LISHUI, China, May 11, 2018 /PRNewswire/ -- Tantech Holdings
Ltd. (NASDAQ: TANH), ("Tantech" or the "Company"), an alternative energy company with diversified operations, including the
manufacturing of bamboo-based charcoal products and Electric Vehicles (EVs), today announced its financial results for its fiscal
year ended December 31, 2017.
Financial Highlights (All Figures Approximated)
- Total revenues increased by 6.3%, or approximately $2.6 million, to $43.1 million
- Total gross profit from following segments decreased by 18.2%, or approximately $2.4 million,
to $10.7 million
- Gross profit from the Company's Consumer Products segment decreased by 33.6%, or $4.2 million, to $8.3 million
- Gross profit from the Company's Trading segment decreased by 21.0%, or $0.1 million, to
$0.4 million
- Revenues from newly acquired Electronic Vehicle segment was approximately $8.6 million.
- Despite the decline in gross profit, the Company was still able to achieve net income attributable to common stockholders
of $3.8 million, or $0.15 per share for fiscal year 2017
- The Company expects increased revenue and a concerted increase in development of new electric vehicle models in 2018 and
beyond driven by innovation, new business development initiatives and more streamlined operations
Mr. Zhengyu Wang, Chairman and CEO of Tantech said, "During the reporting period, the Company
continued to implement its transformation efforts by focusing on special purpose electric automobiles. The Company made a
concerted effort to create efficiencies and improve competitiveness. During the reporting period, the Company reported
$43.1 million in revenue and $3.8 million in net profit attributed to
shareholders.
In FY 2017, the Company acquired a 70% ownership interest in Suzhou E Motors Co., Ltd. ("Suzhou E-Motors"), a Chinese
manufacturer of special purpose electric vehicles and power batteries. After the acquisition, Suzhou E-Motors became a
majority-owned subsidiary of the Company. During the reporting period, Suzhou E-Motors generated $1.9
million in revenue."
Mr. Wang continued, "In a bid to improve efficiencies, the Company agreed to dispose of its Electric Double-Layer Capacitor
("EDLC") carbon business during the reporting period. Compared to lithium-ion batteries, EDLC carbon, the key material to make super capacitors, is more environmentally friendly and requires less time
to recharge. However, as China's policies prefer lithium-ion batteries over other battery
technologies in the electric automobile industry, demand for EDLC and super capacitors has shrunk sharply. Recognizing the
challenges, the Company in December sold the EDLC carbon business to a Chinese start-up company
controlled by Dr. Zaihua Chen, the Company's former Chief Technology Officer.
"In early 2018, the Company also acquired an 18% equity interest in Libo Haokun Stone Co., which owns a small marble quarry in
the southwestern province of Guizhou, for $18.2 million. Since its
establishment, the Company has accumulated rich customer resources and has built a strong brand image in home decoration and
indoor air purification. With China's growing economy and rising household income, marble has
become a favored choice for commercial construction and home decoration because of its endurance and environmentally friendly
fabrication process. The investment in Libo Haokun was aimed at diversifying risk and creating more value for our shareholders.,"
continued Mr. Wang.
"Looking ahead to fiscal 2018, as China makes adjustments to government policies for
alternative energy automobiles, the Company will accelerate the research and development for and launch of new models, expand
production capacity and improve product competitiveness to satisfy various demands and will work toward realizing its goal of
becoming the leading manufacturer of special purpose electric automobiles in China." Mr. Wang
concluded.
Full Year 2017 Financial Results
Revenues
Revenues increased by approximately $2.6 million, or 6.3%, to approximately $43.1 million in fiscal 2017 from approximately $40.5 million in fiscal 2016. The
increase was mainly attributable to approximately $8.6 million in revenue from our new electronic
vehicle ("EV") segment and approximately $1.3 million increase in revenue from our trading segment,
offset by a $7.7 million decrease in revenue from our consumer product segment.
|
For the Twelve Months Ended December 31,
|
|
2017
|
|
2016
|
|
Revenues
($'000)
|
|
Gross
Profit
($'000)
|
|
Gross
Margin
(%)
|
|
Revenues
($'000)
|
|
Gross
Profit
($'000)
|
|
Gross
Margin
(%)
|
|
Consumer product
|
32,676
|
|
8,319
|
|
25.5%
|
|
39,979
|
|
12,528
|
|
31.3%
|
|
Trading
|
1,829
|
|
417
|
|
22.8%
|
|
554
|
|
528
|
|
95.3%
|
|
Electric Vehicles
|
8,579
|
|
1,943
|
|
22.7%
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
43,084
|
|
10,679
|
|
24.8%
|
|
40,533
|
|
13,056
|
|
32.2%
|
Revenues for the consumer product segment decreased by $7.7 million, or 18%, to $32.7 million for fiscal 2017 from $40.0 million for fiscal 2016. The gross
margin of our consumer product segment decreased from 31.3% in fiscal 2016 to 25.5% in fiscal 2017. The decrease in our revenue
from our consumer product segment in 2017 was due to decreasing orders from the company's traditional selling channels. During
fiscal 2017, the Company gradually reduced its relationships with certain supermarket customers with low selling prices and
unfavorable profit margins. On the other hand, the Company increased sales to distributors during the current period. In response
to market competition, the Company also reduced its average selling price by approximately 3% to 5% to satisfy customers' demand
in fiscal 2017 as compared to fiscal 2016.
In our trading segment, revenue was approximately $1.8 million in fiscal 2017, increasing 230%
from $0.6 million in fiscal 2016. In fiscal 2016, we dropped the trading business of non-"Charcoal
Doctor" products, because those products disrupted our own branded charcoal products sales. The change in marketing strategy
caused lower sales volume and revenue in fiscal 2016. Starting in fiscal 2017, the Company focused on promoting "Charcoal Doctor"
products in the market. As a result, our domestic sales of "Charcoal Doctor" products increased from $0.1
million in fiscal 2016 to $1.4 million in fiscal 2017, while export sales remained around
$0.4 million in both years. The gross margin in export sales is generally higher than in domestic
sales. The decline in gross margin in fiscal 2017 was due to the fact that approximately 76% of sales in fiscal 2017 were made to
the domestic market with lower margins, compared to only 19% sales to domestic market in fiscal 2016.
On July 12, 2017, the Company completed the acquisition of 70% of the equity interests of Suzhou
E-Motors Co., Ltd ("E-Motors"), a specialty electric vehicles and power batteries manufacturer based in Zhang Jia Gang City,
Jiangsu Province, People's Republic of China. The revenue for
our new EV segment was approximately $8.6 million in fiscal 2017 with a gross margin of 22.6%. The
Company sold 196 electronic vehicles in fiscal 2017 with an average price of approximately
$47,000.
As mentioned above, until recently, the Company had another Biofuel Energy segment, which primarily produces and sells BBQ
charcoal and bamboo-based fuel for EDLC. Our EDLC carbon and low emission barbecue charcoal products are facing increasing
challenges from rapid technology innovation, competition from large international rivals, and our limited sales network for these
products. Thus, we decided to cease operations of our EDLC carbon segment and sold certain key assets to an entity headed by our
former Chief Technology Officer. On December 14, 2017, the Company and ZheJiang Apeikesi Energy
Technology Co., Ltd signed a purchase agreement, pursuant to which, the Purchaser agreed to acquire certain assets and all
copyrights and technology know-how related to EDLC carbon business from the Company's wholly-owned subsidiary Tantech Energy.
Cost of revenues
Our cost of revenues increased by approximately $4.9 million or 17.9% to approximately
$32.4 million in fiscal 2017 from approximately $27.5 million in
fiscal 2016. The increase in cost of revenues was mainly attributable to approximately $6.6 million
cost of revenue for EV segment.
Gross profit
Our gross profit decreased by approximately $2.3 million, or 18.2%, to approximately
$10.7 million in fiscal 2017 from approximately $13 million in fiscal
2016. The gross profit margin was 24.8% in fiscal 2017, as compared to 32.2% in fiscal 2016. On a segment basis, gross margins
for consumer product and trading were 25.5% and 22.8%, respectively, for fiscal 2017, compared to 31.3%, and 95.4%, respectively,
for fiscal 2016. The decrease in gross margin was primarily attributable to the lower selling price related our consumer products
and trading segment in fiscal 2017.
Selling expenses
Selling expenses increased by approximately $0.1 million to approximately $0.8 million in fiscal 2017 compared to approximately $0.7 million in fiscal
2016. The increase in selling expenses was primarily attributable to $0.3 million of selling
expense in our EV segment, which is our new business segment acquired in fiscal 2017. The selling expense for our consumer
product segment and trading segment decreased by $0.2 million comparing to fiscal 2016.
General and administrative expenses
Our general and administrative expenses increased by approximately $1.0 million or 28.4%, to
approximately $4.7 million in fiscal 2017 from approximately $3.6
million in fiscal 2016. The increase was primarily attributable to additional allowances of $2.6
million provided for the accounts receivable as of December 31, 2017.
Research and development expenses
Research and development expenses increased by $0.5 million, or 358.4%, to $0.6 million in fiscal 2017 from $0.1 million in fiscal 2016. The increase was
primarily due to our R&D efforts in our new EV segment during the second half of fiscal 2017. We intend to focus more
efforts on the EV segment going forward.
Provision for income taxes
Our provision for income taxes was approximately $1.5 million in fiscal 2017, an increase of
approximately $0.2 million or 11.2% from approximately $1.4 million
in fiscal 2016. Even though the Company had a lower income before income tax from continuing operations, the Company provided
full valuation allowance on bad debt reserves due to uncertainties in realizing those tax benefits in the future, which resulted
in higher income tax provision in fiscal 2017.
Net income attributable to common stockholders
Our net income attributable to common stockholders was approximately $3.8 million in fiscal
2017, a decrease of approximately $0.5 million from approximately $4.3
million in fiscal 2016. The decrease was attributable to the factors described above.
Recent Updates
As previously reported, on January 10, 2018, the Company signed a share purchase agreement (the
"Agreement") with Shanghai Shicai Minerals Co., Ltd. ("Shanghai Shicai") to acquire all of the shares of Lishui Xincai Industrial
Co., Ltd. ("Lishui XinCai"), a wholly-owned subsidiary of Shanghai Shicai, at a price of approximately $18.2 million (or RMB 120 million). Lishui Xincai owns 18% of the equity
interests in Libo Haokun Stone Co., Ltd. ("Libo Haokun"). Following the completion of the acquisition, the Company indirectly
holds a 18% stake in Libo Haokun. Libo Haokun holds a government-issued permit and has the exclusive right to mine a
0.11-square-kilometer marble quarry in the southwestern province of Guizhou, China. According to
a geological report issued by Liaoning Nuclear Geological Survey Institute in June 2016, the quarry
had estimated reserves of approximately 4.02 million cubic meters of ores.
About Tantech Holdings Ltd.
Established in 2001 and headquartered in Lishui City, Zhejiang Province, China, Tantech Holdings Ltd., together with its subsidiaries, primarily develops and manufactures
bamboo-based charcoal products in China and internationally. It operates through three segments:
Consumer Products, Trading, and Electric Vehicles. 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 recently acquired a majority stake in Suzhou E-Motors as it has begun a focus on
manufacturing special purpose electric vehicles and power batteries. 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 and bamboo charcoal purification products. For more information about Tantech Holdings Ltd., please visit:
http://www.tantechholdings.com
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
|
|
Consolidated Balance Sheets
|
|
(In US Dollars)
|
|
|
December 31,
|
|
December 31,
|
|
2017
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
9,941,040
|
|
$
|
5,942,842
|
|
Restricted cash
|
|
3,901,526
|
|
|
328,254
|
|
Notes receivable
|
|
15,370
|
|
|
-
|
|
Accounts receivable from continuing operations, net
|
|
44,834,930
|
|
|
35,904,345
|
|
Accounts receivable from EDLC business, net
|
|
5,420,047
|
|
|
4,736,547
|
|
Inventories, net
|
|
2,762,016
|
|
|
1,075,573
|
|
Advances to suppliers from continuing operations, net
|
|
11,290,625
|
|
|
10,055,316
|
|
Advances to suppliers from EDLC business, net
|
|
6,230,340
|
|
|
4,739,235
|
|
Prepaid value-added taxes
|
|
3,131,667
|
|
|
680,857
|
|
Other receivables , net
|
|
1,688,625
|
|
|
70,683
|
|
Current assets from discontinued operation
|
|
28,699
|
|
|
123,177
|
|
Total current assets
|
|
89,244,885
|
|
|
63,656,829
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
9,883,846
|
|
|
8,677,977
|
|
|
|
|
|
|
|
Other Assets
|
|
|
|
|
|
|
Account receivable - long
term
|
|
1,502,518
|
|
|
-
|
|
Advances to suppliers
|
|
2,109,005
|
|
|
8,638,260
|
|
Manufacturing rebate receivable
|
|
9,269,118
|
|
|
-
|
|
Deferred tax assets
|
|
-
|
|
|
94,153
|
|
Intangible assets, net
|
|
17,476,430
|
|
|
1,788,178
|
|
Deposit for asset acquisition
|
|
-
|
|
|
431,913
|
|
Deposit for business acquisition
|
|
-
|
|
|
10,423,500
|
|
Goodwill
|
|
9,001,924
|
|
|
-
|
|
Non-current assets from discontinued operations
|
|
-
|
|
|
591,857
|
|
Total Assets
|
$
|
138,487,726
|
|
$
|
94,302,667
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Short-term bank loans
|
$
|
5,208,893
|
|
$
|
6,694,652
|
|
Bank acceptance notes payable
|
|
6,975,526
|
|
|
1,727,652
|
|
Accounts payable from continuing operations
|
|
5,543,226
|
|
|
575,487
|
|
Accounts payable from EDLC business
|
|
1,643,579
|
|
|
1,372,071
|
|
Due to related parties
|
|
2,995,228
|
|
|
-
|
|
Customer deposits
|
|
1,198,661
|
|
|
799,510
|
|
Taxes payable
|
|
796,182
|
|
|
720,492
|
|
Due to third parties
|
|
708,864
|
|
|
846,837
|
|
Accrued liabilities and other payables
|
|
1,719,103
|
|
|
1,359,897
|
|
Total Current Liabilities
|
|
26,789,262
|
|
|
14,096,598
|
|
|
|
|
|
|
|
Deferred tax liability
|
|
2,086,086
|
|
|
-
|
|
Total Liabilities
|
|
28,875,348
|
|
|
14,096,598
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
Common stock, $0.001 par value, 50,000,000 shares
authorized,
|
|
|
|
|
|
|
28,703,242 and 24,311,935 shares issued and outstanding as of
December 31, 2017 and 2016,
respectively
|
|
28,703
|
|
|
24,312
|
|
Additional paid-in capital
|
|
39,067,328
|
|
|
26,603,511
|
|
Statutory reserves
|
|
6,461,788
|
|
|
6,461,788
|
|
Retained earnings
|
|
56,356,369
|
|
|
52,589,154
|
|
Accumulated other comprehensive loss
|
|
(1,101,270)
|
|
|
(5,472,696)
|
|
Total Stockholders' Equity
|
|
100,812,918
|
|
|
80,206,069
|
|
Noncontrolling interest
|
|
8,799,460
|
|
|
-
|
|
Total Equity
|
|
109,612,378
|
|
|
80,206,069
|
|
Total Liabilities and Equity
|
$
|
138,487,726
|
|
$
|
94,302,667
|
|
Tantech Holdings Ltd and Subsidiaries
|
|
Consolidated Statements of Income and Comprehensive Income
(Loss)
|
|
(In US Dollars)
|
|
|
For the Years Ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Revenues
|
$
|
43,084,397
|
|
$
|
40,532,595
|
|
$
|
46,814,536
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
32,405,887
|
|
|
27,476,070
|
|
|
32,082,693
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
10,678,510
|
|
|
13,056,525
|
|
|
14,731,843
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
790,191
|
|
|
690,024
|
|
|
857,115
|
|
General and administrative expenses
|
|
4,653,294
|
|
|
3,622,959
|
|
|
4,723,387
|
|
Research and development expenses
|
|
627,577
|
|
|
136,625
|
|
|
1,084,867
|
|
Total operating expenses
|
|
6,071,062
|
|
|
4,449,608
|
|
|
6,665,369
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
4,607,448
|
|
|
8,606,917
|
|
|
8,066,474
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
18,750
|
|
|
588
|
|
|
82,579
|
|
Interest expense
|
|
(551,545)
|
|
|
(470,656)
|
|
|
(410,471)
|
|
Government subsidy income
|
|
-
|
|
|
52,597
|
|
|
326,018
|
|
Other income, net
|
|
436,163
|
|
|
98,994
|
|
|
1,088,334
|
|
Total other income (expenses)
|
|
(96,632)
|
|
|
(318,477)
|
|
|
1,086,460
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
4,510,816
|
|
|
8,288,440
|
|
|
9,152,934
|
|
Provision for income taxes
|
|
1,528,003
|
|
|
1,367,270
|
|
|
2,115,915
|
|
Net income from continuing operations
|
|
2,982,813
|
|
|
6,921,170
|
|
|
7,037,019
|
|
|
|
|
|
|
|
|
|
|
Discontinued operation:
|
|
|
|
|
|
|
|
|
|
Net income (loss) from discontinued operations
|
|
30,318
|
|
|
(2,313,477)
|
|
|
1,889,734
|
|
Net income
|
|
3,013,131
|
|
|
4,607,693
|
|
|
8,926,753
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss (income) attributable to the noncontrolling interest from
continuing
operations
|
|
754,084
|
|
|
(308,442)
|
|
|
(487,928)
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common stockholders of Tantech Holding
Inc.
|
$
|
3,767,215
|
|
$
|
4,299,251
|
|
|
8,438,825
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
3,013,131
|
|
|
4,607,693
|
|
|
8,926,753
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
Foreign currency translation income
(losses)
|
|
4,341,324
|
|
|
(5,448,209)
|
|
|
(3,977,179)
|
|
Comprehensive gain (loss)
|
|
7,354,455
|
|
|
(840,516)
|
|
|
4,949,574
|
|
Less: Comprehensive loss attributable to noncontrolling
interest
|
|
784,186
|
|
|
(70,029)
|
|
|
(289,069)
|
|
Comprehensive income (loss) attributable to common stockholders of
Tantech
Holding Inc.
|
$
|
8,138,641
|
|
$
|
(910,545)
|
|
$
|
4,660,505
|
|
|
|
|
|
|
|
|
|
|
Earnings Per share -Basic and Diluted
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
$
|
0.15
|
|
$
|
0.19
|
|
$
|
0.40
|
|
Discontinuing operations
|
$
|
0.00
|
|
$
|
(0.10)
|
|
$
|
0.09
|
|
Weighted Average Shares Outstanding - Basic and diluted
|
|
|
|
|
|
|
|
|
|
Continuing operations and discontinued operations
|
|
25,971,912
|
|
|
23,019,185
|
|
|
21,240,548
|
|
Tantech Holdings Ltd and Subsidiaries
|
|
Consolidated Statements of Cash Flows
|
|
(In US Dollars)
|
|
|
For the Years Ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
3,013,131
|
|
$
|
4,607,693
|
|
$
|
8,926,753
|
|
Net (income) loss from discontinued operations
|
|
(30,318)
|
|
|
2,313,477
|
|
|
(1,889,734)
|
|
Net income from continuing operations
|
|
2,982,813
|
|
|
6,921,170
|
|
|
7,037,019
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
|
provided by (used in) operating activities from continuing
operations:
|
|
|
|
|
|
|
|
|
|
Allowance for doubtful accounts - accounts receivable
|
|
2,632,813
|
|
|
239,487
|
|
|
949,823
|
|
Allowance for doubtful accounts - advance to suppliers
|
|
(45,507)
|
|
|
927,218
|
|
|
(47,883)
|
|
Allowances for doubtful accounts - loan to third parties
|
|
(16,827)
|
|
|
59,742
|
|
|
-
|
|
Inventory reserve (recovery)
|
|
13,908
|
|
|
(84,414)
|
|
|
156,775
|
|
Depreciation expense
|
|
613,296
|
|
|
534,252
|
|
|
546,528
|
|
Amortization of intangible asset
|
|
201,647
|
|
|
39,659
|
|
|
9,811
|
|
Gain from disposal of property, plant and equipment
|
|
-
|
|
|
-
|
|
|
197,026
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
(1,378,315)
|
|
|
(3,192,557)
|
|
|
(212,550)
|
|
Advances to suppliers
|
|
4,127,511
|
|
|
(11,438,701)
|
|
|
(5,762,321)
|
|
Inventory
|
|
845,496
|
|
|
(97,373)
|
|
|
20,295
|
|
Other receivables
|
|
(812,643)
|
|
|
(11,192)
|
|
|
(49,507)
|
|
Government rebate receivable
|
|
(2,942,190)
|
|
|
-
|
|
|
-
|
|
Accounts payable
|
|
(955,969)
|
|
|
(965,208)
|
|
|
(486,409)
|
|
Accrued liabilities and other payables
|
|
(1,450,958)
|
|
|
346,725
|
|
|
728,339
|
|
Customer deposits
|
|
(377,020)
|
|
|
244,020
|
|
|
76,546
|
|
Taxes payable
|
|
(2,102,969)
|
|
|
87,175
|
|
|
(1,516,650)
|
|
Decrease (increase) in deferred tax liability
|
|
-
|
|
|
(98,473)
|
|
|
-
|
|
Net cash provided (used in) by continuing operations
|
|
1,335,086
|
|
|
(6,488,470)
|
|
|
1,646,842
|
|
Net cash provided by (used in) discontinued operating
activities
|
|
968,949
|
|
|
(544,582)
|
|
|
2,803,690
|
|
Net cash provided by (used in) operating activities
|
|
2,304,035
|
|
|
(7,033,052)
|
|
|
4,450,532
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
Acquisition of property, plant and equipment
|
|
(82,263)
|
|
|
(10,819)
|
|
|
(242,552)
|
|
Proceeds from disposal of property, plant and equipment
|
|
-
|
|
|
-
|
|
|
32,940
|
|
Payment for business acquisition
|
|
(4,552,240)
|
|
|
(3,372,925)
|
|
|
(8,030,000)
|
|
Cash acquired from business acquisition
|
|
35,707
|
|
|
-
|
|
|
-
|
|
Changes in deposit for asset acquisition
|
|
443,400
|
|
|
1,505,770
|
|
|
1,085,752
|
|
Net cash used in investing activities from continuing
operations
|
|
(4,155,396)
|
|
|
(1,877,974)
|
|
|
(7,153,860)
|
|
Net cash provided by investing activities from discontinued
operations
|
|
662,144
|
|
|
-
|
|
|
-
|
|
Net cash used in investing activities
|
|
(3,493,252)
|
|
|
(1,877,974)
|
|
|
(7,153,860)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
Changes in restricted cash
|
|
(3,392,606)
|
|
|
(343,316)
|
|
|
3,533,200
|
|
Proceeds from third party loan
|
|
-
|
|
|
885,694
|
|
|
-
|
|
Repayment of loans from third party
|
|
(187,706)
|
|
|
-
|
|
|
-
|
|
Proceeds from Banker's acceptance notes payable
|
|
6,893,163
|
|
|
4,818,464
|
|
|
2,248,400
|
|
Repayments of Banker's acceptance notes payable
|
|
(1,995,953)
|
|
|
(3,011,540)
|
|
|
(9,314,800)
|
|
Proceeds from bank loans
|
|
10,093,262
|
|
|
7,001,831
|
|
|
12,012,880
|
|
Repayments of bank loans
|
|
(11,957,020)
|
|
|
(8,251,620)
|
|
|
(5,299,800)
|
|
Due from related parties
|
|
(477,565)
|
|
|
-
|
|
|
-
|
|
Proceeds from issuance of common stocks
|
|
5,968,208
|
|
|
7,957,100
|
|
|
5,663,122
|
|
Net cash provided by financing activities from continuing
operations
|
|
4,943,783
|
|
|
9,056,613
|
|
|
8,843,002
|
|
Net cash provided by financing activities from discontinued
operations
|
|
-
|
|
|
-
|
|
|
-
|
|
Net cash provided by financing activities
|
|
4,943,783
|
|
|
9,056,613
|
|
|
8,843,002
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
243,632
|
|
|
(476,134)
|
|
|
(281,560)
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
3,998,198
|
|
|
(330,547)
|
|
|
5,858,114
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of year
|
|
5,942,842
|
|
|
6,273,389
|
|
|
415,275
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of year
|
$
|
9,941,040
|
|
$
|
5,942,842
|
|
$
|
6,273,389
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure information:
|
|
|
|
|
|
|
|
|
|
Income taxes paid
|
$
|
1,156,976
|
|
$
|
696,435
|
|
$
|
2,892,808
|
|
Interest paid
|
$
|
479,358
|
|
$
|
261,625
|
|
$
|
411,805
|
|
|
|
|
|
|
|
|
|
|
Supplemental non-cash activities:
|
|
|
|
|
|
|
|
|
|
Common shares issued for Minority interest buyback
|
$
|
-
|
|
$
|
2,160,142
|
|
$
|
-
|
|
Common shares issued for acquisition of E-Motors
|
$
|
6,500,000
|
|
$
|
-
|
|
$
|
-
|
|
Net book value of assets and liabilities of E-Motors acquired
|
$
|
11,122,410
|
|
$
|
-
|
|
$
|
-
|
View original content:http://www.prnewswire.com/news-releases/tantech-holdings-ltd-announces-fiscal-year-2017-financial-results-300647010.html
SOURCE Tantech Holdings Ltd.