ROSLYN, New York, Feb. 19,
2020 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ:
SINO) ("Sino-Global", the "Company", "we", "our", or "us"), a
global logistics service provider, announced its financial and
operating results for its fiscal 2020 second quarter ended
December 31, 2019.
The Company has also provided more detailed information in its
quarterly report on Form 10-Q filed today with the U.S.
Securities and Exchange Commission. Management encourages investors
to review the Company's 10-Q for a detailed discussion of the
Company's financial results for the quarter ended December 31, 2019.
Management Comments
Mr. Lei Cao, Chairman and Chief Executive Officer of Sino-Global
commented, "We continued to maintain a steamlined operating
strategy during a time when we were impacted by an uncertain trade
climate. We shifted our focus towards higher margin and greater
cash generating business while cultivating our business
relationships to position Sino-Global for the future. We recently
signed a joint-venture agreement to serve as a full logistics
services provider for a leading agricultural company where
Sino-Global will provide comprehensive supply chain logistic
services for agricultural products shiped from the U.S. to
China. In addition, we are now
focused on pursuing additional ship management contracts as part of
our agency services expansion efforts. The Company has a
significant advantage of being able to leverage our relationships
in both the U.S. and China while
cost-effectively expanding the business prospects for our customers
in ports throughout China."
Chairman Cao concluded, "While calendar 2019 was a challenging
period due to the trade climate, we believe that the Company is
well-positioned to grow sales now as phase one of the trade
negotiations have been completed. While the fiscal third quarter
was seasonally slow due to the Chinese New Year holiday and an
impact from the Coronavirus outbreak, we believe it is only
temporary and we will continue to operate our business as steadily
and safely as we can."
Fiscal Second Quarter 2020 Financial Review
- The Company reported total revenues of approximately
$2.0 million for the quarter ended
December 31, 2019, compared to
approximately $10.5 million reported
in the same period last year. The decrease was largely due to the
fact that in certain freight logistics contracts that the Company
entered into with customers starting from the first quarter of
fiscal year 2020, only acted as an agent and did not control the
services rendered to the customers, as Sino-Global was not the
primary responsible party to fulfill the services. As such revenues
on these contracts are accounted for on a net basis. The decrease
was also due to the decrease in revenues from inland transportation
management services as service contracts with customers have
expired and there was no new business for this segment.
- The Company's gross profit for the 2020 fiscal second quarter
was approximately $1.3 million,
compared to approximately $2.0
million in the same period last year. Gross profit margin
during the quarter was approximately 62.6%, compared to
approximately 18.6% in the same period last year. The increase was
largely due to the Company's shifting of business focus towards its
agency business for providing freight logistics services where the
Company acted solely as an agent and did not control the services
rendered to its customers.
The following tables present summary information by segment for
the three months ended December 31,
2019 and 2018, respectively:
|
|
For the Three
Months Ended December 31, 2019
|
|
|
|
Shipping
Agency and
Management Services
|
|
|
Inland
Transportation
Management
Services
|
|
|
Freight
Logistics
Services
|
|
|
Container
Trucking
Services
|
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
- Third
parties
|
|
$
|
500,000
|
|
|
$
|
-
|
|
|
$
|
1,503,500
|
*
|
|
$
|
17,624
|
|
|
$
|
2,021,124
|
|
Total
revenues
|
|
$
|
500,000
|
|
|
$
|
-
|
|
|
$
|
1,503,500
|
|
|
$
|
17,624
|
|
|
$
|
2,021,124
|
|
Cost of
revenues
|
|
$
|
66,584
|
|
|
$
|
-
|
|
|
$
|
673,646
|
*
|
|
$
|
15,415
|
|
|
$
|
755,645
|
|
Gross
profit
|
|
$
|
433,416
|
|
|
$
|
-
|
|
|
$
|
829,854
|
|
|
$
|
2,209
|
|
|
$
|
1,265,479
|
|
Depreciation and
amortization
|
|
$
|
79,144
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
3,389
|
|
|
$
|
82,533
|
|
Total capital
expenditures
|
|
$
|
2,482
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
2,482
|
|
Gross
margin%
|
|
|
86.7
|
%
|
|
|
-
|
%
|
|
|
55.2
|
%
|
|
|
12.5
|
%
|
|
|
62.6
|
%
|
|
*
|
For certain freight
logistics contracts that the Company entered into with customers
starting from the first quarter of fiscal year 2020, the Company
(i) acted as an agent in arranging the relationship between the
customer and the third-party service provider and (ii) did not
control the services rendered to the customers, revenues related to
these contracts are presented net of related costs. For the three
months ended December 31, 2019, gross revenues and gross cost of
revenues related to these contracts amounted to approximately $12.9
million and $12.0 million, respectively.
|
|
|
For the Three
Months Ended December 31, 2018
|
|
|
|
Shipping
Agency and
Management Services
|
|
|
Inland
Transportation
Management
Services
|
|
|
Freight
Logistics
Services
|
|
|
Container
Trucking
Services
|
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
|
$
|
-
|
|
|
$
|
75,000
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
75,000
|
|
- Third
parties
|
|
$
|
889,070
|
|
|
$
|
345,000
|
|
|
$
|
8,978,923
|
|
|
$
|
227,294
|
|
|
$
|
10,440,287
|
|
Total
revenues
|
|
$
|
889,070
|
|
|
$
|
420,000
|
|
|
$
|
8,978,923
|
|
|
$
|
227,294
|
|
|
$
|
10,515,287
|
|
Cost of
revenues
|
|
$
|
809,040
|
|
|
$
|
20,000
|
|
|
$
|
7,497,666
|
|
|
$
|
229,891
|
|
|
$
|
8,556,597
|
|
Gross
profit
|
|
$
|
80,030
|
|
|
$
|
400,000
|
|
|
$
|
1,481,257
|
|
|
$
|
(2,597)
|
|
|
$
|
1,958,690
|
|
Depreciation and
amortization
|
|
$
|
-
|
|
|
$
|
20,339
|
|
|
$
|
475
|
|
|
$
|
4,751
|
|
|
$
|
25,565
|
|
Total capital
expenditures
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
8,534
|
|
|
$
|
8,534
|
|
Gross
margin%
|
|
|
9.0
|
%
|
|
|
95.2
|
%
|
|
|
16.5
|
%
|
|
|
(1.1)
|
%
|
|
|
18.6
|
%
|
- The Company had an operating loss of $332,995 for the three months ended December 31, 2019, compared to an operating loss
of $1,178,661 for the same period in
2018.
For the fiscal quarter ended
December 31, 2019, the Company
reported net loss attributable to Sino-Global Shipping America,
Ltd. of approximately $407,333, or a
loss of approximately $0.02 per
diluted share based on approximately 16.8 million weighted average
shares outstanding, compared to net loss attributable to
Sino-Global Shipping America, Ltd. of approximately $1.5 million, or loss of approximately
$0.11 per diluted share based on
approximately 13.8 million weighted average shares outstanding, for
the same period last year.
Balance Sheet Information
- The Company holds no long-term debt.
- As of December 31, 2019, the
Company's working capital was approximately $10.4 million and the Company had cash of
approximately $0.1 million. The
Company plans to fund continuing operations through identifying new
prospective joint venture partners and strategic alliance
opportunities for new revenue sources, and by reducing costs to
improve profitability and replenish working capital. However, there
is no assurance the Company will be successful in its plans.
The Company's allowance for
doubtful accounts was approximately $6.9
million as of December 31,
2019 compared with allowance of doubtful accounts of
approximately $5.7 million as of
June 30, 2019. As the Company
continues to maintain long-standing relationships with its
customers, it will work with these parties to monitor their
payments closely and it does not believe that there are any
significant collection issues with respect to accounts receivables,
net of allowance.
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 and management, 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 OPERATION AND COMPREHENSIVE LOSS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net revenues - third
parties
|
|
$
|
2,021,124
|
|
|
$
|
10,440,287
|
|
|
$
|
3,807,350
|
|
|
$
|
16,617,820
|
|
Net revenues -
related party
|
|
|
-
|
|
|
|
75,000
|
|
|
|
-
|
|
|
|
397,000
|
|
Total
revenues
|
|
|
2,021,124
|
|
|
|
10,515,287
|
|
|
|
3,807,350
|
|
|
|
17,014,820
|
|
Cost of
revenues
|
|
|
(755,645)
|
|
|
|
(8,556,597)
|
|
|
|
(1,439,049)
|
|
|
|
(13,640,429)
|
|
Gross
profit
|
|
|
1,265,479
|
|
|
|
1,958,690
|
|
|
|
2,368,301
|
|
|
|
3,374,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(126,125)
|
|
|
|
(258,229)
|
|
|
|
(256,154)
|
|
|
|
(366,598)
|
|
General and
administrative expenses
|
|
|
(702,064)
|
|
|
|
(1,415,040)
|
|
|
|
(1,793,519)
|
|
|
|
(2,388,792)
|
|
Impairment loss of
fixed assets and intangible asset
|
|
|
-
|
|
|
|
-
|
|
|
|
(327,632)
|
|
|
|
-
|
|
Provision for
doubtful accounts
|
|
|
(278,676)
|
|
|
|
(416,706)
|
|
|
|
(1,167,754)
|
|
|
|
(1,287,787)
|
|
Stock-based
compensation
|
|
|
(491,609)
|
|
|
|
(1,047,376)
|
|
|
|
(906,317)
|
|
|
|
(1,864,584)
|
|
Total operating
expenses
|
|
|
(1,598,474)
|
|
|
|
(3,137,351)
|
|
|
|
(4,451,376)
|
|
|
|
(5,907,761)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(332,995)
|
|
|
|
(1,178,661)
|
|
|
|
(2,083,075)
|
|
|
|
(2,533,370)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expenses)
income, net
|
|
|
(15,613)
|
|
|
|
782
|
|
|
|
(14,157)
|
|
|
|
1,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before
provision for income taxes
|
|
|
(348,608)
|
|
|
|
(1,177,879)
|
|
|
|
(2,097,232)
|
|
|
|
(2,531,876)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(14,747)
|
|
|
|
(244,979)
|
|
|
|
(14,747)
|
|
|
|
(178,513)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(363,355)
|
|
|
|
(1,422,858)
|
|
|
|
(2,111,979)
|
|
|
|
(2,710,389)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to non-controlling interest
|
|
|
43,978
|
|
|
|
51,114
|
|
|
|
(77,293)
|
|
|
|
80,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Sino-Global Shipping America, Ltd.
|
|
$
|
(407,333)
|
|
|
$
|
(1,473,972)
|
|
|
$
|
(2,034,686)
|
|
|
$
|
(2,790,734)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(363,355)
|
|
|
$
|
(1,422,858)
|
|
|
$
|
(2,111,979)
|
|
|
$
|
(2,710,389)
|
|
Other comprehensive
income (loss) - foreign currency
|
|
|
256,206
|
|
|
|
(106,762)
|
|
|
|
(247,461)
|
|
|
|
(568,924)
|
|
Comprehensive
loss
|
|
|
(107,149)
|
|
|
|
(1,529,620)
|
|
|
|
(2,359,440)
|
|
|
|
(3,279,313)
|
|
Less: Comprehensive
(loss) income attributable to non-controlling
interest
|
|
|
(49,831)
|
|
|
|
26,930
|
|
|
|
(28,558)
|
|
|
|
133,655
|
|
Comprehensive loss
attributable to Sino-Global Shipping America,
Ltd.
|
|
$
|
(57,318)
|
|
|
$
|
(1,556,550)
|
|
|
$
|
(2,330,882)
|
|
|
$
|
(3,412,968)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.02)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used in computation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
16,819,010
|
|
|
|
13,769,918
|
|
|
|
16,448,371
|
|
|
|
13,457,726
|
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
|
CONSOLIDATED
BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
June
30,
|
|
|
|
2019
|
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash
|
|
$
|
119,667
|
|
|
$
|
3,142,650
|
|
Notes
receivable
|
|
|
-
|
|
|
|
383,792
|
|
Accounts receivable,
net
|
|
|
4,330,551
|
|
|
|
7,045,846
|
|
Other
receivables
|
|
|
10,316,228
|
|
|
|
4,335,715
|
|
Advances to suppliers
- third parties
|
|
|
193,450
|
|
|
|
124,140
|
|
Prepaid expenses and
other current assets
|
|
|
94,912
|
|
|
|
105,054
|
|
Due from related
party, net
|
|
|
435,898
|
|
|
|
807,965
|
|
Total Current
Assets
|
|
|
15,490,706
|
|
|
|
15,945,162
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
666,280
|
|
|
|
989,910
|
|
Right-of-use
assets
|
|
|
384,794
|
|
|
|
-
|
|
Intangible assets,
net
|
|
|
58,056
|
|
|
|
89,722
|
|
Prepaid
expenses
|
|
|
150,412
|
|
|
|
519,503
|
|
Other long-term
assets - deposits
|
|
|
3,005,589
|
|
|
|
3,054,706
|
|
Total
Assets
|
|
$
|
19,755,837
|
|
|
$
|
20,599,003
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Advances from
customers
|
|
$
|
74,912
|
|
|
$
|
68,590
|
|
Accounts
payable
|
|
|
510,667
|
|
|
|
567,619
|
|
Lease liabilities -
current
|
|
|
155,820
|
|
|
|
-
|
|
Taxes
payable
|
|
|
3,157,711
|
|
|
|
3,184,895
|
|
Accrued expenses and
other current liabilities
|
|
|
1,190,518
|
|
|
|
1,418,129
|
|
Total current
liabilities
|
|
|
5,089,628
|
|
|
|
5,239,233
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities -
noncurrent
|
|
|
230,262
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
5,319,890
|
|
|
|
5,239,233
|
|
|
|
|
|
|
|
|
|
|
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; 17,289,537 and
16,054,534 shares issued
as of December 31, 2019 and June 30, 2019, respectively; 17,289,537
and 15,879,037 shares
outstanding as of December 31, 2019 and June 30, 2019,
respectively
|
|
|
27,308,992
|
|
|
|
26,523,830
|
|
Additional paid-in
capital
|
|
|
2,299,823
|
|
|
|
2,066,906
|
|
Treasury stock, at
cost, 0 and 175,497 shares as of December 31, 2019 and June 30,
2019,
respectively
|
|
|
-
|
|
|
|
(417,538)
|
|
Accumulated
deficit
|
|
|
(9,003,386)
|
|
|
|
(6,968,700)
|
|
Accumulated other
comprehensive loss
|
|
|
(967,302)
|
|
|
|
(671,106)
|
|
Total Sino-Global
Shipping America Ltd. Stockholders' Equity
|
|
|
19,638,127
|
|
|
|
20,533,392
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
Interest
|
|
|
(5,202,180)
|
|
|
|
(5,173,622)
|
|
|
|
|
|
|
|
|
|
|
Total
Equity
|
|
|
14,435,947
|
|
|
|
15,359,770
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
$
|
19,755,837
|
|
|
$
|
20,599,003
|
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
Operating
Activities
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(2,111,979)
|
|
|
$
|
(2,710,389)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
906,317
|
|
|
|
1,864,584
|
|
Depreciation and
amortization
|
|
|
237,011
|
|
|
|
51,280
|
|
Non-cash lease
expense
|
|
|
78,405
|
|
|
|
-
|
|
Provision for
doubtful accounts
|
|
|
1,167,754
|
|
|
|
1,287,787
|
|
Impairment loss of
fixed assets and intangible asset
|
|
|
327,632
|
|
|
|
-
|
|
Deferred tax
benefit
|
|
|
-
|
|
|
|
(120,500)
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
|
|
|
Notes
receivable
|
|
|
386,233
|
|
|
|
-
|
|
Accounts
receivable
|
|
|
1,629,174
|
|
|
|
(5,044,123)
|
|
Other
receivables
|
|
|
(5,855,492)
|
|
|
|
79,773
|
|
Advances to suppliers
- third parties
|
|
|
(66,691)
|
|
|
|
(220,166)
|
|
Advances to suppliers
- related party
|
|
|
-
|
|
|
|
3,294,701
|
|
Prepaid expenses and
other current assets
|
|
|
160,497
|
|
|
|
408,642
|
|
Other long-term
assets - deposits
|
|
|
96,281
|
|
|
|
(2,489,067)
|
|
Due from related
parties
|
|
|
413,408
|
|
|
|
1,091,355
|
|
Advances from
customers
|
|
|
5,580
|
|
|
|
(295,619)
|
|
Accounts
payable
|
|
|
(63,131)
|
|
|
|
(2,508,225)
|
|
Taxes
payable
|
|
|
(76,110)
|
|
|
|
305,603
|
|
Lease
liabilities
|
|
|
(77,118)
|
|
|
|
-
|
|
Accrued expenses and
other current liabilities
|
|
|
(233,414)
|
|
|
|
286,613
|
|
Net cash used in
operating activities
|
|
|
(3,075,643)
|
|
|
|
(4,717,751)
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
|
Acquisition of
property and equipment
|
|
|
(7,020)
|
|
|
|
(9,357)
|
|
Net cash used in
investing activities
|
|
|
(7,020)
|
|
|
|
(9,357)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of common stock
|
|
|
500,500
|
|
|
|
500,000
|
|
Net cash provided
by financing activities
|
|
|
500,500
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash
|
|
|
(440,820)
|
|
|
|
(416,925)
|
|
|
|
|
|
|
|
|
|
|
Net decrease in
cash
|
|
|
(3,022,983)
|
|
|
|
(4,644,033)
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of
period
|
|
|
3,142,650
|
|
|
|
7,098,259
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
period
|
|
$
|
119,667
|
|
|
$
|
2,454,226
|
|
|
|
|
|
|
|
|
|
|
Supplemental
information
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
38,498
|
|
|
$
|
16,536
|
|
|
|
|
|
|
|
|
|
|
Non-cash
transactions of operating and investing activities
|
|
|
|
|
|
|
|
|
Transfer of
prepayment to intangible asset
|
|
$
|
218,678
|
|
|
$
|
-
|
|
Initial recognition
of right-of-use assets and lease liabilities
|
|
$
|
462,361
|
|
|
$
|
-
|
|
View original
content:http://www.prnewswire.com/news-releases/sino-global-announces-fiscal-2020-second-quarter-financial-results-301007934.html
SOURCE Sino-Global Shipping America, Ltd.