Highlighted by Progress in New Business Initiatives and
Reinvestment
ROSLYN, N.Y.,
Sept. 28, 2018 /PRNewswire/
-- Sino-Global Shipping America, Ltd. (NASDAQ: SINO)
("Sino-Global", the "Company", "our", "we" or "us"), a logistics
integrated solutions provider engaged in non-asset based global
shipping, freight logistics, and inland transportation management
and related services, announced its financial and operating
results for the fourth
quarter of the fiscal year 2018 and year ended
June 30, 2018. The Company has also
provided extensive information on its annual report on
Form 10-K filed this morning with the U.S. Securities
and Exchange Commission. Management encourages investors to review
this filing for more details of the Company's financial results for
the fiscal year 2018, background on Sino-Global's business and
history, as well as Company strategy for the coming fiscal
year.
Management Comments - Highlights in Fiscal
2018
Mr. Lei Cao, Chairman and Chief Executive Officer of
Sino-Global commented, "We made tremendous progress this year in
our freight logistics, bulk cargo container and container trucking
services while spending much of this year investing in our
business. These highlights include:
- Reinvesting in our Business: Since
our change in business focus to a asset-light online logistics
platform we have made great strides towards integrating our
business relationships in China
with opportunities in the United
States, with revenues increasing substantially since this
change in model. Going forward, we know that in order to maintain
an advantage we needed to expand our technical capabilities. We
invested in an upgraded IT facility in Shanghai that will help facilitate a larger
base of revenues.
- Broadening our Global Base of Customers and
Shipments: In fiscal 2018, we coordinated the
shipment of a vast array of materials from China to ports in Australia and the
United States by utilizing our long-term relationships to
connect shippers to our online platform. This included an increase
in sales to major customers shipping minerals and coals between
Australia and China.
- New Joint Venture Agreement: In
September 2018, we entered into a
co-operation agreement with Ningbo Far-East Universal Shipping
Agency Co., Ltd ("Ningbo Far-East") to set up a joint venture in
Hong Kong to engage in worldwide
shipping agency and management business. The Company shall have 51%
ownership in the joint venture. Ningbo Far-East is one of the top
ranking shipping agencies for private enterprises in the
Ningbo and Zhoushan ports. We are
very pleased with the potential of this joint venture, as it
provides further diversification in our customer base without
any significant overlap. We
are one of the few shipping agents specialized in providing a full
range of general shipping agency services in China and the only shipping agency company
listed on a major stock exchange in the U.S. compared to the other,
much smaller, shipping agencies in China. The setup of Sino Ningbo allows us to
use our resources such as our customer base, our IT infrastructure
currently under development and our business insight to build a
global network of shipping agencies.
- Development of Online Platform: In
fiscal 2018, we continued to further the development of our online
platform, which helps to bridge the gap between global shippers
from China and other countries
such as Australia and the United States. With the signing of a
strategic cooperation agreement with COSCO Beijing, we are able to
take advantage of the low container rate to jointly promote bulk
cargo container transportation.
- Seeking "Reverse" Logistics Opportunities from the
U.S. to China: We
also are continuing to take advantage of export opportunities, as
we shipped 140 containers totaling 18 tons per container of sulfur
from Long Beach, CA in the U.S. to
our customers in China. With these
shipments we coordinated with the customers to sign the purchase
contract with sulfur suppliers in the
United States; organized the container shipping, obtained
customs clearance, and arranged for the product to be shipped to
the customer's designated port.
Overall, we feel that the Company has properly positioned
itself to take advantage of a growing revenue opportunity. As
we move forward into fiscal 2019, we are focused on leveraging our
growing infrastructure to improve operating margins and the bottom
line. We expect to provide an updated shareholder letter at
the end of November to outline our growth strategy in calendar
2019."
Fiscal Year 2018 Fourth Quarter Financial
Review
- Total revenues increased by 57.1% to approximately
$7.3 million for the three month period
ending June 30, 2018,
which compared to $4.6
million in the year ending June 30,
2017. This increase was due to the Company's business
development efforts in freight logistics, container trucking and
inland transportation management segments.
- The Company's gross profit for the period was
$2.1 million, compared to
$1.4 million in the prior year
period. Gross profit margin during the period was 29.2% which
remain consistent compared to 31.0% for the same period last
year.
- The operating loss for the three months ended
June 30, 2018 was $0.7
million, compared to an operating income of
$0.47 million for the year ended
June 30, 2017. The decrease in
operating income was mainly due to increases in selling, general
and administrative expenses (SG&A), largely due to stock
compensation being awarded in the fourth quarter of
2018.
- For the three months ended June
30, 2018, the Company reported a net loss of $0.8 million, or $(0.06) per diluted share based on weighted
average shares outstanding of 12,864,913, compared to a net income
of $0.8 million, or $0.07 per diluted share based on weighted average
shares outstanding of 10,152,685, for the same period in prior
year. The decrease was largely due to a $1.1
million income tax expense during the period compared to a
$0.3 million income tax benefit in
the prior year period.
Fiscal Year 2018 Financial Review
- Total revenues increased by approximately 101.5% to
$23.1 million during the year,
compared to $11.4 million in the
prior fiscal year. This increase was due to the Company's efforts
to diversify its business resulting in a significant increase in
revenues from the freight logistic services.
- The Company's gross profit for the 2018 fiscal year was
$7.5 million, compared to
$6.5 million in the prior fiscal
year. Gross profit margin during the year decreased to 32.4% from
56.5%, which was largely attributed to a greater portion of
revenues coming from the rapidly growing freight logistic services
segment. For the fiscal year ended June 30,
2018, the Company performed logistics services for one
customer on a fragmented scope, as compared to the full range of
services (with a corresponding higher margin) that it expects in
the future.
The following tables present summary information by
segment for the years ended June 30,
2018 and 2017:
|
|
For the year
ended June 30, 2018
|
|
|
|
Inland
Transportation
Management
Services
|
|
|
Freight
Logistics
Services
|
|
|
Container
Trucking
Services
|
|
|
Bulk Cargo
Container
Services
|
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
|
$
|
2,059,406
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
2,059,406
|
|
- Third
parties
|
|
$
|
3,441,001
|
|
|
$
|
15,829,444
|
|
|
$
|
1,096,485
|
|
|
$
|
638,227
|
|
|
$
|
21,005,157
|
|
Total
|
|
$
|
5,500,407
|
|
|
$
|
15,829,444
|
|
|
$
|
1,096,485
|
|
|
$
|
638,227
|
|
|
$
|
23,064,563
|
|
Cost of
revenues
|
|
$
|
874,760
|
|
|
$
|
13,519,486
|
|
|
$
|
696,998
|
|
|
$
|
494,449
|
|
|
$
|
15,585,693
|
|
Gross
profit
|
|
$
|
4,625,647
|
|
|
$
|
2,309,958
|
|
|
$
|
399,487
|
|
|
$
|
143,778
|
|
|
$
|
7,478,870
|
|
Depreciation and
amortization
|
|
$
|
72,954
|
|
|
$
|
1,902
|
|
|
$
|
20,063
|
|
|
$
|
-
|
|
|
$
|
94,919
|
|
Total capital
expenditures
|
|
$
|
-
|
|
|
$
|
778,182
|
|
|
$
|
44,595
|
|
|
$
|
-
|
|
|
$
|
822,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
margin
|
|
|
84.1%
|
|
|
|
14.6%
|
|
|
|
36.4%
|
|
|
|
22.5%
|
|
|
|
32.4%
|
|
|
|
For the year
ended June 30, 2017
|
|
|
|
Inland
Transportation
Management
Services
|
|
|
Freight
Logistics
Services
|
|
|
Container
Trucking
Services
|
|
|
Bulk Cargo
Container
Services
|
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
|
$
|
2,746,423
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
2,746,423
|
|
- Third
parties
|
|
$
|
3,012,177
|
|
|
$
|
4,815,450
|
|
|
$
|
871,563
|
|
|
$
|
-
|
|
|
$
|
8,699,190
|
|
Total
revenues
|
|
$
|
5,758,600
|
|
|
$
|
4,815,450
|
|
|
$
|
871,563
|
|
|
$
|
-
|
|
|
$
|
11,445,613
|
|
Cost of
revenues
|
|
$
|
620,259
|
|
|
$
|
3,710,364
|
|
|
$
|
649,968
|
|
|
$
|
-
|
|
|
$
|
4,980,591
|
|
Gross
profit
|
|
$
|
5,138,341
|
|
|
$
|
1,105,086
|
|
|
$
|
221,595
|
|
|
$
|
-
|
|
|
$
|
6,465,022
|
|
Depreciation and
amortization
|
|
$
|
27,857
|
|
|
$
|
21,510
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
49,367
|
|
Total capital
expenditures
|
|
$
|
61,359
|
|
|
$
|
1,053
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
62,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
margin
|
|
|
89.2%
|
|
|
|
22.9%
|
|
|
|
25.4%
|
|
|
|
-
|
|
|
|
56.5%
|
|
- Operating income for the year ended June 30, 2018 was approximately $0.8 million, compared to an operating
income of $3.1
million in the prior year. As discussed above, the decrease
was mainly due to increased costs of revenue and selling, general
and administrative expenses. General and administrative expenses as
a percentage of revenue remained consistent at 26.9% and 27.5% for
the years ended June 30, 2018 and
2017, respectively.
- For the fiscal year ended June 30,
2018, the Company reported a net income of $0.5 million, or $0.04 per diluted share based on 12.0 million
weighted average shares outstanding, compared to net income of
$3.6 million, or $0.41 per diluted share based on 8.9 million
weighted average shares outstanding, for the prior
year.
Balance Sheet
Information
- As of June 30, 2018, the
Company had $7.1 million in cash and
cash equivalents, working capital of $17.2
million and shareholder equity of $24.3 million; compared to $8.7 million, $13.7
million, and $19.5 million,
respectively, as of June 30,
2017.
- The Company's allowance for doubtful accounts was
$1.7 million in 2018 compared with an
allowance of doubtful accounts of $185,821 in 2017. As we continue to maintain
long-standing relationships with our customers, we are continuing
to monitor their payments closely and do not believe there are any
significant collection issues with respect to our trade accounts
receivable.
- The Company holds no long-term debt.
About Sino-Global Shipping America, Ltd.
Founded in the United
States in 2001, Sino-Global Shipping America, Ltd. is a
company engaged in shipping, chartering, logistics and related
business services. Headquartered in New
York, Sino-Global has offices in mainland China, Australia, Canada and Hong
Kong. The Company's current service offerings consist of
inland transportation management, freight logistics and container
trucking services. Additional information about Sino-Global can be
found on the Company's corporate website at
www.sino-global.com. The Company routinely posts important
information on its website.
Forward Looking Statements
No statement made in this press release should be
interpreted as an offer to sell or a solicitation of 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 U.S. 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 of 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
unless required by applicable law or regulations.
Contact Information
The Equity Group Inc.
Adam Prior
Senior
Vice-President
(212)-836-9606 /
aprior@equityny.com
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
|
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30,
|
|
|
For the Year Ended
June 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Net revenues - third
parties
|
|
$
|
6,825,901
|
|
|
$
|
4,107,809
|
|
|
$
|
21,005,157
|
|
|
$
|
8,699,190
|
|
Net revenues -
related party
|
|
|
438,000
|
|
|
|
517,243
|
|
|
|
2,059,406
|
|
|
|
2,746,423
|
|
Total
revenues
|
|
|
7,263,901
|
|
|
|
4,625,052
|
|
|
|
23,064,563
|
|
|
|
11,445,613
|
|
Cost of
revenues
|
|
|
(5,138,462)
|
|
|
|
(3,191,243)
|
|
|
|
(15,585,693)
|
|
|
|
(4,980,591)
|
|
Gross profit
|
|
|
2,125,439
|
|
|
|
1,433,809
|
|
|
|
7,478,870
|
|
|
|
6,465,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
(2,134,670)
|
|
|
|
(903,697)
|
|
|
|
(6,202,555)
|
|
|
|
(3,152,336)
|
|
Selling
expenses
|
|
|
(65,076)
|
|
|
|
(58,075)
|
|
|
|
(458,166)
|
|
|
|
(211,504)
|
|
Total operating expenses
|
|
|
(2,199,746)
|
|
|
|
(961,772)
|
|
|
|
(6,660,721)
|
|
|
|
(3,363,840)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
(74,307)
|
|
|
|
472,037
|
|
|
|
818,149
|
|
|
|
3,101,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income,
net
|
|
|
(313,227)
|
|
|
|
88,015
|
|
|
|
79,502
|
|
|
|
30,278
|
|
Other income,
net
|
|
|
575,115
|
|
|
|
|
|
|
|
575,115
|
|
|
|
-
|
|
Total other
income
|
|
|
261,888
|
|
|
|
88,015
|
|
|
|
654,617
|
|
|
|
30,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before provision for income
taxes
|
|
|
187,581
|
|
|
|
560,052
|
|
|
|
1,472,766
|
|
|
|
3,131,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
|
(1,008,256)
|
|
|
|
313,900
|
|
|
|
(949,659)
|
|
|
|
472,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
(820,675)
|
|
|
|
873,952
|
|
|
|
523,107
|
|
|
|
3,603,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to non-controlling interest
|
|
|
(279,880)
|
|
|
|
82,735
|
|
|
|
64,056
|
|
|
|
(21,348)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Sino-Global
Shipping America, Ltd.
|
|
$
|
(540,795)
|
|
|
$
|
791,217
|
|
|
$
|
459,051
|
|
|
$
|
3,624,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
(820,675)
|
|
|
$
|
873,952
|
|
|
$
|
523,107
|
|
|
$
|
3,603,544
|
|
Foreign currency
translation income (loss)
|
|
|
(243,782)
|
|
|
|
40,270
|
|
|
|
65,981
|
|
|
|
(73,741)
|
|
Comprehensive
income
|
|
|
(1,064,457)
|
|
|
|
914,222
|
|
|
|
589,088
|
|
|
|
3,529,803
|
|
Less: Comprehensive
income (loss) attributable to non-controlling interest
|
|
|
(104,270)
|
|
|
|
(33,866)
|
|
|
|
(12,120)
|
|
|
|
38,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss) attributable to Sino-Global Shipping America
Ltd.
|
|
$
|
(960,187)
|
|
|
$
|
880,356
|
|
|
$
|
601,208
|
|
|
$
|
3,491,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
$
|
(0.06)
|
|
|
$
|
0.07
|
|
|
$
|
0.04
|
|
|
$
|
0.41
|
|
-Diluted
|
|
$
|
(0.06)
|
|
|
$
|
0.07
|
|
|
$
|
0.04
|
|
|
$
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares used in
computation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
|
12,856,194
|
|
|
|
10,105,535
|
|
|
|
11,037,343
|
|
|
|
8,911,494
|
|
-Diluted
|
|
|
12,864,913
|
|
|
|
10,152,685
|
|
|
|
12,023,036
|
|
|
|
8,949,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
|
CONSOLIDATED
BALANCE SHEETS
|
|
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June 30,
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June 30,
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2018
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2017
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|
Assets
|
|
|
|
|
|
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Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
7,098,259
|
|
|
$
|
8,733,742
|
|
Accounts receivable,
less allowance for doubtful accounts of $1,682,228 and $185,821 as
of June 30, 2018
and 2017, respectively
|
|
|
8,428,853
|
|
|
|
2,569,141
|
|
Other receivables,
less allowance for doubtful accounts of $145,176 and $145,244 as of
June 30, 2018 and 2017,
respectively
|
|
|
69,239
|
|
|
|
37,811
|
|
Advances to
suppliers-third parties
|
|
|
2,144,985
|
|
|
|
54,890
|
|
Advances to
suppliers-related party
|
|
|
3,414,619
|
|
|
|
3,333,038
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|
Prepaid expense and
other current assets
|
|
|
588,439
|
|
|
|
311,136
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|
Due from related
party
|
|
|
2,087,994
|
|
|
|
1,715,130
|
|
|
|
|
|
|
|
|
|
|
Total Current Assets
|
|
|
23,832,388
|
|
|
|
16,754,888
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
956,429
|
|
|
|
187,373
|
|
Intangible assets,
net
|
|
|
153,056
|
|
|
|
-
|
|
Prepaid
expenses
|
|
|
438,151
|
|
|
|
6,882
|
|
Other long-term
assets - deposits
|
|
|
143,303
|
|
|
|
117,478
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|
Deferred tax assets,
net
|
|
|
634,500
|
|
|
|
749,400
|
|
|
|
|
|
|
|
|
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Total Assets
|
|
$
|
26,157,827
|
|
|
$
|
17,816,021
|
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|
|
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Liabilities and Equity
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Current Liabilities
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|
|
|
|
|
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Advances from
customers
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$
|
415,385
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|
|
$
|
369,717
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Accounts
payable
|
|
|
3,225,661
|
|
|
|
206,211
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|
Taxes
payable
|
|
|
2,700,619
|
|
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1,886,216
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Due to related
parties
|
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|
-
|
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206,323
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Accrued expenses and
other current liabilities
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|
|
280,888
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|
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418,029
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|
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Total Current Liabilities
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6,622,553
|
|
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3,086,496
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|
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Total Liabilities
|
|
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6,622,553
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3,086,496
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Commitments and Contingencies
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Equity
|
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Preferred stock,
2,000,000 shares authorized, no par value, none issued.
|
|
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-
|
|
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|
-
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Common stock,
50,000,000 shares authorized, no par value; 13,271,032 and
10,281,032 shares issued as of June
30, 2018 and 2017, respectively; 13,095,535 and
10,105,535 outstanding as of June 30, 2018 and 2017,
respectively
|
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23,717,330
|
|
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20,535,379
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|
Additional paid-in
capital
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1,755,573
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|
688,934
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Treasury stock, at
cost, 175,497 shares as of June 30, 2018
and 2017
|
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(417,538)
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|
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(417,538)
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Accumulated
deficit
|
|
|
(434,856)
|
|
|
|
(893,907)
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|
Accumulated other
comprehensive loss
|
|
|
(272,407)
|
|
|
|
(414,564)
|
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Total Sino-Global Shipping America Ltd. Stockholders'
Equity
|
|
|
24,348,102
|
|
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|
19,498,304
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|
|
|
|
|
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Non-controlling Interest
|
|
|
(4,812,828)
|
|
|
|
(4,768,779)
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|
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|
|
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Total Equity
|
|
|
19,535,274
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|
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|
14,729,525
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|
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Total Liabilities and Equity
|
|
$
|
26,157,827
|
|
|
$
|
17,816,021
|
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SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
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For the Years Ended
June 30,
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2018
|
|
2017
|
|
Operating Activities
|
|
|
|
|
|
|
Net income
|
|
$
|
523,107
|
|
$
|
3,603,544
|
|
Adjustment to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
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|
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Stock-based compensation –
employees, management and directors
|
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|
1,032,000
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|
-
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Amortization of stock-based
compensation - consultants
|
|
|
621,834
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|
599,846
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Amortization of stock option
expense
|
|
|
9,665
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|
110,195
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|
Depreciation and
amortization
|
|
|
94,919
|
|
|
49,367
|
|
Provision for (recovery of)
doubtful accounts
|
|
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1,726,599
|
|
|
(18,912)
|
|
Deferred tax provision
(benefit)
|
|
|
114,900
|
|
|
(749,400)
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|
Changes in assets and
liabilities
|
|
|
|
|
|
|
|
Increase in accounts
receivable
|
|
|
(7,421,179)
|
|
|
(260,165)
|
|
Decrease (increase) in other
receivables
|
|
|
(31,328)
|
|
|
249,768
|
|
Decrease (increase)
in advances to suppliers-third parties
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|
|
(662,144)
|
|
|
2,085,281
|
|
Increase in advances to
suppliers-related party
|
|
|
-
|
|
|
(3,317,382)
|
|
Decrease (increase) in
prepaid expenses
|
|
|
(280,627)
|
|
|
143,796
|
|
Increase in other long-term
assets
|
|
|
(470,319)
|
|
|
(70,806)
|
|
Increase in due from related
parties
|
|
|
(604,863)
|
|
|
(117,772)
|
|
Increase in
advances from customers
|
|
|
38,174
|
|
|
343,790
|
|
Increase (decrease) in
accounts payable
|
|
|
3,064,257
|
|
|
(272,474)
|
|
Increase in taxes
payable
|
|
|
754,512
|
|
|
278,288
|
|
Increase (decrease) in due to
related parties
|
|
|
(206,323)
|
|
|
206,323
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|
Increase (decrease)in accrued
expenses and other current liabilities
|
|
|
(110,836)
|
|
|
131,483
|
|
|
|
|
|
|
|
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Net cash provided by (used in) operating
activities
|
|
|
(1,807,652)
|
|
|
2,994,770
|
|
|
|
|
|
|
|
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Investing Activities
|
|
|
|
|
|
|
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Acquisition of
property and equipment
|
|
|
(822,777)
|
|
|
(62,412)
|
|
Acquisition of
intangible assets
|
|
|
(190,000)
|
|
|
-
|
|
Prepayment for
acquisition of intangible assets
|
|
|
(1,440,107)
|
|
|
-
|
|
|
|
|
|
|
|
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Net cash used in investing
activities
|
|
|
(2,452,884)
|
|
|
(62,412)
|
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
Proceeds from
issuance of common stock, net
|
|
|
2,585,091
|
|
|
4,319,988
|
|
Proceeds from
exercise of stock options
|
|
|
-
|
|
|
82,500
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing
activities
|
|
|
2,585,091
|
|
|
4,402,488
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash equivalents
|
|
|
39,962
|
|
|
12,902
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash
equivalents
|
|
|
(1,635,483)
|
|
|
7,347,748
|
|
|
|
|
|
|
|
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Cash and cash
equivalents at beginning of year
|
|
|
8,733,742
|
|
|
1,385,994
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of year
|
|
$
|
7,098,259
|
|
$
|
8,733,742
|
|
|
|
|
|
|
|
|
|
Supplemental information
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
68,268
|
|
$
|
89,324
|
|
View original
content:http://www.prnewswire.com/news-releases/sino-global-announces-2018-year-end-financial-results-300720736.html
SOURCE Sino-Global Shipping America, Ltd.