WENZHOU, China, May 15, 2019 /PRNewswire/ -- Hebron Technology
Co., Ltd. ("Hebron" or the
"Company") (Nasdaq: HEBT), a developer, manufacturer and installer
of valves and pipe fittings for use in the pharmaceutical,
biological, food and beverage, and other clean industries, today
announced its financial results for the fiscal year
ended December 31, 2018.
Fiscal Year 2018 Financial Highlights
|
|
Year ended
December 31,
|
|
|
Changes
|
|
|
|
2018
|
|
|
2017
|
|
|
($)
|
|
|
(%)
|
|
Revenue
|
|
$
|
25,290,060
|
|
|
$
|
29,200,445
|
|
|
|
(3,910,385)
|
|
|
|
(13)
|
%
|
Installation
service
|
|
|
17,297,212
|
|
|
|
23,748,141
|
|
|
|
(6,450,929)
|
|
|
|
(27)
|
%
|
Fluid equipment
sales
|
|
|
7,992,848
|
|
|
|
5,452,304
|
|
|
|
2,540,544
|
|
|
|
47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
7,577,952
|
|
|
|
10,444,161
|
|
|
|
(2,866,209)
|
|
|
|
(27)
|
%
|
(Loss) Income from
operations
|
|
|
(5,329,410)
|
|
|
|
3,877,317
|
|
|
|
(9,206,727)
|
|
|
|
(238)
|
%
|
Net
income
|
|
|
(5,144,715)
|
|
|
|
7,136,387
|
|
|
|
(12,281,102)
|
|
|
|
(172)
|
%
|
Basic and diluted
EPS
|
|
$
|
(0.33)
|
|
|
$
|
0.49
|
|
|
|
(0.82)
|
|
|
|
(167)
|
%
|
- Total revenues decreased by 13.0% to $25.29 million for the twelve months
ended December 31, 2018.
- Operating (loss) income decreased 237.5% to operation loss of
$5.3 million for the twelve months
ended December 31, 2018 from operation income of $4.07
million for the same period of the prior fiscal year, primarily due
to bad debt provision of $7.9 million
for the twelve months ended December 31,
2018.
- Net loss was $5.14 million, for
the twelve months ended December 31,
2018, compared to net income of $7.14 million for the
same period of the prior fiscal year.
|
|
|
|
Years ended
December 31,
|
|
|
Changes
|
|
|
Changes
|
|
|
|
2018
|
|
|
%
|
|
|
2017
|
|
|
%
|
|
|
($)
|
|
|
(%)
|
|
Installation
service
|
|
|
6,356,004
|
|
|
|
37
|
%
|
|
|
9,470,074
|
|
|
|
40
|
%
|
|
|
(3,114,070)
|
|
|
|
(33)
|
%
|
Fluid equipment
sales
|
|
|
1,221,948
|
|
|
|
15
|
%
|
|
|
974,087
|
|
|
|
18
|
%
|
|
|
247,861
|
|
|
|
25
|
%
|
Gross
profit
|
|
|
7,577,952
|
|
|
|
30
|
%
|
|
|
10,444,161
|
|
|
|
36
|
%
|
|
|
(2,886,209)
|
|
|
|
(27)
|
%
|
Revenues
Total revenues decreased by 13.0% to $25.29
million for the twelve months ended December 31, 2018
mainly due to decreasing installation revenues. Revenue from
installation service was $17.30
million for the year ended December
31, 2018, representing a 27% decrease from last year. Due to
market competition, the Company had 6 major installation projects
in fiscal 2018, comparing to 12 major installation projects in
fiscal 2017 although the average individual contract amount
increased from $2.0 million in fiscal
2017 to $2.6 million in fiscal 2018.
Revenues from fluid equipment sales increased by 47% to
$7.99 million for the twelve
months ended December 31, 2018 due to increasing valve
demands.
Cost of revenues and gross profit
Total cost of revenues decreased by $1.04 million
to $17.71 million for the twelve months
ended December 31, 2018, mainly due to decrease in the cost of
installation service in fiscal 2018. For fiscal 2018, cost of
installation service was $10.94
million representing a decrease of $3.3 million from 2017 due to lower installation
service revenue, offset by an increase of $2.29 million in cost of fluid equipment
sales.
Overall gross profit decreased by 27% or $2.89 million to $7.58 million for the
twelve months ended December 31, 2018 from $10.44
million for the same period of the prior fiscal year. is the
decrease was primarily due to gross profit from installation sales
decreasing 33% in fiscal 2018 as compared to fiscal 2017.
Overall gross profit margin for fiscal 2018 was 30%, decreased
from 36% in fiscal 2017. The gross profit margins for both of the
Company's installation service and fluid equipment sales decreased
by 3% from fiscal 2017.
Operating expenses
Total operating expenses increased by $6.3 million, or
96.6%, to $12.9 million for the twelve months
ended December 31, 2018. The significant increase in operating
expense was primarily due to $7.7
million increase in bad debt provision, which was offset by
a decrease of $0.8 million in selling
expense and a $0.4 million decrease
in general and administrative expenses.
For fiscal 2018, the Company's general and administrative
expenses were $3.30 million,
representing an approximate decrease of $0.4
million compared to fiscal 2017. The decrease in
general and administrative expenses was mainly due to the Company's
lesser professional fees in fiscal 2018.
For fiscal 2018, the Company's research and development
("R&D") expenses were $0.36
million, representing a decrease of $0.15 million from fiscal 2017. The decrease in
R&D expense was due to less R&D projects and devices in
fiscal year 2018.
For fiscal 2018, the Company's selling expenses were
$1.34 million, representing a 39%
decrease from fiscal 2017. The decrease was mainly due to less
revenue in fiscal 2018.
Operating (loss) income
Operating loss was $5.3 million
for twelve months ended December 31,
2018, representing a decrease of 237% from operating
income of $4.07 million in fiscal
2017, which was mainly due to less revenue and significant increase
in operating expense during fiscal 2018.
Net income
Net loss was $5.14 million for the twelve months ended
December 31, 2018, compared to net
income of $7.14 million for fiscal 2017.
Financial Condition
As of December 31, 2018, the
Company had cash and restricted cash balance of $3.07 million.
Net cash used in operating activities was approximately
$0.73 million for the twelve months
ended December 31, 2018, compared to
net cash used in operating activities of $6.10 million for the same period of the prior
fiscal year.
Net cash used in investing activities was approximately
$0.12 million for fiscal 2018,
compared to approximately $3.13
million for fiscal 2017.
Net cash provided by financing activities was approximately
$0.73 million for fiscal
2018, compared to approximately $0.92
million for fiscal 2017.
About Hebron Technology Co., Ltd.
Established in January 2005 and headquartered in
Wenzhou City, Zhejiang Province, China, Hebron Technology
Co., Ltd. ("Hebron" or the
"Company") engages in research, development, and manufacture of
highly specialized valves and pipe fitting products for use in the
pharmaceutical, biological, food and beverage, and other clean
industries. The Company also offers its customers comprehensive
pipeline design, installation, construction, and ongoing
maintenance services as holistic solution services. For more
information about the Company, please visit www.xibolun.com.
Forward-Looking Statements
This press release contains information
about Hebron's view of its future expectations, plans and
prospects that constitute forward-looking statements. Actual
results may differ materially from historical results or those
indicated by these forward-looking statements as a result of a
variety of factors including, but not limited to, risks and
uncertainties associated with its ability to raise additional
funding, its ability to maintain and grow its business, variability
of operating results, its ability to maintain and enhance its
brand, its development and introduction of new products and
services, the successful integration of acquired companies,
technologies and assets into its portfolio of products and
services, marketing and other business development initiatives,
competition in the industry, general government regulation,
economic conditions, dependence on key personnel, the ability to
attract, hire and retain personnel who possess the technical skills
and experience necessary to meet the requirements of its clients,
and its ability to protect its intellectual property. Hebron
encourages you to review other factors that may affect its future
results in Hebron's registration statement and in its
other filings with the Securities and Exchange Commission.
HEBRON
TECHNOLOGY CO., LIMITED AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash
|
|
$
|
947,588
|
|
|
$
|
3,220,781
|
|
Restricted
Cash
|
|
|
2,124,655
|
|
|
|
55,322
|
|
Contracts receivable,
net
|
|
|
24,669,365
|
|
|
|
16,904,972
|
|
Accounts receivable,
net
|
|
|
2,655,845
|
|
|
|
1,419,305
|
|
Notes
receivable
|
|
|
81,611
|
|
|
|
689,171
|
|
Retainage
receivables, net
|
|
|
3,146,986
|
|
|
|
2,564,404
|
|
Inventories
|
|
|
365,480
|
|
|
|
1,582,501
|
|
Prepayments and
advances to suppliers, net
|
|
|
3,568,003
|
|
|
|
11,904,107
|
|
Other receivables,
net
|
|
|
767,681
|
|
|
|
240,284
|
|
Prepaid expenses and
other current assets
|
|
|
94,539
|
|
|
|
-
|
|
TOTAL CURRENT
ASSETS
|
|
|
38,421,753
|
|
|
|
38,580,847
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment at cost, net of accumulated depreciation
|
|
|
12,515,894
|
|
|
|
14,588,262
|
|
Land use right, net
of accumulated amortization
|
|
|
969,339
|
|
|
|
1,086,148
|
|
Deposits for
rent
|
|
|
43,633
|
|
|
|
46,101
|
|
Equity
investment
|
|
|
3,054,090
|
|
|
|
-
|
|
Deferred tax
assets
|
|
|
1,648,967
|
|
|
|
247,324
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
56,653,676
|
|
|
$
|
54,548,682
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Short-term
loans
|
|
$
|
1,698,058
|
|
|
$
|
457,940
|
|
Notes
Payable
|
|
|
2,117,382
|
|
|
|
55,322
|
|
Accounts
payable
|
|
|
1,361,687
|
|
|
|
1,276,784
|
|
Accrued expenses and
other current liabilities
|
|
|
2,112,472
|
|
|
|
1,327,513
|
|
Other loan payable -
current
|
|
|
177,291
|
|
|
|
179,182
|
|
Advances from
customers
|
|
|
3,131,338
|
|
|
|
2,825,215
|
|
Taxes
payable
|
|
|
9,085,746
|
|
|
|
7,067,593
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
19,683,974
|
|
|
|
13,189,549
|
|
|
|
|
|
|
|
|
|
|
Other loan payable -
long-term
|
|
|
212,351
|
|
|
|
411,683
|
|
Long-term
loans
|
|
|
-
|
|
|
|
414,912
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
19,896,325
|
|
|
|
14,016,144
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
|
|
|
|
|
|
Class A common stock,
$0.001 par value, 40,000,000 shares authorized, 8,491,177 and
6,916,947 shares issued and outstanding as of December 31, 2018 and
2017, respectively
|
|
|
8,491
|
|
|
|
6,917
|
|
Class B common stock,
$0.001 par value, 10,000,000 shares authorized, 7,778,400 shares
issued and outstanding as of December 31, 2018 and 2017,
respectively.
|
|
|
7,778
|
|
|
|
7,778
|
|
Additional paid-in
capital
|
|
|
13,361,447
|
|
|
|
10,237,965
|
|
Retained
earnings
|
|
|
24,732,776
|
|
|
|
29,877,491
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(1,353,141)
|
|
|
|
402,387
|
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
|
36,757,351
|
|
|
|
40,532,538
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
56,653,676
|
|
|
$
|
54,548,682
|
|
HEBRON
TECHNOLOGY CO., LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME
(LOSS)
|
|
For the Years
Ended December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
Installation
service
|
|
$
|
17,297,212
|
|
|
$
|
23,748,141
|
|
|
$
|
24,299,062
|
|
Fluid equipment
sales
|
|
|
7,992,848
|
|
|
|
5,452,304
|
|
|
|
2,798,774
|
|
|
|
|
25,290,060
|
|
|
|
29,200,445
|
|
|
|
27,097,836
|
|
COST OF
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product and
services
|
|
|
17,458,252
|
|
|
|
18,080,777
|
|
|
|
16,192,810
|
|
Business and sales
related taxes
|
|
|
253,856
|
|
|
|
675,507
|
|
|
|
443,448
|
|
GROSS
PROFIT
|
|
|
7,577,952
|
|
|
|
10,444,161
|
|
|
|
10,461,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
3,298,188
|
|
|
|
3,683,594
|
|
|
|
932,911
|
|
Selling
expenses
|
|
|
1,337,321
|
|
|
|
2,187,253
|
|
|
|
1,742,147
|
|
Bad debt
expenses (recovery)
|
|
|
7,913,442
|
|
|
|
187,715
|
|
|
|
(227,873)
|
|
Research and
development expenses
|
|
|
358,411
|
|
|
|
508,282
|
|
|
|
33,847
|
|
Total operating
expenses
|
|
|
12,907,362
|
|
|
|
6,566,844
|
|
|
|
2,481,032
|
|
(LOSS) INCOME FROM
OPERATIONS
|
|
|
(5,329,410)
|
|
|
|
3,877,317
|
|
|
|
7,980,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
|
(426,585)
|
|
|
|
377,174
|
|
|
|
6,431
|
|
Interest
expense
|
|
|
(208,306)
|
|
|
|
(56,953)
|
|
|
|
(49,625)
|
|
Income from
investment
|
|
|
168,534
|
|
|
|
-
|
|
|
|
-
|
|
Total other (expense)
income, net
|
|
|
(466,357)
|
|
|
|
320,221
|
|
|
|
(43,194)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME
BEFORE INCOME TAXES
|
|
|
(5,795,767)
|
|
|
|
4,197,538
|
|
|
|
7,937,352
|
|
(BENEFIT FROM)
PROVISION FOR INCOME TAXES
|
|
|
(651,052)
|
|
|
|
(2,938,849)
|
|
|
|
2,002,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME
|
|
$
|
(5,144,715)
|
|
|
$
|
7,136,387
|
|
|
$
|
5,934,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss) income
|
|
|
(1,755,528)
|
|
|
|
2,249,081
|
|
|
|
(1,401,124)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
(LOSS) INCOME
|
|
$
|
(6,900,243)
|
|
|
$
|
9,385,468
|
|
|
$
|
4,533,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(loss) earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.33)
|
|
|
$
|
0.49
|
|
|
$
|
0.49
|
|
Diluted
|
|
$
|
(0.33)
|
|
|
$
|
0.49
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
15,760,633
|
|
|
|
14,695,347
|
|
|
|
12,029,538
|
|
Diluted
|
|
|
15,760,633
|
|
|
|
14,695,347
|
|
|
|
12,046,045
|
|
HEBRON
TECHNOLOGY CO., LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
|
|
Class
A
Common
Stock
|
|
|
Class
B
Common
Stock
|
|
|
Additional
paid in
|
|
|
Retained
|
|
|
Accumulated
Other
Comprehensive
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
Earnings
|
|
|
Income
(Loss)
|
|
|
Total
|
|
Balance at January 1,
2016*
|
|
|
4,221,600
|
|
|
$
|
4,222
|
|
|
|
7,778,400
|
|
|
$
|
7,778
|
|
|
$
|
108,970
|
|
|
$
|
16,806,219
|
|
|
$
|
(445,570)
|
|
|
$
|
16,481,619
|
|
Issuance Class A
shares - IPO
|
|
|
2,695,347
|
|
|
|
2,695
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10,128,995
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10,131,690
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,934,885
|
|
|
|
-
|
|
|
|
5,934,885
|
|
Foreign currency
translation loss
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,401,124)
|
|
|
|
(1,401,124)
|
|
Balance at December
31, 2016
|
|
|
6,916,947
|
|
|
|
6,917
|
|
|
|
7,778,400
|
|
|
|
7,778
|
|
|
|
10,237,965
|
|
|
|
22,741,104
|
|
|
|
(1,846,694)
|
|
|
|
31,147,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,136,387
|
|
|
|
-
|
|
|
|
7,136,387
|
|
Foreign currency
translation income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
2,249,081
|
|
|
|
2,249,081
|
|
Balance at December
31, 2017
|
|
|
6,916,947
|
|
|
|
6,917
|
|
|
|
7,778,400
|
|
|
|
7,778
|
|
|
|
10,237,965
|
|
|
|
29,877,491
|
|
|
|
402,387
|
|
|
|
40,532,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5,144,715)
|
|
|
|
-
|
|
|
|
(5,144,715)
|
|
Foreign currency
translation loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,755,528)
|
|
|
|
(1,755,528)
|
|
Issuance of class A
common stock for consulting services
|
|
|
131,452
|
|
|
|
131
|
|
|
|
-
|
|
|
|
-
|
|
|
|
239,369
|
|
|
|
-
|
|
|
|
-
|
|
|
|
239,500
|
|
Issuance of class A
common stock for equity investment
|
|
|
1,442,778
|
|
|
|
1,443
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,884,113
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,885,556
|
|
Balance at December
31, 2018
|
|
|
8,491,177
|
|
|
$
|
8,491
|
|
|
|
7,778,400
|
|
|
$
|
7,778
|
|
|
$
|
13,361,447
|
|
|
$
|
24,732,776
|
|
|
$
|
(1,353,141)
|
|
|
$
|
36,757,351
|
|
* Retrospectively adjusted the reclassification of the Company's
common stock (see Note 14)
HEBRON
TECHNOLOGY CO., LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
For the Years
Ended December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(5,144,715)
|
|
|
$
|
7,136,387
|
|
|
$
|
5,934,885
|
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,195,161
|
|
|
|
939,995
|
|
|
|
517,402
|
|
Loss on disposition
of property and equipment
|
|
|
283,487
|
|
|
|
12,179
|
|
|
|
228,245
|
|
Deferred tax expense
(benefit)
|
|
|
(1,471,938)
|
|
|
|
11,526
|
|
|
|
56,968
|
|
Bad debt expense
(recovery)
|
|
|
7,913,442
|
|
|
|
187,715
|
|
|
|
(227,873)
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
receivable
|
|
|
(9,019,036)
|
|
|
|
(2,992,867)
|
|
|
|
(5,893,527)
|
|
Accounts
receivable
|
|
|
(1,383,452)
|
|
|
|
(950,850)
|
|
|
|
922,611
|
|
Notes
receivable
|
|
|
593,674
|
|
|
|
(378,205)
|
|
|
|
(85,107)
|
|
Retainage
receivables
|
|
|
(748,903)
|
|
|
|
(80,360)
|
|
|
|
(548,357)
|
|
Prepayment and
advances to suppliers
|
|
|
93,149
|
|
|
|
(7,127,018)
|
|
|
|
(2,861,600)
|
|
Inventories
|
|
|
1,177,956
|
|
|
|
788,000
|
|
|
|
427,878
|
|
Other
receivables
|
|
|
(598,764)
|
|
|
|
(156,074)
|
|
|
|
(1,535)
|
|
Accounts
payable
|
|
|
146,546
|
|
|
|
26,450
|
|
|
|
(290,717)
|
|
Notes
Payable
|
|
|
2,148,292
|
|
|
|
53,272
|
|
|
|
-
|
|
Advances from
customers
|
|
|
429,217
|
|
|
|
(370,964)
|
|
|
|
528,193
|
|
Deferred
revenue
|
|
|
-
|
|
|
|
(1,071,355)
|
|
|
|
3,161
|
|
Taxes
payable
|
|
|
2,770,253
|
|
|
|
(2,365,120)
|
|
|
|
2,484,264
|
|
Accrued expenses and
other current liabilities
|
|
|
890,551
|
|
|
|
240,505
|
|
|
|
382,410
|
|
NET CASH (USED IN)
PROVIDED BY OPERATING ACTIVITIES
|
|
|
(725,080)
|
|
|
|
(6,096,784)
|
|
|
|
1,577,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of
property and equipment
|
|
|
(74,210)
|
|
|
|
(3,126,777)
|
|
|
|
(7,667)
|
|
Payments for
intangible assets
|
|
|
(41,000)
|
|
|
|
-
|
|
|
|
-
|
|
Payments for
construction in progress
|
|
|
-
|
|
|
|
-
|
|
|
|
(973,254)
|
|
NET CASH (USED IN)
INVESTING ACTIVITIES
|
|
|
(115,210)
|
|
|
|
(3,126,777)
|
|
|
|
(980,921)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
short-term bank loans
|
|
|
1,995,763
|
|
|
|
295,954
|
|
|
|
301,019
|
|
Repayment of
short-term bank loans
|
|
|
(1,088,667)
|
|
|
|
-
|
|
|
|
(795,443)
|
|
Proceeds from
long-term loans
|
|
|
-
|
|
|
|
173,873
|
|
|
|
556,885
|
|
Repayment of
long-term loans
|
|
|
-
|
|
|
|
(47,353)
|
|
|
|
-
|
|
Repayment/Proceeds
from other loan
|
|
|
(176,427)
|
|
|
|
582,205
|
|
|
|
-
|
|
Repayment of other
loan
|
|
|
-
|
|
|
|
(21,457)
|
|
|
|
-
|
|
Repayment of
(proceeds from) related parties
|
|
|
-
|
|
|
|
(66,582)
|
|
|
|
72,009
|
|
Proceeds from
issuance of shares in IPO
|
|
|
-
|
|
|
|
-
|
|
|
|
10,131,690
|
|
NET CASH PROVIDED
BY FINANCING ACTIVITIES
|
|
|
730,669
|
|
|
|
916,640
|
|
|
|
10,266,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGE ON CASH
|
|
|
(94,239)
|
|
|
|
(292,869)
|
|
|
|
(104,290)
|
|
NET (DECREASE)
INCREASE IN CASH
|
|
|
(203,860)
|
|
|
|
(8,599,790)
|
|
|
|
10,758,250
|
|
CASH AND
RESTRICTED CASH-beginning of year
|
|
|
3,276,103
|
|
|
|
11,875,893
|
|
|
|
1,117,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND
RESTRICTED CASH-end of year
|
|
$
|
3,072,243
|
|
|
$
|
3,276,103
|
|
|
$
|
11,875,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH
FLOW DISCLOSURES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
|
$
|
42,250
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Cash paid for
interest
|
|
$
|
91,917
|
|
|
$
|
75,704
|
|
|
$
|
50,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash financing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued to
placement agent in connection with the Company's IPO
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
488,730
|
|
Issuance of shares
for consulting services
|
|
$
|
239,500
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Issuance of shares
for equity investment
|
|
$
|
2,885,556
|
|
|
$
|
-
|
|
|
$
|
-
|
|
View original
content:http://www.prnewswire.com/news-releases/hebron-technology-co-ltd-reports-fiscal-year-2018-financial-results-300851052.html
SOURCE Hebron Technology Co., Ltd.