QINGDAO, China, Dec. 22, 2017 /PRNewswire/ -- TDH Holdings, Inc.
(NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that
specializes in the development, manufacturing and sales of various
pet food products under multiple established brands in China, Asia
and Europe, today announced its
unaudited financial results for the six months ended June 30, 2017.
|
|
For the Six Months
Ended June 30,
|
|
($ millions,
except per share data)
|
|
2017
|
|
|
2016
|
|
|
%
Change
|
|
Revenues
|
|
$
|
14.08
|
|
|
$
|
9.73
|
|
|
|
44.7
|
%
|
Gross
profit
|
|
$
|
4.16
|
|
|
$
|
2.76
|
|
|
|
50.7
|
%
|
Gross
margin
|
|
|
29.5
|
%
|
|
|
28.3
|
%
|
|
|
1.2
|
pp*
|
Operating
income
|
|
$
|
0.67
|
|
|
$
|
0.21
|
|
|
|
219.8
|
%
|
Operating
margin
|
|
|
4.7
|
%
|
|
|
2.1
|
%
|
|
|
2.6
|
pp*
|
Net income
|
|
$
|
0.54
|
|
|
$
|
0.07
|
|
|
|
687.8
|
%
|
EPS - basic and
diluted
|
|
$
|
0.07
|
|
|
$
|
0.01
|
|
|
|
687.8
|
%
|
* PP: percentage
points
|
- Revenues increased by 44.7% to $14.08
million for the six months ended June
30, 2017, driven by strong growth in overseas and domestic
sales that increased by 52.3% and 54.2%, respectively.
- Gross margin improved by 1.2 percentage points to 29.5% while
operating margin also increased by 2.6 percentage points to 4.7%
for the six months ended June 30,
2017, primarily due to improved production efficiency this
year.
- Net income increased by 687.8% to $0.54
million, or $0.07 per basic
and diluted share, for the six months ended June 30, 2017, compared to $0.07 million or $0.01 per basic and diluted share, for the same
period of last year.
"With our revenues and net income increasing by 44.7% and
687.8%, respectively, we are pleased with the results of operations
for the first half of 2017. We remain focused on running our
business in an efficient manner, prudently managing resources
available to us. Looking ahead, we will continue to avail ourselves
of business growth opportunities and favorable industry trends",
noted Rongfeng Cui, Chairman and
Chief Executive Officer of TDH.
Financial Results for the Six Months Ended June 30, 2017
Revenues
The Company generates its revenues from product sales, mainly
including sales for pet chews, dried pet snacks and wet canned pet
foods. Revenue consists of the invoiced value for the sales, net of
value-added tax ("VAT"), business tax, and applicable local
government levies. For the six months ended June 30, 2017, revenues increased by $4.35 million, or 44.7%, to $14.08 million from $9.73
million for the same period last year. The increase in
revenues was primarily related to growth in overseas and domestic
sales.
|
For the Six Months
Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
Y/Y
Change
|
|
|
|
Revenues
($'000)
|
|
|
% of
Total
|
|
|
Revenues ($'000)
|
|
|
% of
Total
|
|
|
Amount ($'000)
|
|
|
%
|
|
Overseas
|
|
$
|
11,446
|
|
|
|
81.3
|
%
|
|
$
|
7,517
|
|
|
|
77.2
|
%
|
|
$
|
3,929
|
|
|
|
52.3
|
%
|
Domestic
|
|
|
601
|
|
|
|
4.3
|
%
|
|
|
390
|
|
|
|
4.0
|
%
|
|
|
211
|
|
|
|
54.2
|
%
|
E-commerce
|
|
|
2,049
|
|
|
|
14.5
|
%
|
|
|
1,850
|
|
|
|
19.0
|
%
|
|
|
199
|
|
|
|
10.7
|
%
|
Less: sales tax and
addition
|
|
|
(12)
|
|
|
|
-0.1
|
%
|
|
|
(23)
|
|
|
|
-0.2
|
%
|
|
|
11
|
|
|
|
-48.1
|
%
|
Total
|
|
$
|
14,084
|
|
|
|
100.0
|
%
|
|
$
|
9,734
|
|
|
|
100.0
|
%
|
|
$
|
4,350
|
|
|
|
44.7
|
%
|
Overseas sales increased by $3.93
million, or 52.3%, to $11.45
million for the six months ended June
30, 2017 from $7.52 million
for the same period of last year. Domestic sales increased by
$0.21 million, or 54.2%, to
$0.60 million for the six months
ended June 30, 2017 from $0.39 million for the same period of last year.
Sales from the e-commerce channel increased by $0.20 million, or 10.7%, to $2.05 million for the six months ended
June 30, 2017 from $1.85 million for the same period of last
year.
|
For the Six Months
Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
Y/Y
Change
|
|
|
|
Revenues
($'000)
|
|
|
% of
Total
|
|
|
Revenues
($'000)
|
|
|
% of
Total
|
|
|
Amount
($'000)
|
|
|
%
|
|
Pet chews
|
|
$
|
4,977
|
|
|
|
35.3
|
%
|
|
$
|
3,564
|
|
|
|
36.6
|
%
|
|
$
|
1,413
|
|
|
|
39.6
|
%
|
Dried pet
snacks
|
|
|
6,918
|
|
|
|
49.1
|
%
|
|
|
4,581
|
|
|
|
47.1
|
%
|
|
|
2,337
|
|
|
|
51.0
|
%
|
Wet canned pet
food
|
|
|
1,219
|
|
|
|
8.7
|
%
|
|
|
896
|
|
|
|
9.2
|
%
|
|
|
323
|
|
|
|
36.0
|
%
|
Dental health
snacks
|
|
|
864
|
|
|
|
6.1
|
%
|
|
|
664
|
|
|
|
6.8
|
%
|
|
|
200
|
|
|
|
30.1
|
%
|
Baked pet
biscuits
|
|
|
32
|
|
|
|
0.2
|
%
|
|
|
52
|
|
|
|
0.5
|
%
|
|
|
(20)
|
|
|
|
-38.5
|
%
|
Others
|
|
|
86
|
|
|
|
0.6
|
%
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
86
|
|
|
|
NM
|
|
Less: sales tax and
addition
|
|
|
(12)
|
|
|
|
-0.1
|
%
|
|
|
(23)
|
|
|
|
-0.2
|
%
|
|
|
11
|
|
|
|
-47.8
|
%
|
Total
|
|
$
|
14,084
|
|
|
|
100.0
|
%
|
|
$
|
9,734
|
|
|
|
100.0
|
%
|
|
$
|
4,350
|
|
|
|
44.7
|
%
|
Sales of dried pet snacks were the strongest and increased by
$2.34 million, or 51.0%, to
$6.92 million for the six months
ended June 30, 2017 from $4.58 million for the same period of last year.
Sales of pet chews grew by $1.41
million, or 39.6%, to $4.98
million for the six months ended June
30, 2017 from $3.56 million
for the same period of last year. Sales of pet chews, dried pet
snacks, wet canned pet food, and dental health snacks accounted for
35.3%, 49.1%, 8.7%, and 6.1%, respectively, for the six months
ended June 30, 2017, compared to
36.6%, 47.1%, 9.2%, and 6.8%, respectively, for the same period of
last year.
Cost of revenue
Cost of revenues consists primarily of direct raw materials,
manufacturing labor and overhead expenses necessary to manufacture
finished goods. Cost of revenues increased by $2.95 million, or 42.3%, to $9.93 million for the six months ended
June 30, 2017 from $6.98 million for the same period last year. The
increase in cost of revenues was roughly in line with the increase
in revenues. As a percentage of revenues, cost of revenues was
70.5% for the six months ended June 30,
2017, compared to 71.7% for the same period last year.
Gross profit and gross margin
Gross profit increased by $1.40
million, or 50.7%, to $4.16
million for the six months ended June
30, 2017 from $2.76 million
for the same period last year. Gross margin increased by 1.2
percentage points to 29.5% for the six months ended June 30, 2017 from 28.3% for the same period last
year. The increase in gross margin was primarily due to improved
production efficiency.
Operating expense
Operating expense consists of selling expense, general and
administrative expense and research and development expense.
Selling expenses increased by $0.67
million, or 46.3%, to $2.13
million for the six months ended June
30, 2017 from $1.46 million
for the same period last year. The increase in selling expenses was
in line with the increase in revenue.
General and administrative expense increased by $0.18 million, or 24.2%, to $0.91 million for the six months ended
June 30, 2017 from $0.73 million for the same period last year. The
increase in general and administrative expense was mainly
attributable to the increased professional fees and expenses in
connection with the listing of the Company's securities on the
NASDAQ Stock Market.
Research and development expense increased by $0.09 million, or 25.1%, to $0.46 million for the six months ended
June 30, 2017 from $0.36 million for the same period last year. The
Company invested more in its research and development projects,
such as related personnel, materials for research and development
in order to maintain its competitive advantage.
Total operating expenses increased by $0.94 million, or 36.9%, to $3.49 million for the six months ended
June 30, 2017 from $2.55 million for the same period of last
year.
Operating income and operating margin
Income from operations increased by $0.46
million, or 219.8%, to $0.67
million for the six months ended June
30, 2017 from $0.21 million
for the same period last year. Operating margin was 4.7% for the
six months ended June 30, 2017,
compared to 2.1% for the same period last year. The increase in
operating income and operating margin was mainly driven by an
increase gross profit that more than offset the increase in
operating expenses.
Net Income
Net income increased by $0.47
million, or 687.8%, to $0.54
million for the six months ended June
30, 2017 from $0.07 million
for the same period last year. Earnings per basic and diluted share
was $0.07 for the six months ended
June 30, 2017, compared to
$0.01 for the same period of last
year. The significant increase in net income and earnings per share
were resulted from the increase in gross profit that more than
offset the increase in operating expenses.
Financial Conditions
As of June 30, 2017, the Company
had cash and cash equivalents of $0.53
million, compared to $1.15
million at December 31, 2016.
Accounts receivable and inventories were $1.51 million and $9.27
million, respectively, as of June 30,
2017, compared to $0.87
million and $5.97 million,
respectively, at December 31, 2016.
Total working capital was $2.22
million as of June 30, 2017,
compared to $0.85 million as of
December 31, 2016.
Net cash used in operating activities was $1.13 million for the six months ended
June 30, 2017, compared to
$0.61 million for the same period
last year. Net cash used in investing activities was $1.05 million for the six months ended
June 30, 2017, compared to
$0.25 million for the same period
last year. Net cash provided by financing activities was
$1.54 million for the six months
ended June 30, 2017, compared to
$0.56 million for the same period of
last year.
Recent Developments
On September 21, 2017, the Company
announced the pricing of its initial public offering (the "IPO") of
1,325,000 common shares at a public offering price of $4.25 per share, for total gross proceeds of
approximately $5.63 million. The
shares began trading on the NASDAQ Capital Market on September 21, 2017 under the ticker symbol
"PETZ." On September 25, 2017, the
Company announced the closing of the IPO.
On September 28, 2017, the Company
announced that ViewTrade Securities, Inc., who acted as the
managing underwriter and sole book-runner of the IPO, had exercised
the full over-allotment option to purchase an additional 198,750
shares at the IPO price per share. As a result of the exercise of
this over-allotment option, the Company had raised gross proceeds
of approximately $0.84 million, in
addition to the previously announced IPO gross proceeds of
approximately $5.63 million,
including $500,000 used to fund
escrow account and before underwriting discounts and commissions
and offering expenses.
Notice
Rounding amounts and percentages: Certain amounts and
percentages included in this press release have been rounded for
ease of presentation. Percentage figures included in this press
release have not in all cases been calculated on the basis of such
rounded figures, but on the basis of such amounts prior to
rounding. For this reason, certain percentage amounts in this press
release may vary from those obtained by performing the same
calculations using the figures in the financial statements. In
addition, certain other amounts that appear in this press release
may not sum due to rounding.
About TDH Holdings, Inc.
Founded in April 2002, TDH
Holdings, Inc. (the "Company") (NASDAQ: PETZ), is a developer,
manufacturer and distributer of a variety of pet food products
under multiple brands that are sold in the China, Asia
and Europe. The Company has four
production facilities and offers in excess of 200 products,
including pet chews, dried pet snacks, dental health snacks, and
baked pet biscuits, as well as non-food items like dog leashes, pet
toys, etc. More information about the Company can be found at
www.tiandihui.com.
Safe Harbor Statement
This news release contains forward-looking statements.
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. These statements are only
predictions, uncertainties and other factors may cause the
Company's actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels or activity, performance or achievements expressed or
implied by these forward-looking statements. Specifically, the
Company's statements regarding its continued growth and business
outlook, are 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 guarantees 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 the Company. Actual
results may differ from those projected in the forward-looking
statements due to risks and uncertainties that are described more
fully in the Company's registration statement on Form F-1 that was
filed with the SEC. Although the Company 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 TDH or any other
person that their objectives or plans will be achieved. The Company
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.
For more information, please contact:
Tony Tian, CFA
Weitian Group LLC
Email: tony.tian@weitian-ir.com
Phone: +1-732-910-9692
TDH HOLDINGS INC.
AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
June 30,
2017
|
|
|
December 31,
2016
|
|
ASSETS
|
|
Unaudited
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
528,118
|
|
|
$
|
1,145,103
|
|
Restricted
cash
|
|
|
520,560
|
|
|
|
707,120
|
|
Accounts
receivable
|
|
|
1,514,147
|
|
|
|
865,491
|
|
Advances to
suppliers
|
|
|
599,890
|
|
|
|
711,751
|
|
Inventories
|
|
|
9,273,982
|
|
|
|
5,973,124
|
|
Due from related
parties
|
|
|
215,075
|
|
|
|
35,842
|
|
Prepayments and other
current assets
|
|
|
596,971
|
|
|
|
383,932
|
|
Total current
assets
|
|
|
13,248,743
|
|
|
|
9,822,363
|
|
Property, plant and
equipment, net
|
|
|
3,244,314
|
|
|
|
3,306,735
|
|
Land use right,
net
|
|
|
112,006
|
|
|
|
110,821
|
|
Total non-current
assets
|
|
|
3,356,320
|
|
|
|
3,417,556
|
|
Total
assets
|
|
$
|
16,605,063
|
|
|
$
|
13,239,919
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
6,272,125
|
|
|
$
|
3,262,375
|
|
Account payable -
related party
|
|
|
115,230
|
|
|
|
111,139
|
|
Notes
payable
|
|
|
872,080
|
|
|
|
1,414,232
|
|
Advances from
customers
|
|
|
345,818
|
|
|
|
802,339
|
|
Short term
loans
|
|
|
1,608,405
|
|
|
|
1,728,185
|
|
Taxes
payable
|
|
|
168,320
|
|
|
|
124,829
|
|
Due to related
parties
|
|
|
1,190,557
|
|
|
|
1,120,702
|
|
Other current
liabilities
|
|
|
455,962
|
|
|
|
409,571
|
|
Total current
liabilities
|
|
|
11,028,497
|
|
|
|
8,973,372
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liability
|
|
|
12,944
|
|
|
|
13,795
|
|
Total
liabilities
|
|
|
11,041,441
|
|
|
|
8,987,167
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
Common stock ($0.001
par value; 200,000,000 shares authorized; 7,900,000 shares
issued and outstanding at June 30, 2017 and
December 31, 2016)
|
|
|
7,900
|
|
|
|
7,900
|
|
Additional paid-in
capital
|
|
|
4,123,801
|
|
|
|
3,478,831
|
|
Statutory
reserves
|
|
|
195,229
|
|
|
|
140,570
|
|
Retained
earnings
|
|
|
1,216,216
|
|
|
|
727,807
|
|
Accumulated other
comprehensive income (loss)
|
|
|
20,476
|
|
|
|
(102,356)
|
|
Total
stockholders' equity
|
|
|
5,563,622
|
|
|
|
4,252,752
|
|
Total liabilities
and stockholders' equity
|
|
$
|
16,605,063
|
|
|
$
|
13,239,919
|
|
TDH HOLDINGS INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
(Unaudited)
|
|
|
|
For The Six
Months
Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
Net
revenues
|
|
|
14,074,615
|
|
|
$
|
9,734,392
|
|
Revenue - related
party
|
|
|
9,087
|
|
|
|
-
|
|
Total
revenues
|
|
|
14,083,702
|
|
|
|
9,734,392
|
|
Cost of
revenues
|
|
|
9,925,803
|
|
|
|
6,975,855
|
|
Gross
profit
|
|
|
4,157,899
|
|
|
|
2,758,537
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
expense
|
|
|
2,130,758
|
|
|
|
1,456,794
|
|
General &
administrative expense
|
|
|
905,693
|
|
|
|
729,244
|
|
Research and
development expense
|
|
|
455,878
|
|
|
|
364,353
|
|
Total operating
expenses
|
|
|
3,492,329
|
|
|
|
2,550,391
|
|
Income from
operations
|
|
|
665,570
|
|
|
|
208,146
|
|
Interest
expense
|
|
|
(46,814)
|
|
|
|
(51,914)
|
|
Government
subsidies
|
|
|
407
|
|
|
|
3,060
|
|
Other
income
|
|
|
40,985
|
|
|
|
11,919
|
|
Other
expenses
|
|
|
(61,591)
|
|
|
|
(15,200)
|
|
Total other
expenses
|
|
|
(67,013)
|
|
|
|
(52,135)
|
|
Income before
income taxes provision
|
|
|
598,557
|
|
|
|
156,011
|
|
Income tax
provision
|
|
|
55,489
|
|
|
|
87,073
|
|
Net
income
|
|
$
|
543,068
|
|
|
$
|
68,938
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
543,068
|
|
|
$
|
68,938
|
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
122,832
|
|
|
|
(64,767)
|
|
Total
comprehensive income
|
|
$
|
665,900
|
|
|
$
|
4,171
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.07
|
|
|
$
|
0.01
|
|
Diluted
|
|
$
|
0.07
|
|
|
$
|
0.01
|
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
7,900,000
|
|
|
|
7,900,000
|
|
Diluted
|
|
|
7,900,000
|
|
|
|
7,900,000
|
|
TDH HOLDINGS INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
For The Six
Months
Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net income
|
|
$
|
543,068
|
|
|
$
|
68,938
|
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
|
|
174,663
|
|
|
|
182,551
|
|
Deferred income tax
liability
|
|
|
(1,174)
|
|
|
|
(1,509)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(629,097)
|
|
|
|
(705,396)
|
|
Inventories
|
|
|
(3,109,155)
|
|
|
|
(1,515,448)
|
|
Due from related
parties
|
|
|
-
|
|
|
|
(151,603)
|
|
Advances to
suppliers
|
|
|
127,546
|
|
|
|
(290,988)
|
|
Prepayments and other
current assets
|
|
|
(201,707)
|
|
|
|
4,480
|
|
Accounts
payable
|
|
|
2,929,702
|
|
|
|
1,459,128
|
|
Notes
payable
|
|
|
(568,785)
|
|
|
|
(546,256)
|
|
Taxes
payable
|
|
|
39,846
|
|
|
|
(38,146)
|
|
Advances from
customers
|
|
|
(469,522)
|
|
|
|
490,985
|
|
Other current
liabilities
|
|
|
37,928
|
|
|
|
435,394
|
|
Net cash used in
operating activities
|
|
|
(1,126,687)
|
|
|
|
(607,870)
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Payments to acquire
property, plant and equipment
|
|
|
(28,730)
|
|
|
|
(34,517)
|
|
Payments to acquire
construction in progress
|
|
|
-
|
|
|
|
(12,489)
|
|
Loans to related
parties
|
|
|
(1,225,765)
|
|
|
|
(1,238,818)
|
|
Repayments from
related parties
|
|
|
-
|
|
|
|
576,366
|
|
Change in restricted
cash
|
|
|
201,075
|
|
|
|
462,099
|
|
Net cash used in
investing activities
|
|
|
(1,053,420)
|
|
|
|
(247,359)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of common shares
|
|
|
-
|
|
|
|
2,967,429
|
|
Proceeds from shares
subscription receivable
|
|
|
644,970
|
|
|
|
-
|
|
Capital distribution
in connection with acquisition of a subsidiary
|
|
|
-
|
|
|
|
(2,880,000)
|
|
Proceeds from related
parties
|
|
|
1,736,158
|
|
|
|
1,459,008
|
|
Payments to related
parties
|
|
|
(676,957)
|
|
|
|
(988,004)
|
|
Proceeds from short
term loans
|
|
|
1,008,076
|
|
|
|
476,789
|
|
Repayments of short
term loans
|
|
|
(1,169,430)
|
|
|
|
(473,404)
|
|
Net cash provided
by financing activities
|
|
|
1,542,817
|
|
|
|
561,818
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
20,305
|
|
|
|
(12,165)
|
|
Net change in cash
and cash equivalents
|
|
|
(616,985)
|
|
|
|
(305,576)
|
|
Cash and cash
equivalents, beginning of the period
|
|
|
1,145,103
|
|
|
|
651,680
|
|
Cash and cash
equivalents, end of the period
|
|
$
|
528,118
|
|
|
$
|
346,104
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash
flow information
|
|
|
|
|
|
|
|
|
Interest
paid
|
|
$
|
46,814
|
|
|
$
|
51,914
|
|
Income taxes
paid
|
|
$
|
7,390
|
|
|
$
|
63,698
|
|
Non-cash investing
and financial activities
|
|
|
|
|
|
|
|
|
Operating expenses
paid by related parties
|
|
$
|
43,059
|
|
|
$
|
-
|
|
Liabilities assumed
in connection with purchase of property, plant and
equipment
|
|
$
|
2,639
|
|
|
$
|
157,238
|
|
Account receivable
settled with loans from related party
|
|
$
|
10,632
|
|
|
$
|
-
|
|
Account payable
settled with loans to related party
|
|
$
|
-
|
|
|
$
|
16
|
|
Loans from related
party settled with loans to related party
|
|
$
|
1,060,574
|
|
|
$
|
-
|
|
View original
content:http://www.prnewswire.com/news-releases/tdh-holdings-inc-reports-financial-results-for-the-first-half-of-2017-300574894.html
SOURCE TDH Holdings, Inc.