ROSLYN,
N.Y., Nov. 19, 2019
/PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ:
SINO) ("Sino-Global", the "Company", "we", "our", or "us"), a
global logistics service provider, announced its financial and
operating results for its fiscal 2020 first quarter ended
September 30, 2019.
The Company has also provided more detailed information on
its quarterly report on Form 10-Q filed
this afternoon with the U.S. Securities and Exchange Commission.
Management encourages investors to review the Company's 10-Q for a
detailed discussion of the Company's financial results for the
quarter ended September 30,
2019.
Management Comments
Mr. Lei Cao, Chairman and Chief Executive Officer of
Sino-Global commented, "During the first quarter, our strategy
continued to be negatively impacted by the ongoing difficult
U.S./China trade relations. We
were very pleased to have significantly improved gross margins
despite a difficult sales environment, partly due to our shifting
focus towards our shipping agency business. By utilizing our agency
network and previous investments in technology, we have retained
the ability to service a broader base of customers. Despite our
ongoing efforts to rationalize costs and expenses, we remain
cautious amidst a macro-economic stalemate with an indeterminant
time frame. As the Company moves forward into fiscal 2020, we will
be focusing on leveraging our growing infrastructure to improve
operating margins and the bottom line while simultaneously seeking
immediate international opportunities. We expect to provide a
shareholder letter to outline our growth strategy for the coming
year prior to our next annual meeting."
Fiscal First Quarter 2020 Financial
Review
- The Company reported total revenues of approximately
$1.8 million for the quarter ended
September 30, 2019, compared to
approximately $6.5 million reported
in the same period last year. The decrease was largely due to
a shift to shipping agency and management activities with certain
freight logistics contracts in light of uncertainty surrounding
current trade along with lower inland management
revenues.
- The Company's gross profit for the 2020 fiscal first
quarter was approximately $1.1
million, compared to approximately $1.4 million in the same period last year. Gross
profit margin during the quarter was approximately 61.7%, compared
to approximately 21.8% in the same period last year. The increase
was largely due to shifting toward its agency business for
providing freight logistics services where the Company acted solely
as an agent and did not control the services rendered to its
customers.
The following tables present summary information by
segments mainly regarding the top-line financial results for the
quarters ended September 30, 2019 and
2018, respectively:
|
|
For the Three
Months Ended September 30, 2019
|
|
|
|
Shipping
Agency and
Management
Services
|
|
|
Inland
Transportation
Management
Services
|
|
|
Freight
Logistics
Services
|
|
|
Container
Trucking
Services
|
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
- Third
parties
|
|
$
|
500,000
|
|
|
$
|
-
|
|
|
$
|
1,242,142
|
*
|
|
$
|
44,084
|
|
|
$
|
1,786,226
|
|
Total
revenues
|
|
$
|
500,000
|
|
|
$
|
-
|
|
|
$
|
1,242,142
|
|
|
$
|
44,084
|
|
|
$
|
1,786,226
|
|
Cost of
revenues
|
|
$
|
95,822
|
|
|
$
|
-
|
|
|
$
|
547,684
|
*
|
|
$
|
39,898
|
|
|
$
|
683,404
|
|
Gross
profit
|
|
$
|
404,178
|
|
|
$
|
-
|
|
|
$
|
694,458
|
|
|
$
|
4,186
|
|
|
$
|
1,102,822
|
|
Depreciation and
amortization
|
|
$
|
102,774
|
|
|
$
|
-
|
|
|
$
|
7,702
|
|
|
$
|
44,101
|
|
|
$
|
154,577
|
|
Total capital
expenditures
|
|
$
|
4,538
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
4,538
|
|
Gross
margin%
|
|
|
80.8
|
%
|
|
|
-
|
%
|
|
|
55.9
|
%
|
|
|
9.5
|
%
|
|
|
61.7
|
%
|
|
|
|
|
*
|
For certain freight
logistics contracts that the Company entered into with certain
customers in its fiscal 2020 first quarter, the Company (i) acts as
an agent coordinating relationships between customers and
third-party service providers and (ii) does not control the
services rendered to its customers, revenues related to these
contracts are presented net of related costs. For the three months
ended September 30, 2019, gross revenues and gross cost of revenues
related to these contracts amounted to approximately $9.1 million
and $8.5 million, respectively.
|
|
|
For the Three
Months Ended September 30, 2018
|
|
|
|
Shipping
Agency and
Management
Services
|
|
|
Inland
Transportation
Management
Services
|
|
|
Freight
Logistics
Services
|
|
|
Container
Trucking
Services
|
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Related
party
|
|
$
|
-
|
|
|
$
|
322,000
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
322,000
|
|
- Third
parties
|
|
$
|
-
|
|
|
$
|
598,000
|
|
|
$
|
5,487,553
|
|
|
$
|
91,980
|
|
|
$
|
6,177,533
|
|
Total
revenues
|
|
$
|
-
|
|
|
$
|
920,000
|
|
|
$
|
5,487,553
|
|
|
$
|
91,980
|
|
|
$
|
6,499,533
|
|
Cost of
revenues
|
|
$
|
-
|
|
|
$
|
59,874
|
|
|
$
|
4,965,992
|
|
|
$
|
57,966
|
|
|
$
|
5,083,832
|
|
Gross
profit
|
|
$
|
-
|
|
|
$
|
860,126
|
|
|
$
|
521,561
|
|
|
$
|
34,014
|
|
|
$
|
1,415,701
|
|
Depreciation and
amortization
|
|
$
|
-
|
|
|
$
|
20,488
|
|
|
$
|
476
|
|
|
$
|
4,751
|
|
|
$
|
25,715
|
|
Total capital
expenditures
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
830
|
|
|
$
|
830
|
|
Gross
margin%
|
|
|
-
|
|
|
|
93.5
|
%
|
|
|
9.5
|
%
|
|
|
37.0
|
%
|
|
|
21.8
|
%
|
- The Company had an operating loss of approximately
$1.8 million for the three months
ended September 30, 2019, compared to
an operating loss of approximately $1.4
million for the same period in 2018.
- For the fiscal quarter ended September 30, 2019, the Company reported net loss
attributable to Sino-Global Shipping America, Ltd. of approximately
$1.6 million, or loss of
approximately $0.10 per diluted share
based on approximately 16.1 million weighted average shares
outstanding, compared to net loss attributable to Sino-Global
Shipping America, Ltd. of approximately $1.3
million, or loss of approximately $0.10 per diluted share based on approximately
13.1 million weighted average shares outstanding, for the same
period last year.
Balance Sheet Information
- As of September 30, 2019,
the Company's working capital was approximately $9.4 million and the Company had cash of
approximately $0.1 million. The
Company plans to fund continuing operations through identifying new
prospective joint venture partners and strategic alliance
opportunities for new revenue sources, and by reducing costs to
improve profitability and replenish working capital.
- The Company's allowance for doubtful accounts was
approximately $6.5 million as of
September 30, 2019 compared with
allowance of doubtful accounts of approximately $5.7
million as of June 30,
2019. As the Company continues to maintain long-standing
relationships with its customers, it will work with these parties
to monitor their payments closely and does not believe that there
are any significant collection issues with respect to trade
accounts receivable, net of
allowance.
- The Company holds no long-term debt.
About Sino-Global Shipping America, Ltd.
Founded in the United
States in 2001, Sino-Global Shipping America, Ltd. is a
company engaged originally in shipping, chartering, logistics and
related business services. Headquartered in New York, Sino-Global has offices in mainland
China, Australia, Canada and Hong
Kong. The Company's current service offerings consist of
shipping agency and management, inland transportation management,
freight logistics and container trucking services. Additional
information about Sino-Global can be found on the Company's
corporate website at www.sino-global.com. The Company
routinely posts important information on its website.
Forward Looking Statements
No statement made in this press release should be
interpreted as an offer to sell or a solicitation of an offer to
purchase any security. Such an offer can only be made in accordance
with the Securities Act of 1933, as amended, and applicable state
securities laws. Any statements contained in this release that
relate to future plans, events or performance are forward-looking
statements that involve risks and uncertainties as identified in
Sino-Global's filings with the U.S. Securities and Exchange
Commission. Actual results, events or performance may differ
materially. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. Sino-Global undertakes no obligation to publicly release
the results of any revisions to these forward-looking statements
that may be made to reflect the events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events
unless required by applicable law or regulations.
Contact Information
The Equity Group Inc.
Adam Prior
Senior
Vice-President
(212)-836-9606 /
aprior@equityny.com
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONSOLIDATED
STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS
(UNAUDITED)
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
Net revenues - third
parties
|
|
$
|
1,786,226
|
|
|
$
|
6,177,533
|
|
Net revenues -
related party
|
|
|
-
|
|
|
|
322,000
|
|
Total
revenues
|
|
|
1,786,226
|
|
|
|
6,499,533
|
|
Cost of
revenues
|
|
|
(683,404)
|
|
|
|
(5,083,832)
|
|
Gross
profit
|
|
|
1,102,822
|
|
|
|
1,415,701
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(130,029)
|
|
|
|
(108,369)
|
|
General and
administrative expenses
|
|
|
(1,091,455)
|
|
|
|
(973,752)
|
|
Impairment loss of
fixed assets and intangible asset
|
|
|
(327,632)
|
|
|
|
-
|
|
Provision for
doubtful accounts
|
|
|
(889,078)
|
|
|
|
(871,081)
|
|
Stock-based
compensation
|
|
|
(414,708)
|
|
|
|
(817,208)
|
|
Total operating
expenses
|
|
|
(2,852,902)
|
|
|
|
(2,770,410)
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(1,750,080)
|
|
|
|
(1,354,709)
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
|
1,456
|
|
|
|
712
|
|
|
|
|
|
|
|
|
|
|
Net loss before
provision for income taxes
|
|
|
(1,748,624)
|
|
|
|
(1,353,997)
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
|
-
|
|
|
|
66,466
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(1,748,624)
|
|
|
|
(1,287,531)
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to non-controlling interest
|
|
|
(121,271)
|
|
|
|
29,231
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Sino-Global Shipping America, Ltd.
|
|
$
|
(1,627,353)
|
|
|
$
|
(1,316,762)
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,748,624)
|
|
|
$
|
(1,287,531)
|
|
Other comprehensive
loss - foreign currency
|
|
|
(503,667)
|
|
|
|
(462,162)
|
|
Comprehensive
loss
|
|
|
(2,252,291)
|
|
|
|
(1,749,693)
|
|
Less: Comprehensive
income attributable to non-controlling interest
|
|
|
21,273
|
|
|
|
106,725
|
|
Comprehensive loss
attributable to Sino-Global Shipping America, Ltd.
|
|
$
|
(2,273,564)
|
|
|
$
|
(1,856,418)
|
|
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.10)
|
|
|
$
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used in computation
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
16,073,087
|
|
|
|
13,145,535
|
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
|
2019
|
|
|
2019
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash
|
|
$
|
141,438
|
|
|
$
|
3,142,650
|
|
Notes
receivable
|
|
|
-
|
|
|
|
383,792
|
|
Accounts receivable,
less allowance for doubtful accounts of $6,506,794 and $5,670,274
as of
September 30, 2019 and June 30, 2019,
respectively
|
|
|
3,991,830
|
|
|
|
7,045,846
|
|
Other receivables,
net
|
|
|
9,569,216
|
|
|
|
4,335,715
|
|
Advances to suppliers
- third parties
|
|
|
55,953
|
|
|
|
124,140
|
|
Prepaid expenses and
other current assets
|
|
|
92,126
|
|
|
|
105,054
|
|
Due from related
party, net
|
|
|
472,715
|
|
|
|
807,965
|
|
Total Current
Assets
|
|
|
14,323,278
|
|
|
|
15,945,162
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
711,638
|
|
|
|
989,910
|
|
Right-of-use
assets
|
|
|
427,291
|
|
|
|
-
|
|
Intangible assets,
net
|
|
|
73,889
|
|
|
|
89,722
|
|
Prepaid
expenses
|
|
|
225,619
|
|
|
|
519,503
|
|
Other long-term
assets - deposits
|
|
|
2,928,533
|
|
|
|
3,054,706
|
|
Total
Assets
|
|
$
|
18,690,248
|
|
|
$
|
20,599,003
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Advances from
customers
|
|
$
|
66,474
|
|
|
$
|
68,590
|
|
Accounts
payable
|
|
|
699,855
|
|
|
|
567,619
|
|
Lease liabilities -
current
|
|
|
158,455
|
|
|
|
-
|
|
Taxes
payable
|
|
|
2,710,011
|
|
|
|
3,184,895
|
|
Accrued expenses and
other current liabilities
|
|
|
1,240,992
|
|
|
|
1,418,129
|
|
Total current
liabilities
|
|
|
4,875,787
|
|
|
|
5,239,233
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities -
noncurrent
|
|
|
263,473
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
5,139,260
|
|
|
|
5,239,233
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Preferred stock,
2,000,000 shares authorized, no par value, none issued
|
|
|
-
|
|
|
|
-
|
|
Common stock,
50,000,000 shares authorized, no par value; 16,834,534 and
16,054,534 shares issued
as of September 30, 2019 and June 30,
2019, respectively; 16,659,037 and 15,879,037 shares
outstanding as of September 30, 2019
and June 30, 2019, respectively
|
|
|
27,111,130
|
|
|
|
26,523,830
|
|
Additional paid-in
capital
|
|
|
1,923,115
|
|
|
|
2,066,906
|
|
Treasury stock, at
cost, 175,497 shares as of September 30, 2019 and June 30,
2019
|
|
|
(417,538)
|
|
|
|
(417,538)
|
|
Accumulated
deficit
|
|
|
(8,596,053)
|
|
|
|
(6,968,700)
|
|
Accumulated other
comprehensive loss
|
|
|
(1,317,317)
|
|
|
|
(671,106)
|
|
Total Sino-Global
Shipping America Ltd. Stockholders' Equity
|
|
|
18,703,337
|
|
|
|
20,533,392
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
Interest
|
|
|
(5,152,349)
|
|
|
|
(5,173,622)
|
|
|
|
|
|
|
|
|
|
|
Total
Equity
|
|
|
13,550,988
|
|
|
|
15,359,770
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
$
|
18,690,248
|
|
|
$
|
20,599,003
|
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
|
|
|
|
|
Preferred Stock
|
|
|
Common Stock
|
|
|
Additional
paid-in
|
|
|
Treasury Stock
|
|
|
Accumulated
|
|
|
Accumulated
other
comprehensive
|
|
|
Noncontrolling
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
Shares
|
|
|
Amount
|
|
|
deficit
|
|
|
loss
|
|
|
interest
|
|
|
Total
|
|
BALANCE,
June 30, 2018
|
|
|
-
|
|
|
$
|
-
|
|
|
|
13,271,032
|
|
|
$
|
23,717,330
|
|
|
$
|
1,755,573
|
|
|
|
(175,497)
|
|
|
$
|
(417,538)
|
|
|
$
|
(434,856)
|
|
|
$
|
(272,407)
|
|
|
$
|
(4,812,828)
|
|
|
$
|
19,535,274
|
|
Stock based
compensation to
employee
|
|
|
-
|
|
|
|
-
|
|
|
|
430,000
|
|
|
|
473,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
473,000
|
|
Stock based
compensation to
consultants
|
|
|
-
|
|
|
|
-
|
|
|
|
50,000
|
|
|
|
63,500
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
63,500
|
|
Amortization
of
shares to
management and
employees
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
91,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
91,000
|
|
Amortization
of
shares issued to
consultants
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
189,708
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
189,708
|
|
Foreign
currency
translation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(539,656)
|
|
|
|
77,494
|
|
|
|
(462,162)
|
|
Net income
(loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,316,762)
|
|
|
|
-
|
|
|
|
29,231
|
|
|
|
(1,287,531)
|
|
BALANCE,
September 30, 2018
|
|
|
-
|
|
|
$
|
-
|
|
|
|
13,751,032
|
|
|
$
|
24,253,830
|
|
|
$
|
2,036,281
|
|
|
|
(175,497)
|
|
|
$
|
(417,538)
|
|
|
$
|
(1,751,618)
|
|
|
$
|
(812,063)
|
|
|
$
|
(4,706,103)
|
|
|
$
|
18,602,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock
|
|
|
Common Stock
|
|
|
Additional
paid-in
|
|
|
Treasury Stock
|
|
|
Accumulated
|
|
|
Accumulated
other
comprehensive
|
|
|
Noncontrolling
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
Shares
|
|
|
Amount
|
|
|
deficit
|
|
|
loss
|
|
|
interest
|
|
|
Total
|
|
BALANCE,
June 30, 2019
|
|
|
-
|
|
|
$
|
-
|
|
|
|
16,054,534
|
|
|
$
|
26,523,830
|
|
|
$
|
2,066,906
|
|
|
|
(175,497)
|
|
|
$
|
(417,538)
|
|
|
$
|
(6,968,700)
|
|
|
$
|
(671,106)
|
|
|
$
|
(5,173,622)
|
|
|
$
|
15,359,770
|
|
Stock based
compensation to
employees
|
|
|
-
|
|
|
|
-
|
|
|
|
90,000
|
|
|
|
63,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
63,000
|
|
Stock based
compensation to
consultants
|
|
|
-
|
|
|
|
-
|
|
|
|
690,000
|
|
|
|
524,300
|
|
|
|
(324,000)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
200,300
|
|
Amortization
of
shares issued to
consultants
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
180,209
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
180,209
|
|
Foreign
currency
translation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(646,211)
|
|
|
|
142,544
|
|
|
|
(503,667)
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,627,353)
|
|
|
|
-
|
|
|
|
(121,271)
|
|
|
|
(1,748,624)
|
|
BALANCE,
September 30, 2019
|
|
|
-
|
|
|
$
|
-
|
|
|
|
16,834,534
|
|
|
$
|
27,111,130
|
|
|
$
|
1,923,115
|
|
|
|
(175,497)
|
|
|
$
|
(417,538)
|
|
|
$
|
(8,596,053)
|
|
|
$
|
(1,317,317)
|
|
|
$
|
(5,152,349)
|
|
|
$
|
13,550,988
|
|
SINO-GLOBAL
SHIPPING AMERICA, LTD. AND AFFILIATES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
Operating
Activities
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,748,624)
|
|
|
$
|
(1,287,531)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
414,708
|
|
|
|
817,208
|
|
Depreciation and
amortization
|
|
|
154,577
|
|
|
|
25,715
|
|
Non-cash lease
expense
|
|
|
40,426
|
|
|
|
-
|
|
Provision for doubtful
accounts
|
|
|
889,078
|
|
|
|
871,081
|
|
Impairment loss of
fixed assets and intangible asset
|
|
|
327,632
|
|
|
|
-
|
|
Deferred tax
benefit
|
|
|
-
|
|
|
|
(194,500)
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
|
|
|
Notes
receivable
|
|
|
386,233
|
|
|
|
-
|
|
Accounts
receivable
|
|
|
2,159,346
|
|
|
|
(3,709,059)
|
|
Other
receivables
|
|
|
(5,389,083)
|
|
|
|
67,499
|
|
Advances to suppliers -
third parties
|
|
|
67,902
|
|
|
|
(789,150)
|
|
Advances to suppliers -
related party
|
|
|
-
|
|
|
|
3,322,210
|
|
Prepaid expenses and
other current assets
|
|
|
81,209
|
|
|
|
(290,651)
|
|
Other long-term assets
- deposits
|
|
|
90,016
|
|
|
|
(2,510,665)
|
|
Due from related
parties
|
|
|
372,500
|
|
|
|
807,405
|
|
Advances from
customers
|
|
|
(1,525)
|
|
|
|
(250,650)
|
|
Accounts
payable
|
|
|
141,114
|
|
|
|
(2,804,782)
|
|
Taxes
payable
|
|
|
(443,828)
|
|
|
|
(35,535)
|
|
Lease
liabilities
|
|
|
(39,201)
|
|
|
|
-
|
|
Accrued expenses and
other current liabilities
|
|
|
(172,838)
|
|
|
|
122,962
|
|
Net cash used in
operating activities
|
|
|
(2,670,358)
|
|
|
|
(5,838,443)
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
|
Acquisition of property
and equipment
|
|
|
(4,538)
|
|
|
|
(830)
|
|
Net cash used in
investing activities
|
|
|
(4,538)
|
|
|
|
(830)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash
|
|
|
(326,316)
|
|
|
|
(271,955)
|
|
|
|
|
|
|
|
|
|
|
Net decrease in
cash
|
|
|
(3,001,212)
|
|
|
|
(6,111,228)
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of
period
|
|
|
3,142,650
|
|
|
|
7,098,259
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
period
|
|
$
|
141,438
|
|
|
$
|
987,031
|
|
|
|
|
|
|
|
|
|
|
Supplemental
information
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
35,191
|
|
|
$
|
9,108
|
|
Interest
paid
|
|
$
|
11,116
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
469,218
|
|
|
$
|
-
|
|
View original
content:http://www.prnewswire.com/news-releases/sino-global-announces-fiscal-2020-first-quarter-financial-results-300961204.html
SOURCE Sino-Global Shipping America, Ltd.