ROSLYN, New York, May 15, 2019 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global", the
"Company", "our", "we" or "us"), a logistics integrated solutions
provider engaged in non-asset based global shipping, freight
logistics, and inland transportation management and related
services, today announced its financial and operating results for
the third quarter and nine months ended March 31,
2019.
The Company has also provided an update on its quarterly
report on Form 10-Q filed with the U.S. Securities and
Exchange Commission the same day. Management encourages investors
to review this filing for more details of the Company's financial
results for the period.
Fiscal Year 2019 Third Quarter Financial
Review
- Total revenues increased by 337.9% to approximately
$22.8 million for the three month
period ended March 31, 2019, compared
to approximately $5.2 million in the
three month period ended March 31,
2018. The increase was mainly due to continuing efforts to
diversify its business, 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.
- The Company's gross profit for the three month period ended
March 31, 2019 was approximately
$1.7 million, compared to
approximately $1.8 million for the
same period in the prior year. Gross margin during the
period was approximately 7.5% compared to approximately 34.5% for
the same period last year.
- Sino-Global's selling, general and administrative expenses
(SG&A expenses) were approximately $2.8 million for the three month period
ended March 31, 2019, compared to
approximately $1.2 million in
the same period of the prior year. As a percentage of revenue,
SG&A expenses decreased to approximately 12.2% from
approximately 23.7% in the prior year period, largely due to
greater efficiency on higher revenues.
- The Company's provision for doubtful accounts was $1,583,965 for the three months ended
March 31, 2019, compared with a
provision for doubtful accounts of $570,712 for the same period in 2018. The
increase was due to slower collections from customers with
significant increased credit sales. As the Company continues its
business relationship with several large customers, it continues to
monitor the collection closely with respect to trade accounts
receivable.
- For the three months ended March 31,
2019, the Company reported a net loss attributable to
the Company of approximately $1.4 million, or $(0.09) per diluted share based on weighted
average diluted shares outstanding of 15,295,703, compared to a net
income attributable to the Company of approximately $0.1 million, or $0.01 per diluted share based on weighted
average diluted shares outstanding of 10,870,221, for the same
period in the prior year.
The following tables present summary information by segments for
the three months ended March 31,
2019 and 2018:
|
For the Three
Months Ended March 31, 2019
|
|
|
Shipping
Agency
Services
|
|
|
Inland
Transportation
Management
Services
|
|
|
Freight
Logistics
Services
|
|
|
Container
Trucking
Services
|
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
$
|
-
|
|
|
$
|
36,380
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
36,380
|
|
- Third
parties
|
$
|
956,583
|
|
|
$
|
93,407
|
|
|
$
|
21,599,675
|
|
|
$
|
87,094
|
|
|
$
|
22,736,759
|
|
Total
revenues
|
$
|
956,583
|
|
|
$
|
129,787
|
|
|
$
|
21,599,675
|
|
|
$
|
87,094
|
|
|
$
|
22,773,139
|
|
Cost of
revenues
|
$
|
862,970
|
|
|
$
|
48,750
|
|
|
$
|
20,098,417
|
|
|
$
|
65,058
|
|
|
$
|
21,075,195
|
|
Gross
profit
|
$
|
93,613
|
|
|
$
|
81,037
|
|
|
$
|
1,501,258
|
|
|
$
|
22,036
|
|
|
$
|
1,697,944
|
|
Depreciation and
amortization
|
$
|
-
|
|
|
$
|
39,109
|
|
|
$
|
476
|
|
|
$
|
4,448
|
|
|
$
|
44,033
|
|
Total capital
expenditures
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
125,806
|
|
|
$
|
8,317
|
|
|
$
|
134,123
|
|
Gross
margin%
|
|
9.8
|
%
|
|
|
62.4
|
%
|
|
|
7.0
|
%
|
|
|
25.3
|
%
|
|
|
7.5
|
%
|
|
For the Three
Months Ended March 31, 2018
|
|
|
Shipping
Agency Services
|
|
|
Inland
Transportation
Management Services
|
|
|
Freight
Logistics
Services
|
|
|
Container
Trucking Services
|
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
$
|
-
|
|
|
$
|
501,000
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
501,000
|
|
- Third
parties
|
$
|
-
|
|
|
$
|
934,872
|
|
|
$
|
3,577,293
|
|
|
$
|
187,005
|
|
|
$
|
4,699,170
|
|
Total
revenues
|
$
|
-
|
|
|
$
|
1,435,872
|
|
|
$
|
3,577,293
|
|
|
$
|
187,005
|
|
|
$
|
5,200,170
|
|
Cost of
revenues
|
$
|
-
|
|
|
$
|
91,276
|
|
|
$
|
3,195,492
|
|
|
$
|
118,667
|
|
|
$
|
3,405,435
|
|
Gross
profit
|
$
|
-
|
|
|
$
|
1,344,596
|
|
|
$
|
381,801
|
|
|
$
|
68,338
|
|
|
$
|
1,794,735
|
|
Depreciation and
amortization
|
$
|
-
|
|
|
$
|
26,268
|
|
|
$
|
475
|
|
|
$
|
4,917
|
|
|
$
|
31,660
|
|
Total capital
expenditures
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
10,929
|
|
|
$
|
10,929
|
|
Gross
margin%
|
|
-
|
|
|
|
93.6
|
%
|
|
|
10.7
|
%
|
|
|
36.5
|
%
|
|
|
34.5
|
%
|
Balance Sheet Information
- As of March 31, 2019, the Company
had approximately $3.5 million in
cash, working capital of approximately $11.3
million and stockholders' equity of approximately
$22.3 million.
- The Company had no long-term debt as of March 31, 2019.
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
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(UNAUDITED)
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
March
31,
|
|
March
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Net revenues - third
parties
|
$
|
22,736,759
|
|
$
|
4,699,170
|
|
$
|
39,354,579
|
|
$
|
14,179,256
|
Net revenues -
related party
|
|
36,380
|
|
|
501,000
|
|
|
433,380
|
|
|
1,621,406
|
Total
revenues
|
|
22,773,139
|
|
|
5,200,170
|
|
|
39,787,959
|
|
|
15,800,662
|
Cost of
revenues
|
|
(21,075,195)
|
|
|
(3,405,435)
|
|
|
(34,715,624)
|
|
|
(10,447,231)
|
Gross
profit
|
|
1,697,944
|
|
|
1,794,735
|
|
|
5,072,335
|
|
|
5,353,431
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(140,601)
|
|
|
(35,363)
|
|
|
(507,199)
|
|
|
(393,090)
|
General and
administrative expenses
|
|
(2,637,868)
|
|
|
(1,196,806)
|
|
|
(6,314,447)
|
|
|
(3,444,095)
|
Stock-based
compensation
|
|
(148,708)
|
|
|
(280,708)
|
|
|
(2,013,292)
|
|
|
(623,790)
|
Total operating
expenses
|
|
(2,927,177)
|
|
|
(1,512,877)
|
|
|
(8,834,938)
|
|
|
(4,460,975)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(1,229,233)
|
|
|
281,858
|
|
|
(3,762,603)
|
|
|
892,456
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income,
net
|
|
2,499
|
|
|
170,134
|
|
|
3,993
|
|
|
392,729
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
before provision for income taxes
|
|
(1,226,734)
|
|
|
451,992
|
|
|
(3,758,610)
|
|
|
1,285,185
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
(248,820)
|
|
|
(216,095)
|
|
|
(427,333)
|
|
|
58,597
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(1,475,554)
|
|
|
235,897
|
|
|
(4,185,943)
|
|
|
1,343,782
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to non-controlling interest
|
|
(86,764)
|
|
|
150,943
|
|
|
(6,419)
|
|
|
343,936
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Sino-Global Shipping America, Ltd.
|
$
|
(1,388,790)
|
|
$
|
84,954
|
|
$
|
(4,179,524)
|
|
$
|
999,846
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(1,475,554)
|
|
$
|
235,897
|
|
$
|
(4,185,943)
|
|
$
|
1,343,782
|
Other comprehensive
income (loss) - foreign currency
|
|
262,467
|
|
|
164,446
|
|
|
(306,457)
|
|
|
309,763
|
Comprehensive income
(loss)
|
|
(1,213,087)
|
|
|
400,343
|
|
|
(4,492,400)
|
|
|
1,653,545
|
Less: Comprehensive
income (loss) attributable to non-controlling interest
|
|
(96,210)
|
|
|
30,785
|
|
|
37,445
|
|
|
92,150
|
Comprehensive
income (loss) attributable to Sino-Global Shipping
America Ltd.
|
$
|
(1,116,877)
|
|
$
|
369,558
|
|
$
|
(4,529,845)
|
|
$
|
1,561,395
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.09)
|
|
$
|
0.01
|
|
$
|
(0.30)
|
|
$
|
0.10
|
Diluted
|
$
|
(0.09)
|
|
$
|
0.01
|
|
$
|
(0.30)
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used in computation
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
15,245,703
|
|
|
10,835,535
|
|
|
14,045,018
|
|
|
10,433,272
|
Diluted
|
|
15,245,703
|
|
|
10,870,221
|
|
|
14,045,018
|
|
|
10,479,555
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
March
31,
|
|
|
June
30,
|
|
2019
|
|
|
2018
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
$
|
3,523,907
|
|
|
$
|
7,098,259
|
Note
receivable
|
|
745,001
|
|
|
|
-
|
Accounts receivable,
less allowance for doubtful accounts of $4,710,897 and $1,682,228
as of March 31, 2019 and June 30, 2018, respectively
|
|
14,067,687
|
|
|
|
8,428,853
|
Other receivables,
less allowance for doubtful accounts of $145,198 and $145,176 as of
March 31, 2019 and June 30, 2018, respectively
|
|
79,481
|
|
|
|
69,239
|
Advances to
suppliers-third parties
|
|
1,145,620
|
|
|
|
704,878
|
Advances to
suppliers-related party
|
|
-
|
|
|
|
3,414,619
|
Prepaid expense and
other current assets
|
|
103,172
|
|
|
|
588,439
|
Due from related
party, net
|
|
885,456
|
|
|
|
2,087,994
|
Total Current
Assets
|
|
20,550,324
|
|
|
|
22,392,281
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
1,032,695
|
|
|
|
956,429
|
Intangible assets,
net
|
|
105,556
|
|
|
|
153,056
|
Prepaid
expenses
|
|
1,114,542
|
|
|
|
1,878,258
|
Other long-term
assets - deposits
|
|
3,123,268
|
|
|
|
143,303
|
Deferred tax assets,
net
|
|
847,668
|
|
|
|
634,500
|
Total
Assets
|
$
|
26,774,053
|
|
|
$
|
26,157,827
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Advances from
customers
|
$
|
69,369
|
|
|
$
|
415,385
|
Accounts
payable
|
|
4,688,560
|
|
|
|
3,225,661
|
Taxes
payable
|
|
3,611,161
|
|
|
|
2,700,619
|
Accrued expenses and
other current liabilities
|
|
848,797
|
|
|
|
280,888
|
Total current
liabilities
|
|
9,217,887
|
|
|
|
6,622,553
|
|
|
|
|
|
|
|
Total
liabilities
|
|
9,217,887
|
|
|
|
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; 15,471,200 and
13,271,032 shares issued as of March 31, 2019 and June 30, 2018,
respectively; 15,295,703 and 13,095,535 outstanding as of March 31,
2019 and June 30, 2018, respectively
|
|
25,855,330
|
|
|
|
23,717,330
|
Additional paid-in
capital
|
|
2,130,865
|
|
|
|
1,755,573
|
Treasury stock, at
cost, 175,497 shares as of March 31, 2019 and
June 30, 2018
|
|
(417,538)
|
|
|
|
(417,538)
|
Accumulated
deficit
|
|
(4,614,380)
|
|
|
|
(434,856)
|
Accumulated other
comprehensive loss
|
|
(622,728)
|
|
|
|
(272,407)
|
Total Sino-Global
Shipping America Ltd. Stockholders' Equity
|
|
22,331,549
|
|
|
|
24,348,102
|
|
|
|
|
|
|
|
Non-controlling
Interest
|
|
(4,775,383)
|
|
|
|
(4,812,828)
|
|
|
|
|
|
|
|
Total
Equity
|
|
17,556,166
|
|
|
|
19,535,274
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
$
|
26,774,053
|
|
|
$
|
26,157,827
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
|
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Additional
paid-in
|
|
Treasury
Stock
|
|
Accumulated
income
|
|
Accumulated
other
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
|
Stock-based
compensation to management
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
9,665
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
9,665
|
Amortization of
shares issued to consultants
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
52,709
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
52,709
|
Foreign currency
translation
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
106,419
|
|
|
(59,653)
|
|
|
46,766
|
Net
income
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
617,189
|
|
|
-
|
|
|
100,400
|
|
|
717,589
|
BALANCE, September
30, 2017
|
-
|
|
|
-
|
|
10,281,032
|
|
$
|
20,535,379
|
|
|
751,308
|
|
(175,497)
|
|
|
(417,538)
|
|
$
|
(276,718)
|
|
$
|
(308,145)
|
|
|
(4,728,032)
|
|
|
15,556,254
|
Amortization of
shares issued to consultants
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
280,708
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
280,708
|
Foreign currency
translation
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
173,508
|
|
|
142,422
|
|
|
315,930
|
Net income
(loss)
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
297,703
|
|
|
-
|
|
|
(153,733)
|
|
|
143,970
|
BALANCE, December 31,
2017
|
-
|
|
|
-
|
|
10,281,032
|
|
$
|
20,535,379
|
|
|
1,032,016
|
|
(175,497)
|
|
|
(417,538)
|
|
$
|
20,985
|
|
$
|
(134,637)
|
|
|
(4,739,343)
|
|
|
16,296,862
|
Stock based
compensation to employee
|
-
|
|
|
-
|
|
130,000
|
|
|
364,000
|
|
|
(364,000)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Stock based
compensation to consultants
|
-
|
|
|
-
|
|
200,000
|
|
|
548,000
|
|
|
(548,000)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Issuance of common
stock to private investor
|
-
|
|
|
-
|
|
2,000,000
|
|
|
1,510,951
|
|
|
1,074,140
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,585,091
|
Amortization of
shares to management and employees
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
182,000
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
182,000
|
Amortization of
shares issued to consultants
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
98,708
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
98,708
|
Foreign currency
translation
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
288,412
|
|
|
(341,346)
|
|
|
(52,934)
|
Net income
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
84,954
|
|
|
-
|
|
|
372,130
|
|
|
457,084
|
BALANCE, March 31,
2018
|
-
|
|
$
|
-
|
|
12,611,032
|
|
$
|
22,958,330
|
|
$
|
1,474,864
|
|
(175,497)
|
|
$
|
(417,538)
|
|
$
|
105,939
|
|
$
|
153,775
|
|
$
|
(4,708,559)
|
|
$
|
19,566,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Additional
paid-in
|
|
Treasury
Stock
|
|
Accumulated
|
|
Accumulated
other
comprehensive
|
|
Noncontrolling
|
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
capital
|
|
Shares
|
|
Amount
|
|
deficit
|
|
income
(loss)
|
|
interest
|
|
Total
|
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 employee
|
-
|
|
|
-
|
|
430,000
|
|
|
473,000
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
473,000
|
Stock based
compensation to consultants
|
-
|
|
|
-
|
|
50,000
|
|
|
63,500
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
63,500
|
Amortization of
shares to management and employees
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
91,000
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
91,000
|
Amortization of
shares issued to consultants
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
189,708
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
189,708
|
Foreign currency
translation
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(539,656)
|
|
|
77,494
|
|
|
(462,162)
|
Net income
(loss)
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(1,316,762)
|
|
|
-
|
|
|
29,231
|
|
|
(1,287,531)
|
BALANCE, September
30, 2018
|
-
|
|
|
-
|
|
13,751,032
|
|
|
24,253,830
|
|
|
2,036,281
|
|
(175,497)
|
|
|
(417,538)
|
|
|
(1,751,618)
|
|
|
(812,063)
|
|
|
(4,706,103)
|
|
|
18,602,789
|
Stock based
compensation to employee
|
-
|
|
|
-
|
|
1,150,000
|
|
|
909,500
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
909,500
|
Stock based
compensation to consultants
|
-
|
|
|
-
|
|
100,000
|
|
|
128,500
|
|
|
(43,333)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
85,167
|
Issuance of common
stock to private investor
|
-
|
|
|
-
|
|
420,168
|
|
|
500,000
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
500,000
|
Amortization of
shares issued to consultants
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
52,709
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
52,709
|
Foreign currency
translation
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(82,578)
|
|
|
(24,184)
|
|
|
(106,762)
|
Net income
(loss)
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(1,473,972)
|
|
|
-
|
|
|
51,114
|
|
|
(1,422,858)
|
BALANCE, December 31,
2018
|
-
|
|
|
-
|
|
15,421,200
|
|
|
25,791,830
|
|
|
2,045,657
|
|
(175,497)
|
|
|
(417,538)
|
|
|
(3,225,590)
|
|
|
(894,641)
|
|
|
(4,679,173)
|
|
|
18,620,545
|
Stock based
compensation to consultants
|
-
|
|
|
-
|
|
50,000
|
|
|
63,500
|
|
|
32,500
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
96,000
|
Amortization of
shares issued to consultants
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
52,708
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
52,708
|
Foreign
currency translation
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
271,913
|
|
|
(9,446)
|
|
|
262,467
|
Net
loss
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(1,388,790)
|
|
|
-
|
|
|
(86,764)
|
|
|
(1,475,554)
|
BALANCE, March 31,
2019
|
-
|
|
$
|
-
|
|
15,471,200
|
|
$
|
25,855,330
|
|
$
|
2,130,865
|
|
(175,497)
|
|
$
|
(417,538)
|
|
$
|
(4,614,380)
|
|
$
|
(622,728)
|
|
$
|
(4,775,383)
|
|
$
|
17,556,166
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
For the Nine
Months Ended
|
|
March
31,
|
|
2019
|
|
2018
|
|
|
|
|
Operating
Activities
|
|
|
|
Net income
(loss)
|
$
|
(4,185,943)
|
|
$
|
1,343,782
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities:
|
|
|
|
|
|
Stock-based
compensation
|
|
2,013,292
|
|
|
623,790
|
Depreciation and
amortization
|
|
95,313
|
|
|
63,402
|
Provision for
doubtful accounts
|
|
2,871,752
|
|
|
1,408,143
|
Deferred tax
benefit
|
|
(208,047)
|
|
|
(920,700)
|
Changes in assets and
liabilities
|
|
|
|
|
|
Notes
receivable
|
|
(732,826)
|
|
|
-
|
Accounts
receivable
|
|
(8,341,650)
|
|
|
(3,246,911)
|
Other
receivables
|
|
36,014
|
|
|
(80,145)
|
Advances to
suppliers-third parties
|
|
(410,886)
|
|
|
50,465
|
Advances to
suppliers-related party
|
|
3,312,375
|
|
|
-
|
Prepaid expenses and
other current assets
|
|
821,662
|
|
|
(84,147)
|
Other long-term
assets - deposits
|
|
(2,502,946)
|
|
|
-
|
Due from related
parties
|
|
1,552,918
|
|
|
(784,363)
|
Advances from
customers
|
|
(353,696)
|
|
|
(23,218)
|
Accounts
payable
|
|
1,336,453
|
|
|
243,380
|
Taxes
payable
|
|
837,641
|
|
|
798,012
|
Due to related
parties
|
|
-
|
|
|
(206,323)
|
Accrued expenses and
other current liabilities
|
|
535,921
|
|
|
889
|
Net cash used in
operating activities
|
|
(3,322,653)
|
|
|
(813,944)
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
Acquisition of
property and equipment
|
|
(143,480)
|
|
|
(379,917)
|
Acquisition of
intangible assets
|
|
-
|
|
|
(190,000)
|
Prepayment for
intangible assets
|
|
-
|
|
|
(437,357)
|
Net cash used in
investing activities
|
|
(143,480)
|
|
|
(1,007,274)
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
Proceeds from
issuance of common stock
|
|
500,000
|
|
|
2,585,091
|
Net
cash provided financing activities
|
|
500,000
|
|
|
2,585,091
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash
|
|
(608,219)
|
|
|
52,327
|
|
|
|
|
|
|
Net increase
(decrease) in cash
|
|
(3,574,352)
|
|
|
816,200
|
|
|
|
|
|
|
Cash at beginning of
period
|
|
7,098,259
|
|
|
8,733,742
|
|
|
|
|
|
|
Cash at end of
period
|
$
|
3,523,907
|
|
$
|
9,549,942
|
|
|
|
|
|
|
Supplemental
information
|
|
|
|
|
|
Income
taxes paid
|
$
|
144,018
|
|
$
|
60,162
|
View original
content:http://www.prnewswire.com/news-releases/sino-global-announces-fiscal-2019-third-quarter-financial-results-highlighted-by-a-337-9-increase-to-22-8-million-in-total-revenues-300851054.html
SOURCE Sino-Global Shipping America, Ltd.