WEIFANG, Shandong, China, Oct. 7,
2011 /PRNewswire-Asia-FirstCall/ -- Shengtai Pharmaceutical,
Inc. (OTC Bulletin Board: SGTI) (''Shengtai'' or ''the Company'' or
"We" or "Us"), a manufacturer and distributor in China of glucose and starch as pharmaceutical
raw materials and other starch and glucose products, today reported
financial results for the twelve months ended June 30, 2011.
"We are very glad that the Company has made tremendous progress
in the year ended June 30, 2011."
Qingtai Liu, CEO of Shengtai Pharmaceutical, Inc. stated,
"Compared with last year, our sales increased $55,763,918, or 48.09% and our net income
increased $4,452,070, or 139.17%. Our
sales increased both domestically and internationally. Customer
deposit also increased which shows a strong customer demand for our
products. We also successfully expanded our corn storage from
36,000 tons 50,000 tons and our cornstarch annual production
capacity from 300,000 tons to 400,000 tons. The storage expansion
allowed us to lock in raw material prices by storing more raw
material while the raw material prices are increasing. The
expansion of cornstarch production line allows us to produce more
cornstarch and related products to meet the increased demand for
our cornstarch and related products, and provide more cornstarch as
raw material for our glucose production."
Fiscal Year 2011 Result of Operations
Sales revenue for the fiscal year ended June 30, 2011 was $
171,717,866, an increase of $55,763,918, or 48.09% compared with the
corresponding period in 2010. The increase in sales revenue
resulted from the increase of the Company's sales volume and
average selling prices. Net sales from exports for the year ended
June 30, 2011 increased approximately
60.06% compared with the same period in 2010. The increase is
attributable to the upturn in the global economy and the Company's
reorganization of its exporting department, resulting in an
increase in international demand for the Company's glucose and corn
meal products compared to the same period last year. Domestic sales
for cornstarch and other products for the year ended June 30, 2011 increased approximately 60.02%
compared with the same period last year. The increase in domestic
sales was attributable to the higher demand for the Company's
products and increase in unit sales prices.
Costs of sales for the year ended June
30, 2011 was $148,594,046, an
increase of $50,317,857, or 51.20%
compared with the corresponding period in 2010. The increase of
cost of sales is due to an increase in corn prices and the increase
in our sales. The percentage of increase in cost of sales was
higher than the percentage of increase in net sales. Gross profit
for the year ended June 30, 2011 was
$23,123,820, an increase of
$5,446,061, or 30.81%, compared with
17,677,759 the same period in 2010. Gross profit margin for
the year ended June 30, 2011 was
13.47%, a decrease from 15.25% for the same period in 2010. The
increase in gross profits is attributable to increased sales
revenues, however gross profit margin decreased due to the
percentage increase in the cost of sales being greater than the
percentage increase in net sales.
Selling, general and administrative expenses were $9,805,044 for the year ended June 30, 2011, a decrease of $476,745, or 4.64% compared to $10,281,788 for the year ended June 30, 2010. The decrease of selling, general,
and administrative expenses is mainly due to decreased expenses in
the United States such as
decreased option expenses. The Company's expenses in the United States decreased approximately
$766,000 mainly due to decreased
option expenses. The Company incurred $238,684 and $635,232 in non-cash stock option expenses for
the year ended June 30, 2011 and
2010, which are included in selling, general and administrative
expenses. The option expenses decreased because all options were
fully amortized and forfeited during the year ended June 30, 2011. The Company does not expect any
more option expenses for the year ended June
30, 2012. At the same time, the operating expenses related
in China increased. The increased
operating expenses in China, such
as salaries and commission expenses, shipping and handling
expenses, and other operating expenses, were incurred as a result
of the expansion of the business and related to the increased sales
in China.
Net income for the year ended June 30,
2011 was $7,651,051 or
$0.80 per share, an increase of
$4,452,070, or 139.17%, compared with
a net income of $3,198,981 or
$0.33 per share for the same period
in 2010. The increase in net income was primarily due to the
increase in the sales volume and prices of the Company's
products.
Net cash provided by operating activities for fiscal year 2011
was $5,069,599, a decrease of
$4,509,371, or 47.08%, compared to
$9,578,970 provided by operating
activities for fiscal year 2010. The decrease is due to increased
payments to other receivable, accounts payable, and accrued
liabilities, which were offset by increased customer deposit.
Net cash used in investing activities for fiscal 2011 was
$6,083,012, a decrease of
$10,493,481, or 63.30%, compared to
$16,576,493 used in investing
activities for fiscal year 2010. The decrease is due to
reduced investment in property and equipment. In 2010, the Company
invested more heavily in expanding cornstarch production and
warehouse.
Net cash used in financing activities for fiscal 2011 was
$184,385, a decrease of $9,886,466, or 101.90%, compared to $9,702,081 provided by financing activities for
fiscal year 2010. The decrease is mainly due to decreased
restricted cash because the Company has fewer notes payable.
Management Comments
Looking forward, Qingtai Liu, CEO of Shengtai Pharmaceutical,
Inc. stated, "Our Company strives to keep our sales growth in the
coming year by providing competitive pricing as well as super
customer satisfaction. Most importantly, our company will take a
few steps to keep our gross profit stable. We will continue to
store more raw material corn inventory when the corn prices are
increasing. At the same time, we will enhance our sales policy in
monitoring pricing."
"The Company has sufficient cash for our operation for the
coming year. The Company has no plan for large construction or
project in the coming year. We will closely monitor our cash
reserve to make sure we will have sufficient funding for our
operation. We also are continually looking for new high technology
products that will bring higher profit to the Company. Going
forward we are confident for bring a successful year!" concluded
Mr. Liu.
About Shengtai Pharmaceutical, Inc.
Shengtai Pharmaceutical, Inc. through its wholly owned
subsidiary, Shengtai Holding, Inc. (SHI), and the Chinese operating
company of Weifang Shengtai Pharmaceutical Co., Ltd., is a
manufacturer and distributor in china of glucose and starch
products as pharmaceutical raw materials, other starch products and
other glucose products such as corn meals, food and beverage
glucose and dextrin. For more information about Shengtai
Pharmaceutical, Inc., please visit
http://www.shengtaipharmaceutical.com.
Forward Looking Statements
Certain statements in this press release and oral statements
made by the Company constitute forward-looking statements
concerning the Company's business and products. These statements
include, without limitation, statements regarding our ability to
prepare the Company for growth, the Company's planned capacity
expansion and predictions and guidance relating to the Company's
future financial performance. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy
and financial needs, but they involve risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements, which may include, but are not limited
to, such factors as unanticipated changes in product demand
especially in the pharmaceutical industry, pricing and demand
trends for the Company's products, changes to government
regulations, risk associated with operation of the Company's new
facilities, risk associated with large-scale implementation of the
Company's business plan, the ability to attract new customers,
ability to increase its product's applications, cost of raw
materials, downturns in the Chinese economy, and other information
detailed from time to time in the Company's filings and future
filings with the United States Securities and Exchange Commission.
Investors are urged to consider these factors carefully in
evaluating the forward-looking statements herein and are cautioned
not to place undue reliance on such forward-looking statements,
which are qualified in their entirety by this cautionary statement.
The forward-looking statements made herein speak only as of the
date of this press release and the Company undertakes no duty to
update any forward-looking statement to conform the statement to
actual results or changes in the Company's expectations.
For more information, please contact:
Shengtai Pharmaceutical, Inc.
Ms. Yukie Ying Gao
Investor Relations Manager
Tel: 86-536-2188831
Email: ir-yukie@shengtaipharmaceutical.com
SHENGTAI
PHARMACEUTICAL INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
AS OF JUNE
30, 2011 AND 2010
|
|
|
|
|
|
|
|
|
|
|
A S S E T
S
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash & cash
equivalents
|
$
|
4,051,349
|
$
|
4,121,541
|
|
|
Restricted cash
|
|
8,972,600
|
|
16,556,904
|
|
|
Accounts receivable, net of
allowance for doubtful accounts of $1,506,470 and $1,306,268 as of
June 30, 2011 and 2010, respectively
|
|
8,580,973
|
|
8,365,822
|
|
|
Notes receivable
|
|
2,815,726
|
|
2,410,512
|
|
|
Other receivables
|
|
8,359,103
|
|
450,284
|
|
|
Inventories
|
|
13,016,399
|
|
11,072,170
|
|
|
Prepayments and other
assets
|
|
2,296,982
|
|
545,590
|
|
|
|
Total current assets
|
|
48,093,131
|
|
43,522,824
|
|
|
|
|
|
|
|
|
|
|
PLANT AND EQUIPMENT,
net
|
|
77,029,157
|
|
64,840,768
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION IN
PROGRESS
|
|
4,693,018
|
|
10,533,083
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS:
|
|
|
|
|
|
|
Investment in Changle Shengshi
Redian Co., Ltd.
|
|
9,132,725
|
|
6,372,294
|
|
|
Advances for
construction
|
|
2,039,929
|
|
2,334,748
|
|
|
Intangible assets - land use
right, net of accumulated amortization
|
|
3,251,214
|
|
3,150,894
|
|
|
|
Total other assets
|
|
14,423,868
|
|
11,857,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
144,239,174
|
$
|
130,754,611
|
|
|
|
|
|
|
|
|
|
|
L I A B I L
I T I E S A N D S T O C K H O L D E R S'
E Q U I T Y
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Accounts payable
|
$
|
9,508,512
|
$
|
9,508,631
|
|
|
Accounts payable and accrued
liabilities - related party
|
|
943,779
|
|
252,017
|
|
|
Notes payable - banks
|
|
11,447,800
|
|
17,823,300
|
|
|
Short term loans
|
|
48,094,740
|
|
40,153,980
|
|
|
Accrued liabilities
|
|
917,464
|
|
412,555
|
|
|
Other payable
|
|
2,642,598
|
|
1,315,797
|
|
|
Employee loans
|
|
261,938
|
|
396,404
|
|
|
Other payable -
officer
|
|
36,285
|
|
515,856
|
|
|
Customer deposit
|
|
8,954,841
|
|
4,162,046
|
|
|
Taxes payable
|
|
1,809,093
|
|
1,456,474
|
|
|
Long term
loan-current
|
|
-
|
|
2,314,983
|
|
|
|
Total current
liabilities
|
|
84,617,050
|
|
78,312,043
|
|
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Other payable -
noncurrent
|
|
(0)
|
|
3,346,336
|
|
|
|
Total long term
liabilities
|
|
(0)
|
|
3,346,336
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
84,617,050
|
|
81,658,379
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKRHOLDERS'
EQUITY:
|
|
|
|
|
|
|
Preferred stock, $0.001 par
value, 2,500,000 shares authorized,
|
|
|
|
|
|
|
|
no shares issued and
outstanding
|
|
-
|
|
-
|
|
|
Common stock, $0.001 par value,
50,000,000 shares authorized,
|
|
|
|
|
|
|
|
9,584,912 shares issued and
outstanding
|
|
9,585
|
|
9,585
|
|
|
Additional paid-in
capital
|
|
21,553,499
|
|
21,314,815
|
|
|
Statutory reserves
|
|
4,068,822
|
|
3,214,800
|
|
|
Retained earnings
|
|
26,148,801
|
|
19,351,772
|
|
|
Accumulated other comprehensive
income
|
|
7,841,417
|
|
5,205,259
|
|
|
|
Total stockholders'
equity
|
|
59,622,125
|
|
49,096,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
144,239,174
|
$
|
130,754,611
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
|
|
|
|
|
|
|
|
|
SHENGTAI
PHARMACEUTICAL INC. AND SUBSIDIARIES
|
|
CONSOLIDATE
STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
|
|
FOR THE
YEARS ENDED JUNE 30, 2011 AND 2010
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
NET SALES
|
$
|
171,717,866
|
$
|
115,953,948
|
|
|
|
|
|
|
|
COST OF SALES
|
|
148,594,046
|
|
98,276,190
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
23,123,820
|
|
17,677,759
|
|
|
|
|
|
|
|
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES
|
|
9,805,044
|
|
10,281,788
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
13,318,776
|
|
7,395,970
|
|
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME:
|
|
|
|
|
|
Earnings on equity
investment
|
|
872,630
|
|
727,804
|
|
Non-operating
income
|
|
228,746
|
|
291,203
|
|
Non-operating
expense
|
|
(74,165)
|
|
(263,812)
|
|
Loss on equipment
disposal
|
|
(238,387)
|
|
-
|
|
Interest expense and other
charges
|
|
(3,729,444)
|
|
(3,660,474)
|
|
Interest income
|
|
119,636
|
|
306,994
|
|
Other (expense)
income, net
|
|
(2,820,984)
|
|
(2,598,285)
|
|
|
|
|
|
|
|
INCOME BEFORE PROVISION FOR
INCOME TAXES
|
|
10,497,792
|
|
4,797,685
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
|
2,846,741
|
|
1,598,704
|
|
|
|
|
|
|
|
NET INCOME
|
|
7,651,051
|
|
3,198,981
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
ITEMS:
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
2,636,158
|
|
262,776
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME
|
$
|
10,287,210
|
$
|
3,461,757
|
|
|
|
|
|
|
|
EARNINGS PER SHARE
|
|
|
|
|
|
Basic
|
$
|
0.80
|
$
|
0.33
|
|
Diluted
|
$
|
0.80
|
$
|
0.33
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
SHARES
|
|
|
|
|
|
Basic
|
|
9,584,912
|
|
9,584,912
|
|
Diluted
|
|
9,584,912
|
|
9,584,912
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
|
|
|
|
|
|
SHENGTAI
PHARMACEUTICAL INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
FOR THE
YEARS ENDED JUNE 30, 2011 AND 2010
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
$
|
7,651,051
|
$
|
3,198,981
|
|
|
Adjustments to reconcile net
income to cash
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
7,153,155
|
|
7,993,751
|
|
|
|
|
Amortization
|
|
56,632
|
|
307,195
|
|
|
|
|
Bad debt provision
|
|
131,463
|
|
1,300,681
|
|
|
|
|
Share based compensation to
employees
|
|
238,684
|
|
681,575
|
|
|
|
|
Loss on equipment
disposal
|
|
238,387
|
|
-
|
|
|
|
|
Gain on disposal of land use
right
|
|
-
|
|
(738)
|
|
|
|
|
Earnings on equity
investment
|
|
(872,630)
|
|
(727,804)
|
|
|
|
|
Amortization of discount on
installment payment for purchase of equipment
|
|
-
|
|
354,546
|
|
|
|
|
Amortization of discount on
capital lease obligation
|
|
-
|
|
1,037,393
|
|
|
|
Change in operating assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
68,917
|
|
(1,752,404)
|
|
|
|
|
Notes receivable
|
|
(202,150)
|
|
(1,324,945)
|
|
|
|
|
Other receivables
|
|
(8,127,790)
|
|
(190,006)
|
|
|
|
|
Inventories
|
|
(181,050)
|
|
(4,801,895)
|
|
|
|
|
Prepayments and other
assets
|
|
(1,684,476)
|
|
(331,299)
|
|
|
|
|
Accounts payable and accrued
liabilities
|
|
(5,913,394)
|
|
4,903,309
|
|
|
|
|
Accounts payable and accrued
liabilities - related party
|
|
663,386
|
|
(186,681)
|
|
|
|
|
Other payable
|
|
1,098,802
|
|
(2,574,855)
|
|
|
|
|
Customer deposit
|
|
4,477,630
|
|
2,235,856
|
|
|
|
|
Taxes payable
|
|
272,983
|
|
(543,691)
|
|
|
|
|
|
Net cash provided by operating
activities
|
|
5,069,599
|
|
9,578,970
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
Increase in equity
investment
|
|
(1,511,200)
|
|
(1,466,700)
|
|
|
Purchase plant and
equipment
|
|
(3,019)
|
|
(2,967,898)
|
|
|
Additions to construction in
progress
|
|
(3,626,806)
|
|
-
|
|
|
Advances for
construction
|
|
(941,986)
|
|
(10,488,033)
|
|
|
Acquisition of land use
right
|
|
-
|
|
(43,425)
|
|
|
Loan to related party -
non-current
|
|
-
|
|
440,010
|
|
|
Lease payments for equipment
purchase
|
|
-
|
|
(2,050,447)
|
|
|
|
|
|
Net cash used in investing
activities
|
|
(6,083,012)
|
|
(16,576,493)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
Decrease in restricted
cash
|
|
7,584,304
|
|
15,279,992
|
|
|
Borrowings on notes payable -
banks
|
|
15,263,120
|
|
13,346,970
|
|
|
Principal payments on notes
payable - banks
|
|
(22,365,760)
|
|
(30,859,368)
|
|
|
Borrowings on short term
loans
|
|
56,895,225
|
|
41,008,932
|
|
|
Principal payments on short term
loans
|
|
(51,108,784)
|
|
(26,693,940)
|
|
|
Borrowings on employee
loans
|
|
107,673
|
|
-
|
|
|
Principal payments on employee
loans
|
|
(258,482)
|
|
(336,641)
|
|
|
Payments to other payable -
officer
|
|
(493,544)
|
|
-
|
|
|
Principal payments on third
party loan
|
|
-
|
|
(248,624)
|
|
|
Borrowings on long term
loans
|
|
4,841,583
|
|
-
|
|
|
Payments on long term
loans
|
|
(4,841,583)
|
|
-
|
|
|
Payment on capital lease
obligation
|
|
(5,808,137)
|
|
(1,795,241)
|
|
|
|
|
|
Net cash provided by (used in)
financing activities
|
|
(184,385)
|
|
9,702,081
|
|
|
|
|
|
|
|
|
|
|
|
EFFECTS OF EXCHANGE RATE CHANGE
IN CASH
|
|
1,127,605
|
|
(362,493)
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE /(DECREASE) IN CASH
& CASH EQUIVALENTS
|
|
(70,192)
|
|
2,342,065
|
|
|
|
|
|
|
|
|
|
|
|
CASH & CASH EQUIVALENTS,
beginning of year
|
|
4,121,541
|
|
1,779,476
|
|
|
|
|
|
|
|
|
|
|
|
CASH & CASH EQUIVALENTS, end
of year
|
$
|
4,051,349
|
$
|
4,121,541
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH
FLOW INFORMATION:
|
|
|
|
|
|
Cash paid during the year
for:
|
|
|
|
|
|
|
Interest paid
|
$
|
2,995,844
|
$
|
2,752,591
|
|
Income taxes
|
|
|
|
|
$
|
2,098,145
|
$
|
1,673,702
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH
INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
|
|
Non-cash advances for
construction
|
$
|
1,344,561
|
$
|
1,673,702
|
|
Accounts payable for acquisition
of plant and equipment
|
$
|
5,717,226
|
$
|
-
|
|
Completion of
construction-in-progress
|
$
|
15,392,980
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
|
|
|
|
|
|
|
|
|
|
SHENGTAI
PHARMACEUTICAL INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' EQUITY
|
|
FOR THE
TWELVE MONTHS ENDED JUNE 30, 2011 AND 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained
earnings
|
|
Accumulated
other
|
|
|
|
|
|
|
|
Common
stock
|
|
Paid-in
|
|
Statutory
|
|
|
|
comprehensive
|
|
|
|
|
|
|
|
Shares
|
|
Par
value
|
|
capital
|
|
reserves
|
|
Unrestricted
|
|
income
|
|
Totals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, June 30,
2009
|
9,584,912
|
$
|
9,585
|
$
|
20,633,240
|
$
|
2,894,902
|
$
|
16,472,689
|
$
|
4,942,483
|
$
|
44,952,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
-
|
|
-
|
|
-
|
|
-
|
|
3,198,981
|
|
-
|
|
3,198,981
|
|
|
Option issued to
employees
|
-
|
|
-
|
|
681,575
|
|
-
|
|
-
|
|
-
|
|
681,575
|
|
|
Adjustment to statutory
reserve
|
-
|
|
-
|
|
-
|
|
319,898
|
|
(319,898)
|
|
-
|
|
-
|
|
|
Foreign currency translation
adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
262,776
|
|
262,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, JUNE 30,
2010
|
9,584,912
|
|
9,585
|
|
21,314,815
|
|
3,214,800
|
|
19,351,772
|
|
5,205,259
|
|
49,096,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
-
|
|
-
|
|
-
|
|
-
|
|
7,651,051
|
|
-
|
|
7,651,051
|
|
|
Option issued to employees
|
-
|
|
-
|
|
238,684
|
|
-
|
|
-
|
|
-
|
|
238,684
|
|
|
Adjustment to statutory reserve
|
-
|
|
-
|
|
-
|
|
854,022
|
|
(854,022)
|
|
-
|
|
-
|
|
|
Foreign currency translation
adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,636,158
|
|
2,636,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, JUNE 30,
2011
|
9,584,912
|
$
|
9,585
|
$
|
21,553,499
|
$
|
4,068,822
|
$
|
26,148,801
|
$
|
7,841,417
|
$
|
59,622,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of this
statement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Shengtai Pharmaceutical, Inc.