Future FinTech Group Inc.

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v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 4,417,789 $ 1,143,585
Accounts receivable, net of allowance of $4,843,809 as of June 30, 2017 and December 31, 2016, respectively 449,039 7,325,773
Other receivables 29,814,516 28,417,194
Inventories 3,728,962 3,041,300
Deferred tax assets 3,566,442 3,566,442
Advances to suppliers and other current assets 56,835,838 58,132,189
TOTAL CURRENT ASSETS 98,812,586 101,626,483
PROPERTY, PLANT AND EQUIPMENT, NET 83,145,461 81,523,569
LAND USE RIGHT, NET 32,354,442 31,854,360
LONG TERM ASSETS 2,856,342 2,789,390
DEPOSITS 45,120,875 43,867,228
TOTAL ASSETS 262,289,706 261,661,030
CURRENT LIABILITIES    
Accounts payable 12,310,298 16,569,988
Accrued expenses 34,339,736 27,449,664
Income tax payable 3,590,084
Advances from customers 24,363 696
Short-term bank loans 30,069,084 29,364,279
TOTAL CURRENT LIABILITIES 76,743,481 76,974,711
NON-CURRENT LIABILITIES    
Obligations under capital leases 16,891,465 14,494,003
TOTAL NON-CURRENT LIABILITIES 16,891,465 14,494,003
TOTAL LIABILITIES 93,634,946 91,468,714
Future Fintech Group Inc., Stockholders' equity    
Series B Preferred stock, $0.001 par value; 10,000,000 shares authorized; None issued and outstanding as of June 30, 2017 and December 31, 2016, respectively
Common stock, $0.001 par value; 8,333,333 shares authorized; 5,173,187 and 4,061,090 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively 5,173 4,061
Additional paid-in capital 111,386,729 105,366,887
Retained earnings 95,051,082 100,237,011
Accumulated other comprehensive loss (74,096,086) (70,579,747)
Total Future FinTech Group Inc. stockholders' equity 132,346,898 135,028,212
Non-controlling interests 36,307,862 35,164,104
TOTAL EQUITY 168,654,760 170,192,316
TOTAL LIABILITIES AND EQUITY $ 262,289,706 $ 261,661,030
v3.7.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Statement of Comprehensive Income [Abstract]        
Revenue $ 2,776,872 $ 10,229,298 $ 5,735,706 $ 15,665,606
Cost of goods sold 1,484,129 7,018,326 3,908,349 12,411,810
Gross profit 1,292,743 3,210,972 1,827,357 3,253,796
Operating Expenses        
General and administrative expenses 3,077,013 1,007,113 5,932,342 1,687,057
Selling expenses 311,078 750,690 505,957 1,611,830
Total operating expenses 3,388,091 1,757,803 6,438,299 3,298,887
Income (loss) from operations (2,095,348) 1,453,169 (4,610,942) (45,091)
Other income (expense)        
Interest income 1,139 15,599 2,179 146,623
Subsidy income 342,124 18,701 342,124 550,146
Interest expenses (595,313) (790,694) (626,109) (999,359)
Consulting fee related to capital lease (312,356) 71,936 (140,209) 62,777
Total other expenses (564,406) (684,458) (422,015) (239,813)
Income (loss) before income tax (2,659,754) 768,711 (5,032,957) (284,904)
Income tax provision 198,663 633,829 260,085 633,829
Net income (loss) (2,858,417) 134,882 (5,293,042) (918,733)
Less: Net loss (income) attributable to non-controlling interests 370,419 249,929 203,821 237,464
NET INCOME (LOSS) ATTRIBUTABLE TO FUTURE FINTECH GROUP, INC. (2,487,998) 384,811 (5,089,221) (681,269)
Discontinued Operations (Note 11)        
Loss from discontinued operations (48,023) (96,708)
NET INCOME (LOSS) ATTRIBUTABLE TO FUTURE FINTECH GROUP, INC. (2,536,021) 384,811 (5,185,929) (681,269)
Other comprehensive income (loss)        
Foreign currency translation adjustment 1,612,180 (12,277,105) 2,238,236 8,421,541
Comprehensive income (loss) (1,246,237) (12,142,223) (3,054,806) 7,502,808
Comprehensive income (loss) attributable to non-controlling interests (618,546) 7,046,862 (743,443) 2,049,453
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO FUTURE FINTECH GROUP, INC. $ (1,864,783) $ (5,095,361) $ (3,798,249) $ 9,552,261
Income (loss) per share:        
Basic income (loss) per share from continued operations $ (0.49) $ 0.12 $ (1.12) $ (0.18)
Basic income (loss) per share from discontinued operations (0.01) (0.02)
Basic income ( loss( per share from net income (0.50) 0.12 (1.14) (0.18)
Diluted income (loss) per share:        
Diluted income( loss) per share from continued operations (0.49) 0.12 (1.11) (0.18)
Diluted income (loss) per share from discontinued operations (0.01) (0.02)
Diluted income( loss) per share from net income $ (0.50) $ 0.12 $ (1.12) $ (0.18)
Weighted average number of shares outstanding        
Basic 4,537,240 3,807,611 4,537,240 3,807,611
Diluted 4,599,740 3,807,611 4,599,740 3,807,611
v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,185,929) $ (681,269)
Adjustments to reconcile net income to net cash provided by operating activities    
Minority interest (203,821) (237,464)
Depreciation and amortization 1,581,819 2,513,321
Changes in operating assets and liabilities    
Accounts receivable 6,954,731 19,139,955
Other receivable (1,176,722) (2,976,550)
Advances to suppliers and other current assets 2,946,991 (11,265,461)
Inventories (606,137) (233,562)
Accounts payable (4,706,261) 1,116,836
Accrued expenses 1,254,603 284,774
Income tax payable (796,119) (1,146,977)
Advances from customers 23,322 41,843
Net cash provided by (used in) operating activities 86,477 6,555,446
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment (990,799) (10,125)
Proceeds from disposal of plant, property and equipment 190,185
Prepayment for other assets (197,956) (1,336,259)
Prepayments for deposit on equipment (31,163,680)
Net cash used in investing activities (1,188,755) (32,319,879)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issue of common stock 2,679,779 16,641,291
Proceeds from short-term notes 61,267
(Repayment) proceed of related party loans 263,020 (87,267)
Repayment of short-term bank loans (594,290)
(Repayment) proceed of long term debt 2,021,142 (1,229,949)
Payment for capital lease 7,982,400
Net cash provided by financing activities 4,963,941 22,773,452
Effect of change in exchange rate (587,459) (6,272,151)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 3,274,204 (9,263,132)
Cash and cash equivalents, beginning of period 1,143,585 50,006,914
Cash and cash equivalents, end of period 4,417,789 40,743,782
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 562,761 208,665
Cash paid for income taxes 260,085 1,259,559
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION    
Transferred from other assets to property, plant and equipment and construction in process 197,956 2,342,127
Equipment acquired by capital lease

 

 

 

 

 

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