XIANYANG,
During the fiscal year of 2016, the Company recognized:
- Net sales of
$2.4 million , a decrease of approximately$24.7 million , or 91.2% as compared to the year 2015. - Gross profit decreased by approximately
$10.2 million , or 91.8% as compared to the year 2015. - Net loss of
$5.7 million as compared to net loss of$25.1 million for the year 2015. - R&D expenses of approximately
$1.1 million , as compared to$4.0 million for the year 2015.
The Company had no sales on all
*The Company’s Consolidated Balance Sheets, Statement of Operations, and Cash Flows can be found on Form 10-K filed with the
About
Safe Harbor Relating to the Forward-Looking Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the
Investor Relations Contact
Please send questions or comments to:
Investor Relations Coordinator
+86-29-3368-6638
office@aoxing-group.com
http://www.biostarpharmaceuticals.com
|
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
AS OF |
|||||||
2016 |
2015 |
||||||
ASSETS |
|||||||
Current Assets |
|||||||
Cash and cash equivalents |
$ |
173,290 |
$ |
38,898 |
|||
Accounts receivable, net |
6,741,454 |
15,814,880 |
|||||
Inventories |
166,564 |
234,660 |
|||||
Deposits and other receivables |
171,062 |
2,591 |
|||||
Value-added tax receivable |
41,462 |
– |
|||||
Income tax recoverable |
71,292 |
76,280 |
|||||
Total Current Assets |
7,365,124 |
16,167,309 |
|||||
Non-current Assets |
|||||||
Deposits |
21,148,284 |
16,099,958 |
|||||
Deferred tax assets, net |
2,515,272 |
5,406,593 |
|||||
Property and equipment, net |
5,866,612 |
6,810,933 |
|||||
Intangible assets, net |
5,607,146 |
6,878,787 |
|||||
Total Non-Current Assets |
35,137,314 |
35,196,271 |
|||||
Total Assets |
$ |
42,502,438 |
$ |
51,363,580 |
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||||
Current Liabilities |
|||||||
Accounts and other payables |
$ |
2,842,142 |
$ |
4,153,411 |
|||
Short-term bank loans |
2,325,643 |
2,773,199 |
|||||
Valued-added tax payable |
– |
112,629 |
|||||
Warrants liability |
455,476 |
59,202 |
|||||
Total Current Liabilities |
5,623,261 |
7,098,441 |
|||||
Commitment and contingencies |
|||||||
Stockholders’ Equity |
|||||||
Common stock, |
2,637 |
2,210 |
|||||
Additional paid-in capital |
31,382,467 |
30,316,774 |
|||||
Statutory reserve |
7,354,413 |
7,354,413 |
|||||
(Accumulated deficit) Retained earnings |
(2,540,991) |
3,157,394 |
|||||
Accumulated other comprehensive income |
680,651 |
3,434,348 |
|||||
Total Stockholders’ Equity |
36,879,177 |
44,265,139 |
|||||
Total Liabilities and Stockholders’ Equity |
$ |
42,502,438 |
$ |
51,363,580 |
|
|||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
AND COMPREHENSIVE INCOME |
|||||||
FOR THE YEARS ENDED |
|||||||
2016 |
2015 |
||||||
Sales, net |
$ |
2,384,492 |
$ |
27,129,609 |
|||
Cost of sales |
1,469,318 |
16,025,544 |
|||||
Gross profit |
915,174 |
11,104,065 |
|||||
Operating expenses: |
|||||||
Advertising expenses |
– |
3,803,780 |
|||||
Selling expenses |
1,169,416 |
4,835,398 |
|||||
General and administrative expenses |
2,431,462 |
4,648,902 |
|||||
Research and development expenses |
1,144,044 |
4,020,909 |
|||||
Impairment loss on intangible assets |
– |
2,973,796 |
|||||
(Recovery of) provision for doubtful accounts receivable |
(265,486) |
4,666,730 |
|||||
Impairment loss on loan receivables |
– |
8,845,999 |
|||||
Impairment loss on prepaid lease payment |
– |
1,066,115 |
|||||
Total operating expenses |
4,479,436 |
34,861,629 |
|||||
Loss from operations |
(3,564,262) |
(23,757,564) |
|||||
Other income (expense) |
|||||||
Interest income |
1,165 |
8,895 |
|||||
Interest expense |
(206,195) |
(283,596) |
|||||
Fair value adjustment on warrants |
227,106 |
324,093 |
|||||
Other income (expense), net |
496,855 |
(84,544) |
|||||
Total other income (expense), net |
518,931 |
(35,152) |
|||||
Loss before income taxes |
(3,045,331) |
(23,792,716) |
|||||
Provision for income tax |
2,653,054 |
1,319,846 |
|||||
Net Loss |
$ |
(5,698,385) |
$ |
(25,112,562) |
|||
Foreign currency translation adjustment |
(2,753,697) |
(2,957,650) |
|||||
Comprehensive loss |
$ |
(8,452,082) |
$ |
(28,070,212) |
|||
Loss per share |
|||||||
Basic |
$ |
(2.5) |
$ |
(11.4) |
|||
Diluted |
$ |
(2.5) |
$ |
(11.4) |
|||
Weighted average number of common shares outstanding |
|||||||
Basic |
2,297,336 |
2,210,913 |
|||||
Diluted |
2,297,336 |
2,210,913 |
|
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
FOR THE YEARS ENDED |
|||||||
2016 |
2015 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||
Net loss |
$ |
(5,698,385) |
$ |
(25,112,562) |
|||
Adjustments to reconcile net loss to net cash provided by operating activities: |
|||||||
Deferred income tax expense |
2,653,054 |
1,332,951 |
|||||
Depreciation and amortization |
1,142,538 |
2,320,195 |
|||||
(Recovery of) provision for doubtful accounts |
(265,486) |
4,666,730 |
|||||
Recognition of deferred research and development expenses |
– |
4,020,909 |
|||||
Impairment loss on intangible assets |
– |
2,973,796 |
|||||
Impairment loss on loan receivable |
– |
8,845,999 |
|||||
Impairment loss on prepaid lease payment |
– |
1,066,115 |
|||||
Loss on disposal of property, plant and equipment |
– |
738,834 |
|||||
Warrants liability |
(227,106) |
(324,093) |
|||||
Changes in operating assets and liabilities: |
|||||||
Accounts receivable |
8,669,935 |
5,448,178 |
|||||
Inventories |
55,148 |
420,584 |
|||||
Deposits and other receivables |
(176,293) |
392,425 |
|||||
Accounts payable and accrued expenses |
(1,087,350) |
(602,958) |
|||||
Value-added tax payable |
(153,390) |
(309,890) |
|||||
Net cash provided by operating activities |
4,912,665 |
5,877,213 |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||
Purchase of property, plant and equipment |
– |
(59,475) |
|||||
Deposit paid for intended acquisitions |
(6,378,136) |
(8,122,236) |
|||||
Receipt from loan receivable |
– |
804,182 |
|||||
Net cash used in investing activities |
(6,378,136) |
(7,377,529) |
|||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||
Repayment of short-term bank loans |
(278,315) |
(160,836) |
|||||
Proceeds from stock issuance and warrants |
1,689,500 |
– |
|||||
Net cash provided by (used in) financing activities |
1,411,185 |
(160,836) |
|||||
Effect of exchange rate changes on cash and cash equivalents |
188,678 |
14,896 |
|||||
Net increase (decrease) in cash and cash equivalents |
134,392 |
(1,646,256) |
|||||
Cash and cash equivalents, beginning balance |
38,898 |
1,685,154 |
|||||
Cash and cash equivalents, ending balance |
$ |
173,290 |
$ |
38,898 |
|||
SUPPLEMENTAL DISCLOSURES: |
|||||||
Interest received |
$ |
1,264 |
$ |
8,896 |
|||
Interest paid |
$ |
(37,807) |
$ |
(133,618) |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/biostar-pharmaceuticals-inc-announces-its-annual-results-for-the-year-ended-december-31-2016-300439231.html
SOURCE
Global Treatment Resistant Depression Market 2014-2024: Increasing Prevalence of Anxiety and Depression Related Disorders in Young Adults – Research and Markets
Destiny Media Technologies, Inc. Announces Second Quarter Fiscal Year 2017 Results
More Articles