
|
Cost of
Revenues
|
|
Gross
Profit
|
Shipping Agency and
Ship Management Services
|
$4,690,972
|
|
$3,756,926
|
|
$934,046
|
|
$4,628,578
|
|
$3,598,641
|
|
$1,029,937
|
Inland Transportation
Management Services
|
3,534,295
|
|
547,665
|
|
2,986,630
|
|
1,316,600
|
|
187,396
|
|
1,129,204
|
Shipping and
Chartering Services
|
-
|
|
-
|
|
-
|
|
1,937,196
|
|
1,291,048
|
|
646,148
|
Consolidated
|
$8,225,267
|
|
$4,304,591
|
|
$3,920,676
|
|
$7,882,374
|
|
$5,077,085
|
|
$2,805,289
|
Total revenues increased by 4.4% to $8,225,267 for the nine months
ended March 31, 2015 from $7,882,374 for the same period of 2014. The
increase in total revenues was due mainly to the increase in
revenues from Inland Transportation Management Services. Revenues
from Shipping Agency Services decreased by 2.8% to $4,500,897 for the nine months
ended March 31, 2015 from $4,628,578 for the same period of 2014. The
decrease was due mainly to the decline in the total number of ships
we served to 117 for the nine months ended March 31,
2015 from 238 for the same period of last year. Revenues from
Ship Management Services were $190,075 from the closing date to March 31, 2015. Revenues from Inland
Transportation Management Services grew 168.4% to $3,534,295 for the nine months ended March 31, 2015 from $1,316,600 for the same period of last year. We
did not provide any Shipping and Chartering Services for the nine
months ended March 31, 2015, as
compared to revenues of $1,937,196
during the same period of 2014.
Cost of revenues decreased by 15.2% to $4,304,591 for the nine months ended March 31, 2015 from $5,077,085 for the same period of 2014. The
decrease was due mainly to a more favorable service mix in the 2015
period. For the nine months ended March 31,
2015, our revenues came mainly from Shipping Agency Services
and Inland Transportation Management Services. However, for the
same period in 2014, our revenues came mainly from Shipping Agency
Services and Shipping and Chartering Services. The decline in our
overall cost of revenues was due mainly to the nature of our Inland
Transportation Management Services, which feature lower overhead
than our Shipping and Chartering services. Overall gross margin of
47.7% for the nine months ended March 31,
2015 compared to 35.6% for the same period of last year.
Cost of revenues for Shipping Agency and Inland Transportation
Management Services were $3,660,488
and $547,665, leading to gross margin
of 18.7% and 84.5%, respectively, for the nine months ended
March 31, 2015.
General and administrative expenses increased by 33.5% to
$3,326,769 for the nine months
ended March 31, 2015 from $2,492,197 for the same period of 2014. This
increase was due mainly to higher business development expenses of
$227,863, office expense of
$318,938, legal fees of $304,604 and recognition of stock-based
compensation for common stock issued to consultants of $314,622.
Selling expenses decreased by $138,994 or 67.5% from $205,871 for the nine months ended March 31, 2014 to $66,877 for the nine months ended March 31, 2015. The decrease was attributed to
the decline in the total number of ships we served as discussed
above. As revenue from the shipping agency services segment
decline, our sales commission expenses decreased accordingly.
Operating income of $527,030 for the nine months
ended March 31, 2015 compared to $107,221 for the same period of 2014.
Operating profit margin of 6.4% for the nine months ended
March 31, 2015 compared to 1.4%
for the same period of 2014.
As a result of the foregoing, we reported net income
of $573,154 for the nine months ended March 31, 2015,
compared to $198,137 for the same period of 2014. After
deduction of non-controlling interest, net income attributable to
Sino-Global was $819,864,
or $0.13 per diluted share, for the nine months
ended March 31, 2015, compared to $1,100,636, or $0.23 per diluted share,
for the same period of 2014.
Financial Condition
As at March 31, 2015, the Company had cash and cash
equivalents of $1,107,197 and
working capital of $5,962,679,
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 $1,870,004 for the nine months
ended March 31, 2015, as compared to $627,753 for the same period of last year.
Net cash provided by investing activities was $1,030,342 for the nine months
ended March 31, 2015 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 $203,702 for the same period of last year.
Net cash provided by financing activities
was $967,820 for the nine months ended March 31, 2015 due to the net proceeds from
the issuance of common stock of 647,000 shares in July
2014.
Recent Development
On April 10, 2015, the Company
entered into an Asset Purchase Agreement with Rong Yao
International Shipping Limited, a Hong
Kong company (the "Vessel Seller"), pursuant to which the
Company agreed to acquire, subject to a number of closing
conditions, the "Rong Zhou," an 8,818 gross tonnage oil/chemical
transportation tanker (the "Vessel") from the Vessel Seller; in
connection therewith, the Company issued to the Vessel Seller 1.2
million shares of its restricted common stock representing
$2.22 million of the $10.5 million purchase price for the Vessel. The
Company and the Vessel Seller agreed that each of the 1.2 million
shares issued to the Vessel Seller was valued at $1.85. In connection therewith, the Company filed
a registration statement on April 15,
2015 covering the offer of the 1.2 million shares issued to
the Vessel Seller. Although the Company believes the acquisition of
the Vessel will close on or about June 30,
2015, no assurances can be given when such closing will
occur.
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)
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,107,197
|
|
$
|
902,531
|
Advances to
suppliers
|
|
|
686,568
|
|
|
8,482
|
Accounts receivable,
net
|
|
|
2,028,149
|
|
|
481,885
|
Other receivables,
less allowance for doubtful accounts of $241,572 and $250,100 as
of March 31, 2015 and June
30, 2014, respectively
|
|
|
697,229
|
|
|
174,406
|
Prepaid
expenses
|
|
|
622,827
|
|
|
216,729
|
Due from related
parties
|
|
|
2,015,087
|
|
|
3,173,765
|
|
|
|
|
|
|
|
Total Current
Assets
|
|
|
7,157,057
|
|
|
4,957,798
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
288,069
|
|
|
294,722
|
Prepaid expenses -
noncurrent
|
|
|
384,669
|
|
|
280,800
|
Other long-term
assets
|
|
|
16,736
|
|
|
16,734
|
Deferred tax
assets
|
|
|
255,200
|
|
|
163,900
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
8,101,731
|
|
$
|
5,713,954
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Advances from
customers
|
|
$
|
224,937
|
|
$
|
88,477
|
Accounts
payable
|
|
|
223,561
|
|
|
398,756
|
Accrued
expenses
|
|
|
32,236
|
|
|
177,877
|
Other current
liabilities
|
|
|
713,644
|
|
|
565,685
|
|
|
|
|
|
|
|
Total Current
Liabilities
|
|
|
1,194,378
|
|
|
1,230,795
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
1,194,378
|
|
|
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 March 31, 2015 and June 30, 2014; 6,200,841 and
5,103,841 shares outstanding as of March 31, 2015 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
|
|
|
(2,450,396)
|
|
|
(3,270,260)
|
Accumulated other
comprehensive income
|
|
|
93,424
|
|
|
24,618
|
Unearned stock-based
compensation
|
|
|
(11,640)
|
|
|
(11,640)
|
|
|
|
|
|
|
|
Total Sino-Global
Shipping America Ltd. Stockholders' Equity
|
|
|
11,789,180
|
|
|
9,177,190
|
|
|
|
|
|
|
|
Non-Controlling
Interest
|
|
|
(4,881,827)
|
|
|
(4,694,031)
|
|
|
|
|
|
|
|
Total
Equity
|
|
|
6,907,353
|
|
|
4,483,159
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
$
|
8,101,731
|
|
$
|
5,713,954
|
|
|
|
|
|
|
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
|
CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
|
|
For the Nine
Months Ended
March 31,
|
|
|
For the Three
Months Ended March 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
8,225,267
|
|
$
|
7,882,374
|
|
$
|
2,526,762
|
|
$
|
2,092,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(4,304,591)
|
|
|
(5,077,085)
|
|
|
(1,220,577)
|
|
|
(948,514)
|
Gross
profit
|
|
|
3,920,676
|
|
|
2,805,289
|
|
|
1,306,185
|
|
|
1,144,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
(3,326,769)
|
|
|
(2,492,197)
|
|
|
(1,069,623)
|
|
|
(996,355)
|
Selling
expenses
|
|
|
(66,877)
|
|
|
(205,871)
|
|
|
(156)
|
|
|
(77,346)
|
|
|
|
(3,393,646)
|
|
|
(2,698,068)
|
|
|
(1,069,779)
|
|
|
(1,073,701)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
527,030
|
|
|
107,221
|
|
|
236,406
|
|
|
70,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial (expense)
income, net
|
|
|
(59,892)
|
|
|
(52,174)
|
|
|
61,442
|
|
|
(91,896)
|
Other income,
net
|
|
|
20,486
|
|
|
137,171
|
|
|
(2)
|
|
|
106,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before provision for
income taxes
|
|
|
487,624
|
|
|
192,218
|
|
|
297,846
|
|
|
85,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
|
85,530
|
|
|
5,919
|
|
|
34,067
|
|
|
1,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
573,154
|
|
|
198,137
|
|
|
331,913
|
|
|
86,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interest
|
|
|
(246,710)
|
|
|
(902,499)
|
|
|
(19,070)
|
|
|
(239,722)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Sino-Global Shipping America, Ltd.
|
|
$
|
819,864
|
|
$
|
1,100,636
|
|
$
|
350,983
|
|
$
|
326,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
573,154
|
|
$
|
198,137
|
|
$
|
331,913
|
|
$
|
86,399
|
Foreign currency
translation gain
|
|
|
127,721
|
|
|
19,751
|
|
|
132,042
|
|
|
60,145
|
Comprehensive
income
|
|
|
700,875
|
|
|
217,888
|
|
|
463,955
|
|
|
146,544
|
Less: Comprehensive
loss attributable to non-controlling interest
|
|
|
(187,796)
|
|
|
(867,858)
|
|
|
(187,796)
|
|
|
(157,265)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to Sino-Global Shipping America
Ltd.
|
|
$
|
888,671
|
|
$
|
1,085,746
|
|
$
|
651,751
|
|
$
|
303,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic and diluted
|
|
$
|
0.13
|
|
$
|
0.23
|
|
$
|
0.05
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used in computation
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic and diluted
|
|
|
6,102,859
|
|
|
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 Nine
Months Ended March 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Operating
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
573,154
|
|
$
|
198,137
|
Adjustment to
reconcile net income to net cash provided by (used in) operating
activities
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
140,464
|
|
|
103,041
|
Amortization of stock-based compensation to consultants
|
|
|
314,622
|
|
|
-
|
Recovery
of doubtful accounts
|
|
|
(17,009)
|
|
|
(263,247)
|
Deferred
tax benefit
|
|
|
(91,300)
|
|
|
(40,700)
|
(Gain)
loss on disposition of property and equipment
|
|
|
1,485
|
|
|
(28,666)
|
Changes in assets and
liabilities
|
|
|
|
|
|
|
(Increase) decrease in advances to suppliers
|
|
|
(678,086)
|
|
|
172,214
|
(Increase) decrease in accounts receivable
|
|
|
(1,529,255)
|
|
|
472,664
|
Increase
in other receivables
|
|
|
(522,823)
|
|
|
(62,039)
|
(Increase) decrease in prepaid expenses
|
|
|
(152,589)
|
|
|
26,288
|
Decrease
in other current assets
|
|
|
-
|
|
|
5,951
|
Decrease
in other long-term assets
|
|
|
-
|
|
|
1,568
|
Decrease
(increase) in due from related parties
|
|
|
44,250
|
|
|
(566,957)
|
Increase
(decrease) in advances from customers
|
|
|
136,460
|
|
|
(537,646)
|
Decrease
in accounts payable
|
|
|
(175,195)
|
|
|
(279,246)
|
Decrease
in accrued expenses
|
|
|
(145,641)
|
|
|
(19,838)
|
Increase
in other current liabilities
|
|
|
231,459
|
|
|
190,723
|
|
|
|
|
|
|
|
Net cash used in
operating activities
|
|
|
(1,870,004)
|
|
|
(627,753)
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
Acquisitions of
property and equipment
|
|
|
(84,086)
|
|
|
(203,702)
|
Collection of
short-term loan from related party
|
|
|
1,114,428
|
|
|
-
|
|
|
|
|
|
|
|
Net cash provided
by (used in) investing activities
|
|
|
1,030,342
|
|
|
(203,702)
|
|
|
|
|
|
|
|
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
|
|
|
76,508
|
|
|
73,259
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
204,666
|
|
|
(758,196)
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
902,531
|
|
|
3,048,831
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
|
1,107,197
|
|
$
|
2,290,635
|
|
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
8,104
|
|
$
|
16,961
|
Non-cash
transactions of operating and financing activities:
|
|
|
|
|
|
|
Settlement of related
accounts receivable and payable
|
|
$
|
-
|
|
$
|
2,589,739
|
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-third-quarter-financial-results-300081882.html
SOURCE Sino-Global Shipping America, Ltd.