ROSLYN, N.Y., Oct. 13, 2020 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global", or the
"Company"), a non-asset based global shipping and freight
logistic service company, announced today its financial results for
the fiscal year ended June 30,
2020.
|
|
For the
Twelve Months Ended June 30,
|
($ millions,
except per share data)
|
|
2020
|
|
2019
|
|
%
Change
|
Total
revenues
|
|
6.54
|
|
41.77
|
|
-84.4%
|
Shipping agency
services
|
|
2.11
|
|
2.09
|
|
0.6%
|
Inland
transportation management services
|
|
0.00
|
|
1.47
|
|
-100.0%
|
Freight
logistics services
|
|
4.37
|
|
37.73
|
|
-88.4%
|
Container
trucking services
|
|
0.06
|
|
0.48
|
|
-87.2%
|
|
|
|
|
|
|
|
Gross
profit
|
|
2.86
|
|
5.76
|
|
-50.4%
|
Gross
margin
|
|
43.7%
|
|
13.8%
|
|
29.9 pp
|
Shipping agency
services
|
|
60.7%
|
|
9.5%
|
|
51.2 pp
|
Inland
transportation management services
|
|
0.0%
|
|
91.2%
|
|
-91.2 pp
|
Freight
logistics services
|
|
36.0%
|
|
11.1%
|
|
24.9 pp
|
Container
trucking services
|
|
10.4%
|
|
11.4%
|
|
-1.0 pp
|
|
|
|
|
|
|
|
Operating
loss
|
|
-17.74
|
|
-5.97
|
|
-197.1%
|
Net loss
attributable to SINO
|
|
-16.45
|
|
-6.53
|
|
-151.8%
|
Basic and
Diluted loss per share
|
|
-4.78
|
|
-2.27
|
|
-111.0%
|
|
|
|
|
|
|
|
* pp:
percentage points
|
|
|
|
|
|
|
"Our fiscal year 2020 results reflect continued headwinds facing
our business on the back of the COVID-19 pandemic, as well as the
pending trade negotiations between the U.S. and China that remained a drag on the shipping and
logistics industry. Total revenues decreased by 84.4% to
$6.54 million for fiscal year 2020,
primarily due to certain freight logistics services contracts being
accounted for on a net basis starting from fiscal year 2020, the
expiration of inland transportation management services contracts
with a key customer, and the negative impact of the COVID-19
pandemic across our business segment. Looking ahead, we will
continue to fine-tune our business and explore new opportunities to
regain growth and profitability," said Mr. Lei Cao, Chairman and
Chief Executive Officer of Sino-Global.
Fiscal Year 2020 Financial Results
|
For the Twelve
Months Ended June 30,
|
|
2020
|
|
2019
|
|
Revenues
($'000)
|
|
Cost of
Revenues ($'000)
|
|
Gross Margin
(%)
|
|
Revenues
($'000)
|
|
Cost of
Revenues ($'000)
|
|
Gross
Margin
(%)
|
Shipping agency
and management services
|
2,106
|
|
828
|
|
60.7%
|
|
2,094
|
|
1,894
|
|
9.5%
|
Inland
transportation management services
|
-
|
|
-
|
|
0.0%
|
|
1,470
|
|
129
|
|
91.2%
|
Freight
logistics services
|
4,369
|
|
2,796
|
|
36.0%
|
|
37,725
|
|
33,556
|
|
11.1%
|
Container
trucking services
|
62
|
|
55
|
|
10.4%
|
|
482
|
|
428
|
|
11.4%
|
Total
|
6,537
|
|
3,679
|
|
43.7%
|
|
41,771
|
|
36,007
|
|
13.8%
|
Revenues
For fiscal year 2020, total revenues decreased by approximately
$35.23 million, or 84.4%, to
approximately $6.54 million from
approximately $41.77 million for the
prior fiscal year. The decrease was primarily due to certain
freight logistics services contracts being accounted for on a net
basis starting from fiscal year 2020, the negative impact of the
COVID-19 pandemic across all segments, as well as the expiration of
inland transportation management services contracts with a key
customer.
Revenues from shipping agency and management services increased
by approximately $0.02 million, or
0.6%, to approximately $2.11 million
for fiscal year 2020 from approximately $2.09 million for the prior fiscal year. The
increase was primarily due to the fact that we entered into a
general shipping agency service agreement and a shipping management
services agreement for fiscal year 2020.
We had no revenues from inland transportation management
services for fiscal year 2020 as our service contract with our key
customers expired, compared to approximately $1.47 million for the prior fiscal year.
Revenues from freight logistics services decreased by
approximately $33.36 million, or
88.4%, to approximately $4.37 million
for fiscal year 2020 from approximately $37.73 million for the prior fiscal year. The
decrease was primarily due to certain freight logistics services
contracts being accounted for on a net basis starting from fiscal
year 2020.
Revenues from container trucking services decreased by
approximately $0.42 million, or
87.2%, to approximately $0.06 million
for fiscal year 2020 from approximately $0.48 million for the prior fiscal year. The
decrease was primarily due to the pending trade negotiations
between the U.S. and China that
affected the overall container shipment market including our
container trucking services.
Cost of Revenues
Total cost of revenues decreased by approximately $32.33 million, or 89.8%, to approximately
$3.68 million for fiscal year 2020
from approximately $36.01 million for
the prior fiscal year. On a segment basis, cost of revenues for
shipping agency and management services, inland transportation
management services, freight logistics services and container
trucking services were approximately $0.83
million, $nil, $2.80 million,
and $0.05 million, respectively, for
fiscal year 2020, compared to approximately $1.89 million, $0.13
million, $33.56 million, and
$0.43 million, respectively, for the
prior fiscal year.
Gross Profit
Total gross profit decreased by approximately $2.90 million, or 50.4%, to approximately
$2.86 million for fiscal year 2020
from approximately $5.76 million for
the prior fiscal year. On a segment basis, gross profits for
shipping agency and management services, inland transportation
management services, freight logistics services and container
trucking services were approximately $1.28
million, $nil, $1.57 million,
and $0.01 million, respectively, for
fiscal year 2020, compared to approximately $0.20 million, $1.34
million, $4.17 million, and
$0.05 million, respectively, for the
prior fiscal year.
Overall gross margin was 43.7% for fiscal year 2020, compared to
13.8% for the prior fiscal year. On a segment basis, gross
margins for shipping agency and management services, inland
transportation management services, freight logistics services and
container trucking services were 60.7%, nil%, 36.0%, and 10.4%,
respectively, for fiscal year 2020, compared to 9.5%, 91.2%, 11.1%,
and 11.4%, respectively, for the prior fiscal year.
Operating Expenses
Selling expenses decreased by approximately $0.33 million, or 45.2%, to approximately
$0.39 million for fiscal year 2020
from approximately $0.72 million for
the prior fiscal year. The decrease was mainly due to decreased
business development expenses of approximately $0.30 million as limited activities for our
selling team during the COVID-19 pandemic.
General and administrative expenses decreased by approximately
$0.95 million, or 22.0%, to
approximately $3.39 million for
fiscal year 2020 from approximately $4.34
million for the prior fiscal year. The decrease was mainly
due to decreased IT expenses of approximately $0.60 million, decreased professional service
fees of approximately $0.13 million
and decreased travel and office expenses of approximately
$0.50 million as we incurred less
travel and office expenses due to our office closure and limited
activity during the COVID-19 pandemic, and offset by increased
depreciation and amortization expenses of $0.27 million.
Impairment loss of fixed assets and intangible asset was
approximately $0.33 million, related
to the inland transportation services business, for fiscal year
2020, compared to $nil for the prior fiscal year.
Impairment loss of deposit for leasehold improvement was $nil
for fiscal year 2020, compared to approximately $0.43 million, related to deposit paid for
leasehold improvement on our IT infrastructure facility including
upgrading the server room of our Shanghai office, for the prior fiscal year.
The design plan for the leasehold improvement was not approved by
the building management due to power supply issues.
Provision for doubtful accounts, net of recovery, was
approximately $14.91 million for
fiscal year 2020, compared to approximately $3.98 million for the prior fiscal year. This
increase of provision for doubtful accounts was mainly related to
the COVID-19 pandemic that adversely affected our customers'
business operations, which in turn adversely affected our ability
to collect accounts receivable and other receivables from our
customers.
Stock-based compensation decreased by approximately $0.69 million, or 30.5%, to approximately
$1.58 million for fiscal year 2020
from $2.27 million for the prior
fiscal year.
As a result, total operating expenses increased by approximately
$3.84 million, or 32.7%, to
approximately $15.57 million for
fiscal year 2020 from $11.73 million
for the prior fiscal year.
Operating Loss
Operating loss was approximately $17.74
million for fiscal year 2020, compared to approximately
$5.97 million for the prior fiscal
year. Operating loss margin was 197.1% for fiscal year 2020,
compared to 14.3% for the prior fiscal year.
Net Loss and Loss per Share
Net loss was approximately $17.93
million for fiscal year 2020, compared to approximately
$7.01 million for the prior fiscal
year. After deduction for non-controlling interests, net loss
attributable to Sino-Global was approximately $16.45 million, or loss per share of $4.78, for fiscal year 2020, compared to
approximately $6.53 million, or loss
per share of $2.27, for the prior
fiscal year.
Liquidity and Capital Resources
As of June 30, 2020, the Company
had cash of approximately $0.13 million, compared to
approximately $3.14 million as of June
30, 2019. Accounts receivable was approximately $1.16
million as of June 30, 2020, compared
to approximately $7.05 million as of June 30, 2019. Other receivable, net was
approximately $0.05 million as of June
30, 2020, compared to approximately $4.34 million as of
June 30, 2019. Working capital
deficit was approximately $3.90 million as of June 30, 2020, compared to working capital
surplus of approximately $10.71 million as of June 30, 2019.
Net cash used in operating activities was approximately
$3.90 million for fiscal year 2020,
compared to approximately $4.27
million for the prior fiscal year. Net cash used in
investing activities was $1,358 for
fiscal year 2020, compared to approximately $0.14 million for the prior fiscal year. Net cash
provided by financing activities was approximately $1.22 million for fiscal year 2020, compared to
approximately $0.85 million for the
prior fiscal year.
Recent Developments
On September 29, 2020, the Company
announced the signing of a memorandum of understanding (the "MOU")
to establish a joint venture (the "JV") with Tianjin Anboweiye
Technology Co., Ltd. ("EMB"). The JV aims to meet customers' more
sophisticated demand for services. Founded in 2014, EMB is a
high-tech company providing intelligent hardware, mobile GIS,
business management, enterprise ERP, enterprise portal, and
logistics platform to enterprise customers.
On July 23, 2020, the Company
announced the receipt of a letter from the Nasdaq Hearing Panel
("Nasdaq"), indicating that the Company has regained compliance
with the $1.00 per share minimum
closing bid price requirement for continued listing on the Nasdaq
Stock Market, pursuant to Rule 5550(a)(2), or the Minimum Bid Price
Rule.
After the close of the stock market on July 7, 2020, the Company effected a l-for-5
reverse stock split of our common stock in order to satisfy
continued listing requirements of our common stock on the NASDAQ
Capital Market. The reverse stock split was approved by our board
of directors and stockholders and was intended to allow the company
to meet the minimum share price requirement of $1.00 per share for continued listing on the
NASDAQ Capital Market. As a result all common stock share amounts
included in our 10-K filing for fiscal year 2020 have been
retroactively reduced by a factor of five, and all common stock per
share amounts have been increased by a factor of five. Amounts
affected include common stock outstanding, including those that
have resulted from the stock options, and warrants that convert to
common stock.
On June 29, 2020, the Company
announced the signing of bareboat charter contracts with two
"Handysize" vessels capable of carrying between 40,000 and 50,000
deadweight tons of dry-bulk. Both vessels were built in the
1990s and will serve the purpose of carrying dry-bulk products,
such as fertilizer raw materials and sulfur, to and from ports in
the United States and China.
On June 25, 2020, the Company
announced the signing of a non-binding MOU with Yunnan Jingyifeng
Supply Chain Management Co. Ltd. ("JYF") to jointly develop the
business of exporting products to China. These products
include sulfur, vegetable oil, soybean, barley, wheat, and dried
grains with solubles, which are used for fuel production,
feeding, and other agriculture needs. Under the MOU, JYF aims to
use Sino-Global's customer relationships and experience as a
procurement agent in purchasing approximately 1,000,000 metric
tons of these products per year, which will then be marketed
to JYF's customers in Southwest
China, including Guangxi,
Yunnan, Guizhou and Sichuan provinces.
On June 8, 2020, the Company
signed a general agency service agreement (the "Agreement") to
provide comprehensive shipping agency services with Mandarine Bulk
Ltd., a ship owner and operator company registered in Marshall Islands. The Agreement commenced on
June 1, 2020 and is valid for two
years. Pursuance to the Agreement, Mandarine Bulk has appointed
Sino-Global as the Sole General Shipping Agency for all its owned
and operated ships with services including ship management
services, shipping agency services, ship brokerage services and
other services required for ship operation.
About Sino-Global Shipping America, Ltd.
Founded in the U.S. in 2001 and Headquartered in New York with offices in China, Australia, Canada and Hong
Kong SAR, Sino-Global
Shipping America, Ltd. is a global shipping and logistics services
company offering shipping agency and management, inland
transportation management, freight logistics and container trucking
services. More information about the Company can be found at
www.sino-global.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's
statements regarding the proposed acquisition of FENT are
forward-looking statements. Forward-looking statements are not
guarantee of future performance and involve risks and uncertainties
that may cause the actual results to differ materially from the
Company's expectations discussed in the forward-looking statements.
These statements are subject to uncertainties and risks including,
but not limited to, the following: the Company's goals and
strategies; the Company's future business development; product and
service demand and acceptance; changes in technology; economic
conditions; the growth of the logistics services market
China and other countries where
Sino-Global conducts its business; reputation and brand; the impact
of competition and pricing; government regulations; fluctuations in
general economic and business conditions and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward–looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact:
Tony Tian, CFA
Email: ttian@weitianco.com
Phone: +1-732-910-9692
SINO-GLOBAL SHIPPING AMERICA, LTD. AND
AFFILIATES
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
|
|
For the Years
Ended
|
|
|
|
June
30,
|
|
|
|
2020
|
|
|
2019
|
|
Net revenues - third
parties
|
|
$
|
6,535,956
|
|
|
$
|
41,337,664
|
|
Net revenues -
related party
|
|
|
-
|
|
|
|
433,383
|
|
Total
revenues
|
|
|
6,535,956
|
|
|
|
41,771,047
|
|
Cost of
revenues
|
|
|
(3,678,863)
|
|
|
|
(36,006,510)
|
|
Gross
profit
|
|
|
2,857,093
|
|
|
|
5,764,537
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(393,617)
|
|
|
|
(718,754)
|
|
General and
administrative expenses
|
|
|
(3,386,690)
|
|
|
|
(4,344,435)
|
|
Impairment loss of
fixed assets and intangible asset
|
|
|
(327,632)
|
|
|
|
-
|
|
Impairment loss of
deposit for leasehold improvement
|
|
|
-
|
|
|
|
(425,068)
|
|
Provision for
doubtful accounts
|
|
|
(14,910,502)
|
|
|
|
(3,978,893)
|
|
Stock-based
compensation
|
|
|
(1,576,756)
|
|
|
|
(2,267,833)
|
|
Total operating
expenses
|
|
|
(20,595,197)
|
|
|
|
(11,734,983)
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(17,738,104)
|
|
|
|
(5,970,446)
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
|
(4,522)
|
|
|
|
(120,798)
|
|
|
|
|
|
|
|
|
|
|
Net loss before
provision for income taxes
|
|
|
(17,742,626)
|
|
|
|
(6,091,244)
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(186,021)
|
|
|
|
(920,869)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(17,928,647)
|
|
|
|
(7,012,113)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interest
|
|
|
(1,475,753)
|
|
|
|
(478,269)
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Sino-Global Shipping America, Ltd.
|
|
$
|
(16,452,894)
|
|
|
$
|
(6,533,844)
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(17,928,647)
|
|
|
$
|
(7,012,113)
|
|
Other comprehensive
loss - foreign currency
|
|
|
(383,203)
|
|
|
|
(281,224)
|
|
Comprehensive
loss
|
|
|
(18,311,850)
|
|
|
|
(7,293,337)
|
|
Less: Comprehensive
loss attributable to non-controlling interest
|
|
|
(1,368,739)
|
|
|
|
(360,794)
|
|
Comprehensive loss
attributable to Sino-Global Shipping America, Ltd.
|
|
$
|
(16,943,111)
|
|
|
$
|
(6,932,543)
|
|
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
|
Basic and
diluted*
|
|
$
|
(4.78)
|
|
|
$
|
(2.27)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used in computation
|
|
|
|
|
|
|
|
|
Basic and
diluted*
|
|
|
3,442,448
|
|
|
|
2,883,887
|
|
*
|
Shares and per share
data are presented on a retroactive basis to reflect the 1-for-5
reverse stock split on July 7, 2020.
|
SINO-GLOBAL SHIPPING AMERICA, LTD. AND
AFFILIATES
CONSOLIDATED BALANCE SHEETS
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2020
|
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash
|
|
$
|
131,182
|
|
|
$
|
3,142,650
|
|
Notes
receivable
|
|
|
-
|
|
|
|
383,792
|
|
Accounts receivable,
net
|
|
|
1,155,948
|
|
|
|
7,045,846
|
|
Other receivables,
net
|
|
|
51,034
|
|
|
|
4,335,715
|
|
Advances to suppliers
- third parties
|
|
|
48,875
|
|
|
|
124,140
|
|
Prepaid expenses and
other current assets
|
|
|
90,382
|
|
|
|
105,054
|
|
Due from related
party, net
|
|
|
435,898
|
|
|
|
807,965
|
|
Total Current
Assets
|
|
|
1,913,319
|
|
|
|
15,945,162
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
523,290
|
|
|
|
989,910
|
|
Right-of-use
assets
|
|
|
300,114
|
|
|
|
-
|
|
Intangible assets,
net
|
|
|
26,389
|
|
|
|
89,722
|
|
Prepaid
expenses
|
|
|
-
|
|
|
|
519,503
|
|
Other long-term
assets - deposits
|
|
|
2,974,990
|
|
|
|
3,054,706
|
|
Total
Assets
|
|
$
|
5,738,102
|
|
|
$
|
20,599,003
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity (Deficiency)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Deferred
revenue
|
|
$
|
67,083
|
|
|
$
|
68,590
|
|
Accounts
payable
|
|
|
487,692
|
|
|
|
567,619
|
|
Lease liabilities -
current
|
|
|
204,391
|
|
|
|
-
|
|
Taxes
payable
|
|
|
3,280,348
|
|
|
|
3,184,895
|
|
Accrued expenses and
other current liabilities
|
|
|
1,643,319
|
|
|
|
1,418,129
|
|
Loan payable -
current
|
|
|
126,032
|
|
|
|
-
|
|
Total current
liabilities
|
|
|
5,808,865
|
|
|
|
5,239,233
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities -
noncurrent
|
|
|
132,699
|
|
|
|
-
|
|
Loans payable -
noncurrent
|
|
|
154,438
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
6,096,002
|
|
|
|
5,239,233
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
(Deficiency)
|
|
|
|
|
|
|
|
|
Preferred stock,
2,000,000 shares authorized, no par value, none issued
|
|
|
-
|
|
|
|
-
|
|
Common stock,
50,000,000 shares authorized, no par value; 3,718,788 and 3,210,907
shares issued as of June 30, 2020 and 2019, respectively; 3,718,788
and 3,175,807 shares outstanding as of June 30, 2020 and 2019,
respectively*
|
|
|
28,414,992
|
|
|
|
26,523,830
|
|
Additional paid-in
capital
|
|
|
2,334,962
|
|
|
|
2,066,906
|
|
Subscription
receivable
|
|
|
(59,869)
|
|
|
|
-
|
|
Treasury stock, at
cost, 0 and 35,099 shares as of June 30, 2020 and 2019*
|
|
|
-
|
|
|
|
(417,538)
|
|
Accumulated
deficit
|
|
|
(23,421,594)
|
|
|
|
(6,968,700)
|
|
Accumulated other
comprehensive loss
|
|
|
(1,084,030)
|
|
|
|
(671,106)
|
|
Total Sino-Global
Shipping America Ltd. Stockholders' Equity
|
|
|
6,184,461
|
|
|
|
20,533,392
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
Interest
|
|
|
(6,542,361)
|
|
|
|
(5,173,622)
|
|
|
|
|
|
|
|
|
|
|
Total Equity
(Deficiency)
|
|
|
(357,900)
|
|
|
|
15,359,770
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity (Deficiency)
|
|
$
|
5,738,102
|
|
|
$
|
20,599,003
|
|
*
|
Shares and per share
data are presented on a retroactive basis to reflect the 1-for-5
reverse stock split on July 7, 2020.
|
SINO-GLOBAL SHIPPING AMERICA, LTD. AND
AFFILIATES
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
For the Years
Ended
|
|
|
|
June
30,
|
|
|
|
2020
|
|
|
2019
|
|
Operating
Activities
|
|
|
|
|
|
|
Net loss
|
|
$
|
(17,928,647)
|
|
|
$
|
(7,012,113)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
1,576,756
|
|
|
|
2,267,833
|
|
Depreciation and
amortization
|
|
|
402,294
|
|
|
|
130,920
|
|
Non-cash lease
expense
|
|
|
151,866
|
|
|
|
-
|
|
Provision for
doubtful accounts, net of recovery
|
|
|
14,910,502
|
|
|
|
3,978,893
|
|
Impairment loss of
fixed assets and intangible asset
|
|
|
327,632
|
|
|
|
-
|
|
Impairment loss of
deposit for leasehold improvement
|
|
|
-
|
|
|
|
425,068
|
|
Deferred tax
provision
|
|
|
-
|
|
|
|
634,500
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
|
|
|
Notes
receivable
|
|
|
386,233
|
|
|
|
(386,233)
|
|
Accounts
receivable
|
|
|
1,078,261
|
|
|
|
(2,553,973)
|
|
Other
receivables
|
|
|
(5,806,997)
|
|
|
|
161,057
|
|
Advances to suppliers
- third parties
|
|
|
75,815
|
|
|
|
(3,671,931)
|
|
Advances to suppliers
- related party
|
|
|
-
|
|
|
|
3,312,666
|
|
Prepaid expenses and
other current assets
|
|
|
315,398
|
|
|
|
1,407,599
|
|
Other long-term
assets - deposits
|
|
|
84,713
|
|
|
|
(2,928,775)
|
|
Due from related
parties
|
|
|
413,408
|
|
|
|
1,422,254
|
|
Deferred
revenue
|
|
|
(1,601)
|
|
|
|
(353,432)
|
|
Accounts
payable
|
|
|
(80,420)
|
|
|
|
(2,709,194)
|
|
Taxes
payable
|
|
|
91,025
|
|
|
|
487,197
|
|
Lease
liabilities
|
|
|
(114,840)
|
|
|
|
-
|
|
Accrued expenses and
other current liabilities
|
|
|
222,068
|
|
|
|
1,114,597
|
|
Net cash used in
operating activities
|
|
|
(3,896,534)
|
|
|
|
(4,273,067)
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
|
Acquisition of
property and equipment
|
|
|
(6,984)
|
|
|
|
(143,493)
|
|
Proceeds from
disposal of property and equipment
|
|
|
5,626
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(1,358)
|
|
|
|
(143,493)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of common stock
|
|
|
940,131
|
|
|
|
850,000
|
|
Loan
payable
|
|
|
280,470
|
|
|
|
-
|
|
Net cash provided
by financing activities
|
|
|
1,220,601
|
|
|
|
850,000
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash
|
|
|
(334,177)
|
|
|
|
(389,049)
|
|
|
|
|
|
|
|
|
|
|
Net decrease in
cash
|
|
|
(3,011,468)
|
|
|
|
(3,955,609)
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of
year
|
|
|
3,142,650
|
|
|
|
7,098,259
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
year
|
|
$
|
131,182
|
|
|
$
|
3,142,650
|
|
|
|
|
|
|
|
|
|
|
Supplemental
information
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
38,602
|
|
|
$
|
166,960
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
452,042
|
|
|
$
|
-
|
|
View original
content:http://www.prnewswire.com/news-releases/sino-global-announces-financial-results-for-its-fiscal-year-ended-june-30-2020-301151568.html
SOURCE Sino-Global Shipping America, Ltd.