GUANGZHOU, China, May 16, 2014 /PRNewswire/ -- Sino Agro Food,
Inc. (OTC BB: SIAF), an integrated, diversified agriculture
technology and organic food company ("the Company") with principal
operations in the People's Republic of
China ("PRC"), is pleased to announce financial results for
the quarter ending March 31,
2014:
|
Consolidated
Financial Summary: Q1 2014 vs. Q1 2013
|
|
Q1
2014
|
Q1
2013
|
Change
|
|
Revenue
|
$90,927,789
|
$
55,107,751
|
65%
|
|
Net
Income
(Sino Agro Food,
Inc. + subsidiaries)
|
$
20,787,3919
|
$
16,378,772
|
27%
|
|
Diluted
EPS
|
$
.14
|
$
.14
|
0%
|
|
|
|
|
|
Stockholders'
Equity
(Sino Agro Food,
Inc. + subsidiaries)
|
$317,433,892
|
$219,079,851
|
45%
|
Record quarterly revenue of $90.9M
exceeded the Company's previous high by over $9M, although historically, the first quarter is
the Company's lowest quarter. Stockholders' equity of $317,433.892 increased by 45% year over year, and
during the first quarter alone increased by $26.3M. Working capital amounted to
$184,081,493 with cash and
equivalents of $18,766,877.
Revenue from sale of goods totaled $78,273,971 in the quarter ended March 31, 2014, an increase of $41,724,617 or 114% over the first quarter in
2013. Because cattle farm and corporate work were completed in
2013, revenue from consulting and services accounted for 13.5% of
total revenue. This historically low percentage is expected to
increase in the upcoming quarters.
First quarter results met internal targets, and laid the
groundwork for a momentous 2014, a pivotal year in which the
Company aims to take major strides toward establishing a future in
which bottom line per share growth approximates consistent, healthy
top line growth. Currently, the Company is making progress in
efforts to source debt financing from institutional investors.
While strictly well within the bounds of standard metrics of proper
gearing, such financing would add investment capital, flexibility,
and leveraged return to results.
CEO Solomon Lee commented, "2014
got off to a great start. I am particularly pleased that the
fishery division's ability to reconfigure its products resulted in
eels producing a major contribution to gross profits. We expect
this trend to continue, as we increase the proportion of eels sold
while the market price is high. The abattoir at Qinghai Sanjiang A
Power Agriculture Co Ltd. ("SJAP") will start producing toward
capacity in June. The reception to the division's marbled meat
products indicates another new high profit margin product, just as
operations scale up. Prospects for the new Zhongshan Prawn Project
have moved from concept to commencement. I look forward to
reporting progress on this project that promises long-term
consulting and services work, and sales volumes of a new scale for
the Company."
Division Operation Performance and Developments
Fishery Division
Revenue from the sale of goods in the fishery division increased
by $16,378,442, or 111% from
$14,730,343 for the quarter ended
March 31, 2013 to $31,108,785 for the quarter ended March 31, 2014. Sales of eels and prawns
contributed $29,522,973 or 95% of the
Q1 2014 total, up from 29% of the total in Q1 2013.
Gross profits from the sale of goods in the fishery division
increased by $7,219,064, or 308% from
$2,344,154 for Q1 2013 to
$9,563,219 for Q1 2014. The gross
profit from eels amounted to $8,947,926, or 94% of the division's gross
profit. The average selling price of eels in Q1 2014 was
$26,016 per metric ton versus
$$13,226 per metric ton in Q1 2013.
Accounted within the fishery division, additional revenue from
consulting and services amounted to $12,243,202 for Q1 2014, an increase of
$1,030,650, or 9% over Q1 2013.
Jiangmen City A Power Fishery, Development Co. Ltd.
("JFD" or "Fish Farm 1") is fully operational, with a designed
capacity of 1,200 metric tons per year. First quarter production of
prawns and eels showed consistent production flow and upward trends
in market prices expected throughout 2014.
Fish and Eel Farm 2. Open dams were converted to
Recirculating Aquaculture Systems ("RAS") in 2013, creating higher
sales capacity for 2014.
Zhongshan A Power Prawn Culture Farms Development Co.
Ltd. ("ZSAPP" or "Prawn Farm 2"): By the end of
April 2014, 200,000 baby eels from
the R & D facility were placed at three newly constructed RAS
open dams for second stage grow-out to sizes of 350 to 400 grams.
From there, eels will be placed at Fish Farm 1 or Fish Farm 2 for
third stage grow-out to 1.3 to 1.5 kilograms, and then to final
grow-out to 3.0 to 3.5 kilograms. This second stage grow-out
program at ZSAPP adds sales revenue and diversity to the primary
prawn fingerling production.
New Zhongshan Prawn Project: Work continued in Q1 2014 on
a phased 20-year project using Capital Award's APRAS technology,
consulting, and management systems. Consisting of gradual, phase
dependent development, the project targets production of 10,000
metric tons/year of prawns in Phase I, stage I, and ultimately up
to 300,000 metric tons per year.
Plantation Division
Revenue from the plantation division increased to $760,052 from $0
for the quarter ended March 31, 2014.
Sales were primarily dried XueYingZi, a special Chinese herb
commonly known as "Immortal Vegetables." There were no sales
in the first quarter of 2013.
The HU plants are looking healthy and growing strongly this
season; therefore, a good 2014 harvest is expected beginning in
late June, weather permitting. Immortal vegetables were planted
during April 2014 with the first
harvest expected in June 2014.
Beef Division
Revenue from the beef division increased by $9,568,573, or 140%, from $6,815,921 for Q1 2013 to $16,384,494 for Q1 2014. The increase was due to
fattening 16+ month old cattle for three months, rather than 14-15
month old cattle for four or five months.
During 2013, SJAP developed 22 farmer cooperatives. Development
progressed during 2014 such that the Company now expects
cooperative farms to provide at least 25,000 head of cattle in
2014. Production of concentrated stock feed will rise to
accommodate the increase in fattened cattle.
Work on the slaughterhouse and de-boning operation had been
delayed due to an unusually long cold winter spell, and the delayed
arrival of equipment. Work recommenced April
1st, such that full slaughterhouse production is
targeted on or before June 15, 2014,
with deboning operations starting at the same time.
With the good reception for its marbled meat at the Shanghai
City Meat Exhibition Fair in late March
2014, SJAP expects enhanced profit margins for this product
line, starting with the abattoir and deboning operations in
June.
Management's Discussion and Analysis section in the 10-K filed
April 11, 2014 and the recent 10-Q
filed May 15, 2014 present supporting
detail for SJAP's business, as well as all other divisions and
sub-divisions.
Organic Fertilizer Division
Revenue from organic fertilizer increased by $4,528,611, or 56% from $8,061,978 for Q1 2013 to $12,590,589 for Q1 2014. The increase was
primarily due to an increase in both volume of production and the
selling price of bulk live feed, organic fertilizer, and organic
mixed fertilizer.
The trend of steadily increasing sales in Q1 to lake fishermen
and to grape farmers is expected to continue throughout 2014. In
addition, with the cooperation of the Agriculture Department of the
Linli Government, HSA is developing new market sectors, including
tobacco and tea farmers.
Cattle Farm Division
All from the sale of goods, total revenue from the cattle farm
division increased by $4,463,717, or
145% from $3,080,876 for Q1 2013 to
$7,544,591 for Q1 2014. The quantity
of cattle sold increased 136% from 1,130 head in Q1 2013 to 2,672
head in Q1 2014.
Revenue from consulting and services decreased by $5,281,681 or 100%, from $5,281,681 for Q1 2013 to $0 for Q1 2014. All work in progress on Cattle
Farm 2 was completed in 2013.
During Q1, Jiangman City Hang Mei Cattle Farm Development Co.
Ltd. ("JHMC" or "Cattle Farm 1") added 350 head of "Yellow Native
Cattle" to its inventory of Angus and Simmentals.
On November 23, 2013 Macau Eiji
Co., Ltd ("MEIJI") executed an agreement with Dongguan Jinrun
Agriculture Co., Ltd ("DJAC") to help DJAC develop cattle farms
using MEIJI's semi-free ranging cattle system and its aromatic feed
program in Xin Feng county. However, DJAC reported that the local
government had not yet allocated its land, causing a delay in this
project.
Corporate Division (Marketing and Trading)
All from the sale of goods, total revenue in the corporate
division increased by $6,025,224, or
156%% from $3,860,236 for Q1 2013 to
$9,885,460 for Q1 2014. The increase
was primarily due to more imported frozen and fresh seafood being
marketed.
Revenue from consulting and services decreased by $1,967,390 or 100%, from $1,967,390 for Q1 2013 to $0 for Q1 2014. All work in progress had been
completed in 2013.
Gross profit for the corporate division increased by
$1,201,795, or $1,367% from
$87,900 for Q1 2013 to $1,289,695 for Q1 2014. More categories of
seafood were marketed in 2014, primarily from Madagascar, establishing a gross profit margin
of 13%.
Consolidated Results
Revenue
Total revenue for the quarter ended March
31, 2014 was $90,917,789 a 65%
increase over revenue of $55,107,751
in the corresponding quarter in 2013.
Revenue in the first quarter of 2014 was derived from the sale
of goods and consulting services, split 86.5%-13.5%: $78,273,971 and $12,243,202, respectively, plus commissions of
$412,278.
The breakdown of revenue in 2013 from the sale of goods and
consulting services was 66.4%-33.6%: $36,549,354 and $18,461,623 respectively, plus commissions of
$96,774.
The following chart illustrates the total revenue and changes by
business segment from the quarter ended March 31, 2013 to the quarter ended March 31, 2014.
|
Category
|
Q1 2014
|
Q1 2013
|
Change ($)
|
Change (%)
|
|
Fishery
(CA)
|
$43,764,265
|
$26,039,669
|
$17,724,596
|
68%
|
|
Plantation
(JHST)
|
$ 760,052
|
-
|
$760,052
|
|
|
Organic Fertilizer
(SJAP/HSA)
|
$12,590,590
|
$
8,061,978
|
$4,528,612
|
56%
|
|
Beef
(SJAP)
|
$16,384,494
|
$6,815,921
|
$9,568,573
|
140%
|
|
Cattle Farm
(MEIJI)
|
$
7,544,591
|
$8,362,557
|
-$ 817,966
|
-10%
|
|
Corporate/Other
(SIAF)
|
$
9,883,798
|
$5,827,626
|
$4,056,172
|
70%
|
|
|
|
|
|
|
Total
|
$90,927,789
|
$55,107,751
|
$35,820,038
|
65%
|
Cost of Goods
Cost of Goods Sold and Services for Q1 2014 totaled $62,367,941. Goods sold accounted for
$55,864,529, and cost of services the
remaining $6,503,412.
Corresponding numbers in Q1 2013 were $$33,584,934 (total),
$25,764,646 (from sale of goods), and
$7,820,288 (services).
Cost of goods for both sales and services increased year over
year in line with respective revenue.
Gross Profit
Gross profit increased by $7,037,031 or 33% to $28,559,848 for Q1 2014 compared to $21,522,817 for Q1 2013. Gross profits from sale
of goods increased by $11,623,071, or
108% from $10,784,709 in Q1 2013 to
$22,407,780 in Q1 2014.
The Q1 2014 gross profit total of $28,559,848 consisted of $22,407,780 from sale of goods (78%), and the
remaining $6,152,068 from consulting
services (22%).
The Q1 2013 total of $21,522,817
consisted of $10,784,709 from sale of
goods (50%), and the remaining $10,738,109 from consulting services (50%).
Earnings Call Information
The Company will host an earnings call on May 27, 2014 at 11:00 AM
EDT to discuss financial results for the fiscal year 2014,
with questions and answers. To participate in the conference call
please use the following information:
|
SIAF 2014 First
Quarter Results Call Information
|
|
|
Date: May 27,
2014
|
Time: 11 :00 AM,
U.S. Eastern Daylight Time
|
|
|
|
Participant
Dialing Instructions:
|
|
|
Toll Free
Number:
(1-800)
868-1837
|
Direct Dial
Number:
(1-404)
920-6440
|
|
|
|
Conference
Code:
191779#
|
An audio replay of the conference call will be made available in
the Investor Relations section of the Company's web site.
Financial Tables
|
SINO AGRO FOOD,
INC.
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
March 31,
2014
|
|
|
December 31,
2013
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
18,766,877
|
|
|
$
|
1,327,274
|
|
|
Inventories
|
|
19,741,726
|
|
|
|
8,148,203
|
|
|
Cost and estimated
earnings in excess of billings on uncompleted contracts
|
|
667,824
|
|
|
|
663,296
|
|
|
Deposits and prepaid
expenses
|
|
85,717,775
|
|
|
|
92,401,416
|
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
92,757,959
|
|
|
|
82,057,942
|
|
|
Other
receivables
|
|
6,524,344
|
|
|
|
3,782,771
|
|
|
Total current
assets
|
|
224,176,505
|
|
|
|
188,380,902
|
|
|
Property and
equipment
|
|
|
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation
|
|
48,644,599
|
|
|
|
46,487,058
|
|
|
Construction in
progress
|
|
62,068,608
|
|
|
|
59,134,732
|
|
|
Land use rights, net
of accumulated amortization
|
|
59,739,064
|
|
|
|
60,705,829
|
|
|
Total property and
equipment
|
|
170,452,271
|
|
|
|
166,327,619
|
|
|
Other
assets
|
|
|
|
|
|
|
|
|
Goodwill
|
|
724,940
|
|
|
|
724,940
|
|
|
Proprietary
technologies, net of accumulated amortization
|
|
11,891,060
|
|
|
|
12,081,470
|
|
|
Licenses
|
|
-
|
|
|
|
-
|
|
|
Total other
assets
|
|
12,616,000
|
|
|
|
12,806,410
|
|
|
Total
assets
|
$
|
407,244,776
|
|
|
$
|
367,514,931
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
18,643,043
|
|
|
$
|
11,055,194
|
|
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
|
3,623,009
|
|
|
|
3,146,956
|
|
|
Due to a
director
|
|
901,353
|
|
|
|
1,793,768
|
|
|
Dividends
payable
|
|
3,146,987
|
|
|
|
3,146,987
|
|
|
Other
payables
|
|
9,716,967
|
|
|
|
10,768,786
|
|
|
Short term bank
loan
|
|
4,063,653
|
|
|
|
4,100,377
|
|
|
|
40,095,012
|
|
|
|
34,012,068
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Bonds
payable
|
|
1,725,000
|
|
|
|
1,725,000
|
|
|
Long term
debts
|
|
2,616,992
|
|
|
|
180,417
|
|
|
|
4,341,992
|
|
|
|
1,905,417
|
|
|
Commitments and
contingencies
|
|
-
|
|
|
|
-
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
Preferred stock:
$0.001 par value (10,000,000 shares authorized, 7,000,100 shares
issued and outstanding as of March 31, 2014 and December 31,
2013, respectively)
|
|
|
|
|
|
|
|
|
Series A preferred
stock: $0.001 par value
|
|
-
|
|
|
|
-
|
|
|
(100 shares
designated, 100 shares issued and outstanding as of March 31,
2014 and December 31, 2013, respectively)
|
|
|
|
|
|
|
|
|
Series B convertible
preferred stock: $0.001 par value
|
|
7,000
|
|
|
|
7,000
|
|
|
(10,000,000 shares
designated, 7,000,000 shares issued and outstanding as
of March 31, 2014 and December 31, 2013,
respectively)
|
|
|
|
|
|
|
|
|
Series F
Non-convertible preferred stock: $0.001 par
value
|
|
|
|
|
|
|
|
|
(1,000,000 shares
designated, 0 shares issued and outstanding as of March
31, 2014 and December 31, 2013, respectively)
|
|
-
|
|
|
|
-
|
|
|
Common
stock: $0.001 par value
|
|
149,512
|
|
|
|
137,602
|
|
|
(170,000,000 shares
authorized, 149,512,042 and 137,602,043 shares issued and
outstanding as of March 31, 2014 and December 31, 2013,
respectively)
|
|
|
|
|
|
|
|
|
Additional paid - in
capital
|
|
114,002,608
|
|
|
|
108,038,413
|
|
|
Retained
earnings
|
|
198,858,756
|
|
|
|
178,070,837
|
|
|
Accumulated other
comprehensive income
|
|
5,666,016
|
|
|
|
6,260,131
|
|
|
Treasury
stock
|
|
(1,250,000)
|
|
|
|
(1,250,000)
|
|
|
Total Sino Agro
Food, Inc. and subsidiaries stockholders' equity
|
|
317,433,892
|
|
|
|
291,263,983
|
|
|
Non - controlling
interest
|
|
45,373,880
|
|
|
|
40,333,463
|
|
|
Total
stockholders' equity
|
|
362,807,772
|
|
|
|
331,597,446
|
|
|
Total liabilities
and stockholders' equity
|
$
|
407,244,776
|
|
|
$
|
367,514,931
|
|
|
SINO AGRO FOOD,
INC.
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE
INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(Unaudited)
|
|
|
|
|
|
Three months
ended
|
|
|
Three months
ended
|
|
|
|
March 31,
2014
|
|
|
March 31,
2013
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
- Sale of
goods
|
|
$
|
78,272,309
|
|
|
$
|
36,549,354
|
|
|
- Consulting and
service income from development contracts
|
|
|
12,243,202
|
|
|
|
18,461,623
|
|
|
- Commission
income
|
|
|
412,278
|
|
|
|
96,774
|
|
|
|
|
90,927,789
|
|
|
|
55,107,751
|
|
|
Cost of goods
sold
|
|
|
(55,864,529)
|
|
|
|
(25,764,646)
|
|
|
Cost of
services
|
|
|
(6,503,412)
|
|
|
|
(7,820,288)
|
|
|
Gross
profit
|
|
|
28,559,848
|
|
|
|
21,522,817
|
|
|
General and
administrative expenses
|
|
|
(2,668,394)
|
|
|
|
(2,205,388)
|
|
|
Net income from
operations
|
|
|
25,891,454
|
|
|
|
19,317,429
|
|
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
|
Government
grant
|
|
|
113,232
|
|
|
|
79,759
|
|
|
Other
income
|
|
|
3,258
|
|
|
|
18,189
|
|
|
Gain of
extinguishment of debts
|
|
|
43,020
|
|
|
|
552,988
|
|
|
Interest
expense
|
|
|
(109,107)
|
|
|
|
(57,052)
|
|
|
Net
income (expenses)
|
|
|
50,403
|
|
|
|
593,884
|
|
|
Net
income before income taxes
|
|
|
25,941,857
|
|
|
|
19,911,313
|
|
|
Provision for
income taxes
|
|
|
-
|
|
|
|
-
|
|
|
Net
income
|
|
|
25,941,857
|
|
|
|
19,911,313
|
|
|
Less: Net (income)
loss attributable to the non - controlling interest
|
|
|
(5,153,938)
|
|
|
|
(3,532,541)
|
|
|
Net income from
continuing operations attributable to the Sino Agro Food, Inc. and
subsidiaries
|
|
|
20,787,919
|
|
|
|
16,378,772
|
|
|
Other
comprehensive (loss) income
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss)
|
|
|
(707,636)
|
|
|
|
(291,868)
|
|
|
Comprehensive
income
|
|
|
20,080,283
|
|
|
|
16,086,904
|
|
|
Less: other
comprehensive loss (income) attributable to
|
|
|
|
|
|
|
|
|
|
The non -
controlling interest
|
|
|
113,521
|
|
|
|
51,782
|
|
|
Comprehensive
income attributable to the Sino Agro Food, Inc. and
subsidiaries
|
|
$
|
20,193,804
|
|
|
$
|
16,138,686
|
|
|
Earnings per share
attributable to Sino Agro Food, Inc. and subsidiaries common
stockholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
|
Diluted
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
142,658,210
|
|
|
|
105,385,902
|
|
|
Diluted
|
|
|
149,658,210
|
|
|
|
115,252,569
|
|
|
SINO AGRO FOOD,
INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
|
|
|
|
Three months
ended
|
|
|
Three months
ended
|
|
|
|
March 31,
2014
|
|
|
March 31,
2013
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
$
|
25,941,857
|
|
|
$
|
19,911,313
|
|
|
Adjustments to
reconcile net income for the period to net cash from
operations:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
534,803
|
|
|
|
307,075
|
|
|
Amortization
|
|
|
509,080
|
|
|
|
337,867
|
|
|
Common stock issued
for services
|
|
|
33,436
|
|
|
|
90,600
|
|
|
Gain on
extinguishment of debts
|
|
|
(43,020)
|
|
|
|
(552,988)
|
|
|
Other amortized
cost
|
|
|
50,000
|
|
|
|
-
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
(Increase)/decrease
in inventories
|
|
|
(11,593,523)
|
|
|
|
61,990
|
|
|
Increase in cost and
estimated earnings in excess of billings on uncompleted
contacts
|
|
|
(4,528)
|
|
|
|
(562,558)
|
|
|
Decrease (increase)
in deposits and prepaid expenses
|
|
|
6,600,205
|
|
|
|
(4,617,840)
|
|
|
Decrease in due
to a director
|
|
|
(892,415)
|
|
|
|
(1,341,525)
|
|
|
Increase
in accounts payable and accrued expenses
|
|
|
7,587,849
|
|
|
|
1,562,679
|
|
|
Increase
in other payables
|
|
|
4,967,306
|
|
|
|
8,531,754
|
|
|
Decrease in
accounts receivable
|
|
|
(10,700,017)
|
|
|
|
(18,511,975)
|
|
|
Increase (decrease)
in billings in excess of costs and estimated earnings on
uncompleted contracts
|
|
|
476,053
|
|
|
|
(691,058)
|
|
|
Increase in other
receivables
|
|
|
(2,741,573)
|
|
|
|
(267,960)
|
|
|
Net cash provided
by operating activities
|
|
|
20,725,513
|
|
|
|
4,257,374
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(907,666)
|
|
|
|
(126,182)
|
|
|
Payment for
construction in progress
|
|
|
(5,248,183)
|
|
|
|
(512,010)
|
|
|
Net cash used in
investing activities
|
|
|
(6,155,849)
|
|
|
|
(638,192)
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from long
term debts
|
|
|
2,438,192
|
|
|
|
-
|
|
|
Dividends
paid
|
|
|
-
|
|
|
|
(951,308)
|
|
|
Net cash provided
by (used in) financing activities
|
|
|
2,438,192
|
|
|
|
(951,308)
|
|
|
Effects on exchange
rate changes on cash
|
|
|
431,747
|
|
|
|
(274,217)
|
|
|
Increase in cash and
cash equivalents
|
|
|
17,439,603
|
|
|
|
2,393,657
|
|
|
Cash and cash
equivalents, beginning of period
|
|
|
1,327,274
|
|
|
|
8,424,265
|
|
|
Cash and cash
equivalents, end of period
|
|
|
18,766,877
|
|
|
|
10,817,922
|
|
|
Supplementary
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
|
57,052
|
|
|
$
|
57,052
|
|
|
Cash paid for income
taxes
|
|
|
-
|
|
|
|
-
|
|
|
Non - cash
transactions
|
|
|
|
|
|
|
|
|
|
Common stock issued
for settlement of debts
|
|
$
|
2,373,992
|
|
|
$
|
5,115,041
|
|
|
Series B
convertible preferred stock cancelled
|
|
|
-
|
|
|
$
|
(3,000)
|
|
|
Transfer construction
in progress to property and equipment
|
|
$
|
1,784,678
|
|
|
|
-
|
|
About Sino Agro Food, Inc.
Sino Agro Food, Inc. (http://www.sinoagrofood.com) is an
agriculture technology and natural food holding company with
principal operations in the People's
Republic of China. The Company acquires and maintains equity
stakes in a cohesive portfolio of companies that SIAF forms
according to its core mission to produce, distribute, market and
sell natural, sustainable protein food and produce, primarily
seafood and cattle, to the rapidly growing middle class in
China. SIAF provides financial
oversight and strategic direction for each company, and for the
interoperation between companies. The Company owns or licenses
patents, proprietary methods, and other intellectual properties in
its areas of expertise. SIAF provides consulting and services to
joint venture partners to construct and operate food businesses,
primarily producing wholesale fish and cattle. Further joint
ventures market and distribute the wholesale products as part of an
overall "farm to table" concept and business strategy.
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www.facebook.com/SinoAgroFoodInc
Forward Looking Statements
This release may contain forward-looking statements relating to
the business of SIAF and its subsidiary companies. All statements
other than historical facts are forward-looking statements, which
can be identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions. These statements
involve risks and uncertainties that may cause actual results to
differ materially from those anticipated, believed, estimated or
expected. These risks and uncertainties are described in detail in
our filings with the Securities and Exchange Commission.
Forward-looking statements are based on SIAF's current expectations
and beliefs concerning future developments and their potential
effects on SIAF. There is no assurance that future developments
affecting SIAF will be those anticipated by SIAF. SIAF undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required under applicable securities
laws.
Not a Broker/Dealer or Financial Advisor
Sino Agro Food, Inc. is not a Registered Broker/Dealer or a
Financial Advisor, nor does it hold itself out to be a Registered
Broker/Dealer or Financial Advisor. All material presented in this
press release, on the Company's website or other media is not to be
regarded as investment advice and is only for informative purposes.
Readers should verify all claims and conduct their own due
diligence before investing in Sino Agro Food, Inc.
Investing in small-cap, micro cap and penny stock securities is
speculative and carries a high degree of risk.
No Offer of Securities
None of the information featured in this press release
constitutes an offer or solicitation to purchase or to sell any
securities of Sino Agro Food, Inc.
SOURCE Sino Agro Food, Inc.