2017 First Quarter Results |
|||
Three Months Ended March 31, |
Percentage |
||
2017 |
2016 |
Change |
|
Revenues: |
|||
TCM Raw Materials |
$2,534,261 |
$8,043,465 |
(68)% |
Yew Trees |
– |
1,505 |
(100)% |
Handicrafts |
1,361 |
17,250 |
(92)% |
Others |
5,339,842 |
558,149 |
857% |
Total Revenues |
$7,875,464 |
$8,620,369 |
(8.64)% |
(financial tables follow) |
|||||||
YEW BIO-PHARM GROUP, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
March 31, 2017 |
December 31, 2016 |
||||||
(Unaudited) |
|||||||
ASSETS |
|||||||
CURRENT ASSETS: |
|||||||
Cash |
$ |
520,787 |
$ |
278,991 |
|||
Accounts receivable |
16,348,972 |
14,467,852 |
|||||
Accounts receivable – related party |
8,075,685 |
6,941,931 |
|||||
Inventories, net |
10,730,482 |
10,296,792 |
|||||
Prepaid expenses – related party |
70,728 |
76,035 |
|||||
Prepaid expenses and other assets |
59,897 |
75,743 |
|||||
VAT recoverables |
1,251,678 |
1,655,954 |
|||||
Total Current Assets |
37,058,229 |
33,793,298 |
|||||
LONG-TERM ASSETS: |
|||||||
Long-term inventories, net |
5,305,705 |
7,151,613 |
|||||
Property and equipment, net |
673,498 |
692,116 |
|||||
Land use rights and yew forest assets, net |
4,562,660 |
4,558,234 |
|||||
Total Long-term Assets |
10,541,863 |
12,401,963 |
|||||
Total Assets |
$ |
47,600,092 |
$ |
46,195,261 |
|||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|||||||
CURRENT LIABILITIES: |
|||||||
Accounts payable |
$ |
944,478 |
$ |
2,700,148 |
|||
Accounts payable – related parties |
511,920 |
638,318 |
|||||
Accrued expenses and other payables |
264,353 |
379,294 |
|||||
Notes payable |
1,165,373 |
1,156,444 |
|||||
Taxes payable |
4,855 |
16,520 |
|||||
Due to related parties |
886,640 |
883,596 |
|||||
Short-term borrowings |
4,600,922 |
1,723,865 |
|||||
Total Current Liabilities |
8,378,541 |
7,498,185 |
|||||
NONCURRENT LIABILITIES: |
|||||||
Deferred income |
121,907 |
120,973 |
|||||
Total Noncurrent Liabilities |
121,907 |
120,973 |
|||||
Total Liabilities |
8,500,448 |
7,619,158 |
|||||
SHAREHOLDERS’ EQUITY: |
|||||||
Common Stock ($0.001 par value; 140,000,000 shares authorized; 51,875,000 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively) |
51,875 |
51,875 |
|||||
Additional paid-in capital |
9,703,781 |
9,654,024 |
|||||
Retained earnings |
27,244,528 |
27,074,624 |
|||||
Statutory reserves |
3,762,288 |
3,762,288 |
|||||
Accumulated other comprehensive loss – foreign currency translation adjustment |
(1,662,828) |
(1,966,708) |
|||||
Total Shareholders’ Equity |
39,099,644 |
38,576,103 |
|||||
Total Liabilities and Shareholders’ Equity |
$ |
47,600,092 |
$ |
46,195,261 |
YEW BIO-PHARM GROUP, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
|||||||
(UNAUDITED) |
|||||||
For the Three Months Ended March 31, |
|||||||
2017 |
2016 |
||||||
REVENUES: |
|||||||
Revenues |
$ |
5,341,203 |
$ |
576,904 |
|||
Revenues – related party |
2,534,261 |
8,043,465 |
|||||
Total Revenues |
7,875,464 |
8,620,369 |
|||||
COST OF REVENUES: |
|||||||
Cost of revenues |
5,301,216 |
627,983 |
|||||
Cost of revenues – related party |
2,054,268 |
6,598,904 |
|||||
Total Cost of Revenues |
7,355,484 |
7,226,887 |
|||||
GROSS PROFIT |
519,980 |
1,393,482 |
|||||
OPERATING EXPENSES: |
|||||||
Selling expense |
265 |
3,252 |
|||||
General and administrative expense |
298,138 |
312,648 |
|||||
Total Operating Expenses |
298,403 |
315,900 |
|||||
INCOME FROM OPERATIONS |
221,577 |
1,077,582 |
|||||
OTHER INCOME (EXPENSES): |
|||||||
Interest expense |
(51,963) |
(27,320) |
|||||
Other income |
290 |
– |
|||||
Total Other Expenses |
(51,673) |
(27,320) |
|||||
INCOME BEFORE PROVISION FOR INCOME TAXES |
169,904 |
1,050,262 |
|||||
PROVISION FOR INCOME TAXES |
– |
– |
|||||
NET INCOME |
$ |
169,904 |
$ |
1,050,262 |
|||
COMPREHENSIVE INCOME: |
|||||||
NET INCOME |
$ |
169,904 |
$ |
1,050,262 |
|||
OTHER COMPREHENSIVE INCOME : |
|||||||
Foreign currency translation adjustment |
303,880 |
275,422 |
|||||
COMPREHENSIVE INCOME |
$ |
473,784 |
$ |
1,325,684 |
|||
NET INCOME PER COMMON SHARE: |
|||||||
Basic |
$ |
0.00 |
$ |
0.02 |
|||
Diluted |
$ |
0.00 |
$ |
0.02 |
|||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|||||||
Basic |
51,875,000 |
51,875,000 |
|||||
Diluted |
56,670,931 |
51,875,000 |
YEW BIO-PHARM GROUP, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(UNAUDITED) |
|||||||
For the Three Months Ended March 31, |
|||||||
2017 |
2016 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||||
Net income |
$ |
169,904 |
$ |
1,050,262 |
|||
Adjustments to reconcile net income to net cash used in operating activities: |
|||||||
Depreciation |
23,220 |
30,504 |
|||||
Amortization of land use rights and yew forest assets |
30,778 |
4,996,027 |
|||||
Stock-based compensation |
49,757 |
82,598 |
|||||
Changes in operating assets and liabilities: |
|||||||
Accounts receivable |
(1,770,317) |
1,980,590 |
|||||
Accounts receivable – related party |
(1,080,518) |
(3,313,946) |
|||||
Prepaid expenses and other current assets |
16,129 |
(788,609) |
|||||
Prepaid expenses – related party |
5,896 |
(299,778) |
|||||
Inventories |
1,542,136 |
(4,091,713) |
|||||
VAT recoverables |
417,200 |
(96,129) |
|||||
Accounts payable |
(1,776,755) |
46,080 |
|||||
Accounts payable – related parties |
(131,370) |
– |
|||||
Accrued expenses and other payables |
(107,982) |
(16,440) |
|||||
Due to related parties |
11,880 |
81 |
|||||
Taxes payable |
(11,760) |
5,927 |
|||||
NET CASH USED IN OPERATING ACTIVITIES |
(2,611,802) |
(414,546) |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||||
Purchase of property and equipment |
– |
(4,261) |
|||||
NET CASH USED IN INVESTING ACTIVITIES |
– |
(4,261) |
|||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||||
Proceeds from short-term borrowings |
2,880,000 |
– |
|||||
Repayments to related parties |
(20,000) |
(35,000) |
|||||
Proceeds from related parties |
– |
10,222 |
|||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
2,860,000 |
(24,778) |
|||||
EFFECT OF EXCHANGE RATE ON CASH |
(6,402) |
(1,646) |
|||||
NET INCREASE (DECREASE) IN CASH |
241,796 |
(445,231) |
|||||
CASH – Beginning of period |
278,991 |
681,608 |
|||||
CASH – End of period |
$ |
520,787 |
$ |
236,377 |
|||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|||||||
Cash paid for: |
|||||||
Interest |
$ |
25,368 |
$ |
26,884 |
|||
Income taxes |
$ |
– |
$ |
– |
|||
NON-CASH INVESTING AND FINANCING ACTIVITIES |
|||||||
Operating expense paid by related party |
$ |
9,927 |
$ |
– |
Company Contacts: Henry Pang Yew Bio-Pharm Group, Inc. Tel: (626) 401-9588 hpang@yewbiopharm.com