GUANGZHOU, China, Nov. 22, 2013 /PRNewswire/ -- Sino Agro Food,
Inc. (OTCBB: SIAF), is an emerging integrated, diversified
agriculture technology and organic food company ("the Company")
with principal operations in the People's
Republic of China ("PRC").
Sino Agro Food, Inc. has amended its Q3 10-Q to add a line item
inadvertently omitted from its Consolidated Balance Sheet;
specifically, Bonds Payable for $975,000 under Non-current Liabilities.
This adjustment had no effect on the Company's Q3 Consolidated
Statement of Income or the consolidated statement of cash
flows.
An amended version of the Press Release for Q3 2013 is available
for download on the company website, following the link:
http://sinoagrofood.investorroom.com/news-releases.
The adjustment is highlighted in bold in the amended
Consolidated Balance Sheet below.
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Sino Agro Food,
Inc. Consolidated Balance Sheets
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|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
December 31,
2012
|
|
|
|
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(Unaudited)
|
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(Audited)
|
|
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ASSETS
|
|
|
|
|
|
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Current
assets
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$9,588,415
|
|
$8,424,265
|
|
Accounts
receivable, net of allowance for doubtful accounts
|
59,690,624
|
|
52,948,350
|
|
Inventories
|
|
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17,933,503
|
|
17,114,755
|
|
Cost and
estimated earnings in excess of billings on uncompleted
contracts
|
1,759,821
|
|
2,336,880
|
|
Deposits
and prepaid expenses
|
|
84,856,620
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|
47,308,857
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Other
receivables
|
|
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9,617,650
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|
5,954,248
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Total current
assets
|
|
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183,446,633
|
|
134,087,355
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Property and
equipment
|
|
|
|
|
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Property
and equipment, net of accumulated depreciation
|
37,984,694
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19,946,302
|
|
Construction in progress
|
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41,579,898
|
|
24,492,510
|
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Land use
rights, net of accumulated amortization
|
56,253,797
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|
55,733,246
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Total property and
equipment
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135,818,389
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100,172,058
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Other
assets
|
|
|
|
|
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Goodwill
|
|
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724,940
|
|
724,940
|
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Proprietary technologies, net of accumulated
amortization
|
7,813,958
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8,114,624
|
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License
rights
|
|
|
1
|
|
1
|
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Total other
assets
|
|
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8,538,899
|
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8,839,565
|
|
|
|
|
|
|
|
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Total
assets
|
|
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$327,803,921
|
|
$243,098,978
|
|
|
|
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LIABILITIES
AND STOCKHOLDERS' EQUITY
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|
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|
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Current
liabilities
|
|
|
|
|
|
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Accounts
payable and accrued expenses
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$8,231,077
|
|
$5,762,643
|
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Billings
in excess of costs and estimated earnings on uncompleted
contracts
|
2,413,455
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|
2,790,084
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Due to a
director
|
|
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4,989,134
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3,345,803
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Dividends payable
|
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0
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951,308
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Other
payables
|
|
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10,824,617
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6,654,478
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Short
term bank loan
|
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2,439,818
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3,181,927
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|
|
|
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28,898,101
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22,686,243
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|
|
|
|
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Non-current
liabilities
|
|
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|
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Deferred dividends payable
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3,146,987
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3,146,987
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Bonds payable
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975,000
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0
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Long term debts
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178,920
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175,006
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|
|
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$4,300,907
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$3,321,993
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|
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Commitments and
contingencies
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0
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0
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|
|
|
|
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Stockholders'
equity
|
|
|
|
|
|
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Preferred stock: $0.001 par value
|
|
|
|
|
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(10,000,000 shares authorized, 0 share issued and
outstanding
|
|
|
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as
of September 30, 2013 and December 31, 2012,
respectively)
|
|
|
|
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Series A
preferred stock: $0.001 par value
|
0
|
|
0
|
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(100
shares designated, 100 shares issued and outstanding
|
|
|
|
|
as
of September 30, 2013 and December 31, 2012,
respectively)
|
|
|
|
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Series B
convertible preferred stock: $0.001 par value)
|
7,000
|
|
10,000
|
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(10,000,000 shares designated, 7,000,000 and 10,000,000 shares
issued
and outstanding)
|
|
|
|
as
of September 30, 2013 and December 31, 2012,
respectively)
|
|
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Series F
Non-convertible preferred stock: $0.001 par value)
|
|
|
|
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(1,000,000 shares designated, 0 shares issued and
outstanding)
|
0
|
|
0
|
|
as
of September 30, 2013 and December 31, 2012,
respectively)
|
|
|
|
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Common
stock: $0.001 par value
|
|
128,564
|
|
100,005
|
|
(130,000,000 shares authorized, 128,563,766 and 100,004,850 shares
issued
and outstanding
|
|
|
|
as
of September 30, 2013 and December 31, 2012,
respectively)
|
|
|
|
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Additional paid - in capital
|
|
103,906,407
|
|
91,216,428
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|
Retained
earnings
|
|
|
153,326,794
|
|
103,864,308
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|
Accumulated other comprehensive income
|
5,795,406
|
|
3,868,274
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|
Treasury
stock
|
|
|
-1,250,000
|
|
-1,250,000
|
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Total Sino Agro
Food, Inc. and subsidiaries stockholders' equity
|
261,914,171
|
|
197,809,015
|
|
Non - controlling
interest
|
|
|
32,690,742
|
|
19,281,727
|
|
Total
stockholders' equity
|
|
294,604,913
|
|
217,090,742
|
|
Total liabilities
and stockholders' equity
|
|
$327,803,921
|
|
$243,098,978
|
The accompanying notes are an integral part of these
consolidated financial statements
About Sino Agro Food, Inc.
Sino Agro Food, Inc.
("SIAF") (http://www.sinoagrofood.com) is an integrated,
diversified agricultural technology and organic food company
focused on developing, producing and distributing agricultural
products in the Peoples Republic of
China. The Company addresses the increasing demand of
China's rising middle class for
gourmet and high-quality food items. Current lines of business
include the manufacture and distribution of beef and lamb products,
fish products, bioorganic fertilizer, stock feed and cash
crops.
Keep abreast of company developments by "liking" our Facebook
page: https://www.facebook.com/SinoAgroFoodInc
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.
Forward Looking Statements
This release contains certain "forward-looking statements" relating
to the business of SIAF and its subsidiary companies, which can be
identified by the use of forward-looking terminology such as
"believes, expects" or similar expressions. Such forward-looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
Certain of these risks and uncertainties are or will be described
in greater detail in our filings with the Securities and Exchange
Commission. These forward-looking statements are based on SIAF's
current expectations and beliefs concerning future developments and
their potential effects on SIAF. There can be no assurance that
future developments affecting SIAF will be those anticipated by
SIAF. These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond the control of the Company)
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by such
forward-looking statements. 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 may be required under applicable securities laws.
SOURCE Sino Agro Food, Inc.