WENZHOU, China, Sept. 4, 2020
/PRNewswire/ -- ZK International Group Co.,
Ltd. (ZKIN) ("ZK International" or the "Company"), a
designer, engineer, manufacturer, and supplier of patented
high-performance stainless steel and carbon steel pipe products
primarily used for water and gas supplies, today announced its
unaudited financial results for the six months ended March 31, 2020.
Financial Highlights for the First Half of Fiscal Year
2020
|
|
For the Six Months
Ended March 31,
|
($ millions,
except per share data)
|
|
2020
|
|
2019
|
|
%
Change
|
Revenue
|
|
$40.17
|
|
$31.54
|
|
27.4%
|
Gross
profit
|
|
$3.21
|
|
$8.08
|
|
-60.3%
|
Gross
margin
|
|
8.0%
|
|
25.6%
|
|
-17.6 pp*
|
Income from
operations
|
|
$0.34
|
|
$4.53
|
|
-92.5%
|
Operating
margin
|
|
0.8%
|
|
14.4%
|
|
-13.6 pp*
|
Net income
attributable to ZK International
|
|
$0.09
|
|
$3.84
|
|
-97.7%
|
Diluted earnings per
share
|
|
$0.01
|
|
$0.23
|
|
-95.7%
|
Net book value per
share
|
|
$2.66
|
|
$2.63
|
|
1.1%
|
* pp: percentage
point(s)
|
|
|
|
|
|
|
- Revenue increased 27.4% to a record $40.17 million due to increased orders that drove
increased sales volume.
- Gross profit decreased by 60.3% to $3.21
million. Gross margin was 8.0%, compared to 25.6% for the
same period of the prior fiscal year. The decreases in gross profit
and gross margin were due to management's decision to provide
one-off discount on certain products in order to move inventory
that certain customers were unable to fulfill due to COVID-19.
Therefore, certain products were sold at deep discounts to some key
customers.
- Income from operations was $0.34
million, compared to $4.53
million for the same period of the prior fiscal year.
Operating margin was 0.8%, compared to 14.4% for the same period of
the prior fiscal year.
- Net income attributable to ZK International was $0.09 million, or $0.01 per share. This compared to net income
attributable to ZK International of $3.84
million, or $0.23 per share,
for the same period of the prior fiscal year.
- Net book value per share was $2.66 as of March 31,
2020, compared to $2.63 as of
September 30, 2019.
Mr. Jiancong Huang, Chairman and
Chief Executive Officer of ZK International, commented, "Bucking
the trend of a declining economy during the second quarter of 2020 as China battled the COVID-19 pandemic, we are
pleased to report record revenue increase for the first half of
fiscal year 2020. With revenue increasing by 27.4% and across the
$40 million mark for the first time
in the Company's history, our first half of fiscal year 2020
results underscore continuing order strength for our proprietary
stainless steel and carbon steel pipe products. The decreases in
gross and profit margins were one-off in nature and stem from
management decision to provide discount on certain products in
order to reduce inventory that
certain customers were unable to fulfill due to COVID-19 effecting
their respective businesses. Therefore, certain products were
sold at deep discounts to some of our key customers in order to
increase cash flow by reducing inventory level. Looking forward, we
expect revenue to continue to grow and rebound of profit margins
for the second half of the fiscal year 2020."
Financial Results for the First Half of Fiscal Year
2020
Revenue
For the first half of fiscal year 2020, revenue increased by
$8.63 million, or 27.4%, to a
record $40.17 million from
$31.54 million for the same period of
the prior fiscal year. The increase in revenue was primarily
due to increased sales of stainless coil and strip as compared to
our stainless steel piping and fitting products.
Gross Profit
Cost of sales increased by $13.50
million, or 57.6%, to $36.96
million for the first half of fiscal year 2020 from
$23.46 million for the same period of
the prior fiscal year.
Gross profit decreased by $4.87
million, or 60.3%, to $3.21
million for the first half of fiscal year 2020 from
$8.08 million for the same period of
the prior fiscal year. As a result, gross margin decreased to 8.0%
for the first half of fiscal year 2020 from 25.6% for the same
period of the prior fiscal year. The decreases in gross profit and
gross margin were due to: i) increased sales of lower margin
stainless steel coil and strip products as a percentage of total
sales; ii) management's decision to provide one-off discount on
certain products to some key customers as a result of certain customers not being able to fulfill
their orders as they suffered from the negative impact of the
COVID-19 pandemic earlier this year; and iii) management's decision
to increase cash flows by offering discount on certain inventory
products to reduce inventory.
Operating Expenses
Selling and marketing expenses decreased by $0.38 million, or 28.3%, to $0.96 million for the first half of fiscal year
2020 from $1.34 million for the same
period of the prior fiscal year. As a percentage of sales, selling
and marketing expenses was 2.4% for the first half of fiscal year
2020, compared to 4.3% for the same period of the prior fiscal
year. The decrease was primarily due to decreases in freight
expenses, advertising expenses, and compensation for the sales
personnel during the lock-down period from February to mid-March.
General and administrative expenses decreased by $0.18 million, or 12.5%, to $1.27 million for the first half of fiscal year
2020 from $1.45 million for the same
period of the prior fiscal year. As a percentage of sales, general
and administrative expenses was 3.2% for the first half of fiscal
year 2020, compared to 4.6% for the same period of the prior fiscal
year. The decrease was primarily due to decreased travelling
expenses and administrative staff salary during the lock-down
period.
Research and development expenses decreased by $0.12 million, or 16.4%, to $0.63 million for the first half of fiscal year
2020 from $0.75 million for the same
period of the prior fiscal year. As a percentage of sales, research
and development expenses was 1.6% for the first half of fiscal year
2020, compared to 2.4% for the same period of the prior fiscal
year. The decrease was primarily due to the temporary suspension of
research and development activities during the lock-down
period.
Total operating expenses decreased by $0.69 million, or 19.3%, to $2.86 million for the first half of fiscal year
2020 from $3.55 million for the same
period of the prior fiscal year. As a percentage of sales, total
operating expenses was 7.1% for the first half of fiscal year 2020,
compared to 11.3% for the same period of the prior fiscal year.
Income from Operations
Income from operations was $0.34 million for the first half of fiscal
year 2020, compared to $4.53 million
for the same period of the prior fiscal year. As a result,
operating margin was 0.8% for the first half of fiscal year 2020,
compared to 14.4% for the same period of the prior fiscal year. The
decreases in operating income and operating margin were primarily
related to decreased gross profit (margin) explained above and
partially offset by decreased operating expenses.
Other Income (Expenses)
Interest expenses were $0.42
million for the first half of fiscal year 2020, compared to
$0.63 million for the same period of
the prior fiscal year. Other income was $0.17 million for the first half of fiscal year
2020, compared to $0.63 million for
the same period of the prior fiscal year. As a result, total net
other expenses were $0.25 million for
the first half of fiscal year 2020, compared to total net other
income of $0.01 million for the same
period of the prior fiscal year.
Net Income and earnings per share
As a result of the factors described above, net income
was $0.09 million for the first half of fiscal year 2020,
compared to $3.88 million for the
same period of the prior fiscal year. Net margin was 0.2% for the
first half of fiscal year 2020, compared to 12.3% for the same
period of the prior fiscal year.
After deducting for non-controlling interests, net income
attributable to ZK International was $0.09
million, or $0.01 per share,
for the first half of fiscal year 2020. This compared to net income
attributable to ZK International of $3.84
million, or $0.23 per share,
for the same period of the prior fiscal year.
Financial Condition
As of March 31, 2020, cash and
cash equivalents and short-term investments totaled $1.40 million, compared to $3.73 million as of September 30, 2019. Short-term bank borrowings
were $17.14 million as of
March 31, 2020, compared to
$16.28 million as of September 30, 2019.
Accounts receivable was $25.49 million as of March 31, 2020, compared to $25.12 million as of September 30, 2019. Inventories were $18.45 million as of March
31, 2020, compared to $20.80
million as of September 30,
2019. Accounts payable was $2.24
million as of March 31, 2020,
compared to $4.18 million as of
September 30, 2019.
Total current assets and current liabilities were $56.34 million and $32.14 million, respectively, leading to a
current ratio of 1.75 as of March 31,
2020. This compared to total current assets and current
liabilities were $58.85 million and
$34.58 million, respectively, and
current ratio of 1.70 as of September 30,
2019.
Net cash provided by operating activities was $1.07 million for the six months ended
March 31, 2020, compared to
$1.27 million for the same period of
the prior fiscal year. Net cash used in investing activities was
$0.57 million for the six months
ended March 31, 2020, compared to
$1.07 million for the same period of
the prior fiscal year. Net cash used in financing activities was
$2.61 million for the six months
ended March 31, 2020, compared to
$5.87 million for the same period of
the prior fiscal year.
Recent Developments
On June 26, 2020, the Company
announced corporate updates regarding the COVID-19 pandemic impact
on its business, and the Huaye partnership. The Company also
released a new corporate video highlighting its manufacturing
facilities, and its mission and values.
On June 12, 2020, the Company
announced that it entered into an Exclusive Supplying and
Distribution Framework Agreement with Shandong Huaye Group, a
leading structural and fencing piping products manufacturer and
suppliers in China, for Huaye's
ongoing production line and machine upgrades and act as the
Company's strategic supplier and distributor.
On May 11, 2020, the Company
announced that it has retained U.S. Sterling Securities, Inc., a
FINRA and SEC regulated firm, to help the Company with: (i)
non-financing transactions, including without limitation, licensing
agreement(s), Joint venture(s), merger(s) and acquisition(s), and
(ii) financing transactions, including equity, debt, or any
combination of both.
On May 11, 2020, the Company
announced that it has been recognized as an "Intellectual Property
Superiority Enterprise" (the "Designation") by the National
Intellectual Property Administration. ZK International was among
the 125 enterprises in Zhejiang
Province granted the Designation this year for their
advantages in developing independent intellectual property rights
and own brands.
On April 15, 2020, the Company
announced that it has entered into a strategic partnership
agreement with Hunan Dianshi Decoration Design and Engineering Co.
Ltd., one of the leading home improvement and interior design
chains in Hunan Province with
approximately 3,000 employees. This Agreement will empower ZK
International to expand its sales network into 65 design centers
and studios across 30 cities in China.
On April 8, 2020, the Company
announced an update regarding the impact of COVID-19 on its
operations.
On February 11, 2020, the Company
announced that it supplied stainless steel pipe and fitting
products for a new hospital currently under construction in Wenzhou
City in response to the recent outbreak of novel coronavirus.
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based designer,
engineer, manufacturer, and supplier of patented high-performance
stainless steel and carbon steel pipe products that require
sophisticated water or gas pipeline systems. The Company owns 33
patents, 21 trademarks, 2 Technical Achievement Awards, and 10
National and Industry Standard Awards. ZK International is Quality
Management System Certified (ISO9001), Environmental Management
System Certified (ISO1401), and a National Industrial Stainless
Steel Production Licensee that is focused on supplying steel piping
for the multi-billion dollar industries of Gas and Water
sectors. ZK has supplied stainless steel pipelines for over
2,000 projects, including the Beijing National Airport, the "Water
Cube", and "Bird's Nest", which were venues for the 2008 Beijing
Olympics. Emphasizing superior properties and durability of
its steel piping, ZK International is providing a solution for the
delivery of high quality, highly sustainable, environmentally sound
drinkable water not only to the China market but also to
international markets such as Europe, East Asia,
and Southeast Asia.
For more information please
visit www.ZKInternationalGroup.com. Additionally,
please follow the Company
on Twitter, Facebook, YouTube,
and Weibo. For further information on the Company's SEC
filings please visit www.sec.gov.
Safe Harbor Statement
This news release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. Without limiting the generality of the
foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "intend," "could," "estimate" or "continue" or the
negative or other variations thereof or comparable terminology are
intended to identify forward-looking statements. In addition, any
statements that refer to expectations, projections or other
characterizations of future events or circumstances are
forward-looking statements. These forward-looking statements are
not guarantee of future performance and are subject to certain
risks, uncertainties, and assumptions that are difficult to predict
and many of which are beyond the control of ZK International.
Actual results may differ from those projected in the
forward-looking statements due to risks and uncertainties, as well
as other risk factors that are included in the Company's filings
with the U.S. Securities and Exchange Commission. Although ZK
International believes that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could prove inaccurate and, therefore, there can be no assurance
that the results contemplated in forward-looking statements will be
realized. In light of the significant uncertainties inherent
in the forward-looking information included herein, the inclusion
of such information should not be regarded as a representation by
ZK International or any other person that their objectives or plans
will be achieved. ZK International does not undertake any
obligation to revise the forward-looking statements contained
herein to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
Investor Contact:
Tony Tian, CFA
Weitian Group LLC
Phone: +1 (732) 910-9692
Email: ttian@weitianco.com
ZK International Group Co., Ltd. and
Subsidiaries
Consolidated Statements of Income and
Comprehensive Income (Loss)
For the Six Months Ended
March 31, 2020 and 2019
(Unaudited)
(IN U.S. DOLLARS, EXCEPT SHARE DATA)
|
|
|
|
|
|
|
|
|
For the Six
Months
Ended March 31,
|
|
|
|
2020
|
|
|
2019
|
|
Revenues
|
|
$
|
40,169,585
|
|
|
$
|
31,536,768
|
|
Cost of
sales
|
|
|
36,963,308
|
|
|
|
23,458,744
|
|
Gross
profit
|
|
|
3,206,277
|
|
|
|
8,078,024
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
961,513
|
|
|
|
1,341,875
|
|
General and
administrative expenses
|
|
|
1,272,675
|
|
|
|
1,454,760
|
|
Research and
development costs
|
|
|
630,692
|
|
|
|
754,315
|
|
Total operating
expenses
|
|
|
2,864,880
|
|
|
|
3,550,950
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
341,397
|
|
|
|
4,527,074
|
|
|
|
|
|
|
|
|
|
|
Other income
(expenses):
|
|
|
|
|
|
|
|
|
Interest
expenses
|
|
|
(424,463)
|
|
|
|
(626,036)
|
|
Interest
income
|
|
|
3,003
|
|
|
|
4,856
|
|
Other income
(expenses), net
|
|
|
170,391
|
|
|
|
627,846
|
|
Total other income
(expenses), net
|
|
|
(251,069)
|
|
|
|
6,666
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
90,328
|
|
|
|
4,533,740
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
|
-
|
|
|
|
652,859
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
90,328
|
|
|
$
|
3,880,881
|
|
Net income
attributable to non-controlling interests
|
|
|
2,500
|
|
|
|
41,453
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ZK International Group Co., Ltd.
|
|
$
|
87,828
|
|
|
$
|
3,839,428
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
90,328
|
|
|
$
|
3,880,881
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
414,042
|
|
|
|
390,711
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
|
504,370
|
|
|
|
4,271,592
|
|
Comprehensive income
attributable to non-controlling interests
|
|
|
(5,098)
|
|
|
|
(43,914)
|
|
Comprehensive income
attributable to ZK International Group Co., Ltd.
|
|
|
499,272
|
|
|
|
4,227,678
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per share
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.01
|
|
|
|
0.23
|
|
Diluted
|
|
|
0.01
|
|
|
|
0.23
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
16,558,037
|
|
|
|
16,528,037
|
|
Diluted
|
|
|
16,558,037
|
|
|
|
16,528,037
|
|
ZK International Group Co., Ltd. and
Subsidiaries
Consolidated Balance Sheets
As of
March 31, 2020 and September 30, 2019 (Unaudited)
(IN U.S.
DOLLARS)
|
|
March
31,
|
September
30,
|
|
|
|
2020
|
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,392,405
|
|
|
$
|
3,451,138
|
|
Short-term
Investment
|
|
|
7,223
|
|
|
|
279,810
|
|
Accounts receivable,
net of allowance for doubtful accounts of $1,937,285 and
$1,919,152, respectively
|
|
|
25,487,091
|
|
|
|
25,115,040
|
|
Notes
receivable
|
|
|
222,904
|
|
|
|
385,519
|
|
Other
receivables
|
|
|
1,979,129
|
|
|
|
1,866,321
|
|
Due from related
parties
|
|
|
2,041,956
|
|
|
|
110,990
|
|
Inventories
|
|
|
18,454,483
|
|
|
|
20,796,075
|
|
Advance to
suppliers
|
|
|
6,751,340
|
|
|
|
6,848,143
|
|
Total current
assets
|
|
|
56,336,531
|
|
|
|
58,853,036
|
|
Property, plant and
equipment, net
|
|
|
7,037,953
|
|
|
|
6,595,704
|
|
Intangible assets,
net
|
|
|
922,664
|
|
|
|
918,717
|
|
Deferred tax
assets
|
|
|
292,494
|
|
|
|
289,756
|
|
Long-term
deposit
|
|
|
11,576,028
|
|
|
|
11,453,690
|
|
Long-term
investment
|
|
|
294,218
|
|
|
|
291,464
|
|
TOTAL
ASSETS
|
|
$
|
76,459,888
|
|
|
$
|
78,402,367
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
2,239,524
|
|
|
$
|
4,182,530
|
|
Accrued expenses and
other current liabilities
|
|
|
4,741,524
|
|
|
|
4,438,570
|
|
Accrued payroll and
welfare
|
|
|
1,170,843
|
|
|
|
1,340,060
|
|
Advance from
customers
|
|
|
2,509,854
|
|
|
|
2,422,776
|
|
Due to related
parties
|
|
|
-
|
|
|
|
1,446,461
|
|
Short-term bank
borrowings
|
|
|
17,144,955
|
|
|
|
16,281,461
|
|
Notes
payables
|
|
|
115,114
|
|
|
|
296,267
|
|
Income tax
payable
|
|
|
4,215,998
|
|
|
|
4,176,537
|
|
TOTAL
LIABILITIES
|
|
$
|
32,137,812
|
|
|
$
|
34,584,662
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Common stock, no par
value, 50,000,000 shares authorized, 16,558,037 and 16,558,037
shares issued and
outstanding, respectively
|
|
|
|
|
|
|
|
|
Additional paid-in
capital
|
|
|
18,049,630
|
|
|
|
18,049,630
|
|
Statutory surplus
reserve
|
|
|
2,907,294
|
|
|
|
2,904,699
|
|
Retained
earnings
|
|
|
24,457,769
|
|
|
|
24,372,535
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(1,397,381)
|
|
|
|
(1,808,825)
|
|
Total equity
attributable to ZK International Group Co., Ltd.
|
|
|
44,017,312
|
|
|
|
43,518,039
|
|
Equity attributable
to non-controlling interests
|
|
|
304,764
|
|
|
|
299,666
|
|
Total
equity
|
|
|
44,322,076
|
|
|
|
43,817,705
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
|
76,459,888
|
|
|
$
|
78,402,367
|
|
ZK International Group Co., Ltd. and
Subsidiaries
Consolidated Statements of Cash
Flows
For the Six Months Ended March 31, 2020 and 2019 (Unaudited)
(IN
U.S. DOLLARS)
|
|
For the Six
Months
Ended March 31,
|
|
|
|
2020
|
|
|
2019
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
90,328
|
|
|
$
|
3,880,881
|
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
expense
|
|
|
176,111
|
|
|
|
180,465
|
|
Amortization
expense
|
|
|
-
|
|
|
|
8,448
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(136,090)
|
|
|
|
1,644,116
|
|
Other
receivables
|
|
|
(96,109)
|
|
|
|
(800,576)
|
|
Notes
receivable
|
|
|
167,896
|
|
|
|
(710,611)
|
|
Inventories
|
|
|
2,563,087
|
|
|
|
(2,094,106)
|
|
Advance to
suppliers
|
|
|
163,096
|
|
|
|
70,039
|
|
Accounts
payable
|
|
|
(2,002,061)
|
|
|
|
537,481
|
|
Accrued expenses and
other current liabilities
|
|
|
263,591
|
|
|
|
176,740
|
|
Accrued payroll and
welfare
|
|
|
(183,670)
|
|
|
|
219,762
|
|
Advance from
customers
|
|
|
64,820
|
|
|
|
(2,392,380)
|
|
Income tax
payable
|
|
|
-
|
|
|
|
552,559
|
|
Net cash provided
(used in) operating activities
|
|
|
1,070,999
|
|
|
|
1,272,817
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
|
|
(608,404)
|
|
|
|
(398,408)
|
|
Proceed from disposal
of property, plant and equipment
|
|
|
48,676
|
|
|
|
-
|
|
Cash investment into
long-term investment
|
|
|
-
|
|
|
|
(172,761)
|
|
Purchases of
intangible assets
|
|
|
-
|
|
|
|
(501,000)
|
|
Net proceeds placed
into long-term deposit
|
|
|
(14,262)
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(574,050)
|
|
|
|
(1,072,169)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing activities:
|
|
|
|
|
|
|
|
|
Net proceeds released
from (placed into) bank acceptance notes
|
|
|
(185,764)
|
|
|
|
-
|
|
Net proceeds released
from short-term investment
|
|
|
277,944
|
|
|
|
116,020
|
|
Net proceeds from
(repayment to) short-term bank borrowings
|
|
|
716,659
|
|
|
|
(409,942)
|
|
Repayments of loans
of related parties
|
|
|
(1,474,517)
|
|
|
|
(3,714,894)
|
|
Cash advance to
related parties
|
|
|
(1,948,937)
|
|
|
|
(1,858,055)
|
|
Net cash provided by
(used in) financing activities
|
|
|
(2,614,615)
|
|
|
|
(5,866,871)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
|
58,933
|
|
|
|
(73,181)
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(2,058,733)
|
|
|
|
(5,739,404)
|
|
Cash and cash
equivalents at the beginning of year
|
|
|
3,451,138
|
|
|
|
7,682,589
|
|
Cash and cash
equivalents at the end of year
|
|
$
|
1,392,405
|
|
|
$
|
1,943,185
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flows information:
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
|
$
|
-
|
|
|
$
|
31,458
|
|
Cash paid for
interest expenses
|
|
$
|
450,282
|
|
|
$
|
626,036
|
|
View original
content:http://www.prnewswire.com/news-releases/zk-international-group-co-ltd-announces-record-revenue-of-40-17-million-an-increase-of-27-4-for-the-first-half-of-fiscal-year-2020--301124587.html
SOURCE ZK International Group Co., Ltd.