WUXI, China, April 11, 2018 /PRNewswire/ -- Sharing Economy
International Inc. ("SEII" or "the Company") (SEII), a clean
technology and sharing economy company that designs, manufactures
and distributes of proprietary high and low temperature dyeing and
finishing machinery to the textile industry, and is engaged in the
development of sharing economy platforms and rental related
businesses, today announced its financial results for year
ended December 31, 2017.
"2017 was a challenging yet productive year for SEII. Our
legacy dyeing and finishing business continued to face numerous
challenges such as difficult economic conditions and limited
availability of credit for textile manufacturers in China which adversely impacted our financial
results for the year. Considering the difficulties facing this
business, we made the decision to change the strategic direction of
the Company in the second quarter of 2017 by focusing on high
growth opportunities presented by the sharing economy," said Mr.
Jianhua Wu, Chairman and CEO of
SEII. "We believe a true peer-to-peer sharing economy based on
rentals will take significant market share in both the business and
consumer markets over the next few years. We have established
a number of business units for our sharing economy initiatives in
Hong Kong and have made good
progress in developing our coworking, on-demand peer-to-peer
services and technology platforms. Going forward, we believe
further mergers and acquisitions have the potential to grow the
Company rapidly and aggressively in new market opportunities,
technology, products and platforms."
Mr. Parkson Yip, SEII's Vice
President of Strategic Business Development, commented, "While
still in an early stage, I am pleased with our execution thus far
in building up our sharing economy businesses. We are particularly
excited about opportunities in coworking offered by
Anyworkspace.com, our online, real-time marketplace that connects
workspace providers with clients who need temporary office and
meeting spaces. We are looking to expand upon this by entering
agreements with other partners in the coworking space. In addition,
we believe the upcoming launch of BuddiGo, our new sharing platform
that allows users to outsource daily chores and mundane tasks to
'buddies' who can spare idle time to run errands, has strong growth
potential. Meanwhile, development of our 3D virtual tour app
through our recent acquisition of 3D Discovery is on track and our
in-house engineering teams continue to work with our partners and
advisors to build a common underlying information and transaction
platform which can be used by all of our sharing economy vertical
applications."
Full Year 2017 Results
Revenue for 2017 decreased by 22.1% to $13.5 million, compared to $17.4 million for 2016. The Company's
dyeing and finishing business generated substantially all revenue
in 2017, since the forged rolled rings and related products and
petroleum and chemical equipment businesses were discontinued in
2016 and the new sharing economy businesses are still in an early
stage. Revenues declined due to an anticipated slowdown in
shipments of low-emission airflow dyeing machines as many companies
in the dyeing industry had already upgraded to new models and did
not require additional equipment, and orders for new low-emission
airflow dyeing machines slowed down in 2017 as potential customers
did not have the financial resources or credit to purchase
equipment. In addition, apparel factories and other factories
have been shut down throughout the last year by China's environmental bureau, which has been
cutting electricity and gas supply to determine compliance with
China's environmental laws, which
contributed to the decline in revenues.
Gross loss for 2017 was $156,000,
compared to gross profit of $2.5
million for 2016. Gross margin was negative 1.2%
during 2017 compared to 14.7% for 2016. In 2017, gross margin was
impacted by a $0.3 million increase
in the reserve for obsolete inventory. The gross margin for 2017
was also impacted by the reduced scale of operations resulting from
lower revenues, which is reflected in the allocation of fixed
costs, mainly consisting of depreciation, to cost of revenues, and
an increase in labor and raw material costs.
Operating expenses increased by 212.9% to $12.1 million, compared to $3.9 million in 2016. The increase was due
to an increase in the allowance for doubtful accounts of
$6.5 million which was taken after
considering management's evaluation of the collectability of
individual receivable balances, including the analysis of
subsequent collections, the customers' collection history, the
write-off of uncollectible receivables against the existing
reserve, and recent economic events. In addition, the Company
recorded $0.4 million impairment of
goodwill and recorded higher professional fees in the form of
stock-based compensation related to implementing a new business
plan with the objective of improving long-term growth, an increase
in salaries, travel and entertainment expenses to support new
business opportunities and an increase in research and development
expenses for new dyeing and finishing products.
Loss from continuing operations was $12.8
million, or $(6.99) per basic
and diluted share, compared to loss from continuing operations of
$1.4 million, or $(1.17) per basic and diluted share in 2016.
Loss from discontinued operations (Refer to "Discontinued
Operations" discussion below) was $98,000, or $(0.05)
per basic and diluted share. This compares to loss from
discontinued operations of $10.3
million, or $(8.64) in 2016,
which includes a $6.4 million loss on
sales / disposal of discontinued operations.
Net loss for 2017 was $12.9
million, or $(7.04) per basic
and diluted share, compared to net loss of $11.7 million, or $(9.81) per basic and diluted share, in 2016.
Basic and diluted earnings per share were based on 1,832,900 and
1,189,940 weighted average shares outstanding, respectively, for
the years ended December 31, 2017 and
2016. All share and per share information has been adjusted to
reflect a 1-for-4 reverse stock split effective March 20, 2017.
Financial
Condition
As of December 31, 2017, SEII held
cash and cash equivalents of $1.0
million compared to $1.5
million at December 31,
2016. Accounts receivable were $9.1
million compared to $13.9
million at December 31, 2016.
Inventories were $4.6 million
compared to $2.4 million at
December 31, 2016. The Company
had $2.5 million in short-term bank
loans payable at December 31, 2017,
down slightly from $2.7 million at
December 31, 2016. Working capital
was $13.5 million at December 31, 2017 compared to $21.5 million at December
31, 2016. Stockholders' equity was $61.2 million at December
31, 2017.
In 2017, the Company used $0.4
million in cash flow from operations. The Company used
$1.9 million in cash flow from
investing activities, reflecting $5.2
million in cash used for the purchase of property, plant and
equipment in Wuxi, China, which
was partially offset by cash received from the sale of equipment
from discontinued operations and cash received from the sale of a
subsidiary of $3.3 million. The
Company generated $1.8 million in
cash flow from financing activities, primarily due to proceeds
$0.9 million in from the sale of
common stock, proceeds from a convertible note payable of
$0.7 million and a loan from a
related party of $0.3 million.
Discontinued Operations
On December 30, 2016, the Company
sold and transferred 100% of the stock of Wuxi Fulland Wind Energy
Equipment Co., Ltd. ("Fulland Wind") to an unrelated party and
discontinued the Company's forged rolled rings and related
components business. Additionally, the Company's management decided
to discontinue its petroleum and chemical equipment segment due to
significant declines in revenues and the loss of its major
customer. As such, the assets and liabilities of these two segments
have been classified on the consolidated balance sheet as assets
and liabilities of discontinued operations as of December 31, 2017 and 2016 and the operating
results have been classified as discontinued operations in the
consolidated statements of operations for all years presented.
Recent Events
In January 2018, the Company
completed the acquisition of 60% of the issued and outstanding
capital stock of 3D Discovery Co. Limited ("3D Discovery"), a
company incorporated in Hong Kong,
for approximately $0.4 million in
stock. 3D Discovery is a digital marketing services provider which
provides various solutions such as 3D scanning and modeling,
website and mobile app development, video production, and graphic
design to its clients. Apart from its existing business, 3D
Discovery plans to develop a mobile app which will allow users to
create an interactive virtual tour of a physical space by using a
mobile phone camera.
In January 2018, the Company
completed the acquisition of 80% of the issued and outstanding
capital stock of AnyWorkspace Limited ("AnyWorkspace"), a company
incorporated in Hong Kong, for
approximately $0.5 million in stock.
AnyWorkspace develops an online, real-time marketplace that
connects workspace providers with clients who need temporary office
and meeting spaces.
About Sharing Economy International Inc.
Sharing Economy International Inc., through its affiliated
companies, designs, manufactures and distributes a line of
proprietary high and low temperature dyeing and finishing machinery
to the textile industry. The Company's latest business initiatives
are focused on targeting the technology and global sharing economy
markets, by developing online platforms and rental business
partnerships that will drive the global development of sharing
through economical rental business models. Moreover, the Company
will actively pursue blockchain technology in its existing and
to-be-acquired business, enabling the general public to realize the
beauty of resource sharing. For more information
visit www.seii.com
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies and certain potential transactions that they
may enter into. These forward looking statements are often
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.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31, 2017. All
forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
SHARING ECONOMY
INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
December
31,
|
|
|
|
2017
|
|
|
2016
|
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,019,437
|
|
|
$
|
1,481,498
|
|
Restricted
cash
|
|
|
272,991
|
|
|
|
551,047
|
|
Notes
receivable
|
|
|
461,292
|
|
|
|
133,913
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
|
9,092,709
|
|
|
|
13,922,371
|
|
Inventories, net of
reserve for obsolete inventories
|
|
|
4,553,559
|
|
|
|
2,394,179
|
|
Advances to
suppliers
|
|
|
2,023,779
|
|
|
|
1,116,525
|
|
Deferred tax
assets
|
|
|
-
|
|
|
|
386,381
|
|
Receivable from sale
of subsidiary
|
|
|
2,950,442
|
|
|
|
4,838,152
|
|
Prepaid expenses and
other
|
|
|
2,144,624
|
|
|
|
9,074
|
|
Assets of
discontinued operations
|
|
|
407,510
|
|
|
|
1,758,986
|
|
Total current
assets
|
|
|
22,926,343
|
|
|
|
26,592,126
|
|
|
|
|
|
|
|
|
|
|
OTHER
ASSETS:
|
|
|
|
|
|
|
|
|
Equity method
investment
|
|
|
9,053,859
|
|
|
|
8,610,759
|
|
Property and
equipment, net
|
|
|
33,181,119
|
|
|
|
29,878,675
|
|
Intangible assets,
net
|
|
|
5,394,296
|
|
|
|
5,283,695
|
|
Total other
assets
|
|
|
47,629,274
|
|
|
|
43,773,129
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
70,555,617
|
|
|
$
|
70,365,255
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Short-term bank
loans
|
|
$
|
2,074,529
|
|
|
$
|
2,159,889
|
|
Bank acceptance notes
payable
|
|
|
422,589
|
|
|
|
547,172
|
|
Convertible note
payable
|
|
|
670,000
|
|
|
|
-
|
|
Accounts
payable
|
|
|
2,798,590
|
|
|
|
864,870
|
|
Accrued
expenses
|
|
|
165,749
|
|
|
|
368,395
|
|
Advances from
customers
|
|
|
2,454,375
|
|
|
|
427,446
|
|
Due to related
party
|
|
|
347,589
|
|
|
|
-
|
|
VAT and service taxes
payable
|
|
|
-
|
|
|
|
47,319
|
|
Income taxes
payable
|
|
|
63,483
|
|
|
|
79,467
|
|
Liabilities of
discontinued operations
|
|
|
389,633
|
|
|
|
558,661
|
|
Total current
liabilities
|
|
|
9,386,537
|
|
|
|
5,053,219
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
9,386,537
|
|
|
|
5,053,219
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (see Note 15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
($0.001 par value; 10,000,000 shares authorized; No shares issued
and outstanding at December 31, 2017 and 2016)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Common stock ($0.001
par value; 12,500,000 shares authorized; 2,527,720 and 1,415,441
shares issued and outstanding at December 31, 2017 and 2016,
respectively)
|
|
|
2,528
|
|
|
|
1,415
|
|
Additional paid-in
capital
|
|
|
40,241,172
|
|
|
|
35,549,542
|
|
Retained
earnings
|
|
|
13,624,729
|
|
|
|
26,531,498
|
|
Statutory
reserve
|
|
|
2,352,592
|
|
|
|
2,352,592
|
|
Accumulated other
comprehensive income - foreign currency translation
adjustment
|
|
|
4,923,829
|
|
|
|
876,989
|
|
Total Sharing Economy
International Inc. stockholder's equity
|
|
|
61,144,850
|
|
|
|
65,312,036
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
24,230
|
|
|
|
-
|
|
Total stockholders'
equity
|
|
|
61,169,080
|
|
|
|
65,312,036
|
|
|
|
|
|
|
|
|
|
|
SHARING ECONOMY
INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
|
|
|
For the Years
Ended
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
REVENUES
|
|
$
|
13,522,056
|
|
|
$
|
17,364,332
|
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUES
|
|
|
13,677,889
|
|
|
|
14,817,880
|
|
GROSS
PROFIT
|
|
|
(155,833)
|
|
|
|
2,546,452
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
1,100,944
|
|
|
|
517,935
|
|
Selling, general and
administrative
|
|
|
3,619,382
|
|
|
|
1,999,067
|
|
Bad debt
expense
|
|
|
6,473,838
|
|
|
|
1,037,874
|
|
Research and
development
|
|
|
420,023
|
|
|
|
304,054
|
|
Impairment
expense
|
|
|
462,111
|
|
|
|
-
|
|
Total operating
expenses
|
|
|
12,076,298
|
|
|
|
3,858,930
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
|
|
(12,232,131)
|
|
|
|
(1,312,478)
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
12,574
|
|
|
|
24,342
|
|
Interest
expense
|
|
|
(137,823)
|
|
|
|
(124,937)
|
|
Loss on equity method
investment
|
|
|
(130,498)
|
|
|
|
-
|
|
Foreign currency
transaction gain (loss)
|
|
|
(1,812)
|
|
|
|
166
|
|
Other
income
|
|
|
69,584
|
|
|
|
19,685
|
|
Total other expense,
net
|
|
|
(187,975)
|
|
|
|
(80,744)
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM CONTINUING
OPERATIONS BEFORE PROVISION FOR INCOME TAXES
|
|
|
(12,420,106)
|
|
|
|
(1,393,222)
|
|
PROVISIONS FOR INCOME
TAXES:
|
|
|
|
|
|
|
|
|
Current
|
|
|
(11,273)
|
|
|
|
-
|
|
Deferred
|
|
|
(397,014)
|
|
|
|
-
|
|
Total Income taxes
provision
|
|
|
(408,287)
|
|
|
|
-
|
|
LOSS FROM CONTINUING
OPERATIONS
|
|
|
(12,828,393)
|
|
|
|
(1,393,222)
|
|
|
|
|
|
|
|
|
|
|
DISCONTINUTED
OPERATIONS:
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income taxes
|
|
|
(97,957)
|
|
|
|
(3,826,525)
|
|
Loss on sale /
disposal of discontinued operations, net of income taxes
|
|
|
-
|
|
|
|
(6,459,407)
|
|
LOSS FROM
DISCONTINUED OPERATIONS, NET OF INCOME TAXES
|
|
|
(97,957)
|
|
|
|
(10,285,932)
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
|
(12,926,350)
|
|
|
|
(11,679,154)
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE
TO NON-CONTROLLING INTEREST
|
|
|
(19,581)
|
|
|
|
-
|
|
NET LOSS ATTRIBUTABLE
TO COMMON STOCKHOLDERS
|
|
$
|
(12,903,769)
|
|
|
$
|
(11,679,154)
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
LOSS:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(12,926,350)
|
|
|
$
|
(11,679,154)
|
|
Unrealized foreign
currency translation gain (loss)
|
|
|
4,046,840
|
|
|
|
(4,819,622)
|
|
Comprehensive
loss
|
|
$
|
(8,879,510)
|
|
|
$
|
(16,498,776)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interest
|
|
$
|
(19,581)
|
|
|
$
|
-
|
|
Unrealized foreign
currency translation gain (loss) from non-controlling
interest
|
|
|
-
|
|
|
|
-
|
|
Comprehensive loss
attributable to common stockholders
|
|
$
|
(8,859,929)
|
|
|
$
|
(16,498,776)
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
Continuing operations
- basic and diluted
|
|
$
|
(6.99)
|
|
|
$
|
(1.17)
|
|
Discontinued
operations - basic and diluted
|
|
|
(0.05)
|
|
|
|
(8.64)
|
|
Net loss per common
share - basic and diluted
|
|
$
|
(7.04)
|
|
|
$
|
(9.81)
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
1,832,900
|
|
|
|
1,189,940
|
|
SHARING ECONOMY
INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
For the Years
Ended
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(12,926,350)
|
|
|
$
|
(11,679,154)
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss from operations to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
3,950,932
|
|
|
|
3,829,345
|
|
Depreciation -
discontinued operations
|
|
|
-
|
|
|
|
1,723,611
|
|
Amortization of
intangible assets
|
|
|
324,190
|
|
|
|
189,329
|
|
Allowance for
doubtful accounts
|
|
|
6,473,838
|
|
|
|
2,756,411
|
|
Allowance for
doubtful accounts - discontinued operations
|
|
|
66,085
|
|
|
|
-
|
|
Loss from impairment
of acquisition of subsidiary
|
|
|
462,111
|
|
|
|
-
|
|
Loss on sale of
subsidiary of discontinued operations
|
|
|
-
|
|
|
|
6,459,407
|
|
Loss from impairment
of property and equipment - discontinued operations
|
|
|
-
|
|
|
|
1,660,305
|
|
Loss on equity method
investment
|
|
|
130,498
|
|
|
|
-
|
|
Stock-based
compensation and fees
|
|
|
1,586,643
|
|
|
|
927,206
|
|
Inventory
reserve
|
|
|
285,334
|
|
|
|
-
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Notes
receivable
|
|
|
(306,542)
|
|
|
|
(10,537)
|
|
Accounts
receivable
|
|
|
(924,212)
|
|
|
|
(5,906,749)
|
|
Inventories
|
|
|
(2,209,520)
|
|
|
|
(874,055)
|
|
Prepaid and other
current assets
|
|
|
(255,321)
|
|
|
|
6,070
|
|
Advances to
suppliers
|
|
|
(801,282)
|
|
|
|
(742,745)
|
|
Deferred tax
assets
|
|
|
397,014
|
|
|
|
(188,090)
|
|
Assets of
discontinued operations
|
|
|
42,273
|
|
|
|
2,659,512
|
|
Accounts
payable
|
|
|
1,849,047
|
|
|
|
(958,163)
|
|
Accrued
expenses
|
|
|
(210,396)
|
|
|
|
(173,030)
|
|
VAT and service taxes
payable
|
|
|
(48,621)
|
|
|
|
(132,933)
|
|
Income taxes
payable
|
|
|
(20,532)
|
|
|
|
(170,936)
|
|
Advances from
customers
|
|
|
1,923,909
|
|
|
|
52,341
|
|
Liabilities of
discontinued operations
|
|
|
(198,889)
|
|
|
|
(6,375,676)
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
|
(409,791)
|
|
|
|
(6,948,531)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Purchase of patent
use rights
|
|
|
-
|
|
|
|
(2,408,369)
|
|
Purchase of property
and equipment
|
|
|
(5,199,833)
|
|
|
|
(1,209,477)
|
|
Payments made for
equity method investment
|
|
|
-
|
|
|
|
(9,001,279)
|
|
Proceed received from
sale of subsidiary in cash
|
|
|
2,130,556
|
|
|
|
2,167,532
|
|
Proceeds from sales
of equipment from discontinued operations
|
|
|
1,146,959
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
|
(1,922,318)
|
|
|
|
(10,451,593)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
1,257,620
|
|
|
|
3,763,077
|
|
Repayments of bank
loans
|
|
|
(1,479,553)
|
|
|
|
(3,838,338)
|
|
Proceeds from
convertible note payable
|
|
|
670,000
|
|
|
|
-
|
|
Decrease in
restricted cash
|
|
|
303,308
|
|
|
|
60,209
|
|
Increase in
restricted cash - discontinued operations
|
|
|
-
|
|
|
|
(67,735)
|
|
Decrease in bank
acceptance notes payable
|
|
|
(155,353)
|
|
|
|
(60,209)
|
|
Advance from related
party
|
|
|
347,589
|
|
|
|
-
|
|
Proceeds from sale of
common stock, net
|
|
|
860,000
|
|
|
|
753,400
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
financing activities
|
|
|
1,803,611
|
|
|
|
610,404
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
66,437
|
|
|
|
(519,152)
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
(462,061)
|
|
|
|
(17,308,872)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - beginning of year
|
|
|
1,481,498
|
|
|
|
18,790,370
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - end of year
|
|
$
|
1,019,437
|
|
|
$
|
1,481,498
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
Cash paid in
continuing operations for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
134,459
|
|
|
$
|
166,935
|
|
Income
taxes
|
|
$
|
-
|
|
|
$
|
360,318
|
|
|
|
|
|
|
|
|
|
|
Cash paid in
discontinued operations for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
|
$
|
48,250
|
|
Income
taxes
|
|
$
|
-
|
|
|
$
|
189,570
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING
AND FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Stock issued for
future services
|
|
$
|
1,709,989
|
|
|
$
|
9,074
|
|
Stock issued for
accrued liabilities
|
|
$
|
37,835
|
|
|
$
|
54,000
|
|
Stock issued for
acquisition of intangible asset
|
|
$
|
507,710
|
|
|
$
|
-
|
|
Property and
equipment acquired on credit as payable
|
|
$
|
-
|
|
|
$
|
15,263
|
|
Decrease in assets
upon sale of subsidiary
|
|
$
|
-
|
|
|
$
|
14,673,414
|
|
Decrease in
liabilities upon sale of subsidiary
|
|
$
|
-
|
|
|
$
|
1,012,452
|
|
Increase in
receivable from sale of subsidiary
|
|
$
|
-
|
|
|
$
|
7,225,107
|
|
View original
content:http://www.prnewswire.com/news-releases/sharing-economy-international-reports-full-year-2017-results-300628425.html
SOURCE Sharing Economy International, Inc.