Huadi International Group Co., Ltd. (“HUDI” or the “Company”)
(NASDAQ: HUDI), a leading developer and manufacturer of industrial
stainless steel seamless pipes and tubes products in China, today
announced its audited financial results for the fiscal year ended
September 30, 2020.
Financial Highlights for the Fiscal Year
2020
|
|
For the Fiscal Years Ended September 30, |
($ millions, except per share data) |
2020 |
|
2019 |
|
% Change |
Revenue |
|
$59.14 |
|
$65.52 |
|
-9.7% |
Gross profit |
|
$10.66 |
|
$14.62 |
|
-27.1% |
Gross margin |
|
18% |
|
22.3% |
|
-19.3 percentage points |
Income (loss) from operations |
$4.46 |
|
$8.38 |
|
-46.8% |
Operating income (loss) margin |
|
7.5% |
|
12.8% |
|
-41.4 percentage points |
Net income (loss) attributable to Huadi International |
$3.32 |
|
$5.39 |
|
-38.4% |
Diluted earnings (loss) per share |
$0.34 |
|
$0.54 |
|
-37% |
Net book value per share |
|
$2.58 |
|
$2.12 |
|
21.7% |
- Revenue
decreased by 9.7% to $59.14 million primarily due to the mandated
nation-wide lockdown caused by the outbreak of the COVID-19
pandemic. While the Company managed to achieve quick recovery and
sustained similar domestic sales revenue compared with fiscal year
2019, our international sales revenue was negatively impacted by
the lockdown during the fiscal year ended September 30, 2020. Our
international sales revenue decreased by approximately $7.41
million, or 41.4%, during 2020 fiscal year compared to 2019 fiscal
year.
- Gross
profit decreased by 27.1% to $10.66 million. Gross margin was 18%,
compared to 22.3% for the prior fiscal year. The decrease of gross
profit was primarily due to decreased weighted average selling
prices we offered to customers as a temporary sales strategy during
the pandemic by providing one-off discount on certain customized
products to some customers as a result of other customers who
ordered those customized products not being able to fulfill their
orders as they suffered from the negative impact of the COVID-19
pandemic in early 2020.
-
Operating income was $4.46 million, compared to income from
operations of $8.38 million for the prior fiscal year. Operating
margin was 7.5%, compared to operating profit margin of 12.8% for
the prior fiscal year.
- Net
income attributable to Huadi International was $3.32 million, or
net earnings of $0.34 per share. This compared to net income
attributable to Huadi International of $5.39 million, or $0.54 per
share, for the prior fiscal year.
- Net
book value per share was $2.58 as of September 30, 2020, compared
to $2.12 as of September 30, 2019.
"While the COVID-19 pandemic caused historic
setbacks on the global economy and unprecedented difficulties along
the stainless steel pipe value chain, we managed to sustain our
revenue to $59.14 million for the year ended September 30, 2020, a
testament to our strong product quality and customer recognition
among our end customers. However, margins and profitability were
still impacted by the pandemic and declined in the fiscal year
2020. We are encouraged and looking forward to the year
ahead, as we develop new products and expand our market penetration
in both domestic and international markets. We are confident that
the Company will be able to drive strong growth in sales,
profitability and margins in the years ahead," commented Mr. Di
Wang, Chairman of Huadi International Group Co., Ltd.
Financial Results for the Fiscal Year
2020
Revenue
For the fiscal year ended September 30, 2020,
revenue decreased by 9.7% to $59.14 million. The decline was
primarily due to the outbreak of the COVID-19 pandemic during
the reporting period. The Company still managed to sustain
significant level of sales when the stainless steel pipe value
chain was largely paralyzed by the pandemic because it applied
strategies to gain additional revenue from providing production
services, which contributed $1.37 million sales to the total
revenue of the reporting fiscal year. The following table
summarizes revenue by geographic areas for the years ended
September 30, 2020 and 2019, respectively:
|
|
|
For the Fiscal Years Ended September 30, |
|
|
|
2020 |
|
|
2019 |
Top 5 InternationalMarkets: |
|
|
SalesAmount($ millions) |
|
|
As %of Sales |
|
|
SalesAmount($ millions) |
|
|
As %of Sales |
|
|
% Change |
China |
|
|
$ |
47.27 |
|
|
|
79.93 |
% |
|
$ |
47.6 |
|
|
|
72.66 |
% |
|
|
-0.7 |
% |
India |
|
|
|
5.08 |
|
|
|
8.59 |
% |
|
|
3.80 |
|
|
|
5.79 |
% |
|
|
33.9 |
% |
US |
|
|
|
3.00 |
|
|
|
5.07 |
% |
|
|
8.29 |
|
|
|
12.65 |
% |
|
|
-63.8 |
% |
Australia |
|
|
|
1.33 |
|
|
|
2.24 |
% |
|
|
0.47 |
|
|
|
0.72 |
% |
|
|
183 |
% |
Canada |
|
|
|
0.93 |
|
|
|
1.56 |
% |
|
|
2.04 |
|
|
|
3.11 |
% |
|
|
-54.4 |
% |
Other foreign countries |
|
|
|
1.53 |
|
|
|
2.59 |
% |
|
|
3.32 |
|
|
|
5.07 |
% |
|
|
-53.9 |
% |
Sales in China, the Company’s largest market was
$47.27 million during fiscal year 2020, slightly decreased by 0.7%
from $47.6 million of the prior fiscal year. India and Australian
markets reported significant sales growths year-on-year of 33.9%
and 183% respectively to $5.08 million and $1.33 million during the
reporting period. However revenues from major North American
markets (the US and Canada) were negatively impacted by the
lockdown as above stated, where posted in total $3.92 million sales
in 2020 as compared to $10.33 million sales during the prior fiscal
year. Sales from other foreign countries were also down by 53.9%
YOY to $1.53 million during fiscal year 2020 due to the same
reason.
Gross Profit
Gross profit decreased by $3.96 million, or 27.1%,
to $10.66 million for the fiscal year 2020 from $14.62 million for
the prior fiscal year. As a result, gross margin decreased to 18%
for the fiscal year 2020 from 22.3% for the prior fiscal year. The
decrease of gross profit was mainly due to a decline in sales
during the pandemic outbreak.
Operating Expenses
Selling, general and administrative expenses
decreased by $0.53 million, or 11.86%, to $3.94 million for the
fiscal year 2020 from $4.47 million for the prior fiscal year. As a
percentage of total revenue, selling, general and administrative
expenses was 6.67% for the fiscal year 2020 and 6.82% for the prior
fiscal year. The decrease in SG&A expenses was primarily due to
decreases in freight expenses, administrative staff expenses, and
compensation for the sales personnel during fiscal year 2020.
Research and development expenses increased by
$0.34 million, or 19.1%, to $2.12 million for the fiscal year 2020
from $1.78 million for the prior fiscal year. As a percentage of
sales, research and development expenses was 3.6% for the fiscal
year 2020, compared to 2.7% for the prior fiscal year.
Total operating expenses decreased by $0.04
million, or 0.6%, to $6.2 million for the fiscal year 2020 from
$6.24 million for the prior fiscal year. As a percentage of sales,
total operating expenses was 10.5% for the fiscal year 2020,
compared to 9.5% for the prior fiscal year.
Income(loss) from Operations
Income from operations was $4.46 million for
the fiscal year 2020, compared to income from operations of $8.38
million for the prior fiscal year. As a result, operating income
margin was 7.5% for the fiscal year 2020, compared to operating
margin of 12.8% for the prior fiscal year. The decreases in
operating income and operating margin were primarily related to
increase in research and development expenses.
Other Income (Expenses)
Interest expenses were $2.16 million for the fiscal
year 2020, compared to $2.15 million for the prior fiscal year.
Other income was $1.28 million for the fiscal year 2020, compared
to $0.22 million for the prior fiscal year. As a result, total net
other expenses were $0.89 million for the fiscal year 2020,
compared to $1.93 million for the prior fiscal year.
Net Income (loss) and earnings (loss) per share
As a result of the factors described above, net
income was $3.36 million for the fiscal year 2020, compared to
net income of $5.45 million for the prior fiscal year. Net income
margin was 5.7% for the fiscal year 2020, compared to net profit
margin of 8.3% for the prior fiscal year.
After deducting for non-controlling interests, net
income attributable to Huadi International was $3.32 million, or
net earnings of $0.34 per share, for the fiscal year 2020. This
compared to net income attributable to Huadi International of $5.39
million, or $0.54 per share, for the prior fiscal year.
Financial Condition
As of September 30, 2020, cash and cash equivalents
totaled $0.8 million, compared to $1.06 million as of September 30,
2019. Short-term bank borrowings were $31.22 million as of
September 30, 2020, compared to $31.49 million as of September 30,
2019.
Net accounts receivable was $13.62 million as
of September 30, 2020, compared to $14 million as of September 30,
2019. Inventories were $20.84 million as of September 30, 2020,
compared to $17.85 million as of September 30, 2019. Accounts
payable was $1.86 million as of September 30, 2020, compared to
$1.12 million as of September 30, 2019.
Total current assets and current liabilities were
$47.35 million and $43.33 million, respectively, leading
to a current ratio of 1.09 as of September 30, 2020. This compared
to total current assets and current liabilities were $47.93 million
and $47.57 million, respectively, and current ratio of 1 as of
September 30, 2019.
Net cash provided by operating activities was $3.2
million for the fiscal year 2020, compared to $2.35 million for the
prior fiscal year. Net cash provided by investing activities was
$0.06 million for the fiscal year 2020, compared to net cash used
in investing activities of $0.91 million for the prior fiscal year.
Net cash used in financing activities was $4.69 million for the
fiscal year 2020, compared to net cash used in financing activities
of $3.49 million for the prior fiscal year.
Recent Developments
On March 17, 2021, the Company announced that it
was awarded stainless steel seamless pipe order contracts that
worth RMB 10.2 million (approximately $1.6 million) after winning
bid for a mining project in China Gansu province.
On March 03, 2021, the Company announced that it
has been awarded RMB 12.45 million (approximately $1.95 million)
stainless pipe order contracts after winning bids for two
chemical-related projects.
In January 2021, the Company completed initial
public offering on the NASDAQ stock exchange market and raised $25
million by offering 3.1 million shares at $8.00 per share, the high
end of the range of $7 to $8. At pricing, the Company commanded a
market value of $106 million.
On June 26, 2020, the China Association of
Manufacturing Enterprises and the China Industrials Information
Statistics Association issued the “200 Best Benefits for Chinese
Manufacturing Enterprises” Certificate, proving that Huadi Steel
Group Limited, the Company’s subsidiary in the PRC (“Huadi Steel”)
was rated as “200 Best Benefits for Chinese Manufacturing
Enterprises in 2020” by the China Association of Manufacturing
Enterprises, the China Industrials Information Statistics
Association and Focus China.com, ranking 200th. This certificate is
valid until June 25, 2021.
In January 2020, Zhejiang Provincial Bureau of
Administration for Market Regulation awarded Huadi Steel “Zhejiang
Trademarks Brand Demonstration Enterprise”.
On December 12, 2019, Wenzhou Municipal Bureau of
Administration for Market Regulation and Wenzhou Municipal Bureau
of Intellectual Property granted Huadi Steel a list of key
Trademarks protection in Wenzhou (well-known Trademarks
enterprises).
About Huadi International Group Co.,
Ltd.Huadi International Group Co., Ltd. is a leading
manufacturer of industrial stainless steel seamless pipes and tubes
products with extensive distribution facilities and network for
over twenty provinces in China and across international steel pipes
industry. It offers a broad range of products exported to twenty
countries and regions such as United States, Mexico, Thailand,
Australia, Argentina, Taiwan, India, the Philippines, UAE and
Canada. Its products are widely used in the oil & gas
transmission, chemistry engineering, food processing, medical
devices, aeronautics and astronautics, boiler, irrigation works
construction, electricity, automobile, naval architecture, paper
mill and mechanical industries. For more information about the
Company, please visit: http://www.huadi.cc.
Forward-Looking StatementThis
press 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. When the Company uses words such as “may, “will,
“intend,” “should,” “believe,” “expect,” “anticipate,” “project,”
“estimate” or similar expressions that do not relate solely to
historical matters, it is making forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that may cause the actual
results to differ materially from the Company’s expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company’s goals and strategies; the Company’s
future business development; financial condition and results of
operations; product and service demand and acceptance; reputation
and brand; the impact of competition and pricing; changes in
technology; government regulations; fluctuations in general
economic and business conditions in China and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the SEC. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company’s filings with the
SEC, which are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward‐looking
statements to reflect events or circumstances that arise after the
date hereof.For more information, please
contact:The Company:IR DepartmentEmail:
IR@huadigroup.com
Investor Relations:Dong Cao, CFA EverGreen
Consulting Inc.Email: IR@changqingconsulting.comPhone: +86
13502048965
|
HUADI INTERNATIONAL GROUP CO.,
LTD.CONSOLIDATED BALANCE SHEETSAS
OF SEPTEMBER 30, 2020 AND 2019(IN U.S. DOLLARS,
EXCEPT SHARE DATA) |
|
|
|
2020 |
|
|
2019 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
796,794 |
|
|
$ |
1,057,992 |
|
Restricted cash |
|
|
908,410 |
|
|
|
1,958,680 |
|
Accounts receivable, net of allowance for doubtful accounts of
$2,910,554 and $2,764,735, respectively |
|
|
13,618,697 |
|
|
|
14,001,714 |
|
Accounts receivable – related parties |
|
|
1,914,380 |
|
|
|
498,125 |
|
Notes receivable |
|
|
555,612 |
|
|
|
517,649 |
|
Inventories |
|
|
20,837,594 |
|
|
|
17,845,405 |
|
Advances to suppliers |
|
|
998,123 |
|
|
|
1,306,926 |
|
Advances to suppliers – related parties |
|
|
5,342,512 |
|
|
|
5,251,600 |
|
Other receivables |
|
|
2,375,031 |
|
|
|
5,494,060 |
|
Total current assets |
|
|
47,347,153 |
|
|
|
47,932,151 |
|
Property, plant and equipment, net |
|
|
6,687,642 |
|
|
|
6,479,256 |
|
Intangible assets, net |
|
|
1,202,687 |
|
|
|
1,171,883 |
|
Long-term investments |
|
|
13,449,305 |
|
|
|
12,775,494 |
|
Deferred tax assets |
|
|
436,583 |
|
|
|
414,710 |
|
TOTAL
ASSETS |
|
$ |
69,123,370 |
|
|
$ |
68,773,494 |
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,855,047 |
|
|
$ |
1,124,061 |
|
Accrued expenses and other current liabilities |
|
|
1,587,826 |
|
|
|
1,887,934 |
|
Notes payable |
|
|
1,517,026 |
|
|
|
3,696,652 |
|
Advances from customers |
|
|
1,515,452 |
|
|
|
1,221,152 |
|
Due to related parties |
|
|
1,407,711 |
|
|
|
4,101,710 |
|
Short-term borrowings |
|
|
31,221,280 |
|
|
|
31,488,660 |
|
Tax payable |
|
|
4,230,328 |
|
|
|
4,046,225 |
|
TOTAL LIABILITIES |
|
|
43,334,670 |
|
|
|
47,566,394 |
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $0.0002 par value, 250,000,000 shares authorized,
10,000,000 shares issued and outstanding |
|
|
2,000 |
|
|
|
2,000 |
|
Additional paid-in capital |
|
|
22,531,620 |
|
|
|
22,531,620 |
|
Accumulated deficit |
|
|
(159,189 |
) |
|
|
(3,481,925 |
) |
Accumulated other comprehensive income |
|
|
3,189,856 |
|
|
|
1,976,808 |
|
Total equity attributable to Huadi International Group Co.,
Ltd. |
|
|
25,564,287 |
|
|
|
21,028,503 |
|
Equity attributable to non-controlling interests |
|
|
224,413 |
|
|
|
178,597 |
|
Total shareholders’ equity |
|
|
25,788,700 |
|
|
|
21,207,100 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
69,123,370 |
|
|
$ |
68,773,494 |
|
|
|
|
|
|
|
|
|
|
|
HUADI INTERNATIONAL GROUP CO.,
LTD.CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOMEFOR THE YEARS ENDED SEPTEMBER
30, 2020 AND 2019(IN U.S. DOLLARS, EXCEPT SHARE
DATA) |
|
|
|
2020 |
|
|
2019 |
|
Sales |
|
$ |
57,767,081 |
|
|
$ |
65,518,316 |
|
Production service
revenue |
|
|
1,370,197 |
|
|
|
- |
|
Cost of sales |
|
|
(48,473,061 |
) |
|
|
(50,895,644 |
) |
Gross
profit |
|
|
10,664,217 |
|
|
|
14,622,672 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
3,938,511 |
|
|
|
4,467,058 |
|
Research and development |
|
|
2,120,649 |
|
|
|
1,777,110 |
|
Bad debt |
|
|
144,472 |
|
|
|
- |
|
Total operating
expenses |
|
|
6,203,632 |
|
|
|
6,244,168 |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
4,460,585 |
|
|
|
8,378,504 |
|
|
|
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
|
|
Interest expenses, net |
|
|
(2,162,589 |
) |
|
|
(2,149,077 |
) |
Other income, net |
|
|
1,277,252 |
|
|
|
222,250 |
|
Total other expenses,
net |
|
|
(885,337 |
) |
|
|
(1,926,827 |
) |
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
3,575,248 |
|
|
|
6,451,677 |
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
(218,949 |
) |
|
|
(1,005,190 |
) |
|
|
|
|
|
|
|
|
|
Net
income |
|
|
3,356,299 |
|
|
|
5,446,487 |
|
Net income attributable to
non-controlling interests |
|
|
33,563 |
|
|
|
54,465 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Huadi International Group Co., Ltd. |
|
$ |
3,322,736 |
|
|
$ |
5,392,022 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,356,299 |
|
|
$ |
5,446,487 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
1,225,301 |
|
|
|
(857,879 |
) |
|
|
|
|
|
|
|
|
|
Total comprehensive
income |
|
|
4,581,600 |
|
|
|
4,588,608 |
|
Comprehensive income
attributable to non-controlling interests |
|
|
45,816 |
|
|
|
45,886 |
|
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to Huadi International Group Co., Ltd. |
|
$ |
4,535,784 |
|
|
$ |
4,542,722 |
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per
share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.34 |
|
|
$ |
0.54 |
|
Diluted |
|
$ |
0.34 |
|
|
$ |
0.54 |
|
Weighted average numbers of
common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
10,000,000 |
|
|
|
10,000,000 |
|
Diluted |
|
|
10,000,000 |
|
|
|
10,000,000 |
|
|
|
|
|
|
|
|
|
|
|
HUADI INTERNATIONAL GROUP CO.,
LTD.CONSOLIDATED STATEMENTS OF CASH
FLOWSFOR THE YEARS ENDED SEPTEMBER 30, 2020 AND
2019(IN U.S. DOLLARS) |
|
|
|
2020 |
|
|
2019 |
|
Cash Flows from Operating
Activities: |
|
|
|
|
|
|
Net income |
|
$ |
3,356,299 |
|
|
$ |
5,446,487 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
723,586 |
|
|
|
617,634 |
|
Amortization |
|
|
30,048 |
|
|
|
30,617 |
|
Bad debt expense |
|
|
- |
|
|
|
- |
|
Deferred tax benefits (expenses) |
|
|
- |
|
|
|
(296,163 |
) |
Loss (gain) on disposal of fixed assets |
|
|
(654,138 |
) |
|
|
19,051 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(260,202 |
) |
|
|
(996,761 |
) |
Notes receivable |
|
|
(10,332 |
) |
|
|
2,606,326 |
|
Inventories |
|
|
(1,987,737 |
) |
|
|
(3,566,204 |
) |
Advances to suppliers |
|
|
366,087 |
|
|
|
(1,387,753 |
) |
Advances to suppliers – related party |
|
|
180,333 |
|
|
|
(5,459,669 |
) |
Other receivables |
|
|
3,303,687 |
|
|
|
(838,251 |
) |
Accounts payable |
|
|
650,988 |
|
|
|
(13,033 |
) |
Accrued expenses and other current liabilities |
|
|
(387,358 |
) |
|
|
(843,625 |
) |
Notes payable |
|
|
(2,301,375 |
) |
|
|
(3,795,141 |
) |
Advances from customers |
|
|
222,805 |
|
|
|
(4,257,789 |
) |
Tax payable |
|
|
(28,401 |
) |
|
|
899,869 |
|
Net cash provided by operating activities |
|
|
3,204,290 |
|
|
|
2,346,607 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(664,996 |
) |
|
|
(912,702 |
) |
Proceeds from disposition of property, plant and equipment |
|
|
724,782 |
|
|
|
- |
|
Net cash provided by (used in)
investing activities |
|
|
59,786 |
|
|
|
(912,702 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities: |
|
|
|
|
|
|
|
|
Proceeds from short-term borrowings |
|
|
38,620,077 |
|
|
|
39,715,044 |
|
Repayments on short-term borrowings |
|
|
(40,488,791 |
) |
|
|
(46,605,766 |
) |
Advances from related parties |
|
|
3,068,965 |
|
|
|
7,926,927 |
|
Repayments to related parties |
|
|
(5,889,557 |
) |
|
|
(4,526,092 |
) |
Net cash provided by (used in)
financing activities |
|
|
(4,689,306 |
) |
|
|
(3,489,887 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
113,762 |
|
|
|
(125,041 |
) |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents and restricted cash |
|
|
(1,311,468 |
) |
|
|
(2,181,023 |
) |
Cash and cash equivalents and
restricted cash at the beginning of year |
|
|
3,016,672 |
|
|
|
5,197,695 |
|
Cash and cash equivalents and
restricted cash at the end of year |
|
$ |
1,705,204 |
|
|
$ |
3,016,672 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of
cash flows information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes |
|
$ |
135,262 |
|
|
$ |
202,702 |
|
Cash paid for interest |
|
$ |
1,951,622 |
|
|
$ |
2,258,101 |
|
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