LISHUI, China, May 11, 2018 /PRNewswire/ -- Tantech Holdings
Ltd. (NASDAQ: TANH), ("Tantech" or the "Company"), an alternative
energy company with diversified operations, including the
manufacturing of bamboo-based charcoal products and Electric
Vehicles (EVs), today announced its financial results for its
fiscal year ended December 31,
2017.
Financial Highlights (All Figures
Approximated)
- Total revenues increased by 6.3%, or approximately $2.6 million, to $43.1
million
- Total gross profit from following segments decreased by 18.2%,
or approximately $2.4 million, to
$10.7 million
- Gross profit from the Company's
Consumer Products segment decreased by 33.6%, or $4.2 million, to $8.3
million
- Gross profit from the Company's Trading segment decreased by
21.0%, or $0.1 million, to
$0.4 million
- Revenues from newly acquired Electronic Vehicle segment was
approximately $8.6 million.
- Despite the decline in gross profit, the Company was still able
to achieve net income attributable to common stockholders of
$3.8 million, or $0.15 per share for fiscal year 2017
- The Company expects increased revenue and a concerted increase
in development of new electric vehicle models in 2018 and beyond
driven by innovation, new business development initiatives and more
streamlined operations
Mr. Zhengyu Wang, Chairman and
CEO of Tantech said, "During the reporting period, the Company
continued to implement its transformation efforts by focusing on
special purpose electric automobiles. The Company made a concerted
effort to create efficiencies and improve competitiveness. During
the reporting period, the Company reported $43.1 million in revenue and $3.8 million in net profit attributed to
shareholders.
In FY 2017, the Company acquired a 70% ownership interest in
Suzhou E Motors Co., Ltd. ("Suzhou E-Motors"), a Chinese
manufacturer of special purpose electric vehicles and power
batteries. After the acquisition, Suzhou E-Motors became a
majority-owned subsidiary of the Company. During the reporting
period, Suzhou E-Motors generated $1.9
million in revenue."
Mr. Wang continued, "In a bid to improve efficiencies, the
Company agreed to dispose of its Electric Double-Layer Capacitor
("EDLC") carbon business during the reporting period. Compared to
lithium-ion batteries, EDLC carbon,
the key material to make super capacitors, is more environmentally
friendly and requires less time to recharge. However, as
China's policies prefer
lithium-ion batteries over other battery technologies in the
electric automobile industry, demand for EDLC and super capacitors
has shrunk sharply. Recognizing the challenges, the Company in
December sold the EDLC carbon business to
a Chinese start-up company controlled by Dr. Zaihua
Chen, the Company's former Chief Technology Officer.
"In early 2018, the Company also acquired an 18% equity interest
in Libo Haokun Stone Co., which owns a small marble quarry in the
southwestern province of Guizhou,
for $18.2 million. Since its
establishment, the Company has accumulated rich customer resources
and has built a strong brand image in home decoration and indoor
air purification. With China's
growing economy and rising household income, marble has become a
favored choice for commercial construction and home decoration
because of its endurance and environmentally friendly fabrication
process. The investment in Libo Haokun was aimed at diversifying
risk and creating more value for our shareholders.," continued Mr.
Wang.
"Looking ahead to fiscal 2018, as China makes adjustments to government policies
for alternative energy automobiles, the Company will accelerate the
research and development for and launch of new models, expand
production capacity and improve product competitiveness to satisfy
various demands and will work toward realizing its goal of becoming
the leading manufacturer of special purpose electric automobiles in
China." Mr. Wang concluded.
Full Year 2017 Financial Results
Revenues
Revenues increased by approximately $2.6
million, or 6.3%, to approximately $43.1 million in fiscal 2017 from approximately
$40.5 million in fiscal 2016. The
increase was mainly attributable to approximately $8.6 million in revenue from our new electronic
vehicle ("EV") segment and approximately $1.3 million increase in revenue from our trading
segment, offset by a $7.7 million
decrease in revenue from our consumer product segment.
|
For the Twelve
Months Ended December 31,
|
|
2017
|
|
2016
|
|
Revenues
($'000)
|
|
Gross
Profit
($'000)
|
|
Gross
Margin
(%)
|
|
Revenues
($'000)
|
|
Gross
Profit
($'000)
|
|
Gross
Margin
(%)
|
Consumer
product
|
32,676
|
|
8,319
|
|
25.5%
|
|
39,979
|
|
12,528
|
|
31.3%
|
Trading
|
1,829
|
|
417
|
|
22.8%
|
|
554
|
|
528
|
|
95.3%
|
Electric
Vehicles
|
8,579
|
|
1,943
|
|
22.7%
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
43,084
|
|
10,679
|
|
24.8%
|
|
40,533
|
|
13,056
|
|
32.2%
|
Revenues for the consumer product segment decreased by
$7.7 million, or 18%, to $32.7 million for fiscal 2017 from $40.0 million for fiscal 2016. The gross
margin of our consumer product segment decreased from 31.3% in
fiscal 2016 to 25.5% in fiscal 2017. The decrease in our revenue
from our consumer product segment in 2017 was due to decreasing
orders from the company's traditional selling channels. During
fiscal 2017, the Company gradually reduced its relationships with
certain supermarket customers with low selling prices and
unfavorable profit margins. On the other hand, the Company
increased sales to distributors during the current period. In
response to market competition, the Company also reduced its
average selling price by approximately 3% to 5% to satisfy
customers' demand in fiscal 2017 as compared to fiscal 2016.
In our trading segment, revenue was approximately $1.8 million in fiscal 2017, increasing 230% from
$0.6 million in fiscal 2016. In
fiscal 2016, we dropped the trading business of non-"Charcoal
Doctor" products, because those products disrupted our own branded
charcoal products sales. The change in marketing strategy caused
lower sales volume and revenue in fiscal 2016. Starting in fiscal
2017, the Company focused on promoting "Charcoal Doctor" products
in the market. As a result, our domestic sales of "Charcoal Doctor"
products increased from $0.1 million
in fiscal 2016 to $1.4 million in
fiscal 2017, while export sales remained around $0.4 million in both years. The gross margin in
export sales is generally higher than in domestic sales. The
decline in gross margin in fiscal 2017 was due to the fact that
approximately 76% of sales in fiscal 2017 were made to the domestic
market with lower margins, compared to only 19% sales to domestic
market in fiscal 2016.
On July 12, 2017, the Company
completed the acquisition of 70% of the equity interests of Suzhou
E-Motors Co., Ltd ("E-Motors"), a specialty electric vehicles and
power batteries manufacturer based in Zhang Jia Gang City,
Jiangsu Province, People's Republic of China. The revenue for
our new EV segment was approximately $8.6
million in fiscal 2017 with a gross margin of 22.6%. The
Company sold 196 electronic vehicles in fiscal 2017 with an average
price of approximately $47,000.
As mentioned above, until recently, the Company had another
Biofuel Energy segment, which primarily produces and sells BBQ
charcoal and bamboo-based fuel for EDLC. Our EDLC carbon and low
emission barbecue charcoal products are facing increasing
challenges from rapid technology innovation, competition from large
international rivals, and our limited sales network for these
products. Thus, we decided to cease operations of our EDLC carbon
segment and sold certain key assets to an entity headed by our
former Chief Technology Officer. On December
14, 2017, the Company and ZheJiang Apeikesi Energy
Technology Co., Ltd signed a purchase agreement, pursuant to which,
the Purchaser agreed to acquire certain assets and all copyrights
and technology know-how related to EDLC carbon business from the
Company's wholly-owned subsidiary
Tantech Energy.
Cost of revenues
Our cost of revenues increased by approximately $4.9 million or 17.9% to approximately
$32.4 million in fiscal 2017 from
approximately $27.5 million in fiscal
2016. The increase in cost of revenues was mainly attributable to
approximately $6.6 million cost of
revenue for EV segment.
Gross profit
Our gross profit decreased by approximately $2.3 million, or 18.2%, to approximately
$10.7 million in fiscal 2017 from
approximately $13 million in fiscal
2016. The gross profit margin was 24.8% in fiscal 2017, as compared
to 32.2% in fiscal 2016. On a segment basis, gross margins for
consumer product and trading were 25.5% and 22.8%, respectively,
for fiscal 2017, compared to 31.3%, and 95.4%, respectively, for
fiscal 2016. The decrease in gross margin was primarily
attributable to the lower selling price related our consumer
products and trading segment in fiscal 2017.
Selling expenses
Selling expenses increased by approximately $0.1 million to approximately $0.8 million in fiscal 2017 compared to
approximately $0.7 million in fiscal
2016. The increase in selling expenses was primarily attributable
to $0.3 million of selling expense in
our EV segment, which is our new business segment acquired in
fiscal 2017. The selling expense for our consumer product segment
and trading segment decreased by $0.2
million comparing to fiscal 2016.
General and administrative expenses
Our general and administrative expenses increased by
approximately $1.0 million or 28.4%,
to approximately $4.7 million in
fiscal 2017 from approximately $3.6
million in fiscal 2016. The increase was primarily
attributable to additional allowances of $2.6 million provided for the accounts receivable
as of December 31, 2017.
Research and development expenses
Research and development expenses increased by $0.5 million, or 358.4%, to $0.6 million in fiscal 2017 from $0.1 million in fiscal 2016. The increase was
primarily due to our R&D efforts in our new EV segment during
the second half of fiscal 2017. We intend to focus more
efforts on the EV segment going forward.
Provision for income taxes
Our provision for income taxes was approximately $1.5 million in fiscal 2017, an increase of
approximately $0.2 million or 11.2%
from approximately $1.4 million in
fiscal 2016. Even though the Company had a lower income before
income tax from continuing operations, the Company provided full
valuation allowance on bad debt reserves due to uncertainties in
realizing those tax benefits in the future, which resulted in
higher income tax provision in fiscal 2017.
Net income attributable to common stockholders
Our net income attributable to common stockholders was
approximately $3.8 million in fiscal
2017, a decrease of approximately $0.5
million from approximately $4.3
million in fiscal 2016. The decrease was attributable to the
factors described above.
Recent Updates
As previously reported, on January 10,
2018, the Company signed a share purchase agreement (the
"Agreement") with Shanghai Shicai Minerals Co., Ltd. ("Shanghai
Shicai") to acquire all of the shares of Lishui Xincai Industrial
Co., Ltd. ("Lishui XinCai"), a wholly-owned subsidiary of Shanghai
Shicai, at a price of approximately $18.2
million (or RMB 120 million).
Lishui Xincai owns 18% of the equity interests in Libo Haokun Stone
Co., Ltd. ("Libo Haokun"). Following the completion of the
acquisition, the Company indirectly holds a 18% stake in Libo
Haokun. Libo Haokun holds a government-issued permit and has the
exclusive right to mine a 0.11-square-kilometer marble quarry in
the southwestern province of Guizhou,
China. According to a geological report issued by Liaoning
Nuclear Geological Survey Institute in June
2016, the quarry had estimated reserves of approximately
4.02 million cubic meters of ores.
About Tantech Holdings Ltd.
Established in 2001 and headquartered in Lishui City,
Zhejiang Province, China, Tantech Holdings Ltd., together with
its subsidiaries, primarily develops and manufactures bamboo-based
charcoal products in China and
internationally. It operates through three segments: Consumer
Products, Trading, and Electric Vehicles. The company produces
pressed and formed charcoal briquettes for use in grills, incense
burners, and other applications under the Algold brand. It also
offers Charcoal Doctor branded products, such as air purifiers and
humidifiers, automotive accessories for air purification,
underfloor humidity control, pillows and mattresses, wardrobe
deodorizers, mouse pads and wrist mats, refrigerator deodorants,
charcoal toilet cleaner disks, liquid charcoal cleaners, shoe
insoles, and decorative charcoal gifts. In addition, the Company
provides liquid byproduct consists of bamboo vinegar that is used
in disinfectants, detergents, lotions, specialized soaps, toilet
cleaners, and fertilizers, as well as in various agricultural
applications. Further, it recently acquired a majority stake in
Suzhou E-Motors as it has begun a focus on manufacturing special
purpose electric vehicles and power batteries. The Company provides
its products for industrial energy applications, as well as
household cooking, heating, purification, agricultural, and
cleaning uses. The company also exports its bamboo vinegar and
bamboo charcoal purification products. For more information about
Tantech Holdings Ltd., please visit:
http://www.tantechholdings.com
Forward-Looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
For more information please contact:
Tantech Holdings Ltd.
Ms. Ye Ren
IR Manager
+86-578-261-2869
ir@tantech.cn
Tantech Holdings
Ltd and Subsidiaries
|
Consolidated
Balance Sheets
|
(In US
Dollars)
|
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
Assets
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
9,941,040
|
|
$
|
5,942,842
|
Restricted
cash
|
|
3,901,526
|
|
|
328,254
|
Notes
receivable
|
|
15,370
|
|
|
-
|
Accounts
receivable from continuing operations, net
|
|
44,834,930
|
|
|
35,904,345
|
Accounts
receivable from EDLC business, net
|
|
5,420,047
|
|
|
4,736,547
|
Inventories,
net
|
|
2,762,016
|
|
|
1,075,573
|
Advances to
suppliers from continuing operations, net
|
|
11,290,625
|
|
|
10,055,316
|
Advances to
suppliers from EDLC business, net
|
|
6,230,340
|
|
|
4,739,235
|
Prepaid
value-added taxes
|
|
3,131,667
|
|
|
680,857
|
Other
receivables , net
|
|
1,688,625
|
|
|
70,683
|
Current assets
from discontinued operation
|
|
28,699
|
|
|
123,177
|
Total
current assets
|
|
89,244,885
|
|
|
63,656,829
|
|
|
|
|
|
|
Property,
plant and equipment, net
|
|
9,883,846
|
|
|
8,677,977
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
Account
receivable - long term
|
|
1,502,518
|
|
|
-
|
Advances to
suppliers
|
|
2,109,005
|
|
|
8,638,260
|
Manufacturing rebate
receivable
|
|
9,269,118
|
|
|
-
|
Deferred tax
assets
|
|
-
|
|
|
94,153
|
Intangible assets,
net
|
|
17,476,430
|
|
|
1,788,178
|
Deposit for asset
acquisition
|
|
-
|
|
|
431,913
|
Deposit for business
acquisition
|
|
-
|
|
|
10,423,500
|
Goodwill
|
|
9,001,924
|
|
|
-
|
Non-current assets
from discontinued operations
|
|
-
|
|
|
591,857
|
Total
Assets
|
$
|
138,487,726
|
|
$
|
94,302,667
|
|
|
|
|
|
|
Liabilities
and Equity
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Short-term bank
loans
|
$
|
5,208,893
|
|
$
|
6,694,652
|
Bank acceptance notes
payable
|
|
6,975,526
|
|
|
1,727,652
|
Accounts payable from
continuing operations
|
|
5,543,226
|
|
|
575,487
|
Accounts payable from
EDLC business
|
|
1,643,579
|
|
|
1,372,071
|
Due to related
parties
|
|
2,995,228
|
|
|
-
|
Customer
deposits
|
|
1,198,661
|
|
|
799,510
|
Taxes
payable
|
|
796,182
|
|
|
720,492
|
Due to third
parties
|
|
708,864
|
|
|
846,837
|
Accrued liabilities
and other payables
|
|
1,719,103
|
|
|
1,359,897
|
Total
Current Liabilities
|
|
26,789,262
|
|
|
14,096,598
|
|
|
|
|
|
|
Deferred tax
liability
|
|
2,086,086
|
|
|
-
|
Total
Liabilities
|
|
28,875,348
|
|
|
14,096,598
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
Common stock,
$0.001 par value, 50,000,000 shares authorized,
|
|
|
|
|
|
28,703,242 and
24,311,935 shares issued and outstanding as of December 31, 2017
and 2016,
respectively
|
|
28,703
|
|
|
24,312
|
Additional
paid-in capital
|
|
39,067,328
|
|
|
26,603,511
|
Statutory
reserves
|
|
6,461,788
|
|
|
6,461,788
|
Retained
earnings
|
|
56,356,369
|
|
|
52,589,154
|
Accumulated
other comprehensive loss
|
|
(1,101,270)
|
|
|
(5,472,696)
|
Total
Stockholders' Equity
|
|
100,812,918
|
|
|
80,206,069
|
Noncontrolling
interest
|
|
8,799,460
|
|
|
-
|
Total
Equity
|
|
109,612,378
|
|
|
80,206,069
|
Total
Liabilities and Equity
|
$
|
138,487,726
|
|
$
|
94,302,667
|
Tantech Holdings
Ltd and Subsidiaries
|
Consolidated
Statements of Income and Comprehensive Income (Loss)
|
(In US
Dollars)
|
|
|
For the Years
Ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Revenues
|
$
|
43,084,397
|
|
$
|
40,532,595
|
|
$
|
46,814,536
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
32,405,887
|
|
|
27,476,070
|
|
|
32,082,693
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
10,678,510
|
|
|
13,056,525
|
|
|
14,731,843
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
790,191
|
|
|
690,024
|
|
|
857,115
|
General and
administrative expenses
|
|
4,653,294
|
|
|
3,622,959
|
|
|
4,723,387
|
Research and
development expenses
|
|
627,577
|
|
|
136,625
|
|
|
1,084,867
|
Total operating
expenses
|
|
6,071,062
|
|
|
4,449,608
|
|
|
6,665,369
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
4,607,448
|
|
|
8,606,917
|
|
|
8,066,474
|
|
|
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
Interest
income
|
|
18,750
|
|
|
588
|
|
|
82,579
|
Interest
expense
|
|
(551,545)
|
|
|
(470,656)
|
|
|
(410,471)
|
Government
subsidy income
|
|
-
|
|
|
52,597
|
|
|
326,018
|
Other income,
net
|
|
436,163
|
|
|
98,994
|
|
|
1,088,334
|
Total other
income (expenses)
|
|
(96,632)
|
|
|
(318,477)
|
|
|
1,086,460
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
4,510,816
|
|
|
8,288,440
|
|
|
9,152,934
|
Provision
for income taxes
|
|
1,528,003
|
|
|
1,367,270
|
|
|
2,115,915
|
Net income
from continuing operations
|
|
2,982,813
|
|
|
6,921,170
|
|
|
7,037,019
|
|
|
|
|
|
|
|
|
|
Discontinued
operation:
|
|
|
|
|
|
|
|
|
Net income
(loss) from discontinued operations
|
|
30,318
|
|
|
(2,313,477)
|
|
|
1,889,734
|
Net
income
|
|
3,013,131
|
|
|
4,607,693
|
|
|
8,926,753
|
|
|
|
|
|
|
|
|
|
Less: Net loss
(income) attributable to the noncontrolling interest from
continuing
operations
|
|
754,084
|
|
|
(308,442)
|
|
|
(487,928)
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders of Tantech Holding
Inc.
|
$
|
3,767,215
|
|
$
|
4,299,251
|
|
|
8,438,825
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
3,013,131
|
|
|
4,607,693
|
|
|
8,926,753
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
Foreign currency translation
income (losses)
|
|
4,341,324
|
|
|
(5,448,209)
|
|
|
(3,977,179)
|
Comprehensive gain (loss)
|
|
7,354,455
|
|
|
(840,516)
|
|
|
4,949,574
|
Less:
Comprehensive loss attributable to noncontrolling
interest
|
|
784,186
|
|
|
(70,029)
|
|
|
(289,069)
|
Comprehensive
income (loss) attributable to common stockholders of Tantech
Holding Inc.
|
$
|
8,138,641
|
|
$
|
(910,545)
|
|
$
|
4,660,505
|
|
|
|
|
|
|
|
|
|
Earnings Per
share -Basic and Diluted
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.15
|
|
$
|
0.19
|
|
$
|
0.40
|
Discontinuing operations
|
$
|
0.00
|
|
$
|
(0.10)
|
|
$
|
0.09
|
Weighted
Average Shares Outstanding - Basic and diluted
|
|
|
|
|
|
|
|
|
Continuing
operations and discontinued operations
|
|
25,971,912
|
|
|
23,019,185
|
|
|
21,240,548
|
Tantech Holdings
Ltd and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
(In US
Dollars)
|
|
|
For the Years
Ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
3,013,131
|
|
$
|
4,607,693
|
|
$
|
8,926,753
|
Net (income) loss
from discontinued operations
|
|
(30,318)
|
|
|
2,313,477
|
|
|
(1,889,734)
|
Net income from
continuing operations
|
|
2,982,813
|
|
|
6,921,170
|
|
|
7,037,019
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
|
|
|
|
provided by (used in)
operating activities from continuing operations:
|
|
|
|
|
|
|
|
|
Allowance for
doubtful accounts - accounts receivable
|
|
2,632,813
|
|
|
239,487
|
|
|
949,823
|
Allowance for
doubtful accounts - advance to suppliers
|
|
(45,507)
|
|
|
927,218
|
|
|
(47,883)
|
Allowances for
doubtful accounts - loan to third parties
|
|
(16,827)
|
|
|
59,742
|
|
|
-
|
Inventory reserve
(recovery)
|
|
13,908
|
|
|
(84,414)
|
|
|
156,775
|
Depreciation
expense
|
|
613,296
|
|
|
534,252
|
|
|
546,528
|
Amortization of
intangible asset
|
|
201,647
|
|
|
39,659
|
|
|
9,811
|
Gain from disposal of
property, plant and equipment
|
|
-
|
|
|
-
|
|
|
197,026
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(1,378,315)
|
|
|
(3,192,557)
|
|
|
(212,550)
|
Advances to
suppliers
|
|
4,127,511
|
|
|
(11,438,701)
|
|
|
(5,762,321)
|
Inventory
|
|
845,496
|
|
|
(97,373)
|
|
|
20,295
|
Other
receivables
|
|
(812,643)
|
|
|
(11,192)
|
|
|
(49,507)
|
Government rebate
receivable
|
|
(2,942,190)
|
|
|
-
|
|
|
-
|
Accounts
payable
|
|
(955,969)
|
|
|
(965,208)
|
|
|
(486,409)
|
Accrued liabilities
and other payables
|
|
(1,450,958)
|
|
|
346,725
|
|
|
728,339
|
Customer
deposits
|
|
(377,020)
|
|
|
244,020
|
|
|
76,546
|
Taxes
payable
|
|
(2,102,969)
|
|
|
87,175
|
|
|
(1,516,650)
|
Decrease (increase)
in deferred tax liability
|
|
-
|
|
|
(98,473)
|
|
|
-
|
Net cash provided
(used in) by continuing operations
|
|
1,335,086
|
|
|
(6,488,470)
|
|
|
1,646,842
|
Net cash provided
by (used in) discontinued operating activities
|
|
968,949
|
|
|
(544,582)
|
|
|
2,803,690
|
Net cash provided
by (used in) operating activities
|
|
2,304,035
|
|
|
(7,033,052)
|
|
|
4,450,532
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Acquisition of
property, plant and equipment
|
|
(82,263)
|
|
|
(10,819)
|
|
|
(242,552)
|
Proceeds from
disposal of property, plant and equipment
|
|
-
|
|
|
-
|
|
|
32,940
|
Payment for business
acquisition
|
|
(4,552,240)
|
|
|
(3,372,925)
|
|
|
(8,030,000)
|
Cash acquired from
business acquisition
|
|
35,707
|
|
|
-
|
|
|
-
|
Changes in deposit
for asset acquisition
|
|
443,400
|
|
|
1,505,770
|
|
|
1,085,752
|
Net cash used in
investing activities from continuing operations
|
|
(4,155,396)
|
|
|
(1,877,974)
|
|
|
(7,153,860)
|
Net cash provided
by investing activities from discontinued operations
|
|
662,144
|
|
|
-
|
|
|
-
|
Net cash used in
investing activities
|
|
(3,493,252)
|
|
|
(1,877,974)
|
|
|
(7,153,860)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Changes in restricted
cash
|
|
(3,392,606)
|
|
|
(343,316)
|
|
|
3,533,200
|
Proceeds from third
party loan
|
|
-
|
|
|
885,694
|
|
|
-
|
Repayment of loans
from third party
|
|
(187,706)
|
|
|
-
|
|
|
-
|
Proceeds from
Banker's acceptance notes payable
|
|
6,893,163
|
|
|
4,818,464
|
|
|
2,248,400
|
Repayments of
Banker's acceptance notes payable
|
|
(1,995,953)
|
|
|
(3,011,540)
|
|
|
(9,314,800)
|
Proceeds from bank
loans
|
|
10,093,262
|
|
|
7,001,831
|
|
|
12,012,880
|
Repayments of bank
loans
|
|
(11,957,020)
|
|
|
(8,251,620)
|
|
|
(5,299,800)
|
Due from related
parties
|
|
(477,565)
|
|
|
-
|
|
|
-
|
Proceeds from
issuance of common stocks
|
|
5,968,208
|
|
|
7,957,100
|
|
|
5,663,122
|
Net cash provided
by financing activities from continuing operations
|
|
4,943,783
|
|
|
9,056,613
|
|
|
8,843,002
|
Net cash provided
by financing activities from discontinued operations
|
|
-
|
|
|
-
|
|
|
-
|
Net cash provided
by financing activities
|
|
4,943,783
|
|
|
9,056,613
|
|
|
8,843,002
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
243,632
|
|
|
(476,134)
|
|
|
(281,560)
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
3,998,198
|
|
|
(330,547)
|
|
|
5,858,114
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of year
|
|
5,942,842
|
|
|
6,273,389
|
|
|
415,275
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of year
|
$
|
9,941,040
|
|
$
|
5,942,842
|
|
$
|
6,273,389
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure information:
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
$
|
1,156,976
|
|
$
|
696,435
|
|
$
|
2,892,808
|
Interest
paid
|
$
|
479,358
|
|
$
|
261,625
|
|
$
|
411,805
|
|
|
|
|
|
|
|
|
|
Supplemental
non-cash activities:
|
|
|
|
|
|
|
|
|
Common shares issued
for Minority interest buyback
|
$
|
-
|
|
$
|
2,160,142
|
|
$
|
-
|
Common shares issued
for acquisition of E-Motors
|
$
|
6,500,000
|
|
$
|
-
|
|
$
|
-
|
Net book value of
assets and liabilities of E-Motors acquired
|
$
|
11,122,410
|
|
$
|
-
|
|
$
|
-
|
View original
content:http://www.prnewswire.com/news-releases/tantech-holdings-ltd-announces-fiscal-year-2017-financial-results-300647010.html
SOURCE Tantech Holdings Ltd.