UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2017

 

Commission File Number: 001-38206

 

TDH HOLDINGS, INC.

(Translation of registrant’s name into English)

 

c/o Qingdao Tiandihui Foodstuffs Co. Ltd., Room 1809,

Financial Square, 197 Shuangzhu Road, Huangdao District, Qingdao, Shandong Province

People’s Republic of China

Tel: +86-532-8591-9267 

(Address of Principal Executive Office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒      Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  Yes ☒   No ☐

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________.

 

 

 

 

 

 

EXPLANATORY NOTE

 

This Report of Foreign Private Issuer on Form 6-K filed by TDH Holdings, Inc. (together with our subsidiaries, unless the context indicates otherwise, “we,” “us,” “our,” or the “Company”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or the Company’s future financial performance. The Company has attempted to identify forward-looking statements by terminology including ”anticipates,” “believes,” “expects,” “can,” “continue,” “could,” “estimates,” “intends,” “may,” “plans,” “potential,” “predict,” “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. The information in this Report on Form 6-K is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company expectations are as of the date this Form 6-K is filed, and the Company does not intend to update any of the forward-looking statements after the date this Report on Form 6-K is filed to confirm these statements to actual results, unless required by law.

 

   

 

 

Index to Unaudited Consolidated Interim Financial Statements

 

  Page
   
Consolidated Balance Sheets as of June 30, 2017 (Unaudited) and December 31, 2016 3
   
Consolidated Statements of Income and Comprehensive Income For The Six Months Ended June 30, 2017 and 2016 (Unaudited) 4
   
Consolidated Statements of Cash Flows For The Six Months Ended June 30, 2017 and 2016 (Unaudited) 5

 

  2  

 

 

TDH HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

   

June 30,

2017

   

December 31,

2016

 
    Unaudited        
ASSETS            
Cash and cash equivalents   $ 528,118     $ 1,145,103  
Restricted cash     520,560       707,120  
Accounts receivable     1,514,147       865,491  
Advances to suppliers     599,890       711,751  
Inventories     9,273,982       5,973,124  
Due from related parties     215,075       35,842  
Prepayments and other current assets     596,971       383,932  
Total current assets     13,248,743       9,822,363  
                 
Property, plant and equipment, net     3,244,314       3,306,735  
Land use right, net     112,006       110,821  
Total non-current assets     3,356,320       3,417,556  
Total assets   $ 16,605,063     $ 13,239,919  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Accounts payable   $ 6,272,125     $ 3,262,375  
Account payable - related party     115,230       111,139  
Notes payable     872,080       1,414,232  
Advances from customers     345,818       802,339  
Short term loans     1,608,405       1,728,185  
Taxes payable     168,320       124,829  
Due to related parties     1,190,557       1,120,702  
Other current liabilities     455,962       409,571  
Total current liabilities     11,028,497       8,973,372  
                 
Deferred tax liability     12,944       13,795  
Total liabilities     11,041,441       8,987,167  
                 
Stockholders' equity                
Common stock ($0.001 par value; 200,000,000 shares authorized; 7,900,000 shares issued and outstanding at June 30, 2017 and December 31, 2016)     7,900       7,900  
Additional paid-in capital     4,123,801       3,478,831  
Statutory reserves     195,229       140,570  
Retained earnings     1,216,216       727,807  
Accumulated other comprehensive income (loss)     20,476       (102,356 )
Total stockholders' equity     5,563,622       4,252,752  
Total liabilities and stockholders' equity   $ 16,605,063     $ 13,239,919  

 

  3  

 

 

TDH HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

 

    For The Six Months Ended
June 30, 		 
    2017     2016  
Net revenues   $ 14,074,615     $ 9,734,392  
Revenue - related party     9,087       -  
Total revenues     14,083,702       9,734,392  
Cost of revenues     9,925,803       6,975,855  
Gross profit     4,157,899       2,758,537  
Operating expenses:                
Selling expense     2,130,758       1,456,794  
General & administrative expense     905,693       729,244  
Research and development expense     455,878       364,353  
Total operating expenses     3,492,329       2,550,391  
Income from operations     665,570       208,146  
Interest expense     (46,814 )     (51,914 )
Government subsidies     407       3,060  
Other income     40,985       11,919  
Other expenses     (61,591 )     (15,200 )
Total other expenses     (67,013 )     (52,135 )
Income before income taxes provision     598,557       156,011  
Income tax provision     55,489       87,073  
Net income   $ 543,068     $ 68,938  
                 
Comprehensive income                
Net income   $ 543,068     $ 68,938  
Other comprehensive income (loss)                
Foreign currency translation adjustment     122,832       (64,767 )
Total comprehensive income   $ 665,900     $ 4,171  
                 
Earnings per common share                
Basic   $ 0.07     $ 0.01  
Diluted   $ 0.07     $ 0.01  
Weighted average common shares outstanding                
Basic     7,900,000       7,900,000  
Diluted     7,900,000       7,900,000  

 

  4  

 

 

TDH HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

    For The Six Months Ended
June 30, 		 
    2017     2016  
Cash flows from operating activities            
Net income   $ 543,068     $ 68,938  
Adjustments to reconcile net income to net cash used in operating activities:                
Depreciation and amortization expense     174,663       182,551  
Deferred income tax liability     (1,174 )     (1,509 )
Changes in operating assets and liabilities:                
Accounts receivable     (629,097 )     (705,396 )
Inventories     (3,109,155 )     (1,515,448 )
Due from related parties     -       (151,603 )
Advances to suppliers     127,546       (290,988 )
Prepayments and other current assets     (201,707 )     4,480  
Accounts payable     2,929,702       1,459,128  
Notes payable     (568,785 )     (546,256 )
Taxes payable     39,846       (38,146 )
Advances from customers     (469,522 )     490,985  
Other current liabilities     37,928       435,394  
Net cash used in operating activities     (1,126,687 )     (607,870 )
Cash flows from investing activities                
Payments to acquire property, plant and equipment     (28,730 )     (34,517 )
Payments to acquire construction in progress     -       (12,489 )
Loans to related parties     (1,225,765 )     (1,238,818 )
Repayments from related parties     -       576,366  
Change in restricted cash     201,075       462,099  
Net cash used in investing activities     (1,053,420 )     (247,359 )
Cash flows from financing activities                
Proceeds from issuance of common shares     -       2,967,429  
Proceeds from shares subscription receivable     644,970       -  
Capital distribution in connection with acquisition of a subsidiary     -       (2,880,000 )
Proceeds from related parties     1,736,158       1,459,008  
Payments to related parties     (676,957 )     (988,004 )
Proceeds from short term loans     1,008,076       476,789  
Repayments of short term loans     (1,169,430 )     (473,404 )
Net cash provided by financing activities     1,542,817       561,818  
Effect of exchange rate changes on cash and cash equivalents     20,305       (12,165 )
Net change in cash and cash equivalents     (616,985 )     (305,576 )
Cash and cash equivalents, beginning of the period     1,145,103       651,680  
Cash and cash equivalents, end of the period   $ 528,118     $ 346,104  
                 
Supplemental cash flow information                
Interest paid   $ 46,814     $ 51,914  
Income taxes paid   $ 7,390     $ 63,698  
                 
Non-cash investing and financial activities                
Operating expenses paid by related parties   $ 43,059     $ -  
Liabilities assumed in connection with purchase of property, plant and equipment   $ 2,639     $ 157,238  
Account receivable settled with loans from related party   $ 10,632     $ -  
Account payable settled with loans to related party   $ -     $ 16  
Loans from related party settled with loans to related party   $ 1,060,574     $ -  

 

  5  

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: December 22, 2017

 

  TDH HOLDINGS, INC.
   
  By:

/s/ Cui Rongfeng

    Name: Cui Rongfeng
    Title: Chief Executive Officer

 

  6  

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release, dated December 22, 2017.

 

 

7

 

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