Shineco, Inc. Reports Third Quarter of 2018 Financial Results

Published: May 17, 2018

BEIJING, May 17, 2018 /PRNewswire/ -- Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, specialized textiles, and other health and well-being focused plant-based products in China, announced today its financial results for the third quarter ended March 31, 2018.

Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, Inc., commented, "We are delighted that our increased capital spending in 2017 has translated into increased profitability in 2018. Our business in Xinjiang factory has turned a profit, and our sales in Shandong have remained stable. This is reflected in our financial results. Shineco's gross profit had increased by 102% to $5.26 million, our operating margin had increased by 8.4 percentage points to 29.4%, and our gross margin had increased by 6.7 percentage points to 39.4% compared to the same period of last year."

Mr. Zhang concluded, "The market's response to our Luobuma product line has been immensely positive, as reflected by an impressive sales increase of 388.6% to $5.48 million from $1.12 million from the same period of last year. We are pleased with the recognition from our clients, as we continue to innovate and expand in the future."

Third Quarter of 2018 Financial Highlights

                                        For the Three Months Ended March 31
                                        -----------------------------------

    ($ millions, except per share data)     2018                    2017    % Change
                                            ----                    ----    --------

    Revenue                                13.34                    7.94              68.0%

    Luobuma products                        5.48                    1.12             388.6%

    Chinese medicinal herbal products       3.30                    3.05               8.3%

    Other agricultural products             4.56                    3.77              20.9%

    Gross profit                            5.26                    2.60             102.2%

    Gross margin                           39.4%                  32.8%              6.7%

    Operating income                        3.92                    1.67             135.0%

    Operating margin                       29.4%                  21.0%              8.4%

    Net income attributable to Shineco      4.55                    1.92             136.8%

    EPS                                     0.21                    0.09             135.2%
                                            ----                    ----              -----
  • Revenues increased by 68.0% to $13.34 million for the three months ended March 31, 2018 from $7.94 million for the same period last year.
  • Gross profit increased by 102.2% to $5.26 million for the three months ended March 31, 2018 from $2.60 million for the same period last year. Gross margin increased by 6.7 percentage points to 39.4% from 32.8% for the same period of last year.
  • Net income attributable to Shineco increased by 136.8% to $4.55 million, or $0.21 per basic and diluted share, for the three months ended March 31, 2018 from $1.92 million, or $0.09 per basic and diluted share, for the same period last year. The increases in net income and earnings per share were primarily due to an increase in gross profit, partially offset by an increase in general and administrative expenses.

Third Quarter of 2018 Financial Results

Revenues

Revenues for the three months ended March 31, 2018 increased by $5.40 million, or 68.0%, to $13.34 million from $7.94 million for the same period of last year, mainly due to increased sales of all products.

                                               For the Three Months Ended March 31
                                               -----------------------------------

                                                   2018                                   2017
                                                   ----                                   ----

    ($ millions)                      Revenues                                 COGS             Gross       Revenues       COGS          Gross
                                                                                               Margin                                   Margin
                                                                                               ------                                   ------

    Luobuma products                               5.48                              2.36             56.9%          1.12         0.57         49.2%

    Chinese medicinal herbal products              3.30                              2.56             22.0%          3.05         2.28         24.7%

    Other agricultural products                    4.56                              3.15             31.0%          3.77         2.47         34.4%

    Business and sales related taxes                  -                             0.01                 -             -        0.02             -

    Total                                         13.34                              8.08             39.4%          7.94         5.34         32.8%
                                                  -----                              ----              ----           ----         ----          ----

Revenues from Luobuma products increased by $4.36 million, or 388.6%, to $5.48 million for the three months ended March 31, 2018 from $1.12 million for the same period of last year, mainly due to establishment of new subsidiary, Xinjiang Taihe, which generated revenue of $5,210,768.

Revenues from Chinese medicinal herbal products increased by $0.25 million, or 8.3%, to $3.30 million for the three months ended March 31, 2018 from $3.05 million for the same period of last year. The increase was primarily due to more fulfilled sales orders from customers for the three months ended March 31, 2018 than the same period in 2017.

Revenues from other agricultural products increased by $0.79 million, or 20.9%, to $4.56 million for the three months ended March 31, 2018 from $3.77 million for the same period of last year. The sales of other agricultural products were mainly derived from sales of yew trees and our storage services. The increase was mainly due to the increase in sales volume of yew trees since the public realized the air purification function of the yew trees.

Gross profit and Gross Margin

Total cost of goods sold increased by $2.74 million, or 51.3%, to $8.08 million for the three months ended March 31, 2018 from $5.34 million for the same period of last year. Gross profit increased by $2.66 million, or 102.2%, to $5.26 million for the three months ended March 31, 2018 from $2.60 million for the same period of last year. Overall gross margin increased by 6.7 percentage points to 39.4% for the three months ended March 31, 2018, compared to 32.8% for the same period of last year.

Gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products were 56.9%, 22.0%, and 31.0%, respectively, for the three months ended March 31, 2018. This compared to gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products of 49.2%, 24.7%, and 34.4%, respectively, for the same period of last year.

Operating income

Selling expenses increased by $0.08 million, or 27.4%, to $0.39 million for the three months ended March 31, 2018 from $0.30 million for the same period of last year, primarily due to the acquisition of a new subsidiary, Tianjin Tajite, in October 2017. The increase in selling and distribution expenses was also a result of increased promotion expenses as the Company enhanced its online sales promotions, partially offset by decreased rent expense of warehouse and salary expenses due to more effective cost control during the three months ended March 31, 2018 compared to the same period of 2017. General and administrative expenses increased by $0.33 million, or 51.5%, to $0.96 million for the three months ended March 31, 2018 from $0.63 million for the same period of last year. The increase in general and administrative expenses was primarily due to the incorporation and acquisition of new subsidiaries, Tiankunrunze in last quarter of fiscal year 2017, and Xinjiang Taihe and Tianjin Tajite in fiscal year 2018. As a result, total operating expenses increased by $0.41 million, or 43.6%, to $1.34 million for the three months ended March 31, 2018 from $0.94 million for the same period of last year.

Operating income increased by $2.25 million, or 135.0%, to $3.92 million for the three months ended March 31, 2018 from $1.67 million for the same period of last year. Operating margin was 29.4% for the three months ended March 31, 2018, compared to 21.0% for the same period of last year.

Net income

Net income increased by $2.55 million, or 130.4%, to $4.51 million for the three months ended March 31, 2018 from $1.96 million for the same period of last year. After the deduction of non-controlling interests, net income attributable to common shareholders for the three months ended March 31, 2018 was $4.55 million, or $0.21 per basic and diluted share. This compared to net income attributable to common shareholders of $1.92 million, $0.09 per basic and diluted share, for the same period of last year.

Nine Months Ended March 31, 2018 Financial Results

                                        For the Nine Months Ended March 31
                                        ----------------------------------

    ($ millions, except per share data)     2018                     2017  % Change
                                            ----                     ----  --------

    Revenue                                35.28                    25.53            38.2%

    Luobuma products                       10.41                     2.77           276.0%

    Chinese medicinal herbal products      10.23                     9.73             5.2%

    Other agricultural products            14.64                    13.04            12.3%

    Gross profit                           12.17                     8.47            43.6%

    Gross margin                           34.5%                   33.2%            1.3%

    Operating income                        8.11                     5.25            54.4%

    Operating margin                       23.0%                   20.6%            2.4%

    Net income attributable to Shineco      9.41                     6.12            53.7%

    EPS                                     0.45                     0.30            49.3%
                                            ----                     ----             ----

Revenues

Revenues for the nine months ended March 31, 2018 increased by $9.75 million, or 38.2%, to $35.28 million from $25.53 million for the same period of last year, mainly due to increased sales of all products.

                                               For the Nine Months Ended March 31
                                               ----------------------------------

                                                  2018                                   2017
                                                  ----                                   ----

    ($ millions)                      Revenues                                COGS             Gross       Revenues        COGS          Gross
                                                                                              Margin                                    Margin
                                                                                              ------                                    ------

    Luobuma products                             10.41                              4.81             53.7%           2.77         1.37         50.0%

    Chinese medicinal herbal products            10.23                              7.89             22.5%           9.73         7.20         25.6%

    Other agricultural products                  14.64                             10.36             29.2%          13.04         8.44         35.3%

    Business and sales related taxes                 -                             0.06                 -              -        0.05             -

    Total                                        35.28                             23.11             34.5%          25.53        17.06         33.2%
                                                 -----                             -----              ----           -----        -----          ----

Revenues from Luobuma products increased by $7.64 million, or 276.0%, to $10.41 million for the nine months ended March 31, 2018 from $2.77 million for the same period of last year, mainly due to revenue generated by a new subsidiary, Xinjiang Taihe, of US$ 8,145,196. Moreover, the increase of revenue from this segment was due to increased sales volume of our health awareness related products. The Company also enhanced online sales promotions during the nine months ended March 31, 2018, which contributed to more sales revenue overall.

Revenues from Chinese medicinal herbal products increased by $0.51 million, or 5.2%, to $10.23 million for the nine months ended March 31, 2018 from $9.73 million for the same period of last year. The increase was primarily due to more fulfilled sales orders from customers for the nine months ended March 31, 2018 than the same period in 2017.

Revenues from other agricultural products increased by $1.60 million, or 12.3%, to $14.64 million for the nine months ended March 31, 2018 from $13.04 million for the same period of last year. The increase was mainly attributable to the increase in sales volume of yew trees since the public realized the air purification function of the yew trees.

Gross profit and Gross Margin

Total cost of goods sold increased by $6.06 million, or 35.5%, to $23.11 million for the nine months ended March 31, 2018 from $17.06 million for the same period of last year. Gross profit increased by $3.70 million, or 43.6%, to $12.17 million for the nine months ended March 31, 2018 from $8.47 million for the same period of last year. Overall gross margin increased by 1.3 percentage points to 34.5% for the nine months ended March 31, 2018, compared to 33.2% for the same period of last year.

Gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products were 53.7%, 22.5%, and 29.2%, respectively, for the nine months ended March 31, 2018. This compared to gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products of 50.0%, 25.6%, and 35.3%, respectively, for the same period of last year.

Operating income

Selling expenses increased by $0.05 million, or 3.9%, to $1.23 million for the nine months ended March 31, 2018 from $1.19 million for the same period of last year, primarily due to the acquisition of a new subsidiary, Tianjin Tajite, in October 2017. The increase in selling and distribution expenses was also a result of increased promotion expenses as the Company enhanced its online sales promotions, partially offset by decreased rent expense of warehouse and salary expenses due to more effective cost control during the nine months ended March 31, 2018 compared to the same period of 2017. General and administrative expenses increased by $0.79 million, or 39.0%, to $2.82 million for the nine months ended March 31, 2018 from $2.03 million for the same period of last year. The increase in general and administrative expenses was primarily attributable to the incorporation and acquisition of new subsidiaries, Tiankunrunze in second quarter of fiscal year 2017, and Xinjiang Taihe and Tianjin Tajite in fiscal year 2018. The increase in general and administrative expenses was also a result of increased professional service fees, such as attorney's fees, consulting fees and auditing fees. As a result, total operating expenses increased by $0.84 million, or 26.0%, to $4.05 million for the nine months ended March 31, 2018 from $3.22 million for the same period of last year.

Operating income increased by $2.86 million, or 54.4%, to $8.11 million for the nine months ended March 31, 2018 from $5.25 million for the same period of last year. Operating margin was 23.0% for the nine months ended March 31, 2018, compared to 20.6% for the same period of last year.

Net income

Net income increased by $3.12 million, or 50.0%, to $9.35 million for the nine months ended March 31, 2018 from $6.23 million for the same period of last year. After the deduction of non-controlling interests, net income attributable to common shareholders for the nine months ended March 31, 2018 was $9.41 million, or $0.45 per basic and diluted share. This compared to net income attributable to common shareholders of $6.12 million, $0.30 per basic and diluted share, for the same period of last year.

Financial Condition

As of March 31, 2018, the Company had cash and cash equivalents of $28.43 million, compared to $23.15 million as of June 30, 2017. Net cash used in operating activities was $5.34 million for the nine months ended March 31, 2018, compared to net cash used in operating activities of $1.38 million for the same period of last year. Net cash used in investing activities was $0.90 million for the nine months ended March 31, 2018, compared to $1.69 million for the same period of last year. Net cash used in financing activities was $0.45 million for the nine months ended March 31, 2018, compared to net cash provided by financing activities of $5.60 million for the same period of last year.

About Shineco, Inc.

Incorporated in August 1997 and headquartered in Beijing, China, Shineco, Inc. ("Shineco" or the "Company") is a Delaware holding company that uses its subsidiaries' and variable interest entities' vertically- and horizontally-integrated production, distribution and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce and specialized textiles. For more information about the Company, please visit www.shinecobiotech.com.

Forward-Looking Statements

This press release contains information about Shineco's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in Shineco's registration statement and in its other filings with the Securities and Exchange Commission.

For more information, please contact:

Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com

 

 

 

                                            SHINECO, INC.

                                CONDENSED CONSOLIDATED BALANCE SHEETS


                                                  March 31,                  June 30,

                                                         2018                      2017
                                                         ----                      ----

                                                  (Unaudited)

                            ASSETS

    CURRENT ASSETS:

    Cash                                                         $28,432,209                      $23,154,551

    Accounts receivable, net                                    24,864,469                       14,480,004

    Due from related parties                                       409,193                          448,833

    Inventories                                                  2,765,143                        2,346,273

    Advances to suppliers, net                                   3,582,001                        2,396,123

    Deferred issuance cost                                         434,000                                -

    Other current assets                                           818,934                        1,900,143
                                                                   -------                        ---------

    TOTAL CURRENT ASSETS                                        61,305,949                       44,725,927


    Property and equipment, net                                 12,463,088                       10,320,396

    Land use right, net of accumulated
     amortization                                                1,426,571                        1,346,631

    Investments                                                  6,703,975                        5,695,080

    Deposit for business acquisition                               128,967                        2,065,686

    Distribution rights                                          1,175,033                                -

    Long-term deposit and other
     noncurrent assets                                             121,494                          112,883

    Prepaid leases                                               3,706,730                        3,784,533

    Deferred tax assets                                     -                           233,834

    Goodwill                                                     2,230,683                                -
                                                                 ---------                              ---

    TOTAL  ASSETS                                                $89,262,490                      $68,284,970
                                                                 ===========                      ===========


              LIABILITIES AND EQUITY


    CURRENT LIABILITIES:

    Short-term loans                                              $2,481,156                       $2,663,628

    Accounts payable                                             3,242,373                          158,068

    Advances from customers                                          6,811                            5,439

    Due to related parties                                         206,885                          257,880

    Other payables and accrued expenses                          2,181,904                          337,107

    Taxes payable                                                2,385,329                        1,608,926
                                                                 ---------                        ---------

    TOTAL CURRENT LIABILITIES                                   10,504,458                        5,031,048


    Deferred tax liability                                           4,229                                -
                                                                     -----                              ---

    TOTAL LIABILITIES                                           10,508,687                        5,031,048
                                                                ----------                        ---------


    Commitments and contingencies                           -                                 -


    EQUITY:

    Common stock; par value $0.001,
     100,000,000 shares authorized;
     21,234,072 and 21,034,072 shares
     issued and outstanding at March 31,
     2018 and  June 30, 2017                                        21,234                           21,034

    Additional paid-in capital                                  23,171,102                       22,737,302

    Statutory reserve                                            4,074,570                        3,484,449

    Retained earnings                                           47,880,159                       39,064,743

    Accumulated other comprehensive loss                         2,489,677                      (3,140,982)
                                                                 ---------                       ----------

    Total Stockholders' equity of
     Shineco, Inc.                                              77,202,742                       62,166,546

    Non-controlling interest                                     1,117,061                        1,087,376
                                                                 ---------                        ---------

    TOTAL EQUITY                                                78,319,803                       63,253,922
                                                                ----------                       ----------


    TOTAL LIABILITIES AND
     EQUITY                                                      $89,262,490                      $68,284,970
                                                                 ===========                      ===========

 

 

 


                                                                         SHINECO, INC.

                                              CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

                                                                          (UNAUDITED)

                                                     For the Nine Months                                  For the Three Months
                                                       Ended March 31,                                      Ended March 31,
                                                       ---------------                                      ---------------

                                                  2018                        2017                         2018                2017
                                                  ----                        ----                         ----                ----


    REVENUE                                               $35,282,977                              $25,531,313                       $13,341,281   $7,941,583
                                                          -----------                              -----------                       -----------   ----------


    COST OF REVENUE

    Cost of product and services                         23,059,329                               17,007,048                         8,065,117    5,319,742

    Business and sales related tax                           55,624                                   53,228                            14,287       19,264
                                                             ------                                   ------                            ------       ------

    Total cost of revenue                                23,114,953                               17,060,276                         8,079,404    5,339,006
                                                         ----------                               ----------                         ---------    ---------


    GROSS PROFIT                                         12,168,024                                8,471,037                         5,261,877    2,602,577
                                                         ----------                                ---------                         ---------    ---------


    OPERATING EXPENSES

    General and administrative expenses                   2,820,689                                2,029,981                           956,765      631,640

    Selling expenses                                      1,232,713                                1,186,536                           387,494      304,182
                                                          ---------                                ---------                           -------      -------

    Total operating expenses                              4,053,402                                3,216,517                         1,344,259      935,822
                                                          ---------                                ---------                         ---------      -------


    INCOME FROM OPERATIONS                                8,114,622                                5,254,520                         3,917,618    1,666,755
                                                          ---------                                ---------                         ---------    ---------


    OTHER INCOME

    Income from equity method investments                   703,453                                  699,380                           352,801      297,612

    Purchase rebate income                                1,191,011                                  846,297                           411,076      253,669

    Other income                                            220,270                                  253,196                            80,295       93,888

    Interest income (expense), net                         (41,684)                                  15,124                          (10,360)    (25,414)
                                                            -------                                   ------                           -------      -------

    Total other income                                    2,073,050                                1,813,997                           833,812      619,755
                                                          ---------                                ---------                           -------      -------


    INCOME BEFORE PROVISION FOR INCOME TAXES             10,187,672                                7,068,517                         4,751,430    2,286,510


    PROVISION FOR INCOME TAXES                              834,647                                  833,661                           239,612      328,274
                                                            -------                                  -------                           -------      -------


    NET INCOME                                            9,353,025                                6,234,856                         4,511,818    1,958,236


    Less: net income (loss) attributable to
     non-controlling interest                              (52,512)                                 116,006                          (40,084)      35,829
                                                            -------                                  -------                           -------       ------


    NET INCOME ATTRIBUTABLE TO
     SHINECO, INC.                                         $9,405,537                               $6,118,850                        $4,551,902   $1,922,407
                                                           ==========                               ==========                        ==========   ==========


    COMPREHENSIVE INCOME

    Net income                                             $9,353,025                               $6,234,856                        $4,511,818   $1,958,236

    Other comprehensive income (loss):
     foreign currency translation gain (loss)             5,714,317                              (1,985,492)                        2,683,536      528,683
                                                          ---------                               ----------                         ---------      -------

    Total comprehensive income                           15,067,342                                4,249,364                         7,195,354    2,486,919

    Less: comprehensive income attributable
     to non-controlling interest                             31,146                                   80,161                           (1,249)      43,720
                                                             ------                                   ------                            ------       ------


    COMPREHENSIVE INCOME
     ATTRIBUTABLE TO SHINECO, INC.                        $15,036,196                               $4,169,203                        $7,196,603   $2,443,199
                                                          ===========                               ==========                        ==========   ==========


    Weighted average number of shares basic
     and diluted                                         21,080,787                               20,477,598                        21,176,294   21,034,072
                                                         ==========                               ==========                        ==========   ==========


    Basic and diluted earnings per
     common share                                               $0.45                                    $0.30                             $0.21        $0.09
                                                                =====                                    =====                             =====        =====

 

 

                                            SHINECO, INC.

                           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                             (UNAUDITED)

                                                        For the Nine Months Ended
                                                                March 31,
                                                                ---------

                                                        2018                      2017
                                                        ----                      ----


    CASH FLOWS FROM OPERATING ACTIVITIES:

    Net income                                                   $9,353,025                           $6,234,856

    Adjustments to reconcile net income
     to net cash provided by (used in)
     operating activities:

    Depreciation and amortization                                 489,835                              445,037

    Loss from disposal of property and
     equipment                                                      5,520                                    -

    Bad debt expense                                               47,497                              147,770

    Increase in inventory reserve                                 153,029                               45,419

    Deferred tax (benefit) provision                             (35,677)                               9,790

    Income from equity method investments                       (703,452)                           (699,380)

    Interest income from loans to related
     parties                                               -                            (86,585)


    Changes in operating assets and
     liabilities:

    Accounts receivable                                       (8,876,896)                         (7,744,632)

    Advances to suppliers                                       (939,882)                           (929,907)

    Inventories                                                 (315,834)                           2,613,094

    Other receivables                                             259,946                            (864,944)

    Prepaid expense and other assets                              233,107                            (192,464)

    Due from related parties                                      125,501                              361,287

    Prepaid leases                                                361,665                              351,480

    Accounts payable                                            2,945,920                              185,693

    Advances from customers                                      (81,157)                              26,247

    Other payables                                              1,716,955                          (1,519,339)

    Taxes payable                                                 604,558                              232,390
                                                                  -------                              -------

    NET CASH PROVIDED BY (USED IN)
     OPERATING ACTIVITIES                                       5,343,660                          (1,384,188)
                                                                ---------                           ----------


    CASH FLOWS FROM INVESTING ACTIVITIES:

    Acquisitions of property and
     equipment                                                (1,721,647)                            (41,016)

    Proceeds from disposal of property
     and equipment                                                    603                                    -

    Payment for construction in progress                          (5,843)                                   -

    Repayments (advances to) of loans
     from third parties                                           831,453                            (506,452)

    Loan advances to related party                               (53,443)                                   -

    Repayments of loans from related
     parties                                               -                             567,246

    Income received from investments in
     unconsolidated entities                                      152,694                              551,933

    Deposit for business acquisition                            (123,682)                         (2,060,548)

    Deposit for potential investment                       -                           (200,000)

    Cash of subsidiary acquired                                    23,153                                    -
                                                                   ------                                  ---

    NET CASH (USED IN) INVESTING
     ACTIVITIES                                                 (896,712)                         (1,688,837)
                                                                 --------                           ----------


    CASH FLOWS FROM FINANCING ACTIVITIES:

    Proceeds from short-term loans                              2,443,100                            2,680,184

    Repayment of short-term loans                             (2,820,126)                         (2,406,426)

    Stock issuance cost payable                            -                             843,844

    Proceeds from initial public
     offering, net of offering costs                       -                           4,550,705

    Repayments of advances from related
     parties                                                     (68,465)                            (68,984)
                                                                  -------                              -------

    NET CASH (USED IN) PROVIDED BY
     FINANCING ACTIVITIES                                       (445,491)                           5,599,323
                                                                 --------                            ---------


    EFFECT OF EXCHANGE RATE CHANGE ON
     CASH                                                       1,276,201                            (861,050)
                                                                ---------                             --------


    NET INCREASE IN CASH                                        5,277,658                            1,665,248


    CASH - Beginning of the Period                             23,154,551                           22,009,374
                                                               ----------                           ----------


    CASH - End of the Period                                    $28,432,209                          $23,674,622
                                                                ===========                          ===========


    SUPPLEMENTAL CASH FLOW DISCLOSURES:

    Cash paid for income taxes                                     $702,064                             $579,566
                                                                   ========                             ========

    Cash paid for interest                                          $98,017                             $109,208
                                                                    =======                             ========


    SUPPLEMENTAL NON-CASH INVESTING
     ACTIVITY:

    Issued 200,000 shares of
     deferred issuance cost                                        $434,000                     $              -
                                                                   ========                   ===            ===

 

 

 

 

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