Company to Hold Conference Call with
Accompanying Slide Presentation at 8:30 a.m.
E.T. on November 15,
2018
WUHAN CITY, China, Nov. 14,
2018 /PRNewswire/ -- Kingold Jewelry, Inc. ("Kingold" or
"the Company") (NASDAQ: KGJI), one of China's leading manufacturers and designers of
high quality 24-karat gold jewelry, ornaments and
investment-oriented products, today announced its unaudited
financial results for the third quarter and nine months ended
September 30, 2018.
2018 Third Quarter Financial Highlights
- Net sales were approximately $626.2
million, an increase of 7.1% from approximately $584.5 million in the same period of 2017
- Processed a total of 29.6 metric tons of 24-karat gold
products, compared to 30.1 metric tons in the third quarter of
2017
- Net income was approximately $13.2
million, or $0.20 per diluted
share, compared to net income of approximately $29.0 million, or $0.44 per diluted share in the same period of
2017
Outlook for 2018
- Company reiterates guidance of between 100 metric tons and 110
metric tons of 24-karat gold products in 2018
Management Commentary
Mr. Zhihong Jia, Chairman and CEO
of the Company, commented, "We were pleased to continue to deliver
relatively strong operating results in the third quarter of 2018,
despite the challenges from the uncertainty of the rapid changing
market along with the RMB depreciation during the quarter. Recent
challenging business environment in China has brought lots of pressure on us.
Demand for gold has been slowing down in the wake of monetary
tighten-up. Kingold is committed to continuous innovations even
during the challenging times and believe it is the foundation of
the company's long-term development."
2018 THIRD QUARTER AND NINE MONTHS OPERATIONAL REVIEW
Metric Tons
of Gold Processed
|
Three Months
Ended:
|
|
September 30,
2018
|
September 30,
2017
|
|
Volume
|
% of Total
|
Volume
|
% of Total
|
Branded*
|
16.6
|
56.1%
|
14.6
|
48.6%
|
Customized**
|
13.0
|
43.9%
|
15.5
|
51.4%
|
Total
|
29.6
|
100.0%
|
30.1
|
100%
|
Nine Months
Ended:
|
|
September 30,
2018
|
September
30, 2017
|
|
Volume
|
% of Total
|
Volume
|
% of Total
|
Branded*
|
46.5
|
57.7%
|
34.7
|
48.1%
|
Customized**
|
34.0
|
42.3%
|
37.5
|
51.9%
|
Total
|
80.5
|
100.0%
|
72.2
|
100.0%
|
|
|
|
*
|
Branded
Production:
|
The Company
acquires gold from the Shanghai Gold Exchange to produce branded
products.
|
**
|
Customized
Production:
|
Clients who
purchase customized products supply gold to the Company for
processing.
|
For the three months ended September 30,
2018, the Company processed a total of 29.6 metric tons of
gold, of which branded production was 16.6 metric tons,
representing 56.1% of total gold processed, and customized
production was 13.0 metric tons, representing 43.9% of total gold
processed in the third quarter of 2018. In the third quarter of
2017, the Company processed a total of 30.1 metric tons, of which
branded production was 14.6 metric tons, or 48.6% of the total gold
processed, and customized production was 15.5 metric tons, or 51.4%
of total gold processed.
For the nine months ended September 30,
2018, the Company processed a total of 80.5 metric tons of
gold, of which branded production was 46.5 metric tons,
representing 57.7% of total gold processed, and customized
production was 34.0 metric tons, representing 42.3% of total gold
processed in the first nine months of 2018. In the first nine
months of 2017, the Company processed a total of 72.2 metric tons,
of which branded production was 34.7 metric tons, or 48.1% of the
total gold processed, and customized production was 37.5 metric
tons, or 51.9% of total gold processed.
CONSOLIDATED FINANCIAL AND OPERATING REVIEW
Net Sales
Net sales for the three months ended September 30, 2018 were approximately
$626.2 million, increased by 7.1%
from approximately $584.5 million for
the same period in 2017. The increase in net sales was mainly due
to higher sales volume of branded production sales.
For the first nine months ended September
30, 2018, the Company's net sales were approximately
$1,844.5 million, increased by 36.4%
from approximately $1,352.7 million
in the first nine months of 2017. The increase in net sales was due
to the same reason described above.
Gross Profit
Gross profit for the three months ended September 30, 2018 was approximately $61.2 million, decreased by 22.1% from
approximately $78.6 million for the
same period in 2017.
For the nine months ended September 30,
2018, the Company's gross profit was approximately
$189.3 million, increased by 31.9%
from approximately $143.5 million in
the same period of 2017.
Gross Margin
The Company's gross margin was 9.8% for the three months ended
September 30, 2018, compared to 13.4%
in the prior year period.
The decrease in gross margin was mainly due to the decreased
average selling price of branded production, compensated by
decreased unit cost of branded production during the three months
ended September 30, 2018. The average
selling price of branded production was RMB
250.77 per gram for the three months ended September 30, 2018, decreased by RMB 10.14 or 3.9%, from RMB 260.91 per gram for the same period in 2017.
The unit cost of branded production sales was RMB 230.86 per gram for the three months ended
September 30, 2018, decreased by
RMB 16.95 or 6.8%, from RMB 247.81 per gram for the same period in 2017.
The decrease of the both average selling price and unit cost of
branded production was mainly due to the weak gold price in
2018.
For the nine months ended September 30,
2018, the Company's gross margin was 10.3%, compared to
10.6% in the first nine months of 2017.
The slightly decrease in gross margin was mainly due to the
decrease of average selling price of our branded production
exceeded the decrease in unit cost of branded production sales
during the nine months ended September 30,
2018. The average selling price of branded production was
RMB 253.45 per gram for the nine
months ended September 30, 2018,
decreased by RMB 5.00 or 1.9% from
RMB 258.45 per gram for the same
period in 2017. The unit cost of branded production sales was
RMB 231.78 per gram for the nine
months ended September 30, 2018,
decreased by RMB 4.94 or 2.1% from
RMB 236.72 per gram for the same
period in 2017.
Net Income
Net income for the three months ended September 30, 2018 was approximately $13.2 million, or $0.20 per diluted share based on 66.1 million
weighted average diluted shares outstanding, compared to net income
of approximately $29.0 million in the
prior year period, or $0.44 per
diluted share based on 66.5 million weighted average diluted shares
outstanding in the prior year period.
For the nine months ended September 30,
2018, the Company's net income was approximately
$40.0 million, or $0.60 per diluted share based on 66.3 million
weighted average diluted shares outstanding, compared to net income
of approximately $15.7 million, or
$0.24 per diluted share based on 66.3
million weighted average diluted shares outstanding in the same
period of 2017.
Balance Sheet
Highlights (USD in Millions)
|
|
9/30/2018
|
|
12/31/2017
|
Percentage
Change
|
Cash
|
$13.2
|
|
$5.0
|
164%
|
Inventories
|
$147.3
|
|
$135.0
|
9.1%
|
Working
Capital (Current Assets -- Current Liabilities)
|
$623.6
|
|
$768.3
|
(18.8)%
|
Stockholders'
Equity
|
$354.3
|
|
$390.2
|
(9.2)%
|
Net cash provided by operating activities was approximately
$461.4 million for the nine months
ended September 30, 2018, compared
with approximately $145.6 million of
net cash used in operating activities for the same period in 2017.
The net cash provided by operating activities was mainly due to net
income of approximately $40.0 million
for the nine months ended September 30,
2018, the decrease in inventory purchased of $321 million because $557.9 million of gold for investment was
released to inventory and processed during the nine months ended
September 30, 2018, collections from
value added tax receivables of $84.6
million, an increase in income tax payable of $0.7 million and an increase in other payables
and accrued liabilities of $1.0
million.
Kingold's net cash from operating activities can fluctuate
significantly due to changes in our inventories. Other factors that
may vary significantly include our accounts payable, purchases of
gold and income taxes. The Company expects the net cash generated
from operating activities to continue to fluctuate as inventories,
receivables, accounts payables and the other factors described
above change with increased production and the purchase of larger
or smaller quantities of raw materials. These fluctuations could
cause net cash from operating activities to decrease, even if the
net income grows as Kingold continues to expand. Although the
Company expect that net cash from operating activities will
increase over the long term, but cannot predict how these
fluctuations will affect the cash flow in any particular
quarter.
OUTLOOK FOR 2018
Based on its existing resources and capacity along with expected
relatively strong demand for 24-karat gold products in the fourth
quarter of 2018 in China, the
Company reiterates its expectation that gold processed will be
between 100 metric tons and 110 metric tons during 2018.
Conference Call Details
Kingold also announced that it will discuss these financial
results in a conference call on November 15,
2018 at 8:30 a.m. E.T.
The dial-in numbers are:
Live Participant Dial In (Toll Free): 877-407-9038
Live Participant Dial In (International): 201-493-6742
The conference call will also be webcast live. To listen to the
call, please go to the Investor Relations section of Kingold's
website at www.kingoldjewelry.com, or click on the following link:
https://78449.themediaframe.com/dataconf/productusers/kgji/mediaframe/26970/indexl.html.
The Company will also have an accompanying slide presentation
available in PDF format on its homepage prior to the conference
call.
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in
Wuhan City, one of China's largest cities, was founded in 2002
and today is one of China's
leading designers and manufacturers of 24-karat gold jewelry,
ornaments, and investment-oriented products. The Company sells both
directly to retailers as well as through major distributors across
China. Kingold has received
numerous industry awards and has been a member of the Shanghai Gold
Exchange since 2003. For more information, please visit
www.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as
amended. You can identify these forward - looking statements by
words such as "expects," "believe," "project," "anticipate," or
similar expressions. The forward-looking statements in this release
include statements regarding Kingold's outlook with respect to its
2018 outlook for gold processing. Readers are cautioned that actual
results could differ materially from those expressed in any
forward-looking statements. Forward-looking statements are subject
to a number of risks, including those contained in Kingold's SEC
filings available at www.sec.gov, including Kingold's most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date on
which they are made. Kingold undertakes no obligation to update or
revise any forward-looking statements for any reason.
COMPANY CONTACT
Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
bl@kingoldjewelry.com
INVESTOR RELATIONS COUNSEL:
The Equity Group
Inc.
Katherine Yao, Senior Associate
Phone: +86-10-5661 7012 kyao@equityny.com
KINGOLD JEWELRY,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(IN US
DOLLARS)
(UNAUDITED)
|
|
|
For the three
months ended
September 30,
|
|
For the nine
months
ended September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
NET
SALES
|
$
|
626,171,072
|
|
$
|
584,511,639
|
|
$
|
1,844,491,390
|
|
$
|
1,352,666,916
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
SALES
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
(564,685,762)
|
|
|
(505,608,405)
|
|
|
(1,654,427,318)
|
|
|
(1,208,376,017)
|
Depreciation
|
|
(255,546)
|
|
|
(300,716)
|
|
|
(801,384)
|
|
|
(806,047)
|
Total
cost of sales
|
|
(564,941,308)
|
|
|
(505,909,121)
|
|
|
(1,655,228,702)
|
|
|
(1,209,182,064)
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
61,229,764
|
|
|
78,602,518
|
|
|
189,262,688
|
|
|
143,484,852
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses
|
|
2,487,346
|
|
|
3,779,728
|
|
|
7,597,545
|
|
|
10,546,253
|
Stock
compensation expenses
|
|
5,364
|
|
|
5,364
|
|
|
16,092
|
|
|
27,650
|
Depreciation
|
|
146,475
|
|
|
135,442
|
|
|
406,962
|
|
|
367,112
|
Amortization
|
|
2,767
|
|
|
2,832
|
|
|
8,703
|
|
|
8,330
|
Total
operating expenses
|
|
2,641,952
|
|
|
3,923,366
|
|
|
8,029,302
|
|
|
10,949,345
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
58,587,812
|
|
|
74,679,152
|
|
|
181,233,386
|
|
|
132,535,507
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSES)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Income
|
|
64,433
|
|
|
661
|
|
|
64,433
|
|
|
66,158
|
Interest
Income
|
|
562,294
|
|
|
633,617
|
|
|
1,384,438
|
|
|
1,824,924
|
Interest
expense, including amortization of debt issuance costs of
$3,482,031 and $1,347,832 for the three months, and $8,042,451 and
$7,751,818 for the nine months ended September 30, 2018 and 2017,
respectively
|
|
(41,479,730)
|
|
|
(36,585,321)
|
|
|
(128,898,077)
|
|
|
(113,155,443)
|
Total
other expenses, net
|
|
(40,853,003)
|
|
|
(35,951,043)
|
|
|
(127,449,206)
|
|
|
(111,264,361)
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS BEFORE TAXES
|
|
17,734,809
|
|
|
38,728,109
|
|
|
53,784,180
|
|
|
21,271,146
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
PROVISION (BENEFIT)
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
1,787,717
|
|
|
7,778,520
|
|
|
9,214,312
|
|
|
12,996,602
|
Deferred
|
|
2,699,588
|
|
|
1,962,539
|
|
|
4,523,643
|
|
|
(7,440,305)
|
Total
income tax provision
|
|
4,487,305
|
|
|
9,741,059
|
|
|
13,737,955
|
|
|
5,556,297
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
13,247,504
|
|
|
28,987,050
|
|
|
40,046,225
|
|
|
15,714,849
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) related to investments in
gold, net of tax
|
$
|
(18,935,552)
|
|
$
|
27,074,547
|
|
$
|
(56,908,875)
|
|
$
|
75,935,884
|
Foreign
currency translation gains (loss)
|
|
(13,077,661)
|
|
|
4,455,163
|
|
|
(19,080,264)
|
|
|
12,817,501
|
Total
Other comprehensive income (loss)
|
$
|
(32,013,213)
|
|
$
|
31,529,710
|
|
$
|
(75,989,139)
|
|
$
|
88,753,385
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
INCOME (LOSS)
|
$
|
(18,765,709)
|
|
$
|
60,516,760
|
|
$
|
(35,942,914)
|
|
$
|
104,468,234
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.20
|
|
$
|
0.44
|
|
$
|
0.61
|
|
$
|
0.24
|
Diluted
|
$
|
0.20
|
|
$
|
0.44
|
|
$
|
0.60
|
|
$
|
0.24
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
66,113,502
|
|
|
66,049,726
|
|
|
66,113,502
|
|
|
66,029,266
|
Diluted
|
|
66,121,121
|
|
|
66,484,717
|
|
|
66,311,149
|
|
|
66,337,069
|
KINGOLD JEWELRY,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(IN US
DOLLARS)
(UNAUDITED)
|
|
|
September
30,
|
|
December
31,
|
|
2018
|
|
2017
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
$
|
13,245,436
|
|
$
|
4,997,125
|
Restricted cash
|
|
6,567,855
|
|
|
5,534,551
|
Accounts receivable
|
|
198,214
|
|
|
768,167
|
Inventories
|
|
147,264,405
|
|
|
135,042,713
|
Investments in gold
|
|
922,084,336
|
|
|
1,562,943,153
|
Other
current assets and prepaid expenses
|
|
808,809
|
|
|
100,592
|
Value
added tax recoverable
|
|
254,820,263
|
|
|
353,732,758
|
Total
current assets
|
|
1,344,989,318
|
|
|
2,063,119,059
|
|
|
|
|
|
|
Property and equipment, net
|
|
5,903,782
|
|
|
7,299,643
|
Restricted cash
|
|
8,927,100
|
|
|
7,392,721
|
Investments in gold
|
|
1,071,005,836
|
|
|
957,124,267
|
Other assets
|
|
286,155
|
|
|
302,072
|
Deferred income tax assets
|
|
22,054,343
|
|
|
6,677,675
|
Land use right
|
|
399,007
|
|
|
429,915
|
Total
long-term assets
|
|
1,108,576,223
|
|
|
979,226,293
|
TOTAL
ASSETS
|
$
|
2,453,565,541
|
|
$
|
3,042,345,352
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Short
term loans
|
$
|
621,518,946
|
|
$
|
962,101,746
|
Other payables and accrued expenses
|
|
18,845,062
|
|
|
18,913,863
|
Related
party loan
|
|
72,798,218
|
|
|
307,389,647
|
Due to
related party
|
|
3,592,726
|
|
|
2,630,301
|
Income tax payable
|
|
1,855,002
|
|
|
1,208,742
|
Other taxes payable
|
|
2,818,412
|
|
|
2,615,463
|
Total
current liabilities
|
|
721,428,366
|
|
|
1,294,859,762
|
Related party
loans
|
|
451,657,343
|
|
|
567,843,066
|
Long term
loans
|
|
926,174,267
|
|
|
789,410,137
|
TOTAL
LIABILITIES
|
|
2,099,259,976
|
|
|
2,652,112,965
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Preferred stock,
$0.001 par value, 500,000 shares authorized, none issued
or outstanding as of September 30, 2018 and December
31, 2017
|
|
-
|
|
|
-
|
Common stock $0.001
par value, 100,000,000 shares authorized, 66,113,502 shares issued
and outstanding as of September 30, 2018 and December 31,
2017
|
|
66,113
|
|
|
66,113
|
Additional paid-in
capital
|
|
80,393,541
|
|
|
80,377,449
|
Retained
earnings
|
|
|
|
|
|
Unappropriated
|
|
343,712,836
|
|
|
303,666,611
|
Appropriated
|
|
967,543
|
|
|
967,543
|
Accumulated other
comprehensive income (loss), net of tax
|
|
(70,834,468)
|
|
|
5,154,671
|
Total
Equity
|
|
354,305,565
|
|
|
390,232,387
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
2,453,565,541
|
|
$
|
3,042,345,352
|
KINGOLD JEWELRY,
INC.
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(IN US
DOLLARS)
(UNAUDITED)
|
|
|
For the nine
months ended
September 30,
|
|
2018
|
|
2017
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net income
|
$
|
40,046,225
|
|
$
|
15,714,849
|
Adjustments to
reconcile net income to cash provided by (used in) operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,208,346
|
|
|
1,173,159
|
Amortization of
intangible assets
|
|
8,703
|
|
|
8,330
|
Amortization of debt
issuance costs included in interest expense
|
|
8,042,451
|
|
|
7,751,818
|
Share based
compensation for services and warrants expense
|
|
16,092
|
|
|
27,650
|
Inventory valuation
allowance
|
|
-
|
|
|
-
|
Deferred tax
provision (benefit)
|
|
4,523,643
|
|
|
(7,440,305)
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
Accounts
receivable
|
|
558,165
|
|
|
647,049
|
Inventories
|
|
321,200,297
|
|
|
(119,627,463)
|
Other current assets
and prepaid expenses
|
|
(752,148)
|
|
|
185,892
|
Value added tax
recoverable
|
|
84,623,088
|
|
|
(56,530,224)
|
Other payables and
accrued expenses
|
|
961,903
|
|
|
4,331,048
|
Customer
deposits
|
|
(192,313)
|
|
|
-
|
Income tax
payable
|
|
748,416
|
|
|
7,725,853
|
Other taxes
payable
|
|
359,224
|
|
|
482,337
|
Net cash provided by
(used in) operating activities
|
|
461,352,092
|
|
|
(145,550,007)
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(491,136)
|
|
|
(1,551,847)
|
Investments in
gold
|
|
-
|
|
|
(358,279,503)
|
Net cash used in
investing activities
|
|
(491,136)
|
|
|
(359,831,350)
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from other
loans – short term
|
|
-
|
|
|
169,103,063
|
Repayments of other
loans – short term
|
|
(554,840,248)
|
|
|
(147,212,224)
|
Proceeds from other
loans – long term
|
|
435,804,951
|
|
|
96,966,135
|
Repayments of other
loans – long term
|
|
-
|
|
|
(102,695,952)
|
Proceeds from related
party loans – short term
|
|
-
|
|
|
293,836,774
|
Repayments of related
party loans – short term
|
|
(230,227,311)
|
|
|
-
|
Proceeds from related
party loans – long term
|
|
443,110,831
|
|
|
771,321,531
|
Repayments of related
party loans – long term
|
|
(534,050,005)
|
|
|
(609,711,305)
|
Payments of loan
origination fees
|
|
(6,578,966)
|
|
|
(4,114,687)
|
Repayment of third
party loans
|
|
-
|
|
|
(29,383,677)
|
(Repayment of)
borrowings from related party
|
|
965,643
|
|
|
(5,212,812)
|
Proceeds from
exercise of warrants
|
|
-
|
|
|
113,562
|
Net cash provided by
(used in) financing activities
|
|
(445,815,105)
|
|
|
433,010,408
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATES ON CASH AND RESTRICTED CASH
|
|
(4,229,857)
|
|
|
2,619,437
|
NET INCREASE
DECREASE IN CASH AND RESTRICTED CASH
|
|
10,815,994
|
|
|
(69,751,512)
|
CASH AND
RESTRICTED CASH, BEGINNING OF PERIOD
|
|
17,924,397
|
|
|
81,677,623
|
CASH AND
RESTRICTED CASH, END OF PERIOD
|
$
|
28,740,391
|
|
$
|
11,926,111
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
|
Cash paid for
interest expense
|
$
|
120,133,935
|
|
$
|
92,580,544
|
Cash paid for income
tax
|
$
|
8,465,896
|
|
$
|
5,270,750
|
|
|
|
|
|
|
NON-CASH INVESTING
AND FINANCING ACTIVITIES
|
|
|
|
|
|
Investments in gold
obtained in a lease from a related party and fully
repaid
|
$
|
-
|
|
$
|
132,748,925
|
Investments in gold
transferred to inventories
|
$
|
557,866,549
|
|
$
|
350,761,730
|
Unrealized gain
(loss) on investments in gold, net of tax
|
$
|
(56,908,875)
|
|
$
|
75,935,884
|
View original
content:http://www.prnewswire.com/news-releases/kingold-jewelry-reports-financial-results-for-the-third-quarter-and-nine-months-ended-september-30-2018-300750595.html
SOURCE Kingold Jewelry, Inc.