| |
WENZHOU, China, April 24, 2020 /PRNewswire/ -- Hebron Technology Co., Ltd ("Hebron" or the "Company") (Nasdaq: HEBT), a technology oriented enterprise group conducting business in the pharmaceutical equipment and engineering industry segment and financial service industry segment, today announced its financial results for the fiscal year ended December 31, 2019.
Fiscal Year 2019 Financial Highlights
| |
Year ended December 31,
|
|
Changes
|
| |
|
2019
|
|
|
2018
|
|
($)
|
|
(%)
|
|
Revenue
|
$
|
21,103,114
|
|
$
|
25,290,060
|
|
(4,186,946)
|
|
(17)
|
%
|
|
Installation service
|
|
10,490,191
|
|
|
17,297,212
|
|
(6,807,021)
|
|
(39)
|
%
|
|
Fluid equipment sales
|
|
8,087,399
|
|
|
7,992,848
|
|
94,551
|
|
1
|
%
|
|
Financial service – underwriting related
|
|
2,522,143
|
|
|
-
|
|
2,522,143
|
|
100
|
%
|
|
Financial service –recurring service
|
|
3,381
|
|
|
-
|
|
3,381
|
|
100
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
8,056,621
|
|
|
7,577,952
|
|
478,669
|
|
6
|
%
|
|
Income (loss) from operations
|
|
1,932,005
|
|
|
(5,329,410)
|
|
7,261,415
|
|
136
|
%
|
|
Net income
|
|
2,739,990
|
|
|
(5,144,715)
|
|
7,884,705
|
|
153
|
%
|
|
Basic and diluted EPS
|
$
|
0.17
|
|
$
|
(0.33)
|
|
0.50
|
|
151
|
%
|
- Total revenues decreased by 17.0% to $21.10 million for the twelve months ended December 31, 2019.
- Operating income increased by 136% to operation income of $1.93 million for the twelve months ended December 31, 2019 from operation loss of $5.33 million for the same period of the prior fiscal year, primarily due to a decrease of bad debt provision of $5.83 million for the twelve months ended December 31, 2019.
- Net income was $2.74 million for the twelve months ended December 31, 2019, compared to net loss of $5.14 million for the same period of the prior fiscal year.
| |
Years ended December 31,
|
|
Changes
|
|
Changes
|
| |
2019
|
|
%
|
|
2018
|
|
%
|
|
($)
|
|
(%)
|
|
Installation service
|
3,851,460
|
|
37
|
%
|
|
6,356,004
|
|
37
|
%
|
|
(2,504,544)
|
|
(39)
|
%
|
|
Fluid equipment sales
|
1,699,429
|
|
21
|
%
|
|
1,221,948
|
|
15
|
%
|
|
477,481
|
|
39
|
%
|
|
Financial services
|
2,506,032
|
|
99
|
%
|
|
-
|
|
-
|
%
|
|
2,506,032
|
|
100
|
%
|
|
Gross profit
|
8,056,921
|
|
38
|
%
|
|
7,577,952
|
|
30
|
%
|
|
478,969
|
|
6
|
%
|
Revenues
Total revenues decreased by 17.0% to $21.10 million for the twelve months ended December 31, 2019 mainly due to a decrease in installation revenue. Revenue from installation service was $10.49 million for the year ended December 31, 2019, representing a 39% decrease from the prior fiscal year. Revenue from sales of our fluid equipment was $8.1 million, representing an 1% increase. Revenue from financial service was $2.5 million for year ended December 31, 2019, which was mainly generated from the underwriting related advisory service. The Company expects to continue to expand the revenue base in the financial service segment.
Cost of revenues and gross profit
Total cost of revenues decreased by $4.67 million to $13.05 million for the twelve months ended December 31, 2019, mainly due to a decrease in the cost of installation service in fiscal 2019. For fiscal 2019, cost of installation service was $6.64 million representing a decrease of $4.30 million from 2018 due to lower installation service revenue. Cost of our fluid equipment sales were $6.4 million representing a decrease of $0.4 million from 2018.
Overall gross profit increased by 6% or $0.48 million to $8.06 million for the twelve months ended December 31, 2019 from $7.58 million for the same period of the prior fiscal year. The increase was primarily a result of the high-margin financial services revenue in fiscal 2019.
Overall gross profit margin for fiscal 2019 was 38%, increased from 30% in fiscal 2018. The increase was primarily due to the high-margin financial service gross profit. The gross profit margin for the Company's equipment and engineering segment was 30%, approximately same as fiscal 2018.
Operating expenses
Total operating expenses decreased by $6.78 million, or 53%, to $6.12 million for the twelve months ended December 31, 2019. The significant decrease in operating expense was primarily due to a $5.83 million decrease in bad debt provision.
For fiscal 2019, the Company's general and administrative expenses were $2.57 million, representing an approximate decrease of $0.73 million compared to fiscal 2018. The decrease in general and administrative expenses was mainly due to the Company's lesser professional fees in fiscal 2019.
For fiscal 2019, the Company's research and development ("R&D") expenses were $0.49 million, representing an increase of $0.13 million from fiscal 2018. The increase in R&D expense was primarily due to R&D developments in our new segment - financial service segment.
For fiscal 2019, the Company's selling expenses were $0.99 million, representing a 26% decrease from fiscal 2018. The decrease was mainly due to the fact that the Company has established branding awareness in the market and therefore reduced marketing activities in fiscal 2019 and 2018.
Operating (loss) income
Operating income was $1.93 million for twelve months ended December 31, 2019, representing an increase of 136% from operating loss of $5.33 million in fiscal 2018, which was mainly due to significant decrease in bad debts provision during fiscal 2019.
Net income
Net income was $2.74 million for the twelve months ended December 31, 2019, compared to net loss of $5.14 million for fiscal 2018.
Financial Condition
As of December 31, 2019, the Company had cash and restricted cash balance of $4.41 million.
Net cash provided by operating activities was approximately $0.34 million for the twelve months ended December 31, 2019, compared to net cash used in operating activities of $0.73 million for the same period of the prior fiscal year.
Net cash used in investing activities was approximately $1.96 million for fiscal 2019, compared to approximately $0.12 million for fiscal 2018.
Net cash provided by financing activities was approximately $3.15 million for fiscal 2019, compared to approximately $0.73 million for fiscal 2018.
About Hebron Technology Co., Ltd.
Established in January 2005 and headquartered in Wenzhou City, Zhejiang Province, China, Hebron Technology Co., Ltd. engages in research, development, and manufacture of highly specialized valves and pipe fitting products for use in the pharmaceutical, biological, food and beverage, and other clean industries. The Company also offers its customers comprehensive pipeline design, installation, construction, and ongoing maintenance services as holistic solution services. Following the acquisition of NiSun International Enterprise Management Group (British Virgin Islands) Co., Ltd., and its subsidiaries in July 2019, the Company also engages in financial advisory services business through contractually controlled affiliates and subsidiaries of affiliates. For more information about the Company, please visit www.xibolun.com for equipment and engineering segment and https://www.fintaike.com for financial advisory service segment.
Forward-Looking Statements
This press release contains information about Hebron'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. Hebron encourages you to review other factors that may affect its future results in Hebron's registration statement and in its other filings with the Securities and Exchange Commission.
|
HEBRON TECHNOLOGY CO., LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Stated In U.S. Dollars)
|
| |
| |
December 31,
2019
|
|
December 31,
2018
|
|
ASSETS
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
$
|
3,452,647
|
|
$
|
947,588
|
|
Restricted cash
|
|
959,672
|
|
|
2,124,655
|
|
Contracts receivable, net
|
|
30,120,533
|
|
|
24,669,365
|
|
Accounts receivable, net
|
|
3,024,531
|
|
|
2,655,845
|
|
Bank acceptance notes receivable
|
|
22,660
|
|
|
81,611
|
|
Inventories
|
|
635,989
|
|
|
365,480
|
|
Prepayments and advances to suppliers, net
|
|
2,526,056
|
|
|
3,568,003
|
|
Other receivables, net
|
|
516,607
|
|
|
767,681
|
|
Loans to third parties-current portion
|
|
2,434,715
|
|
|
-
|
|
Prepaid expenses and other current assets
|
|
18,348
|
|
|
94,539
|
|
TOTAL CURRENT ASSETS
|
|
43,711,758
|
|
|
35,274,767
|
| |
|
|
|
|
|
|
NON-CURRENT ASSETS:
|
|
|
|
|
|
|
Property and equipment at cost, net
|
|
11,889,373
|
|
|
12,515,894
|
|
Intangible assets, net
|
|
5,124,264
|
|
|
969,339
|
|
Retainage receivables, net
|
|
2,408,070
|
|
|
3,146,986
|
|
Right of use assets
|
|
1,915,577
|
|
|
-
|
|
Rent and other deposits
|
|
85,999
|
|
|
43,633
|
|
Loans to third parties – long term portion
|
|
2,872,820
|
|
|
-
|
|
Long term investments
|
|
3,708,359
|
|
|
3,054,090
|
|
Goodwill
|
|
11,074,864
|
|
|
-
|
|
Deferred tax assets
|
|
2,008,173
|
|
|
1,648,967
|
|
TOTAL ASSETS
|
$
|
84,799,257
|
|
$
|
56,653,676
|
| |
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Short-term loans
|
$
|
861,846
|
|
$
|
1,698,058
|
|
Bank acceptance notes Payable
|
|
929,148
|
|
|
2,117,382
|
|
Accounts payable
|
|
2,386,061
|
|
|
1,361,687
|
|
Accrued expenses and other current liabilities
|
|
3,725,149
|
|
|
2,112,472
|
|
Operating lease liabilities
|
|
188,557
|
|
|
-
|
|
Loan payable - current
|
|
156,574
|
|
|
177,291
|
|
Advances from customers
|
|
1,311,004
|
|
|
3,131,338
|
|
Tax payable
|
|
10,915,483
|
|
|
9,085,746
|
|
Due to related party
|
|
7,759,443
|
|
|
-
|
|
TOTAL CURRENT LIABILITIES
|
|
28,233,265
|
|
|
19,683,974
|
| |
|
|
|
|
|
|
Loan payable – long-term
|
|
54,726
|
|
|
212,351
|
|
Operating lease liabilities – long term
|
|
1,769,927
|
|
|
-
|
|
Deferred tax liabilities
|
|
805,826
|
|
|
-
|
|
TOTAL LIABILITIES
|
|
30,863,744
|
|
|
19,896.325
|
|
Commitments and contingencies
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
Class A common stock, $0.001 par value, 40,000,000 shares authorized, 17,710,471 and 8,491,177 shares issued and outstanding as of December 31, 2019 and 2018 respectively.
|
|
17,710
|
|
|
8,491
|
|
Class B common stock, $0.001 par value, 10,000,000 shares authorized, nil and 7,778,400 shares issued and outstanding as of December 31, 2019 and 2018 respectively.
|
|
-
|
|
|
7,778
|
|
Additional paid-in capital
|
|
28,369,076
|
|
|
13,361,447
|
|
Retained earnings
|
|
27,472,766
|
|
|
24,732,776
|
|
Accumulated other comprehensive income (loss)
|
|
(1,914,232)
|
|
|
(1,353,141)
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
53,945,320
|
|
|
36,757,351
|
|
Non-controlling interests
|
|
(9,807)
|
|
|
-
|
|
TOTAL EQUITY
|
|
53,935,513
|
|
|
36,757,351
|
| |
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
84,799,257
|
|
$
|
56,653,676
|
|
HEBRON TECHNOLOGY CO., LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)
|
| |
| |
For the Years Ended December 31,
|
| |
2019
|
|
2018
|
|
2017
|
|
REVENUE:
|
|
|
|
|
|
|
Installation service
|
$
|
10,490,191
|
|
$
|
17,297,212
|
|
$
|
23,748,141
|
|
Fluid equipment sales
|
|
8,087,399
|
|
|
7,992,848
|
|
|
5,452,304
|
|
Financial services
|
|
2,525,524
|
|
|
-
|
|
|
-
|
| |
|
21,103,114
|
|
|
25,290,060
|
|
|
29,200,445
|
|
COST OF REVENUE
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
12,882,094
|
|
|
17,458,252
|
|
|
18,080,777
|
|
Business and sales related taxes
|
|
164,399
|
|
|
253,856
|
|
|
675,507
|
|
GROSS PROFIT
|
|
8,056,621
|
|
|
7,577,952
|
|
|
10,444,161
|
| |
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
General and administrative
|
|
2,566,831
|
|
|
3,298,188
|
|
|
3,683,594
|
|
Selling and marketing
|
|
985,252
|
|
|
1,337,321
|
|
|
2,187,253
|
|
Bad debt
|
|
2,079,837
|
|
|
7,913,442
|
|
|
187,715
|
|
Research and development
|
|
492,696
|
|
|
358,411
|
|
|
508,282
|
|
Total operating expenses
|
|
6,124,616
|
|
|
12,907,362
|
|
|
6,566,844
|
|
INCOME (LOSS) FROM OPERATIONS
|
|
1,932,005
|
|
|
(5,329,410)
|
|
|
3,877,317
|
| |
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
1,255,149
|
|
|
(426,585)
|
|
|
377,174
|
|
Interest expense
|
|
(158,119)
|
|
|
(208,306)
|
|
|
(56,953)
|
|
Income from investments
|
|
153,554
|
|
|
168,534
|
|
|
-
|
|
Total other income (expense), net
|
|
1,250,584
|
|
|
(466,357)
|
|
|
320,221
|
| |
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES
|
|
3,182,589
|
|
|
(5,795,767)
|
|
|
4,197,538
|
|
PROVISION (BENEFIT) FOR INCOME TAXES
|
|
442,599
|
|
|
(651,052)
|
|
|
(2,938,849)
|
| |
|
|
|
|
|
|
|
|
|
NET INCOME(LOSS)
|
|
2,739,990
|
|
|
(5,144,715)
|
|
|
7,136,387
|
|
Net income (loss) attributable to non-controlling interests
|
|
-
|
|
|
-
|
|
|
-
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
|
2,739,990
|
|
|
(5,144,715)
|
|
|
7,136,387
|
| |
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
Foreign currency translation (loss) income
|
|
(561,091)
|
|
|
(1,755,528)
|
|
|
2,249,081
|
|
COMPREHENSIVE INCOME (LOSS)
|
|
2,178,899
|
|
$
|
(6,900,243)
|
|
|
9,385,468
|
|
Total comprehensive loss attributable to non-controlling interests
|
|
-
|
|
|
-
|
|
|
-
|
|
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
$
|
2,178,899
|
|
$
|
(6,900,243)
|
|
$
|
9,385,468
|
| |
|
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per common share
|
$
|
0.17
|
|
$
|
(0.33)
|
|
$
|
0.49
|
| |
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding-basic and diluted
|
|
16,269,577
|
|
|
15,760,633
|
|
|
14,695,347
|
|
HEBRON TECHNOLOGY CO., LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
|
| |
| |
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
| |
Class A
|
|
Class B
|
|
|
Additional
|
|
|
|
|
|
Other
|
|
|
|
|
|
| |
Common Stock
|
|
Common Stock
|
|
|
paid in
|
|
|
Retained
|
|
|
Comprehensive
|
|
Non-controlling
|
|
|
|
| |
Shares
|
|
|
Amount
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
Earnings
|
|
|
Income (Loss)
|
|
Interests
|
|
|
Total
|
|
Balance at January 1, 2017
|
6,916,947
|
|
$
|
6,917
|
|
7,778,400
|
|
$
|
7,778
|
|
$
|
10,237,965
|
|
$
|
22,741,104
|
|
$
|
(1,846,694)
|
|
-
|
|
$
|
31,147,070
|
|
Net income
|
-
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7,136,687
|
|
|
-
|
|
-
|
|
|
7,136,387
|
|
Foreign currency translation gain
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,249,081
|
|
-
|
|
|
2,249,081
|
|
Balance at December 31, 2017
|
6,916,947
|
|
|
6,917
|
|
7,778,400
|
|
|
7,778
|
|
|
10,237,965
|
|
|
29,877,491
|
|
|
402,387
|
|
-
|
|
|
40,532,538
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(5,144,715)
|
|
|
-
|
|
-
|
|
|
(5,144,715)
|
|
Foreign currency translation loss
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,755,528)
|
|
-
|
|
|
(1,755,528)
|
|
Issuance of class A common stock for consulting services
|
131,452
|
|
|
131
|
|
-
|
|
|
-
|
|
|
239,369
|
|
|
-
|
|
|
-
|
|
-
|
|
|
239,500
|
|
Issuance of common stock for equity investment
|
1,442,778
|
|
|
1,443
|
|
-
|
|
|
-
|
|
|
2,884,113
|
|
|
-
|
|
|
-
|
|
-
|
|
|
2,885,556
|
|
Balance at December 31, 2018
|
8,491,177
|
|
|
8,491
|
|
7,778,400
|
|
|
7,778
|
|
|
13,361,447
|
|
|
24,732,776
|
|
|
(1,353,141)
|
|
-
|
|
|
36,757,351
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,739,990
|
|
|
-
|
|
-
|
|
|
2,739,990
|
|
Foreign currency translation loss
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(561,091)
|
|
-
|
|
|
(561,091)
|
|
Capital contribution by shareholder
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
3,582,781
|
|
|
-
|
|
|
-
|
|
-
|
|
|
3,582,781
|
|
Shares to be issued for acquisition
|
1,440,894
|
|
|
1,441
|
|
-
|
|
|
-
|
|
|
11,424,848
|
|
|
-
|
|
|
-
|
|
-
|
|
|
11,426,289
|
|
Non-controlling interests arising from business combination
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
(9,807)
|
|
|
(9,807)
|
|
Reclassification of common stock
|
7,778,400
|
|
|
7,778
|
|
(7,778,400)
|
|
|
(7,778)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
Balance at December 31, 2019
|
17,710,471
|
|
$
|
17,710
|
|
-
|
|
$
|
-
|
|
$
|
28,369,076
|
|
$
|
27,472,766
|
|
$
|
(1,914,232)
|
|
(9,807)
|
|
$
|
53,935,513
|
|
HEBRON TECHNOLOGY CO., LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
| |
| |
For the Years Ended December 31,
|
| |
2019
|
|
2018
|
|
2017
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income (loss)
|
$
|
2,739,990
|
|
$
|
(5,144,715)
|
|
$
|
7,136,387
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
1,225,977
|
|
|
1,195,161
|
|
|
939,995
|
|
Loss on disposition of property and equipment
|
|
-
|
|
|
283,487
|
|
|
12,179
|
|
Deferred tax (benefit) expense
|
|
(418,131)
|
|
|
(1,471,938)
|
|
|
11,526
|
|
Equity investment income
|
|
(153,554)
|
|
|
(168,534)
|
|
|
-
|
|
Bad debt expense
|
|
2,079,837
|
|
|
7,913,442
|
|
|
187,715
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Contracts receivable
|
|
(5,801,693)
|
|
|
(8,850,502)
|
|
|
(2,992,867)
|
|
Accounts receivable
|
|
(1,141,352)
|
|
|
(1,383,452)
|
|
|
(950,850
|
|
Bank acceptance notes receivable
|
|
58,390
|
|
|
593,674
|
|
|
(378,205)
|
|
Retainage receivables
|
|
(489,283)
|
|
|
(748,903)
|
|
|
(80,360)
|
|
Prepayment and advances to suppliers
|
|
1,392,426
|
|
|
93,149
|
|
|
(7,127,018)
|
|
Inventories
|
|
(277,176)
|
|
|
1,177,956
|
|
|
788,000
|
|
Other receivables
|
|
341,339
|
|
|
(598,764)
|
|
|
(156,074)
|
|
Accounts payable
|
|
822,461
|
|
|
146,546
|
|
|
26,450
|
|
Bank acceptance notes Payable
|
|
(1,171,013)
|
|
|
2,148,292
|
|
|
53,272
|
|
Advances from customers
|
|
(1,828,259)
|
|
|
429,217
|
|
|
(370,964)
|
|
Deferred revenue
|
|
-
|
|
|
-
|
|
|
(1,071,355)
|
|
Taxes payable
|
|
1,933,516
|
|
|
2,770,253
|
|
|
(2,365,120)
|
|
Accrued expenses and other current liabilities
|
|
1,021,758
|
|
|
890,551
|
|
|
240,505
|
|
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
|
335,233
|
|
|
(725,080)
|
|
|
(6,096,784)
|
| |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
(394,988)
|
|
|
(74,210)
|
|
|
(3,126,777)
|
|
Loans to third parties
|
|
(3,611,682)
|
|
|
-
|
|
|
-
|
|
Payments for intangible assets
|
|
-
|
|
|
(41,000)
|
|
|
-
|
|
Cash acquired from business acquisitions
|
|
2,043,176
|
|
|
-
|
|
|
-
|
|
NET CASH (USED IN) INVESTING ACTIVITIES
|
|
(1,963,494)
|
|
|
(115,210)
|
|
|
(3,126,777)
|
| |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Proceeds from short-term bank loans
|
|
911,968
|
|
|
1,995,763
|
|
|
295,954
|
|
Repayment of short-term bank loans
|
|
(1,733,462)
|
|
|
(1,088,667)
|
|
|
-
|
|
Capital contribution
|
|
3,582,781
|
|
|
-
|
|
|
-
|
|
Proceeds from long-term loans
|
|
-
|
|
|
-
|
|
|
173,873
|
|
Repayment of long-term loans
|
|
-
|
|
|
-
|
|
|
(47,353)
|
|
(Repayment) proceeds from loan
|
|
(174,861)
|
|
|
(176,427)
|
|
|
560,748
|
|
Advances from and (repayments to) related parties
|
|
566,360
|
|
|
-
|
|
|
(66,582)
|
|
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
3,152,786
|
|
|
730,669
|
|
|
916,640
|
| |
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENT
|
|
(184,449)
|
|
|
(94,239)
|
|
|
(292,869)
|
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENT
|
|
1,340,076
|
|
|
(203,860)
|
|
|
(8,599,790
|
|
CASH AND CASH EQUIVALENT AND RESTRICTED CASH-beginning of year
|
|
3,072,243
|
|
|
3,276,103
|
|
|
11,875,893
|
| |
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENT AND RESTRICTED CASH-end of year
|
$
|
4,412,319
|
|
$
|
3,072,243
|
|
$
|
3,276,103
|
| |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW DISCLOSURES:
|
|
|
|
|
|
|
|
|
|
Cash paid for income taxes
|
$
|
5,158
|
|
$
|
42,250
|
|
$
|
-
|
|
Cash paid for interest
|
$
|
147,900
|
|
$
|
91,917
|
|
$
|
75,704
|
| |
|
|
|
|
|
|
|
|
|
Non-cash financing activities
|
|
|
|
|
|
|
|
|
|
Warrants issued to placement agent in connection with the Company's IPO
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
Payment payable to a related party for NiSun BVI acquisition
|
$
|
7,000,000
|
|
|
-
|
|
|
-
|
|
Issuance of shares for business combination
|
$
|
11,426,289
|
|
$
|
-
|
|
$
|
-
|
|
Issuance of shares for consulting services
|
$
|
-
|
|
$
|
239,500
|
|
$
|
-
|
|
Issuance of shares for equity investment
|
$
|
-
|
|
$
|
2,885,556
|
|
$
|
-
|
| |
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS COMPRISE OF THE FOLLOWING:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalent
|
$
|
3,452,647
|
|
$
|
947,588
|
|
$
|
3,220,781
|
|
Restricted cash
|
|
959,672
|
|
|
2,124,655
|
|
|
55,322
|
|
Total cash, cash equivalents and restricted cash
|
$
|
4,412,319
|
|
$
|
3,072,243
|
|
$
|
3,276,103
|
 View original content:http://www.prnewswire.com/news-releases/hebron-technology-co-ltd-reports-fiscal-year-2019-financial-results-301047074.html
SOURCE Hebron Technology Co., Ltd.
|
|
