LISHUI, China, Dec. 22, 2016 /PRNewswire/ -- Tantech Holdings
Ltd. (NASDAQ:TANH), ("Tantech" or the "Company"), a leading
manufacturer of bamboo-based charcoal products, today announced its
financial results for the six months ended June 30, 2016.
Six-Month 2016 Financial Highlights
|
For the Six Months
Ended June 30,
|
($ millions,
expect per share data)
|
2016
|
|
2015
|
|
%
Change
|
Revenues
|
$22.8
|
|
$30.4
|
|
-25%
|
Consumer
product
|
$18.7
|
|
$21.1
|
|
-11.4%
|
Trading
|
$0.2
|
|
$3.3
|
|
-93.3%
|
Energy
|
$3.8
|
|
$6.0
|
|
-36.7%
|
Gross
profit
|
$6.0
|
|
$9.8
|
|
-38.8%
|
Gross
margin
|
26.3%
|
|
32.1%
|
|
-18.7%
|
Operating
margin
|
10.8%
|
|
18.8%
|
|
-42.6%
|
Net income
attributable to stockholders
|
$1.5
|
|
$4.9
|
|
-69.4%
|
Basic/ Diluted
earnings per share
|
$0.07
|
|
$0.23
|
|
-69.6%
|
- Total revenues decreased by 25% to $22.8
million with impact on strong dollar appreciation against
Chinese yuan (20% total revenue decline in terms of RMB) and
significant decline for trading and energy segments, partially by
decrease in sale for trading charcoal related products
- Revenues for energy segment decreased by 36.7% to $3.8 million, or 16.7% of total revenues, on weak
EDLC carbon demand.
- Gross profit decreased by 38.8% to $6.0
million and gross margin decreased by 18.7 percentage points
to 26.3%.
- Net income attributable to stockholders decreased by 69.4% to
$1.5 million, or $0.07 per share, compared to $4.9 million, or $0.23 per share for the same period of last
year.
"Although the overall revenue declined, our traditional core
businesses, in particular the sales of household products, still
recorded strong growth. The Company maintained stable operations in
the first half of this year. During the reporting period we reached
an agreement to acquire Suzhou E-Motors Co. Ltd. Currently we are
in the midst of transformation, and have taken a series of measures
to lay a solid ground for future development," said Mr. Wang
Zhengyu, Chairman and Chief Executive Officer of Tantech.
"First, we have gradually increased the share of wholesalers in
our distribution network while reducing the share of supermarkets
to improve our bargaining power. Before, the company mainly sold
its products through supermarkets, and the high reliance on
supermarkets undermined our bargaining power. Second, China has shut down a large number of small
manufacturers of charcoal kilns in recent years amid its fight
against air pollution. The massive closure has had a negative
impact on our upstream suppliers. To fend off the impact, the
company has been exploring a variety of ways to ensure the supply
of raw materials. Finally, the company is working closely with
Suzhou E –Motors towards completion of the transaction. However,
the delay in ownership transfer has slowed our acquisition of
Suzhou E-Motors. "
Looking ahead, Mr. Wang said: "In the future, the company will
continue to reduce the share of supermarkets in our distribution
network and increase the share of wholesalers. In particular, we
will ramp up marketing efforts in third- and fourth-tier small
Chinese cities. Meanwhile, we will quicken the buildup of
E-commerce platform to improve the company's brand image. Just
weeks ago the company released upgraded bamboo charcoal bedding
articles, which have stronger absorption capacities compared to the
predecessors. In the future we will keep spending on research to
develop more high-value added products. In addition, we will seek
opportunities to cooperate with other consumer product
manufacturers, and may acquire some of them to expand our
business."
Mr. Jing Jin, Chief Financial
Officer of Tantech, added: "In the first half of this year,
intensifying competition between traditional supermarkets and
E-commerce platforms like Taobao.com and 360buy.com drove down the
company's gross margin and slowed cash inflow. However, in the
second half, a traditional high season for consumer products, we
expect our cash inflow and financial performance to improve by the
end of 2016."
Six-Month 2016 Financial Results
Revenues
Total revenues decreased by $7.6
million, or 25%, to $22.8
million for the six months ended June
30, 2016 from $30.4 million
for the same period of last year. The decrease was primarily
attributable to the decreased sales from our trading segment and
energy segment and partially a few specific types of products will
discuss in below.
|
For the Six Months
Ended June 30,
|
|
2016
|
|
2015
|
|
Revenues
($'000)
|
|
Gross Profit
($'000)
|
|
Gross
Margin (%)
|
|
Revenues
($'000)
|
|
Gross
Profit
($'000)
|
|
Gross
Margin (%)
|
Consumer
product
|
18,748
|
|
5,507
|
|
29.4%
|
|
21,121
|
|
8,060
|
|
38.2%
|
Trading
|
221
|
|
42
|
|
19.1%
|
|
3,290
|
|
52
|
|
1.6%
|
Energy
|
3,820
|
|
450
|
|
11.8%
|
|
5,984
|
|
1,657
|
|
27.7%
|
Total
|
22,789
|
|
5,999
|
|
26.3%
|
|
30,395
|
|
9,769
|
|
32.1%
|
Revenues for consumer product segment decreased by $2.4 million, or 11.4%, to $18.7 million for the six months ended
June 30, 2016 from $21.1 million for the same period of last year.
The decrease was primarily attributable to decreased sales for our
quick burning charcoal products. There was no sale on quick burning
charcoal product in the first half of 2016 compared to $5.3 million for the same period of last year,
due to close down of one major supplier for local environmental
control. However, it showed 25.8% of increasing sale on household
products. We sold approximately 2.5 million pieces of air
purification products and 3.7 million pieces of deodorization
products for the six months ended June 30,
2016, compared to approximately 1.6 million and 3.2 million
pieces, respectively, for the same period of last year. The average
selling prices of air purification and deodorization products
decreased by 8.2% and 2.5%, respectively for the six months ended
June 30, 2016 compared to the same
period of last year.
Revenues for trading segment decreased by $3.1 million, or 93.3%, to $0.22 million for the six months ended
June 30, 2016 from $3.3 million for the same period of last
year. This decrease was attributable to company sale strategy
change to drop off in trading sales for third party produced
charcoal products which does not generate profits. Therefore, the
gross margin in trading segment increased sharply from 1.6% to
19.1% for the six months ended June 30,
2016.
Revenues for energy segment decreased by $2.2 million, or 36.7%, to $3.8 million for the six months ended
June 30, 2016 from $6.0 million for the same period of last year.
The decrease was primarily attributable to decreased sales of EDLC
carbon in the six months ended June 30,
2016. We sold 127 tons of EDLC carbon for the six months
ended June 30, 2016, compared to 175
tons for the same period of last year. The average selling price of
EDLC carbon decreased by 18.4% to $26,551 per ton for the six months ended
June 30, 2016 from $32,535 per ton for the same period of last
year.
Cost of revenues
Total cost of revenues decreased by $3.8
million, or 18.6%, to $16.8
million for the six months ended June
30, 2016 from $20.6 million
for the same period of last year. As a percentage of
revenues, the cost of revenue increased by 5.8 percentage points to
73.6% for the six months ended June 30,
2016 from 67.9% for the same period of last year.
Gross profit
Total gross profit decreased by $3.8
million, or 38.8%, to $6.0
million for the six months ended June
30, 2016 from $9.8 million for
the same period of last year. Gross margin was 26.3% for the six
months ended June 30, 2016, compared
to 32.1% for the same period of last year. On segment basis, gross
margins for consumer product, trading, and energy were 29.4%,
19.1%, and 11.8%, respectively, for the six months ended
June 30, 2016, compared to 38.2%,
1.6%, and 27.7%, respectively, for the same period of last
year.
Operating expenses
Selling expenses decreased by $0.05
million, or 11%, to $0.39
million for the six months ended June
30, 2016 from $0.44 million
for the same period of last year. As a percentage of
revenues, selling expenses increased to 1.7% of revenues for the
six months ended June 30, 2016, as
compared to 1.4% for the same period of last year. The increase was
primarily attributable to higher shipping expenses for the six
months ended June 30, 2016 as
compared to the same period of last year.
General and administrative expenses decreased by $0.03 million, or 1.2%, to $2.9 million for the six months ended
June 30, 2016 from $2.9 million for the same period of last
year.
Research and development expenses decreased by $0.4 million, or 61.3%, to $0.3 million for the six months ended
June 30, 2016 from $0.7 million for the same period of last year.
The decrease was attributable to the completion of R&D project
in late 2015.
Total operating expenses decreased by $0.5 million, or 12.7%, to $3.5 million for the six months ended
June 30, 2016 from $4.1 million for the same period of last year
mainly due to decrease in R&D expenses.
Operating income
Operating income decreased by $3.3
million, or 57.0%, to $2.5
million for the six months ended June
30, 2016 from $5.7 million for
the same period of last year. Operating margin was 10.8% for the
six months ended June 30, 2016,
compared to 18.8% for the same period of last year.
Other income and expenses
Total other (expense) was ($0.1
million) for the six months ended June 30, 2016, compared to total other income
$0.6million for the same period of
last year. The Company paid interest expense of $0.33 million while received interest income,
government subsidy income, and other income of $450, $1,530, and
$0.2 million, respectively, for the
six months ended June 30, 2016. As a
comparison, the Company paid interest expense of $0.2 million while received interest income,
government subsidy income, and other income of $63,873, $0.3
million, and $0.4 million,
respectively, for the same period of last year.
Income before income taxes
Our income before income taxes decreased by $4.0 million, or 62.5%, to $2.4 million for the six months ended
June 30, 2016 from $6.3 million for the same period of last year.
The decrease was primarily attributable to a decrease sale volume
in a few types of products, and higher cost of revenue in represent
lower gross profit for the six months ended June 30, 2016 as compared to the same period of
last year.
Provision for income taxes
Our provision for income taxes was approximately $0.7 million for the six months ended
June 30, 2016, a decrease of
$0.4 million, or 38.6%, from
$1.1 million for the same period of
last year.
Net income
Net income decreased by $3.5
million, or 67.9%, to $1.7
million for the six months ended June
30, 2016 from $5.2 million for
the same period of last year. After deduction for non-controlling
interest, net income attributable to common stockholders was
$1.5 million, or $0.07 per basic/ diluted share, for the six
months ended June 30, 2016, compared
to $4.9 million, or $0.23 per basic/ diluted share, for the same
period of last year.
Balance Sheet and Cash Flow
As of June 30, 2016, the Company
had cash and cash equivalents of $4.7
million, working capital of $48.0
million and stockholders' equity of $77.4 million, compared to $6.3 million, $49.7
million, and $69.6 million,
respectively, at the end of 2015. Net cash used inby operating
activities was $8.9 million for the
six months ended June 30, 2016,
compared to $3.0 million net cash
provided for the same period of last year. Net cash used by
investing activities was $1.8 million
for the six months ended June 30,
2016, compared to net cash provided by investing activities
of $0.9 million for the same period
of last year. Net cash provided by financing activities was
$9.0 million for the six months ended
June 30, 2016, compared to net cash
provided by financing activities of $5.6
million for the same period of last year.
Recent Update
On December 8, 2016, the company
announced it has successfully developed the new generation of
infrared bamboo charcoal bedding articles, which feature excellent
absorption, infrared and self-warming properties.
On November 21, 2016, Mr.
Zhengyu Wang, the Company's Chairman
and Chief Executive Officer attended the 2016 China Concepts Stock
Renaissance Forum in Beijing and
delivered a speech about how to bring back stock value and restore
investor confidence.
On November 10, 2016, the company
announced that the Ministry of Industry and Information Technology
of the People's Republic of China
(MIIT) has included its three electric vehicle models in the
"Announcement of Road Motor Vehicle Manufacturing Enterprises and
Products" (No.284 and No. 285 New Product Catalog Announcement).The
three vehicles are produced by the company's subsidiary Suzhou E-
Motors Co., Ltd.
On June 24, 2016, the company
announced that, through its wholly-owned subsidiary in China, LishuiTantech Energy Tech Co., Ltd.
("LishuiTantech"), it has entered into an equity purchase agreement
with the holders of the remaining 5% interest of Zhejiang Tantech
Bamboo Technology Co., Ltd., ("Bamboo Tech"), a China subsidiary of LishuiTantech, to purchase
the 5% interest of Bamboo Tech for 1,018,935 shares of the
Company's common stock.
On May 2, 2016, the company
announced it has entered into a definite purchase agreement to
acquire Suzhou E Motors Co., Ltd. ("Suzhou E Motors"), a specialty
electric vehicles and power batteries manufacturer based in
Zhangjiazhang City, Jiangsu
Province.
On April 18, 2016, Mr.
Zhengyu Wang, Chairman and Chief
Executive Officer of the Company, was elected as vice chair of The
New Energy Vehicle Alliance of Zhejiang
Province, a self-regulatory organization comprised of
representatives from leading automakers, components and parts
suppliers, governmental agencies, research institutes, and advocacy
groups in the new energy vehicle value chain in Zhejiang
Province.On March 7, 2016, the
company announced that it has completed a $7,957,100 private placement of its common stock
to various purchasers.
On January 27, 2016, the company
announced it has entered into a framework agreement to acquire
Suzhou E Motors Co., Ltd. ("Suzhou E Motors"), a specialty electric
vehicles ("EVs") manufacturer based in Zhangjiagang City,
Jiangsu Province.
About Tantech Holdings Ltd.
Established in 2001 and headquartered in Lishui City,
Zhejiang Province, China, Tantech Holdings Ltd., together with
its subsidiaries, develops and manufactures bamboo-based charcoal
products in China and
internationally. It operates through three segments: Consumer
Products, Trading, and Biofuel Energy. The company produces pressed
and formed charcoal briquettes for use in grills, incense burners,
and other applications under the Algold brand. It also offers
Charcoal Doctor branded products, such as air purifiers and
humidifiers, automotive accessories for air purification,
underfloor humidity control, pillows and mattresses, wardrobe
deodorizers, mouse pads and wrist mats, refrigerator deodorants,
charcoal toilet cleaner disks, liquid charcoal cleaners, shoe
insoles, and decorative charcoal gifts. In addition, the Company
provides liquid byproduct consists of bamboo vinegar that is used
in disinfectants, detergents, lotions, specialized soaps, toilet
cleaners, and fertilizers, as well as in various agricultural
applications. Further, it engages in providing bamboo carbon for
use in EDLCs; the production of electric double-layer capacitor
carbon products; and the industrial purchase and sale of rubber.
The Company provides its products for industrial energy
applications, as well as household cooking, heating, purification,
agricultural, and cleaning uses. The company also exports its
bamboo vinegar, bamboo charcoal purification, and EDLC carbon
products. For more information about Tantech Holdings Ltd., please
visit:
Forward-Looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
For more information please contact:
Tantech Holdings Ltd.
Ms. Ye Ren
IR Manager
+86-578-261-2869
ir@tantech.cn
Tantech
Holdings Ltd and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
June
30,
|
|
December
31,
|
|
2016
|
|
2015
|
Assets
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
4,689,811
|
|
$
|
6,273,389
|
Restricted
cash
|
|
343,149
|
|
|
-
|
Accounts receivable,
net
|
|
36,322,817
|
|
|
40,484,871
|
Inventories,
net
|
|
814,779
|
|
|
1,097,048
|
Advances to suppliers,
net
|
|
20,373,500
|
|
|
15,597,108
|
Prepaid value-added
taxes
|
|
295,124
|
|
|
110,173
|
Other receivables ,
net
|
|
416,173
|
|
|
120,661
|
Total current
assets
|
|
63,255,353
|
|
|
63,683,250
|
|
|
|
|
|
|
Property,
plant and equipment, net
|
|
10,305,378
|
|
|
11,118,635
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
Advances to
suppliers-long-term
|
|
9,030,240
|
|
|
-
|
Intangible assets,
net
|
|
1,961,382
|
|
|
2,102,507
|
Deposits for asset
acquisition
|
|
903,024
|
|
|
2,465,600
|
Deposit for business
acquisition
|
|
10,776,086
|
|
|
7,705,000
|
Total
Assets
|
$
|
96,231,463
|
|
$
|
87,074,992
|
|
|
|
|
|
|
Liabilities
and Equity
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
Short-term bank
loans
|
$
|
8,503,476
|
|
$
|
8,444,680
|
Bankers acceptance
notes payable
|
|
301,008
|
|
|
-
|
Accounts
payable
|
|
2,615,963
|
|
|
3,072,368
|
Customer
deposits
|
|
1,366,165
|
|
|
606,029
|
Taxes
payable
|
|
767,982
|
|
|
804,270
|
Due to third
parties
|
|
885,265
|
|
|
-
|
Accrued liabilities
and other payables
|
|
857,852
|
|
|
1,058,160
|
Total current liabilities
|
|
15,297,711
|
|
|
13,985,507
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Common stock, $0.001
par value, 50,000,000 shares authorized,
|
|
|
|
|
|
25,793,000 and
21,600,000 shares issued; 23,293,000 and
21,600,000
|
|
|
|
|
|
shares outstanding at
June 30, 2016 and December 31, 2015, respectively
|
|
23,293
|
|
|
21,600
|
Additional paid-in
capital
|
|
23,090,159
|
|
|
15,134,752
|
Statutory
reserves
|
|
6,401,235
|
|
|
6,401,235
|
Retained
earnings
|
|
49,883,616
|
|
|
48,350,456
|
Accumulated other
comprehensive loss
|
|
(1,964,313)
|
|
|
(262,900)
|
Total Stockholders' Equity
|
|
77,433,990
|
|
|
69,645,143
|
Noncontrolling
interest
|
|
3,499,762
|
|
|
3,444,342
|
Total
Equity
|
|
80,933,752
|
|
|
73,089,485
|
Total
Liabilities and Equity
|
$
|
96,231,463
|
|
$
|
87,074,992
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
|
Tantech
Holdings Ltd and Subsidiaries
|
Condensed
Consolidated Statements of Income and Comprehensive Income
(Loss)
|
(Unaudited)
|
|
|
For the Six
Months Ended June 30,
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Revenues
|
$
|
22,788,505
|
|
$
|
30,394,676
|
|
|
|
|
|
|
Cost of
revenues
|
|
16,788,797
|
|
|
20,625,926
|
|
|
|
|
|
|
Gross
Profit
|
|
5,999,708
|
|
|
9,768,750
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
Selling
expenses
|
|
386,147
|
|
|
436,165
|
General and
administrative expenses
|
|
2,888,738
|
|
|
2,922,845
|
Research and
development expenses
|
|
272,563
|
|
|
705,048
|
Total operating
expenses
|
|
3,547,448
|
|
|
4,064,058
|
|
|
|
|
|
|
Income from
operations
|
|
2,452,260
|
|
|
5,704,692
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
Interest
income
|
|
450
|
|
|
63,873
|
Interest
expense
|
|
(329,867)
|
|
|
(159,865)
|
Government subsidy
income
|
|
1,530
|
|
|
326,600
|
Other income,
net
|
|
242,182
|
|
|
383,466
|
Total other income
(expenses)
|
|
(85,705)
|
|
|
614,074
|
|
|
|
|
|
|
Income
before income taxes
|
|
2,366,555
|
|
|
6,318,766
|
|
|
|
|
|
|
Provision
for income taxes
|
|
706,341
|
|
|
1,149,975
|
|
|
|
|
|
|
Net
income
|
|
1,660,214
|
|
|
5,168,791
|
|
|
|
|
|
|
Less:Net income
attributable to the noncontrolling interest
|
|
127,054
|
|
|
288,767
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
$
|
1,533,160
|
|
$
|
4,880,024
|
|
|
|
|
|
|
Net
income
|
|
1,660,214
|
|
|
5,168,791
|
Other
comprehensive income:
|
|
|
|
|
|
Foreign
currency translation gains (losses)
|
|
(1,773,047)
|
|
|
396,708
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
(112,833)
|
|
|
5,565,499
|
|
|
|
|
|
|
Less:
Comprehensive loss attributable to noncontrolling
interest
|
|
(55,420)
|
|
|
(308,628)
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to
common stockholders
|
$
|
(168,253)
|
|
$
|
5,256,871
|
|
|
|
|
|
|
Earnings Per
share -Basic and Diluted
|
$
|
0.07
|
|
$
|
0.23
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding - Basic and diluted
|
|
22,725,566
|
|
|
21,074,033
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
|
Tantech Holdings
Ltd and Subsidiaries
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
For the six
months Ended
|
|
June
30,
|
|
2016
|
|
2015
|
Cash flows
from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
1,660,214
|
|
$
|
5,168,791
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
provided by (used in)
operating activities:
|
|
|
|
|
|
Changes in allowances
- accounts receivable
|
|
239,337
|
|
|
963,477
|
Changes in allowances
- advance to suppliers
|
|
871,842
|
|
|
-
|
Depreciation
expense
|
|
566,510
|
|
|
550,828
|
Deferred income tax
provision
|
|
-
|
|
|
3,742
|
Amortization of
intangible asset
|
|
93,587
|
|
|
100,169
|
Loss from disposal of
property, plant and equipment
|
|
-
|
|
|
32,188
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
3,031,275
|
|
|
121,113
|
Advances to
suppliers
|
|
(15,277,167)
|
|
|
(1,207,431)
|
Inventory
|
|
260,920
|
|
|
(927,786)
|
Other
receivables
|
|
(301,838)
|
|
|
(394,344)
|
Accounts
payable
|
|
(391,083)
|
|
|
(1,272,550)
|
Customer
deposits
|
|
787,103
|
|
|
174,199
|
Taxes
payable
|
|
(208,438)
|
|
|
(632,984)
|
Accrued liabilities
and other payables
|
|
(278,143)
|
|
|
322,224
|
Net cash
provided by (used in) operating activities
|
|
(8,945,881)
|
|
|
3,001,636
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
|
|
|
Additions to property,
plant and equipment
|
|
(3,539)
|
|
|
(71,552)
|
Deposit for
asset acquisitions
|
|
1,529,970
|
|
|
927,054
|
Deposit for business
acquisition
|
|
(3,304,735)
|
|
|
-
|
Net cash
provided (used in) by investing activities
|
|
(1,778,304)
|
|
|
855,502
|
|
|
|
|
|
|
Cash flows
from financing activities
|
|
|
|
|
|
Changes in restricted
cash
|
|
(348,833)
|
|
|
2,449,500
|
Borrowings from third
party
|
|
899,928
|
|
|
-
|
Borrowings from
Bankers acceptance notes payable
|
|
3,365,934
|
|
|
2,286,200
|
Repayments of Bankers
acceptance notes payable
|
|
(3,059,940)
|
|
|
(7,185,200)
|
Borrowings from bank
loans
|
|
5,584,391
|
|
|
4,539,740
|
Repayments of bank
loans
|
|
(5,324,296)
|
|
|
(2,122,900)
|
Net proceeds from
stock issuance
|
|
7,957,100
|
|
|
5,661,522
|
Net cash
provided by financing activities
|
|
9,074,284
|
|
|
5,628,862
|
|
|
-
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents
|
|
66,323
|
|
|
89,708
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(1,583,578)
|
|
|
9,575,708
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning of period
|
|
6,273,389
|
|
|
415,275
|
|
|
|
|
|
|
Cash and
cash equivalents, end of period
|
$
|
4,689,811
|
|
$
|
9,990,983
|
|
|
|
|
|
|
Supplemental
disclosure information:
|
|
|
|
|
|
Income
taxes paid
|
$
|
707,628
|
|
$
|
1,814,914
|
Interest
paid
|
$
|
265,830
|
|
$
|
156,493
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tantech-holdings-ltd-announces-interim-six-month-financial-results-for-2016-300383077.html
SOURCE Tantech Holdings Ltd.