Taoping Inc. (NASDAQ: TAOP), a leading provider of internet-based
advertisement distribution and display terminal sharing systems and
online retail platform, today announced its unaudited financial
results for the nine months ended September 30, 2018.
Financial Highlights for the Nine Months
Ended September 30, 2018
- Revenue was $16.5 million, an increase of 34.8%, compared to
$12.2 million for the same period last year.
- Net income attributable to the Company was $1.9 million,
compared to $1.1 million for the same period last year. Earnings
per share (diluted) was $0.04 per share, compared to $0.03 per
share for the same period of 2017.
- Gross profit as a percentage of revenue was 46.1% for the nine
months of 2018, increased from 45.4% for the same period last
year.
- Excluding non-cash items, adjusted net income was $5.6 million,
compared to $3.9 million for the same period last year. Adjusted
earnings per share (diluted) was $0.13 per share, compared to $0.10
per share for the same period of 2017.
- In the nine months ended September 30, 2018, revenue generated
from related parties was $8.5 million, representing 51.6% of total
revenue.
Operational Highlights for Recent
2018
- Taoping Alliance, a nationwide new-media sharing network
jointly founded by the Company and Shenzhen Taoping New-Media
Limited, has penetrated into the county-level market nationwide.
Since its establishment in May 2017, members of Taoping Alliance
have increased to 70, with the coverage of twenty-six
provinces out of thirty-four provincial level administrative units
in China.
- In September 2018, the Company officially launched “Taoping
Promotion”, a WeChat applet as part of Taoping E-store. Taoping
E-store enables interaction between advertiser and consumers, and
helps convert Taoping terminal audience into online
consumers.
- Taoping Chain, a “Smart IoT Terminal - Taoping Net/ App -
Taoping E-store” media ecosystem, has been fully developed,
functional, and on-line.
- Taoping App enables advertisers (individuals or business
owners) to distribute real-time ads whenever and wherever they want
on the designated cloud-based ad display terminals. Taoping E-store
enables consumers to view the ads on their mobile devices and
receive promotional coupons or messages from the E-store, where
they just visited on-line. The Taoping Chain ecosystem enables
direct interactions among consumers and advertisers effectively and
efficiently drives on-line traffic to real consumptions.
- On November 13, 2018, the Company announced that it has entered
into a strategic cooperation agreement with Canada-based Capital
Green Tech & Trade Corp. (CG) to formally enter the overseas
market. According to the agreement, as the local partner of TAOP,
CG will operate TAOP sharing new media in Toronto, Canada.
“After about two years of business
transformation and development, our “Smart IoT Terminal - Taoping
Net/App - Taoping E-store" lifestyle media ecosystem has been fully
developed and is currently used by advertisers in 26 provinces over
the country. We are glad to see a growing number of small business
owners and famous brands start to distribute ads on our Cloud-based
ads display terminals,” said Mr. Jianghuai Lin, CEO and Chairman of
TAOP.
Mr. Lin continued, “During the nine months
of 2018, our revenue increased 34.8% to $16.5 million from $12.2
million and gross profit increased 36.9% to $7.6 million from $5.5
million, compared to the same period last year. Additionally, the
Company had a working capital of $2.0 million as of September 30,
2018, a significant improvement from a working capital deficiency
of $1.5 million at the end of 2017.”
“This achievement is a result of our successful
implementation of nationwide marketing strategy throughout China.
Due to the unfavorable macro environment caused by the US- China
trade conflict, our business experience a slowdown in Q3. As a
result, we update our projected revenue for fiscal year 2018 to be
approximately $22 million and adjusted net income to be
approximately $6.8 million. According to our development plan, we
expect that by the end of 2020, the number of cities that Taoping
Alliance covers will reach 300 with 300,000 terminals nationwide,
the number of business users of Taoping App and Taoping E-store
will reach 100,000, the number of retail users of Taoping e-Store
will reach 20 million and Cloud-based IoT network coverage will
reach 200 million population.” said Mr. Lin.
Revenue
Revenue was $16.5 million for the nine months of
2018, compared to $12.2 million for the same period last year, an
increase of $4.3 million or 34.8%.
Revenue increase in the nine months of 2018 was
primarily attributable to the significant increase of sales of the
Company’s cloud-based advertising display terminals and software,
as a result of successful implementation of our nationwide
marketing strategy throughout China.
Beginning January 1, 2018, the Company adopted
ASU 2014-09, Topic 606, “Revenue from Contracts with Customers” and
its related amendments (collectively referred to as “FASB ASC 606”)
for its new revenue recognition accounting policy. The Company has
applied the required five-step analysis on contracts with our
customers in accordance with the accounting pronouncement.
After the application of the five-step analysis
and other revenue recognition guidance required by ASU 2014-9 and
other related accounting pronouncements to contracts with our
customers, the Company determined that its adoption of the new
revenue recognition accounting policies has no material impact on
the Company’s consolidated financial statements and resulted in no
cumulative adjustment from prior periods.
Gross Profit
Gross profit was $7.6 million for the nine
months of 2018, an increase of $2.0 million or 36.9%, compared to
$5.5 million for the nine months of 2017. Gross profit as a
percentage of revenue was 46.1% for the nine months of 2018,
increased from 45.4% for the same period of last year.
Administrative, R&D and Selling Expenses
Administrative expenses increased by $0.8
million to $3.0 million for the nine months of 2018, compared to
$2.2 million for the same period of 2017. Such increase was mainly
due to the re-measurement of intercompany payables and receivables
denominated in a currency other than its functional currency. As a
percentage of revenue, administrative expenses increased to 17.9%
for the nine months of 2018, from 17.6% for the same period of
2017.
Research and development expenses increased by
approximately $0.8 million to $3.7 million for the nine months of
2018, compared to $2.9 million for the nine months of 2017. Such
increase was primarily due to the increase of compensation for
addition of R&D staff and depreciation of software that was
newly acquired in 2017 and 2018 and used for the digital ads
distribution and new media resource sharing platform servicing our
customers to more efficiently and cost effectively promote their
brand names and businesses. As a percentage of revenue, research
and development expenses decreased to 22.3% for the nine months of
2018, from 23.8% for the same period of last year.
Selling expenses decreased by $0.4 million, or
60.3%, to $0.3 million for the nine months of 2018, compared to
$0.7 million for the nine months of 2017. This decrease was due to
the reduction in sales force of the traditional IT segment and
marketing expenses.
Net income attributable to Company
For the nine months of 2018, net income
attributable to the Company was $1.9 million, compared to $1.1
million for the same period of last year. As the new successful
business model continues to grow, the Company believes that the net
income will improve further.
Cash and Financial Position
As of September 30, 2018, the Company had cash
and cash equivalents of $2.0 million, compared to $3.3 million as
of December 31, 2017. The Company had a working capital of $2.0
million as of September 30, 2018, which was a significant
improvement over a working capital deficiency of $1.5 million as of
December 31, 2017.
For the nine months of 2018, net cash provided
by operating activities was $2.4 million, compared to $0.9 million
for the same period of last year.
About Non-GAAP Financial
Measures
This press release contains non-GAAP financial
measures for earnings that exclude non-cash charges. The Company
believes that these non-GAAP financial measures are useful to
investors and exclude non-cash charges that management excludes
when it internally evaluates the performance of the Company’s
business and makes operating decisions, including internal
budgeting, and performance measurement, as these measures provide a
consistent method of comparison to historical periods. Moreover,
management believes these non-GAAP measures reflect the essential
operating activities of the Company. Accordingly, management
excludes the expense arising from certain non-cash charges when
making operational decisions. The Company also believes that
providing the non-GAAP measures that management uses to its
investors is useful to investors for a number of reasons. The
non-GAAP measures provide a consistent basis for investors to
understand the Company’s financial performance in comparison to
historical periods. In addition, it allows investors to evaluate
the Company’s performance using the same methodology and
information as that used by the Company’s management. Non-GAAP
measures are subject to inherent limitations because they do not
include all of the expenses included under GAAP and because they
involve the exercise of judgment of which charges are excluded from
the non-GAAP financial measures. However, the Company’s management
compensates for these limitations by providing the relevant
disclosure of the items excluded.
The following table presents the non-GAAP
financial measures contained in this press release and the most
directly comparable GAAP measures and provides a reconciliation of
the non-GAAP measures to the most directly comparable GAAP
measures.
Nine Months Ended September 30, 2018 and
2017 Reconciliation of Net Income Attributable to the
Company and EPS to Exclude Non-cash Expenses
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30 2018 |
|
|
September 30, 2017 |
|
Net income attributable
to the Company |
|
$ |
1,862,618 |
|
|
$ |
1,112,819 |
|
(Reversal of)
provisions for losses on accounts receivable and other current
assets |
|
|
342,813 |
|
|
|
213,949 |
|
Provision for obsolete
inventories |
|
|
31,838 |
|
|
|
81,047 |
|
Depreciation |
|
|
2,251,513 |
|
|
|
1,438,420 |
|
Amortization of
intangible assets |
|
|
631,402 |
|
|
|
612,799 |
|
Stock-based
compensation |
|
|
437,271 |
|
|
|
404,899 |
|
Stock-based payment for
consulting fee |
|
|
27,977 |
|
|
|
- |
|
Change in fair value of
warrant liability |
|
|
- |
|
|
|
(3,720 |
) |
Adjusted net
income attributable to the Company |
|
$ |
5,585,432 |
|
|
$ |
3,860,213 |
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
40,713,657 |
|
|
|
40,231,159 |
|
Diluted |
|
|
41,564,424 |
|
|
|
40,231,159 |
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
$ |
0.03 |
|
Diluted |
|
$ |
0.04 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.14 |
|
|
$ |
0.10 |
|
Diluted |
|
$ |
0.13 |
|
|
$ |
0.10 |
|
About Taoping Inc.
Taoping Inc. (formerly known as China
Information Technology, Inc.) (Nasdaq: TAOP), is a leading
cloud-based ads display terminal and service provider of digital
advertising distribution network and new media resource sharing
platform in the Out-of-Home advertising market in China. The
Company provides the integrated end-to-end digital advertising
solutions enabling customers to distribute and manage ads on the
ads display terminals. Connecting cloud-based ads display terminal
owners, advertisers, and consumers, the Company builds up a
resource sharing “Smart IoT Terminal - Taoping Net/ App - Taoping
E-store” media ecosystem to ultimately achieve the mission “Our
technology makes advertising and branding affordable and effective
for everyone.” To learn more, please visit http://www.taop.com.
Safe Harbor Statement
This press release may contain certain
“forward-looking statements” relating to the business of Taoping
Inc. and its subsidiaries and other consolidated entities. All
statements, other than statements of historical fact included
herein, are “forward-looking statements” in nature within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, often identified by the use of
forward-looking terminologies such as “believes”, “expects” or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. 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 (http://www.sec.gov). All forward-looking statements
attributable to the Company and its subsidiaries and other
consolidated entities or persons acting on their 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.
TAOPING INC.CONSOLIDATED
BALANCE SHEETSSEPTEMBER 30, 2018 AND DECEMBER 31,
2017
|
|
September 30, 2018 |
|
|
December 31, 2017 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
2,041,692 |
|
|
$ |
3,260,808 |
|
Accounts receivable,
net |
|
|
7,405,424 |
|
|
|
5,267,752 |
|
Accounts
receivable-related parties |
|
|
8,136,098 |
|
|
|
4,872,743 |
|
Advances to suppliers,
net |
|
|
1,535,896 |
|
|
|
1,630,980 |
|
Amounts due from
related parties |
|
|
169,051 |
|
|
|
- |
|
Inventories, net |
|
|
501,970 |
|
|
|
631,610 |
|
Loan receivable |
|
|
2,183,370 |
|
|
|
- |
|
Other current
assets |
|
|
2,314,940 |
|
|
|
5,854,792 |
|
TOTAL CURRENT
ASSETS |
|
|
24,288,441 |
|
|
|
21,518,685 |
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net |
|
|
10,692,860 |
|
|
|
11,830,698 |
|
Intangible assets,
net |
|
|
167,858 |
|
|
|
808,707 |
|
Long-term
investments |
|
|
43,667 |
|
|
|
46,094 |
|
Other non-current
assets |
|
|
3,151,179 |
|
|
|
3,326,319 |
|
TOTAL
ASSETS |
|
$ |
38,344,005 |
|
|
$ |
37,530,503 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Short-term bank
loans |
|
$ |
7,117,786 |
|
|
$ |
7,817,610 |
|
Accounts payable |
|
|
9,569,340 |
|
|
|
6,844,440 |
|
Advances from
customers |
|
|
336,617 |
|
|
|
281,772 |
|
Advances from
customers-related parties |
|
|
184,015 |
|
|
|
1,008,426 |
|
Amounts due to related
parties |
|
|
- |
|
|
|
1,183,090 |
|
Accrued payroll and
benefits |
|
|
316,900 |
|
|
|
290,841 |
|
Other payables and
accrued expenses |
|
|
4,466,434 |
|
|
|
4,038,417 |
|
Income tax payable |
|
|
291,329 |
|
|
|
1,548,415 |
|
TOTAL
LIABILITIES |
|
|
22,282,421 |
|
|
|
23,013,011 |
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
Ordinary shares, no
par; authorized 100,000,000 shares; shares issued and
outstanding, September 30, 2018:40,760,163 shares; December 31,
2017: 40,231,159 shares; |
|
|
124,646,996 |
|
|
|
123,950,544 |
|
Additional paid-in
capital |
|
|
15,625,830 |
|
|
|
15,814,328 |
|
Reserve |
|
|
13,812,095 |
|
|
|
13,812,095 |
|
Accumulated
deficit |
|
|
(170,532,628 |
) |
|
|
(172,395,246 |
) |
Accumulated other
comprehensive income |
|
|
23,177,137 |
|
|
|
24,201,766 |
|
Total equity of
the Company |
|
|
6,729,430 |
|
|
|
5,383,487 |
|
Non-controlling
interest |
|
|
9,332,154 |
|
|
|
9,134,005 |
|
Total
Equity |
|
|
16,061,584 |
|
|
|
14,517,492 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY |
|
$ |
38,344,005 |
|
|
$ |
37,530,503 |
|
TAOPING INC.CONSOLIDATED
STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2018 AND 2017
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2018 |
|
|
September 30, 2017 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenue – Products |
|
$ |
4,589,000 |
|
|
|
$ |
3,363,851 |
|
|
Revenue –
Products-related parties |
|
|
8,401,608 |
|
|
|
|
5,678,637 |
|
|
Revenue – Software |
|
|
2,148,394 |
|
|
|
|
2,544,550 |
|
|
Revenue – Software-
related parties |
|
|
46,086 |
|
|
|
|
- |
|
|
Revenue – System
integration |
|
|
12 |
|
|
|
|
40,631 |
|
|
Revenue – Others |
|
|
1,238,137 |
|
|
|
|
583,008 |
|
|
Revenue –
Others-related parties |
|
|
62,787 |
|
|
|
|
19,568 |
|
|
TOTAL
REVENUE |
|
|
16,486,024 |
|
|
|
|
12,230,245 |
|
|
|
|
|
|
|
|
|
|
|
Cost – Products |
|
|
7,930,171 |
|
|
|
|
6,444,188 |
|
|
Cost – Software |
|
|
634,638 |
|
|
|
|
176,851 |
|
|
Cost – System
integration |
|
|
231,116 |
|
|
|
|
54,245 |
|
|
Cost – Others |
|
|
94,898 |
|
|
|
|
7,248 |
|
|
TOTAL
COST |
|
|
8,890,823 |
|
|
|
|
6,682,532 |
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
|
7,595,201 |
|
|
|
|
5,547,713 |
|
|
|
|
|
|
|
|
|
|
|
Administrative
expenses |
|
|
2,957,699 |
|
|
|
|
2,151,100 |
|
|
Research and
development expenses |
|
|
3,669,023 |
|
|
|
|
2,913,372 |
|
|
Selling expenses |
|
|
281,185 |
|
|
|
|
708,721 |
|
|
INCOME (LOSS)
FROM OPERATIONS |
|
|
687,294 |
|
|
|
|
(225,480 |
|
) |
|
|
|
|
|
|
|
|
|
Subsidy income |
|
|
415,088 |
|
|
|
|
313,369 |
|
|
Other income (loss),
net |
|
|
76,924 |
|
|
|
|
369,390 |
|
|
Interest income |
|
|
1,463 |
|
|
|
|
7,110 |
|
|
Interest expense |
|
|
(383,745 |
|
) |
|
|
(344,333 |
|
) |
Change in fair value of
warrant liability |
|
|
- |
|
|
|
|
3,720 |
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes |
|
|
797,024 |
|
|
|
|
123,776 |
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
1,240,054 |
|
|
|
|
1,035,926 |
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
|
|
2,037,078 |
|
|
|
|
1,159,702 |
|
|
Less: Net income
attributable to the non- controlling interest |
|
|
(174,460 |
) |
|
|
|
(46,883 |
) |
|
NET
INCOME |
|
|
|
|
|
|
|
|
ATTRIBUTABLE TO
THE COMPANY |
|
$ |
1,862,618 |
|
|
|
$ |
1,112,819 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
|
$ |
0.03 |
|
|
Diluted |
|
$ |
0.05 |
|
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE
ATTRIBUTABLE TO THE COMPANY |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
|
$ |
0.03 |
|
|
Diluted |
|
$ |
0.04 |
|
|
|
$ |
0.03 |
|
|
TAOPING INC.CONSOLIDATED
STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2018 AND 2017
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2018 |
|
|
September 30, 2017 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
OPERATING
ACTIVITIES |
|
|
|
|
|
|
|
|
Net
income |
|
$ |
2,037,078 |
|
|
|
$ |
1,159,702 |
|
|
Adjustments to
reconcile net income to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Provision for losses on
accounts receivable and other current assets |
|
|
342,813 |
|
|
|
|
213,949 |
|
|
Provision for obsolete
inventories |
|
|
31,838 |
|
|
|
|
81,047 |
|
|
Depreciation |
|
|
2,251,513 |
|
|
|
|
1,438,420 |
|
|
Amortization of
intangible assets |
|
|
631,402 |
|
|
|
|
612,799 |
|
|
Loss (Gain) on sale of
property and equipment |
|
|
4,307 |
|
|
|
|
(7,788 |
) |
|
Loss on disposal of
inventories |
|
|
68,176 |
|
|
|
|
105,041 |
|
|
Stock-based payment for
consulting services |
|
|
27,977 |
|
|
|
|
7,181 |
|
|
Stock-based
compensation |
|
|
437,271 |
|
|
|
|
404,899 |
|
|
Change in fair value of
warrants liability |
|
|
- |
|
|
|
|
(3,720 |
|
) |
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(2,931,523 |
) |
|
|
|
(1,764,312 |
) |
|
Accounts receivable
from related parties |
|
|
(3,714,865 |
) |
|
|
|
(2,880,123 |
) |
|
Inventories |
|
|
(78,441 |
) |
|
|
|
(297,707 |
) |
|
Other receivables and
prepaid expenses |
|
|
3,112,571 |
|
|
|
|
3,625,403 |
|
|
Advances to
suppliers |
|
|
66,151 |
|
|
|
|
(321,327 |
) |
|
Other payables and
accrued expenses |
|
|
824,893 |
|
|
|
|
(837,500 |
) |
|
Advances from
customers |
|
|
73,541 |
|
|
|
|
(1,495,655 |
) |
|
Advances from
customers-related parties |
|
|
(814,033 |
) |
|
|
|
1,036,261 |
|
|
Amounts due to related
parties |
|
|
(1,361,285 |
) |
|
|
|
- |
|
|
Accounts payable |
|
|
2,626,313 |
|
|
|
|
824,959 |
|
|
Income tax payable |
|
|
(1,240,664 |
) |
|
|
|
(1,038,961 |
) |
|
Net cash
provided by operating activities |
|
|
2,395,033 |
|
|
|
|
862,568 |
|
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment |
|
|
585 |
|
|
|
|
7,788 |
|
|
Loan receivable |
|
|
(2,304,293 |
) |
|
|
|
- |
|
|
Purchases of property
and equipment |
|
|
(1,067,721 |
) |
|
|
|
(1,461,453 |
) |
|
Net cash used
in investing activities |
|
|
(3,371,429 |
) |
|
|
|
(1,453,665 |
) |
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from issuance
of ordinary shares in connection with cash exercise of stock
options |
|
|
45,521 |
|
|
|
|
- |
|
|
Borrowings under
short-term loans |
|
|
2,304,293 |
|
|
|
|
2,938,860 |
|
|
Repayment of short-term
loans |
|
|
(2,608,460 |
) |
|
|
|
(3,552,788 |
) |
|
Net cash used
in financing activities |
|
|
(258,646 |
) |
|
|
|
(613,928 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
|
15,926 |
|
|
|
|
(765,201 |
) |
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN
CASH AND CASH EQUIVALENTS |
|
|
(1,219,116 |
) |
|
|
|
(1,970,226 |
) |
|
CASH AND CASH
EQUIVALENTS, BEGINNING |
|
|
3,260,808 |
|
|
|
|
3,752,375 |
|
|
CASH AND CASH
EQUIVALENTS, ENDING |
|
$ |
2,041,692 |
|
|
|
$ |
1,782,149 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure
of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid during the
year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
609 |
|
|
|
$ |
3,034 |
|
|
Interest |
|
$ |
383,745 |
|
|
|
$ |
344,333 |
|
|
Supplemental disclosure of significant non-cash
transactions:
● |
$629,824 in purchase of software by increase in accounts payable
for the nine months of 2018. |
|
|
● |
Issuance of 479,004 ordinary shares in an amount of $626,184 during
the nine months of 2018, as a result of the cashless exercise of
share options granted to the Company’s employees under its 2016
Equity Incentive Plan. |
Reclassification:
Certain prior period amounts have been
reclassified to be comparable to the current period presentation.
This reclassification has no effect on previously reported net
assets or net income.
For further information, please contact:
Taoping Inc. |
|
Iris
Yan |
|
Tel:
+86-755-8370-4767 |
|
Email:
IR@taoping.cn |
|
http://www.taop.com |
|
or |
|
|
|
Dragon Gate Investment Partners LLC |
|
Tel: +1
(646)-801-2803 |
|
Email:
taop@dgipl.com |
|
Taoping Inc BVI (NASDAQ:TAOP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Taoping Inc BVI (NASDAQ:TAOP)
Historical Stock Chart
From Apr 2023 to Apr 2024