ROSLYN, N.Y., Sept. 30, 2019 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global", the
"Company", "we", "our", or "us"), a non-asset based global
logistics service provider, announced its financial and operating
results for the fiscal year ended June 30,
2019.
The Company has also provided more detailed information on its
annual report on Form 10-K filed this morning with the U.S.
Securities and Exchange Commission. Management encourages investors
to review this filing for more details of the Company's financial
results for the fiscal year 2019, background on Sino-Global's
business and history, as well as the Company's strategies for the
coming fiscal year.
Management Comments – Strategy Moving into Fiscal
2020
Mr. Lei Cao, Chairman and Chief Executive Officer of Sino-Global
commented, "We continue to pay greater attention to expanding our
ship services following a challenging year due to the intense
U.S./China trade relations.
Throughout the year, current trade dynamics increased the expense
for shipping carrier clients to ship cargo into U.S. ports,
resulting in lower shipping volumes and lower utilization of our
online platform, which has caused us to shift our focus back to the
global shipping agency business. The shipping agency industry in
the world has improved in the past years and the number of shipping
agencies overall has decreased due to the failure to provide a
competitive price and to embrace technology as a resource in
serving client needs. We already have a network that covers the
U.S. east coast, west coast, Canada, Australia, Hong
Kong, Beijing, and
Ningbo, and we intend to utilize
our previous investments in technology to provide a broader base of
services to our customers. We maintain strong relationships with
customers and market resources. The current shipping agency market
is more competitive yet enable companies like us who have better
resources in this market niche to expand."
Mr. Cao concluded, "While we were pleased with higher sales this
year, we understand that the Company needs to collect revenues from
larger shipping agencies to take advantage of our cash generating
potential. In addition, in fiscal year 2020, we expect to provide
shipping management service, which includes ship insurance
arrangements and operations; ship maintenance and inspection; crew
recruitment, training and supply and ship technical services. We
will focus on expanding our business to increase sales revenue in
the United States and get more
customers who can settle in U.S. dollars. Overall, we believe that
the Company has properly positioned itself to take advantage of
another revenue growth opportunity. As we move forward into fiscal
2020, we will be focusing on leveraging our growing infrastructure
to improve operating margins and the bottom line. We expect to
provide a shareholder letter to outline our growth strategy for the
coming year prior to our next annual meeting."
Fiscal Year 2019 Financial Review
- Total revenues increased by approximately 81.1% to
approximately $41.8 million during
the year, compared to approximately $23.1
million in the prior fiscal year. This increase was due to
the Company's continuing efforts to diversify its business
perspectives, resulting in the rise in revenues generated from its
freight logistics services segment. Freight logistics services
consist primarily of cargo forwarding, brokerage and other freight
services in China.
- In the second quarter of 2019, the Company decided to
transition back into the shipping agency business, because it now
has an integrated online logistics platform that allows it to
handle a wider base of customers in China and other ports of the world. For the
years ended June 30, 2019 and 2018,
shipping agency services generated revenues of $2,093,680 and $0,
respectively, and gross profit of $199,348 and $0,
respectively, representing a 100.0% increase in both revenues and
gross profit.
- The increase of revenue in the shipping agency services segment
was due to the increase in the total number of ships the Company
served. For the year ended June 30,
2019, the Company served 57 ships.
- The Company's gross profit for the 2019 fiscal year was
approximately $5.8 million, compared
to approximately $7.5 million in the
prior fiscal year. Gross profit margin during the year decreased to
approximately 13.8% from approximately 32.4%, which was largely
attributed to a greater portion of revenues coming from providing
freight logistics services and shipping agency business with
relative low gross profit margins. Gross profit margin decreased as
a result of significiantly increased cost of revenues, mainly from
the freight logistics services segment due to an increase in
freight cost of carriers resulting from the increase in shipping
volume.
The following tables present summary information by segments
mainly regarding the top-line financial results for the years ended
June 30, 2019 and 2018:
|
For the Year Ended
June 30, 2019
|
|
|
Shipping
Agency
Services
|
|
Inland
Transportation
Management
Services
|
|
Freight
Logistics
Services
|
|
Container
Trucking
Services
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
$
|
-
|
|
$
|
433,383
|
|
$
|
-
|
|
$
|
-
|
|
$
|
433,383
|
|
- Third
parties
|
$
|
2,093,680
|
|
$
|
1,036,416
|
|
$
|
37,725,136
|
|
$
|
482,432
|
|
$
|
41,337,664
|
|
Total
revenues
|
$
|
2,093,680
|
|
$
|
1,469,799
|
|
$
|
37,725,136
|
|
$
|
482,432
|
|
$
|
41,771,047
|
|
Cost of
revenues
|
$
|
(1,894,332)
|
|
$
|
(128,624)
|
|
$
|
(33,556,109)
|
|
$
|
(427,445)
|
|
$
|
(36,006,510)
|
|
Gross
profit
|
$
|
199,348
|
|
$
|
1,341,175
|
|
$
|
4,169,027
|
|
$
|
54,987
|
|
$
|
5,764,537
|
|
Depreciation
and amortization
|
$
|
-
|
|
$
|
110,821
|
|
$
|
1,902
|
|
$
|
18,197
|
|
$
|
130,920
|
|
Total capital
expenditures
|
$
|
-
|
|
$
|
-
|
|
$
|
125,817
|
|
$
|
17,675
|
|
$
|
143,493
|
|
Gross
margin%
|
|
9.5
|
%
|
|
91.2
|
%
|
|
11.1
|
%
|
|
11.4
|
%
|
|
13.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended
June 30, 2018
|
|
|
Shipping
Agency
Services
|
|
Inland
Transportation
Management
Services
|
|
Freight
Logistics
Services
|
|
Container
Trucking
Services
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
$
|
-
|
|
$
|
2,059,406
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2,059,406
|
|
- Third
parties
|
$
|
-
|
|
$
|
3,441,001
|
|
$
|
16,467,671
|
|
$
|
1,096,485
|
|
$
|
21,005,157
|
|
Total
revenues
|
$
|
-
|
|
$
|
5,500,407
|
|
$
|
16,467,671
|
|
$
|
1,096,485
|
|
$
|
23,064,563
|
|
Cost of
revenues
|
$
|
-
|
|
$
|
(874,760)
|
|
$
|
(14,013,935)
|
|
$
|
(696,998)
|
|
$
|
(15,585,693)
|
|
Gross
profit
|
$
|
-
|
|
$
|
4,625,647
|
|
$
|
2,453,736
|
|
$
|
399,487
|
|
$
|
7,478,870
|
|
Depreciation
and amortization
|
$
|
-
|
|
$
|
72,954
|
|
$
|
1,902
|
|
$
|
20,063
|
|
$
|
94,919
|
|
Total capital
expenditures
|
$
|
-
|
|
$
|
-
|
|
$
|
778,182
|
|
$
|
44,595
|
|
$
|
822,777
|
|
Gross
margin%
|
|
-
|
|
|
84.1
|
%
|
|
14.9
|
%
|
|
36.4
|
%
|
|
32.4
|
%
|
- Operating loss for the year ended June
30, 2019 was approximately $6.0
million, compared to an operating income of approximately
$0.8 million in the prior year. The
decrease was largely due to a provision for doubtful accounts of
$3,978,893 for the year ended
June 30, 2019 compared to the
provision for doubtful accounts of $1,726,599 for the year ended June 30, 2018. The increase was due to slower
collections from customers. As the Company continues its business
relationships with several large customers, it continues to improve
its collection efforts to improve its accounts receivable.
- For the fiscal year ended June 30,
2019, the Company reported net loss attributable to
Sino-Global Shipping America, Ltd. of approximately $6.5 million, or loss of $0.45 per diluted share based on approximately
14.4 million weighted average shares outstanding, compared to net
income attributable to Sino-Global Shipping America, Ltd. of
$0.5 million, or earning of
$0.04 per diluted share based on
approximately 12.0 million weighted average shares outstanding, for
the prior year.
Balance Sheet Information
- As of June 30, 2019, the Company
had approximately $3.1 million in
cash, working capital of approximately $10.7
million and stockholders' equity of approximately
$20.5 million; compared to
approximately $7.1 million,
$15.8 million, and $24.3 million, respectively, as of June 30, 2018.
- The Company's allowance for doubtful accounts was approximately
$5.7 million as of June 30,2019 compared with allowance of doubtful
accounts of approximately $1.7
million as of June 30, 2018.
As the Company continues to maintain long-standing relationships
with its customers, it will work with these parties to monitor
their payments closely and does not believe that there are any
significant collection issues with respect to trade accounts
receivable.
- The Company holds no long-term debt.
About Sino-Global Shipping America, Ltd.
Founded in the United States in
2001, Sino-Global Shipping America, Ltd. is a company engaged
originally in shipping, chartering, logistics and related business
services. Headquartered in New
York, Sino-Global has offices in mainland China, Australia, Canada and Hong
Kong. The Company's current service offerings consist of
shipping agency, inland transportation management, freight
logistics and container trucking services. Additional information
about Sino-Global can be found on the Company's corporate website
at www.sino-global.com. The Company routinely posts important
information on its website.
Forward Looking Statements
No statement made in this press release should be interpreted as
an offer to sell or a solicitation of an offer to purchase any
security. Such an offer can only be made in accordance with the
Securities Act of 1933, as amended, and applicable state securities
laws. Any statements contained in this release that relate to
future plans, events or performance are forward-looking statements
that involve risks and uncertainties as identified in Sino-Global's
filings with the U.S. Securities and Exchange Commission. Actual
results, events or performance may differ materially. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Sino-Global
undertakes no obligation to publicly release the results of any
revisions to these forward-looking statements that may be made to
reflect the events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events unless required by
applicable law or regulations.
Contact Information
The Equity Group Inc.
Adam Prior
Senior Vice-President
(212)-836-9606 / aprior@equityny.com
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
|
|
For the Years
Ended
|
|
June
30,
|
|
2019
|
|
2018
|
|
|
|
|
Net revenues - third
parties
|
$
|
41,337,664
|
|
$
|
21,005,157
|
Net revenues - related
party
|
|
433,383
|
|
|
2,059,406
|
Total
revenues
|
|
41,771,047
|
|
|
23,064,563
|
Cost of
revenues
|
|
(36,006,510)
|
|
|
(15,585,693)
|
Gross
profit
|
|
5,764,537
|
|
|
7,478,870
|
|
|
|
|
|
|
Selling
expenses
|
|
(718,754)
|
|
|
(458,166)
|
General and
administrative expenses
|
|
(4,344,435)
|
|
|
(2,812,457)
|
Impairment loss of
deposit for leasehold improvement
|
|
(425,068)
|
|
|
-
|
Provision for doubtful
accounts
|
|
(3,978,893)
|
|
|
(1,726,599)
|
Stock-based
compensation
|
|
(2,267,833)
|
|
|
(1,663,499)
|
Total operating
expenses
|
|
(11,734,983)
|
|
|
(6,660,721)
|
|
|
|
|
|
|
Operating (loss)
income
|
|
(5,970,446)
|
|
|
818,149
|
|
|
|
|
|
|
Financial (expenses)
income, net
|
|
(179,827)
|
|
|
79,502
|
Other income,
net
|
|
59,029
|
|
|
575,115
|
Total other (expenses)
income, net
|
|
(120,798)
|
|
|
654,617
|
|
|
|
|
|
|
Net (loss) income
before provision for income taxes
|
|
(6,091,244)
|
|
|
1,472,766
|
|
|
|
|
|
|
Income tax
expense
|
|
(920,869)
|
|
|
(949,659)
|
|
|
|
|
|
|
Net (loss)
income
|
|
(7,012,113)
|
|
|
523,107
|
|
|
|
|
|
|
Net (loss) income
attributable to non-controlling interest
|
|
(478,269)
|
|
|
64,056
|
|
|
|
|
|
|
Net (loss) income
attributable to Sino-Global Shipping America, Ltd.
|
$
|
(6,533,844)
|
|
$
|
459,051
|
|
|
|
|
|
|
Comprehensive
(loss) income
|
|
|
|
|
|
Net (loss)
income
|
$
|
(7,012,113)
|
|
$
|
523,107
|
Other comprehensive
(loss) income - foreign currency
|
|
(281,224)
|
|
|
65,981
|
Comprehensive (loss)
income
|
|
(7,293,337)
|
|
|
589,088
|
Less: Comprehensive
loss attributable to non-controlling interest
|
|
(360,794)
|
|
|
(12,120)
|
Comprehensive
(loss) income attributable to Sino-Global Shipping America,
Ltd.
|
$
|
(6,932,543)
|
|
$
|
601,208
|
|
|
|
|
|
|
Earnings (loss) per
share
|
|
|
|
|
|
Basic
|
$
|
(0.45)
|
|
$
|
0.04
|
Diluted
|
$
|
(0.45)
|
|
$
|
0.04
|
|
|
|
|
|
|
Weighted average
number of common shares used in computation
|
|
|
|
|
|
Basic
|
|
14,419,435
|
|
|
11,037,343
|
Diluted
|
|
14,419,435
|
|
|
12,023,036
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONSOLIDATED
BALANCE SHEETS
|
|
June 30,
2019
|
|
June 30,
2018
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash
|
$
|
3,142,650
|
|
$
|
7,098,259
|
Notes
receivable
|
|
383,792
|
|
|
-
|
Accounts receivable,
less allowance for doubtful accounts of $5,670,274 and $1,682,228
as of June 30, 2019 and 2018, respectively
|
|
7,045,846
|
|
|
8,428,853
|
Other receivables,
less allowance for doubtful accounts of $145,176 as of June 30,
2018
|
|
98,445
|
|
|
69,239
|
Advances to
suppliers-third parties
|
|
4,361,410
|
|
|
704,878
|
Advances to
suppliers-related party
|
|
-
|
|
|
3,414,619
|
Prepaid expenses and
other current assets
|
|
105,054
|
|
|
588,439
|
Due from related
party, net
|
|
807,965
|
|
|
2,087,994
|
Total Current
Assets
|
|
15,945,162
|
|
|
22,392,281
|
|
|
|
|
|
|
Property and
equipment, net
|
|
989,910
|
|
|
956,429
|
Intangible assets,
net
|
|
89,722
|
|
|
153,056
|
Prepaid
expenses
|
|
519,503
|
|
|
1,878,258
|
Other long-term assets
- deposits
|
|
3,054,706
|
|
|
143,303
|
Deferred tax assets,
net
|
|
-
|
|
|
634,500
|
Total
Assets
|
$
|
20,599,003
|
|
$
|
26,157,827
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Advances from
customers
|
$
|
68,590
|
|
$
|
415,385
|
Accounts
payable
|
|
567,619
|
|
|
3,225,661
|
Taxes
payable
|
|
3,184,895
|
|
|
2,700,619
|
Accrued expenses and
other current liabilities
|
|
1,418,129
|
|
|
280,888
|
Total current
liabilities
|
|
5,239,233
|
|
|
6,622,553
|
|
|
|
|
|
|
Total
liabilities
|
|
5,239,233
|
|
|
6,622,553
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Preferred stock,
2,000,000 shares authorized, no par value, none issued
|
|
-
|
|
|
-
|
Common stock,
50,000,000 shares authorized, no par value; 16,054,534 and
13,271,032 shares issued as of June 30, 2019 and 2018,
respectively; 15,879,037 and 13,095,535 outstanding as of June 30,
2019 and 2018, respectively
|
|
26,523,830
|
|
|
23,717,330
|
Additional paid-in
capital
|
|
2,066,906
|
|
|
1,755,573
|
Treasury stock, at
cost, 175,497 shares as of June 30, 2019 and 2018
|
|
(417,538)
|
|
|
(417,538)
|
Accumulated
deficit
|
|
(6,968,700)
|
|
|
(434,856)
|
Accumulated other
comprehensive loss
|
|
(671,106)
|
|
|
(272,407)
|
Total Sino-Global
Shipping America Ltd. Stockholders' Equity
|
|
20,533,392
|
|
|
24,348,102
|
|
|
|
|
|
|
Non-controlling
Interest
|
|
(5,173,622)
|
|
|
(4,812,828)
|
|
|
|
|
|
|
Total
Equity
|
|
15,359,770
|
|
|
19,535,274
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
$
|
20,599,003
|
|
$
|
26,157,827
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
|
|
|
Accumulated
other
|
|
|
|
|
|
|
|
Preferred
Stock
|
|
Common
Stock
|
|
paid-in
|
|
Treasury
Stock
|
|
Accumulated
|
|
comprehensive
|
|
Noncontrolling
|
|
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
capital
|
|
Shares
|
|
Amount
|
|
deficit
|
|
income
(loss)
|
|
interest
|
|
Total
|
BALANCE,
June 30, 2017
|
-
|
|
$
|
-
|
|
10,281,032
|
|
$
|
20,535,379
|
|
$
|
688,934
|
|
(175,497)
|
|
$
|
(417,538)
|
|
$
|
(893,907)
|
|
$
|
(414,564)
|
|
$
|
(4,768,779)
|
|
$
|
14,729,525
|
Issuance of
common stock
|
-
|
|
|
-
|
|
2,000,000
|
|
|
1,510,951
|
|
|
1,074,140
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,585,091
|
Stock based
compensation to management and board
|
-
|
|
|
-
|
|
660,000
|
|
|
759,000
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
759,000
|
Stock based
compensation to employee
|
-
|
|
|
-
|
|
130,000
|
|
|
364,000
|
|
|
(91,000)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
273,000
|
Amortization of
stock compensation
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
9,665
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
9,665
|
Shares issued for
professional services
|
-
|
|
|
-
|
|
200,000
|
|
|
548,000
|
|
|
73,834
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
621,834
|
Disposition of joint
venture
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(31,929)
|
|
|
(31,929)
|
Foreign currency
translation
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
142,157
|
|
|
(76,176)
|
|
|
65,981
|
Net income
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
459,051
|
|
|
-
|
|
|
64,056
|
|
|
523,107
|
BALANCE,
June 30, 2018
|
-
|
|
$
|
-
|
|
13,271,032
|
|
$
|
23,717,330
|
|
$
|
1,755,573
|
|
(175,497)
|
|
$
|
(417,538)
|
|
$
|
(434,856)
|
|
$
|
(272,407)
|
|
$
|
(4,812,828)
|
|
$
|
19,535,274
|
Stock based
compensation to employees
|
-
|
|
|
-
|
|
1,580,000
|
|
|
1,382,500
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,382,500
|
Stock based
compensation to consultants
|
-
|
|
|
-
|
|
550,000
|
|
|
574,000
|
|
|
(127,500)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
446,500
|
Issuance of common
stock to private investors
|
-
|
|
|
-
|
|
653,502
|
|
|
850,000
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
850,000
|
Amortization of
shares to management and employees
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
91,000
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
91,000
|
Amortization of
shares issued to consultants
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
347,833
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
347,833
|
Foreign currency
translation
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(398,699)
|
|
|
117,475
|
|
|
(281,224)
|
Net loss
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(6,533,844)
|
|
|
-
|
|
|
(478,269)
|
|
|
(7,012,113)
|
BALANCE,
June 30, 2019
|
-
|
|
$
|
-
|
|
16,054,534
|
|
$
|
26,523,830
|
|
$
|
2,066,906
|
|
(175,497)
|
|
$
|
(417,538)
|
|
$
|
(6,968,700)
|
|
$
|
(671,106)
|
|
$
|
(5,173,622)
|
|
$
|
15,359,770
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
For the Years
Ended
|
|
June
30,
|
|
2019
|
|
2018
|
|
|
|
|
Operating
Activities
|
|
|
|
Net (loss)
income
|
$
|
(7,012,113)
|
|
$
|
523,107
|
Adjustments to
reconcile net (loss) income to net cash used in operating
activities:
|
|
|
|
|
|
Stock-based
compensation
|
|
2,267,833
|
|
|
1,663,499
|
Depreciation and
amortization
|
|
130,920
|
|
|
94,919
|
Provision for doubtful
accounts
|
|
3,978,893
|
|
|
1,726,599
|
Impairment loss of
deposit for leasehold improvement
|
|
425,068
|
|
|
-
|
Deferred tax
provision
|
|
634,500
|
|
|
114,900
|
Changes in assets and
liabilities
|
|
|
|
|
|
Notes
receivable
|
|
(386,233)
|
|
|
-
|
Accounts
receivable
|
|
(2,553,973)
|
|
|
(7,421,179)
|
Other
receivables
|
|
161,057
|
|
|
(31,328)
|
Advances to
suppliers-third parties
|
|
(3,671,931)
|
|
|
(662,144)
|
Advances to
suppliers-related party
|
|
3,312,666
|
|
|
-
|
Prepaid expenses and
other current assets
|
|
1,407,599
|
|
|
(280,627)
|
Other long-term assets
- deposits
|
|
(2,928,775)
|
|
|
(470,319)
|
Due from related
parties
|
|
1,422,254
|
|
|
(604,863)
|
Advances from
customers
|
|
(353,432)
|
|
|
38,174
|
Accounts
payable
|
|
(2,709,194)
|
|
|
3,064,257
|
Taxes
payable
|
|
487,197
|
|
|
754,512
|
Due to related
parties
|
|
-
|
|
|
(206,323)
|
Accrued expenses and
other current liabilities
|
|
1,114,597
|
|
|
(110,836)
|
Net cash used in
operating activities
|
|
(4,273,067)
|
|
|
(1,807,652)
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
Acquisition of
property and equipment
|
|
(143,493)
|
|
|
(822,777)
|
Acquisition of
intangible assets
|
|
-
|
|
|
(190,000)
|
Prepayment for
intangible assets
|
|
-
|
|
|
(1,440,107)
|
Net cash used in
investing activities
|
|
(143,493)
|
|
|
(2,452,884)
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
Proceeds from issuance
of common stock
|
|
850,000
|
|
|
2,585,091
|
Net cash provided
by financing activities
|
|
850,000
|
|
|
2,585,091
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash
|
|
(389,049)
|
|
|
39,962
|
|
|
|
|
|
|
Net decrease in
cash
|
|
(3,955,609)
|
|
|
(1,635,483)
|
|
|
|
|
|
|
Cash at beginning of
year
|
|
7,098,259
|
|
|
8,733,742
|
|
|
|
|
|
|
Cash at end of
year
|
$
|
3,142,650
|
|
$
|
7,098,259
|
|
|
|
|
|
|
Supplemental
information
|
|
|
|
|
|
Income taxes
paid
|
$
|
166,960
|
|
$
|
68,268
|
Interest
paid
|
$
|
-
|
|
$
|
-
|
View original
content:http://www.prnewswire.com/news-releases/sino-global-announces-2019-year-end-financial-results-company-continues-transition-to-shipping-agency-focus-300927911.html
SOURCE Sino-Global Shipping America, Ltd.