QINGDAO, China, April 30, 2018 /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
audited financial results for the twelve months ended December 31, 2017.
Fiscal Year 2017 Financial Highlights:
|
|
For the Twelve
Months Ended December 31,
|
($ millions,
except per share data)
|
|
2017
|
|
2016
|
|
%
Change
|
Revenues
|
|
$28.98
|
|
$24.44
|
|
18.6%
|
Gross
profit
|
|
$8.30
|
|
$7.08
|
|
17.3%
|
Gross
margin
|
|
28.6%
|
|
28.9%
|
|
-0.3 pp*
|
Operating
income
|
|
$0.27
|
|
$1.15
|
|
-76.8%
|
Operating
margin
|
|
0.9%
|
|
4.7%
|
|
-3.8 pp*
|
Net income
|
|
$0.12
|
|
$1.01
|
|
-88.6%
|
EPS - basic and
diluted
|
|
$0.01
|
|
$0.13
|
|
-89.1%
|
|
|
|
|
|
|
|
* pp: percentage
points
|
|
|
|
|
|
|
- Revenues increased by 18.6% to $28.98
million for 2017, with growth in sales across overseas,
domestic and E-commerce.
- Gross profit increased by 17.3% to $8.30
million for 2017 from $7.08
million for 2016.
- Operating income was $0.27
million for 2017, compared to $1.15
million for 2016. The decrease in operating income was
mainly due to the increase in selling, general and administrative
expenses that more than offset the increase in gross profit.
Selling expense increased due to the increase in e-commerce
promotion expenses, e-commerce platform commission, shipping and
handling expenses and payroll expenses for marketing personnel, all
part of the Company's strategy to expand E-commerce business in the
past two years; and general and administrative expense increased
primarily due to the increased professional fees related to the IPO
and an increase in management compensation.
- Net income was $0.12 million, or
$0.01 per basic and diluted share,
for 2017, compared to $1.01 million,
or $0.13 per basic and diluted share,
for 2016.
Rongfeng Cui, Chairman and Chief
Executive Officer of TDH, commented, "With revenues and gross
profit increasing by 18.6% and 17.3%, respectively, our 2017
results highlighted steady growth momentum of our business. While
the pet food industry in China
remained highly fragmented and competitive in 2017, we benefited
from a diversified portfolio of over 200 products and balanced
sales and distribution channels that included both retail partners
and wholesale distributor across overseas, domestic and E-commerce
platforms. Innovation and new product launch also played a key role
in our sales growth with new products introduced during the year
accounted for 74% of sales in 2017."
Fiscal Year 2017 Financial Results
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 2017, revenues increased by $4.54 million, or 18.6%, to $28.98 million from $24.44
million for 2016. The increase in revenues was across
overseas, domestic and E-commerce sales. Our sales growth was
mainly driven by the growth in sales volume as blended average
selling prices for our products had been relatively stable for 2017
and 2016.
|
|
For the Twelve
Months Ended December 31,
|
|
|
2017
|
|
|
2016
|
|
|
Y/Y
Change
|
|
|
Revenues
($'000)
|
|
% of
Total
|
|
|
Revenues
($'000)
|
|
% of
Total
|
|
|
Amount
($'000)
|
|
%
|
Overseas
|
$
|
21,190
|
|
73.1%
|
|
$
|
18,883
|
|
77.2%
|
|
$
|
2,307
|
|
12.2%
|
Domestic
|
|
2,086
|
|
7.2%
|
|
|
1,129
|
|
4.6%
|
|
|
957
|
|
84.8%
|
E-commerce
|
|
5,734
|
|
19.8%
|
|
|
4,462
|
|
18.3%
|
|
|
1,273
|
|
28.5%
|
less: sales tax and
addition
|
|
(31)
|
|
-0.1%
|
|
|
(29)
|
|
-0.1%
|
|
|
(2)
|
|
5.6%
|
Total
|
$
|
28,980
|
|
100.0%
|
|
$
|
24,444
|
|
100.0%
|
|
$
|
4,536
|
|
18.6%
|
Overseas sales increased by $2.31
million, or 12.2%, to $21.19
million for 2017 from $18.88
million for 2016. Domestic sales increased by $0.96 million, or 84.8%, to $2.09 million for 2017 from $1.13 million for 2016. Sales from the e-commerce
channel increased by $1.27 million,
or 28.5%, to $5.73 million for 2017
from $4.46 million for 2016.
|
For the Twelve
Months Ended December 31,
|
|
|
2017
|
|
|
2016
|
|
|
Y/Y
Change
|
|
|
Revenues
($'000)
|
|
% of
Total
|
|
|
Revenues
($'000)
|
|
% of
Total
|
|
|
Amount
($'000)
|
|
%
|
Pet chews
|
$
|
9,614
|
|
33.2%
|
|
$
|
10,317
|
|
42.2%
|
|
$
|
(702)
|
|
-6.8%
|
Dried pet
snacks
|
|
14,852
|
|
51.2%
|
|
|
11,205
|
|
45.8%
|
|
|
3,647
|
|
32.6%
|
Wet canned pet
food
|
|
3,035
|
|
10.5%
|
|
|
1,926
|
|
7.9%
|
|
|
1,109
|
|
57.6%
|
Dental health
snacks
|
|
857
|
|
3.0%
|
|
|
607
|
|
2.5%
|
|
|
250
|
|
41.2%
|
Baked pet
biscuits
|
|
8
|
|
0.0%
|
|
|
124
|
|
0.5%
|
|
|
(116)
|
|
-93.4%
|
Others
|
|
644
|
|
2.2%
|
|
|
295
|
|
1.2%
|
|
|
349
|
|
118.4%
|
Less: sales tax and
addition
|
|
(31)
|
|
-0.1%
|
|
|
(29)
|
|
-0.1%
|
|
|
(2)
|
|
5.6%
|
Total
|
$
|
28,980
|
|
100.0%
|
|
$
|
24,444
|
|
100.0%
|
|
$
|
4,536
|
|
18.6%
|
Sales of dried pet snacks increased by $3.65 million, or 32.6%, to $14.85 million for 2017 from $11.20 million for 2016. Sales of wet canned pet
food grew by $1.11 million, or 57.6%,
to $3.04 million for 2017 from
$1.93 million for 2016. Sales of pet
chews, dried pet snacks, wet canned pet food, and dental health
snacks accounted for 33.2%, 51.2%, 10.5%, and 3.0%, respectively,
for 2017, compared to 42.2%, 45.8%, 7.9%, and 2.5%, respectively,
for 2016.
Cost of revenue
Cost of revenues consists primarily of raw materials, labor and
factory overhead expenses necessary to manufacture finished
goods. Cost of revenues increased by $3.31 million, or 19.1%, to $20.68 million for 2017 from $17.37 million for 2016. The increase in cost of
revenues was roughly in line with the increase in revenues. As a
percentage of revenues, cost of revenues was 71.4% for 2017,
compared to 71.1% for 2016.
Gross profit and gross margin
Gross profit increased by $1.22
million, or 17.3%, to $8.30
million for 2017 from $7.08
million for 2016. Gross margin decreased by 0.3 percentage
point to 28.6% for 2017 from 28.9% for 2016.
Operating expense
Operating expense consists of selling expense, general and
administrative expense and research and development expense.
Selling expense increased by $1.44
million, or 41.9%, to $4.88
million for 2017 from $3.44
million for 2016. The increase in selling expense was mainly
due to the increase in e-commerce promotion expenses, e-commerce
platform commission, shipping and handling expenses and payroll
expenses for marketing personnel, as it was the Company's strategy
to expand E-commerce business in the past two years.
General and administrative expense increased by $0.69 million, or 48.9%, to $2.10 million for 2017 from $1.41 million for 2016. The increase in general
and administrative expense was mainly attributable to the increased
professional fees related to the IPO and the increase in management
compensation.
Research and development expense was $1.05 million for 2017, compared to $1.08 million for 2016.
As a result, total operating expenses increased by $2.11 million, or 35.5%, to $8.03 million for 2017 from $5.92 million for 2016.
Operating income and operating margin
Income from operations decreased by $0.88
million, or 76.8%, to $0.27
million for 2017 from $1.15
million for 2016. The decrease in income from operations was
mainly driven by increase in selling, general and administrative
expenses that more than offset the increase in gross profit.
Operating margin was 0.9% for 2017, compared to 4.7% for 2016.
Net Income and earnings per share
Net income was $0.12 million, or
$0.01 per basic and diluted share,
for 2017, compared to $1.01 million,
or $0.13 per basic and diluted share,
for 2016. The significant decrease in net income and earnings per
share were resulted from the increase in selling, general and
administrative expenses that more than offset the increase in gross
profit.
Financial Condition
As of December 31, 2017, the
Company had cash and cash equivalents of $2.35 million, compared to $1.15 million at December
31, 2016. Accounts receivable and inventories were
$1.93 million and $9.14 million, respectively, as of December 31, 2017, compared to $0.87 million and $5.97
million, respectively, at the end of 2016. Total working
capital was $6.92 million as of
December 31, 2017, compared to
$0.85 million at the end of 2016.
Net cash used in operating activities was $2.67 million for 2017, compared to $1.49 million for 2016. Net cash used in
investing activities was $1.39
million for 2017, compared to net cash provided by investing
activities of $0.94 million for 2016.
Net cash provided by financing activities was $5.26 million for 2017, compared to $1.07 million for 2016.
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 additional gross
proceeds of approximately $0.84
million.
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
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
|
|
|
ASSETS
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
|
2,346,109
|
|
$
|
1,145,103
|
Restricted cash,
current
|
|
797,668
|
|
|
707,120
|
Accounts
receivable
|
|
1,932,924
|
|
|
865,491
|
Advances to
suppliers
|
|
633,554
|
|
|
711,751
|
Inventories
|
|
9,135,332
|
|
|
5,973,124
|
Due from related
parties
|
|
361,961
|
|
|
35,842
|
Prepayments and other
current assets
|
|
371,796
|
|
|
383,932
|
Total current
assets
|
|
15,579,344
|
|
|
9,822,363
|
NON-CURRENT
ASSETS:
|
|
|
|
|
|
Restricted cash,
non-current
|
|
500,000
|
|
|
-
|
Property, plant and
equipment, net
|
|
3,520,373
|
|
|
3,306,735
|
Land use rights,
net
|
|
211,023
|
|
|
110,821
|
Total non-current
assets
|
|
4,231,396
|
|
|
3,417,556
|
Total
assets
|
$
|
19,810,740
|
|
$
|
13,239,919
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Accounts
payable
|
$
|
4,734,110
|
|
$
|
3,262,375
|
Account payable -
related parties
|
|
152,298
|
|
|
111,139
|
Notes
payable
|
|
1,377,106
|
|
|
1,414,232
|
Advances
from customers
|
|
231,230
|
|
|
802,339
|
Advances
from customers - related party
|
|
7,520
|
|
|
-
|
Short
term loans
|
|
1,402,514
|
|
|
1,728,185
|
Taxes
payable
|
|
13,562
|
|
|
124,829
|
Due to related
parties
|
|
345,873
|
|
|
1,120,702
|
Other current
liabilities
|
|
392,435
|
|
|
409,571
|
Total current
liabilities
|
|
8,656,648
|
|
|
8,973,372
|
NON-CURRENT
LIABILITIES:
|
|
|
|
|
|
Deferred tax
liabilities
|
|
5,810
|
|
|
13,795
|
Total
liabilities
|
|
8,662,458
|
|
|
8,987,167
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Common stock ($0.001
par value; 200,000,000 shares authorized; 9,423,750 and 7,900,000
shares issued and outstanding at December 31, 2017 and
2016)
|
|
9,424
|
|
|
7,900
|
Additional paid-in
capital
|
|
9,947,084
|
|
|
4,406,561
|
Stock subscription
receivable
|
|
(100,000)
|
|
|
(927,730)
|
Statutory
reserves
|
|
160,014
|
|
|
140,570
|
Retained
earnings
|
|
823,474
|
|
|
727,807
|
Accumulated other
comprehensive income (loss)
|
|
308,286
|
|
|
(102,356)
|
Total stockholders'
equity
|
|
11,148,282
|
|
|
4,252,752
|
Total liabilities
and stockholders' equity
|
$
|
19,810,740
|
|
$
|
13,239,919
|
|
TDH HOLDINGS, INC.
AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
|
For The Years Ended
December 31,
|
|
2017
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Net
revenues
|
$
|
28,473,016
|
|
$
|
24,443,736
|
|
$
|
16,312,274
|
Net
revenues - related party
|
|
506,495
|
|
|
-
|
|
|
-
|
Total
revenues
|
|
28,979,511
|
|
|
24,443,736
|
|
|
16,312,274
|
Cost of
revenues
|
|
20,283,321
|
|
|
17,368,249
|
|
|
12,289,773
|
Cost of
revenues - related party
|
|
399,177
|
|
|
-
|
|
|
-
|
Total cost of
revenues
|
|
20,682,498
|
|
|
17,368,249
|
|
|
12,289,773
|
Gross
profit
|
|
8,297,013
|
|
|
7,075,487
|
|
|
4,022,501
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Selling
expense
|
|
4,882,367
|
|
|
3,439,843
|
|
|
1,820,700
|
General
and administrative expense
|
|
2,095,676
|
|
|
1,407,787
|
|
|
931,107
|
Research
and development expense
|
|
1,051,665
|
|
|
1,076,568
|
|
|
593,962
|
Total operating
expenses
|
|
8,029,708
|
|
|
5,924,198
|
|
|
3,345,769
|
Income from
operations
|
|
267,305
|
|
|
1,151,289
|
|
|
676,732
|
Interest
expense
|
|
(82,946)
|
|
|
(102,274)
|
|
|
(117,366)
|
Government subsidies
|
|
414
|
|
|
21,912
|
|
|
22,116
|
Other
income
|
|
19,305
|
|
|
51,535
|
|
|
156,908
|
Other
expense
|
|
(144,069)
|
|
|
(23,490)
|
|
|
(2,056)
|
Total other income
(expenses)
|
|
(207,296)
|
|
|
(52,317)
|
|
|
59,602
|
Income before
income taxes provision (benefit)
|
|
60,009
|
|
|
1,098,972
|
|
|
736,334
|
Income
tax provision (benefit)
|
|
(55,102)
|
|
|
89,801
|
|
|
269,581
|
Net
income
|
$
|
115,111
|
|
$
|
1,009,171
|
|
$
|
466,753
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
115,111
|
|
$
|
1,009,171
|
|
$
|
466,753
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment
|
|
410,642
|
|
|
(221,418)
|
|
|
(143,434)
|
Total comprehensive
income
|
$
|
525,753
|
|
$
|
787,753
|
|
$
|
323,319
|
|
|
|
|
|
|
|
|
|
Earnings per common
share
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.01
|
|
$
|
0.13
|
|
$
|
0.06
|
Diluted
|
$
|
0.01
|
|
$
|
0.13
|
|
$
|
0.06
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
8,303,853
|
|
|
7,900,000
|
|
|
7,900,000
|
Diluted
|
|
8,303,853
|
|
|
7,900,000
|
|
|
7,900,000
|
|
TDH HOLDINGS, INC.
AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
For The Years
Ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
Cash flows from
operating activities
|
|
|
|
|
|
Net income
|
$
|
115,111
|
|
$
|
1,009,171
|
|
$
|
466,753
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense
|
|
364,170
|
|
|
256,104
|
|
|
266,534
|
Bad debt
provision
|
|
18,201
|
|
|
-
|
|
|
-
|
Deferred
income tax liability
|
|
(8,581)
|
|
|
(127)
|
|
|
15,513
|
Loss on
disposal of property, plant and equipment
|
|
1,783
|
|
|
-
|
|
|
7,410
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(971,831)
|
|
|
(609,099)
|
|
|
336,193
|
Accounts
receivable - related party
|
|
(10,817)
|
|
|
-
|
|
|
-
|
Inventories
|
|
(2,658,359)
|
|
|
(3,316,762)
|
|
|
(2,136,489)
|
Due to
related parties
|
|
5,920
|
|
|
|
|
|
|
Advances
to suppliers
|
|
121,360
|
|
|
(610,215)
|
|
|
492,800
|
Prepayments and other current assets
|
|
18,197
|
|
|
(223,632)
|
|
|
167,519
|
Accounts
payable
|
|
1,174,363
|
|
|
1,321,954
|
|
|
(482,510)
|
Accounts
payable - related parties
|
|
32,440
|
|
|
-
|
|
|
|
Notes
payable
|
|
(127,275)
|
|
|
284,510
|
|
|
32,109
|
Taxes
payable
|
|
(115,219)
|
|
|
(85,139)
|
|
|
139,153
|
Advances
from customers
|
|
(601,855)
|
|
|
513,456
|
|
|
(92,736)
|
Advances
from customers - related party
|
|
7,241
|
|
|
-
|
|
|
|
Other
current liabilities
|
|
(39,785)
|
|
|
(29,339)
|
|
|
87,013
|
Net cash used in
operating activities
|
|
(2,674,936)
|
|
|
(1,489,118)
|
|
|
(700,738)
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Payments
to acquire property, plant and equipment
|
|
(227,900)
|
|
|
(9,002)
|
|
|
(231,939)
|
Proceeds
from disposal of property, plant and equipment
|
|
2,012
|
|
|
-
|
|
|
-
|
Payments
to acquire land use rights
|
|
(103,596)
|
|
|
-
|
|
|
-
|
Loans to
related parties
|
|
(533,242)
|
|
|
(2,543,946)
|
|
|
(5,941,665)
|
Repayments from related parties
|
|
15,443
|
|
|
3,400,799
|
|
|
5,790,092
|
Change
in restricted cash
|
|
(541,426)
|
|
|
96,337
|
|
|
73,851
|
Net cash provided
by (used in) investing activities
|
|
(1,388,709)
|
|
|
944,188
|
|
|
(309,661)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Proceeds
from issuance of common shares
|
|
5,542,047
|
|
|
3,759,423
|
|
|
10
|
Collection of stock subscription
receivable
|
|
827,730
|
|
|
-
|
|
|
-
|
Capital
distribution in connection with acquisition of a
subsidiary
|
|
-
|
|
|
(2,880,000)
|
|
|
-
|
Proceeds
from related parties
|
|
1,073,961
|
|
|
3,503,190
|
|
|
971,575
|
Repayments to related parties
|
|
(1,767,391)
|
|
|
(3,310,849)
|
|
|
(56)
|
Proceeds
from short term loans
|
|
2,077,219
|
|
|
1,806,411
|
|
|
3,243,000
|
Repayments of short term loans
|
|
(2,494,793)
|
|
|
(1,806,411)
|
|
|
(2,713,203)
|
Net cash provided
by financing activities
|
|
5,258,773
|
|
|
1,071,764
|
|
|
1,501,326
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
5,878
|
|
|
(33,411)
|
|
|
(29,581)
|
Net change in cash
and cash equivalents
|
|
1,201,006
|
|
|
493,423
|
|
|
461,346
|
Cash and cash
equivalents, beginning of the year
|
|
1,145,103
|
|
|
651,680
|
|
|
190,334
|
Cash and cash
equivalents, end of the year
|
$
|
2,346,109
|
|
$
|
1,145,103
|
|
$
|
651,680
|
|
|
|
|
|
|
|
|
|
Supplemental cash
flow information
|
|
|
|
|
|
|
|
|
Interest
paid
|
$
|
82,234
|
|
$
|
102,274
|
|
$
|
117,366
|
Income
taxes paid
|
$
|
59,927
|
|
$
|
102,036
|
|
$
|
103,436
|
|
|
|
|
|
|
|
|
|
Non-cash investing
and financial activities
|
|
|
|
|
|
|
|
|
Operating expenses paid by related parties
|
$
|
85,837
|
|
$
|
68,679
|
|
$
|
84,842
|
Property, plant and equipment transferred from
construction in progress
|
$
|
-
|
|
$
|
34,721
|
|
$
|
44,819
|
Liabilities assumed in connection with purchase of
property, plant and equipment
|
$
|
133,229
|
|
$
|
295,280
|
|
$
|
46,786
|
Liabilities assumed in connection with acquisition of
a subsidiary
|
$
|
-
|
|
$
|
91,826
|
|
$
|
-
|
Accounts
payable settled with loans to related parties
|
$
|
-
|
|
$
|
490,388
|
|
$
|
-
|
Receivables from related parties settled with
payables to related parties
|
$
|
169,906
|
|
$
|
92,402
|
|
$
|
-
|
Debt
paid by the related party in lieu of repayment to the
Company
|
$
|
-
|
|
$
|
-
|
|
$
|
125,225
|
View original
content:http://www.prnewswire.com/news-releases/tdh-holdings-inc-reports-fiscal-year-2017-financial-results-300639454.html
SOURCE TDH Holdings, Inc.