JIUQUAN, China, Feb. 11, 2022 /PRNewswire/ -- Qilian
International Holding Group Limited (Nasdaq: QLI) (the "Company",
"Qilian International", "we", "our" or "us"), a China-based pharmaceutical and chemical
products manufacturer, today announced its unaudited financial
results for the fiscal year ended September
30, 2021.
Mr. Zhanchang Xin, Chairman and CEO of the Company, commented,
"The fiscal year 2021 was an excellent year for the Company.
Compared with the fiscal year 2020, our revenue grew by 14%, or
$7.1 million, to $57.1 million, which was made possible due to
consistent execution and solid progress of our business strategies.
Despite the ongoing macro challenges in 2021 and the impact of
regional resurgence of COVID-19 pandemic, our focus remained on
expanding production capacity, and we also made substantial
progress on the expansion of our new organic fertilizer production
facility. In 2022 and beyond, we intend to complete the
construction of a pig by-product processing facility for
heparin sodium production, and fully complete the
construction of our new organic fertilizer production facility. We
will also continue to increase our research and development efforts
and provide high-quality products to our customers. We believe our
business strategy will further fuel growth in 2022, driving further
improvements in our operational and financial performance, and
creating long-term value for all stakeholders."
Fiscal Year 2021 Financial Highlights
|
|
For the years
ended September 30,
|
|
($'000, except per
share data)
|
|
2021
|
|
|
2020
|
|
|
%Change
|
|
Revenue
|
|
$
|
57,100
|
|
|
$
|
50,033
|
|
|
|
14
|
%
|
Gross
profit
|
|
$
|
5,639
|
|
|
$
|
7,539
|
|
|
|
(25)
|
%
|
Gross
margin
|
|
|
9.9
|
%
|
|
|
15.1
|
%
|
|
|
(5.2)
|
%
|
Income from
operations
|
|
$
|
2,388
|
|
|
$
|
4,811
|
|
|
|
(50)
|
%
|
Net income
|
|
$
|
3,108
|
|
|
$
|
4,940
|
|
|
|
(37)
|
%
|
Net Income
attributable to Qilian International Holding Group Limited ("Qilian
International")
|
|
$
|
3,153
|
|
|
$
|
5,064
|
|
|
|
(38)
|
%
|
Basic and diluted
earnings per share
|
|
$
|
0.09
|
|
|
$
|
0.17
|
|
|
|
(47)
|
%
|
|
●
|
Revenue increased by
14% year-over-year to $57.1 million for the fiscal year ended
September 30, 2021 from $50.0 million for the fiscal year ended
September 30, 2020. The increase in revenue was primarily
attributable to a $6.4 million increase in sales from heparin
products and sausage casings, and a $0.8 million increase in sales
from oxytetracycline products, licorice products and traditional
Chinese medicine derivatives ("TCMD").
|
|
|
|
|
●
|
Gross profit
decreased by 25% to $5.6 million for the fiscal year ended
September 30, 2021 from $7.5 million for the fiscal year ended
September 30, 2020. Gross margins were 9.9% and 15.1% for the
fiscal years ended September 30, 2021 and 2020,
respectively.
|
|
|
|
|
●
|
Income from
operations was $2.4 million for the fiscal year ended September 30,
2021, compared to income from operations of $4.8 million for the
fiscal year ended September 30, 2020.
|
|
|
|
|
●
|
Net income was $3.1
million for the fiscal year ended September 30, 2021, compared to
net income of $4.9 million for the fiscal year ended September 30,
2020.
|
|
|
|
|
●
|
Net income
attributable to Qilian International was $3.2 million, compared to
net income attributable to Qilian International of $5.1 million for
the fiscal year ended September 30, 2020.
|
|
|
|
|
●
|
Basic and diluted
earnings per share were $0.09 for the fiscal year ended
September 30, 2021, compared with $0.17 for the fiscal year ended
September 30, 2020.
|
Fiscal Year 2021 Financial Results
Net Revenue
For the fiscal year ended September 30,
2021, revenue increased by $7.1
million, or 14%, to $57.1
million from $50.0 million for
the fiscal year ended September 30,
2020. The increase was primarily attributable to a
$6.4 million increase in sales from
heparin products and sausage casings, and a $0.8 million increase in sales from
oxytetracycline & licorice products and TCMD.
Sales from oxytetracycline products, licorice products and
TCMD increased by $0.8 million, or
3%, to to $33.5 million for the
fiscal year ended September 30, 2021
from $32.6 million for the fiscal
year ended September 30, 2020. The
increase was due to the appreciation of RMB against USD in 2021,
which accounted for $2.5 million.
Sales denominated in RMB decreased by RMB10.6 million, equivalent to $1.6 million. The decrease in sales in this
segment is due to a decrease in the average selling price of
oxytetracycline products by 9% compared to that of 2020 in order to
stimulate the sales of oxytetracycline products. Sales quantity
increased by 6% compared to that of 2020, due to the lower selling
price. The ongoing COVID-19 pandemic has caused significant
uncertainty in global market and demand as well as logistics and
transportation. Although we do not serve customers oversea
directly, COVID-19 related export restrictions has led to excessive
supply of our competitors' products in domestic markets.
Sales from heparin products and sausage casings increased by
$6.4 million, or 38%, to $23.2 million for the fiscal year ended
September 30, 2021 from $16.7 million for the fiscal year ended
September 30, 2020. $1.2 million of such increase was due to the
appreciation of RMB against USD in 2021. In additional, the
increase of our sales of heparin products was mainly driven by
increased demand from pharmaceutical customers. Due to the COVID-19
pandemic, global demand for prescription medicines, vaccines and
medical devices increased. The demand for heparin, a widely used
medication, also increased significantly during the pandemic. In
2021, we increased investment in this segment and added new sales
force. The sales quantity of heparin products increased by 41%, and
their selling price increased by 10%. However, our sales of sausage
casings decreased by $0.4 million. As
the gross margin of sausage casings in the past two fiscal years
was negative due to the combined effect of COVID-19 pandemic and
African Swine fever in China, we
reduced our efforts in selling sausage casings.
Sales from fertilizer decreased by $0.3
million, or 31%, to $0.5
million for the fiscal year ended September 30, 2021 from $0.7 million for the fiscal year ended
September 30, 2020. In the fiscal
year ended September 30, 2021, we
expanded our manufacturing capacity and the production of
fertilizer was interrupted for almost ten months. We resumed normal
production of fertilizer in October
2021.
Cost of Revenue and Gross Profit
Cost of revenue increased by $9.0
million, or 21%, to $51.5
million for the fiscal year ended September 30, 2021 from $42.5 million for the fiscal year ended
September 30, 2020.
Gross profit decreased by $1.9
million, or 25%, to $5.6
million for the fiscal year ended September 30, 2021 from $7.5 million for the fiscal year ended
September 30, 2020. As a result,
gross margin decreased to 9.9% for the fiscal year ended
September 30, 2021 from 15.1%
for the fiscal year ended September 30,
2020.
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased by
$0.5 million, or 19%, to $3.3 million for the fiscal year ended
September 30, 2021 from
$2.7 million for the year ended
September 30, 2020. The increase was
mainly attributable to an increase of approximately $0.4 million in salary and repair and maintenance
expense as we expanded our operations and sales, as well as an
increase of $0.2 million in insurance
expense in connection with us being a publicly traded company in
the United States.
Interest Expenses, net
Interest expenses are primarily generated from bank borrowings,
including bank loans and banknotes payable, offset by interest
income. Interest expenses for the fiscal year ended September 30, 2021 decreased by $185,000, to $58,000 for the fiscal year ended September 30, 2021 from $243,000 for the fiscal year ended September 30, 2020. The decrease is due to payoff
of the bank loans in April 2021 and
no bank loan has been borrowed afterwards.
Other Income
Other income was $1.0 million for
the fiscal year ended September 30,
2021, as compared to $1.2
million for the fiscal year ended September 30, 2020, which primarily consisted of
government grants and investment income.
Income Taxes Provision
Provision for income taxes decreased by $0.6 million, or 71%, to $0.3 million for the fiscal year ended
September 30, 2021 from $0.9 million for the fiscal year ended
September 30, 2020, as a result of
the decreased income before income tax provision, as well as
increased tax holiday for some of the variable interest entity's
subsidiaries enacted by the Chinese government.
Net income and Net income attributable to Qilian
International
Net income was $3.1 million for
the fiscal year ended September 30,
2021, compared to net income of $4.9
million for the fiscal year ended September 30, 2020. After deducting
non-controlling interests, net income attributable to Qilian
International was $3.2 million for
the year ended September 30, 2021,
compared to net income attributable to Qilian International of
$5.1 million for the fiscal year
ended September 30, 2020.
Earnings per share-basic and diluted
After deducting non-controlling interests, earnings per share
attributable to the Company was $0.09
per basic and diluted share for the fiscal year ended September 30, 2021, compared to earnings per
share of $0.17 per basic and diluted
share for the fiscal year ended September
30, 2020.
EBITDA
EBITDA decreased by $2.5 million,
or 35%, to $4.6 million for the
fiscal year ended September 30, 2021,
from $7.2 million for the fiscal year
ended September 30, 2020.
Financial Condition
As of September 30, 2021, the
Company had cash of $10.5 million,
compared to $11.9 million as of
September 30, 2020.
Net cash provided by operating activities was $0.3 million for the fiscal year ended
September 30, 2021, compared to
$5.1 million for the fiscal year
ended September 30, 2020.
Net cash used in investing activities was $24.2 million for the fiscal year ended
September 30, 2021, compared to
$0.4 million for the fiscal year
ended September 30, 2020.
Net cash provided by financing activities was $24.0 million for the fiscal year ended
September 30, 2021, compared to
$2.1 million for the fiscal year
ended September 30, 2020.
Non-GAAP Financial Measures
The Company's management uses certain financial measures to
evaluate its operating performance which is calculated and
presented on the basis of methodologies other than in accordance
with GAAP ("Non-GAAP"). These measures should not be considered a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP, and the Company's calculations
thereof may not be comparable to similarly entitled measures
reported by other companies. The Company believes that EBITDA is a
useful performance measure and can be used to facilitate a
comparison of its operating performance on a consistent basis from
period to period and to provide for a more complete understanding
of factors and trends affecting its business than GAAP measures
alone can provide. The Company's management believes that EBITDA is
less susceptible to variances in actual performance resulting from
depreciation, amortization and other non-cash charges and more
reflective of other factors that affect its operating performance.
The Company's management believes that the use of these Non-GAAP
financial measures provides an additional tool for investors to use
in evaluating ongoing operating results and trends and in comparing
our financial measures with the companies in the same industry,
many of which present similar Non-GAAP financial measures to
investors. The Company presents EBITDA in order to provide
supplemental information that Management considers relevant for the
readers of its consolidated financial statements included elsewhere
in this annual report, and such information is not meant to replace
or supersede U.S. GAAP measures.
The Company's management defines EBITDA as net income (loss)
before interest expense, income taxes, and depreciation and
amortization. EBITDA is not defined under U.S. GAAP and is subject
to important limitations as analytical tools, you should not
consider them in isolation or as substitutes for analysis of our
Company results as reported under U.S. GAAP.
|
|
|
|
|
|
|
|
|
For the years ended
|
|
|
September 30,
|
|
|
2021
|
|
2020
|
Net income
|
|
$
|
3,108,144
|
|
$
|
4,940,441
|
Interest
expense
|
|
|
57,671
|
|
|
242,877
|
Income tax
provision
|
|
|
255,133
|
|
|
864,908
|
Depreciation &
Amortization
|
|
|
1,201,229
|
|
|
1,105,588
|
EBITDA
|
|
$
|
4,622,177
|
|
$
|
7,153,814
|
About Qilian International Holding Group Limited
Qilian International Holding Group Limited, headquartered in
Gansu, China, is a pharmaceutical
and chemical products manufacturer in China. It focuses on the development,
manufacturing, marketing and sale of licorice products,
oxytetracycline products, traditional Chinese medicine derivative
products, heparin products, sausage casings, and fertilizers. The
Company's products are sold in more than 20 Provinces in
China. For more information, visit
the Company's website
at http://ir.qlsyy.net/index.html or http://qilianinternational.com/.
Forward-Looking Statements
This announcement contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy, financial
needs and fully complete the construction of our new organic
fertilizer production facility. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and in its
other filings with the U.S. Securities and Exchange
Commission.
For more information, please contact:
Qilian International Holding Group Limited
Email: ir@qlsyy.net
Ascent Investors Relations LLC
Tina Xiao
President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com
Qilian
International Holding Group Limited and Subsidiaries
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
September 30
|
|
September 30
|
|
|
2021
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalent
|
|
$
|
10,467,357
|
|
$
|
11,867,130
|
Restricted
cash
|
|
|
2,140,016
|
|
|
—
|
Accounts receivable,
net
|
|
|
1,733,306
|
|
|
1,118,476
|
Bank acceptance notes
receivable
|
|
|
11,722,096
|
|
|
11,498,075
|
Inventories,
net
|
|
|
12,495,831
|
|
|
11,994,471
|
Advances to
suppliers, net
|
|
|
1,380,925
|
|
|
491,827
|
Other current
assets
|
|
|
425,622
|
|
|
547,443
|
TOTAL CURRENT
ASSETS
|
|
|
40,365,153
|
|
|
37,517,422
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
9,119,502
|
|
|
7,419,028
|
Intangible assets,
net
|
|
|
1,927,933
|
|
|
1,881,722
|
Investment in
available-for-sale securities
|
|
|
20,323,400
|
|
|
—
|
Long term
investment
|
|
|
639,466
|
|
|
540,517
|
Operating lease right
of use assets
|
|
|
118,154
|
|
|
243,874
|
Deferred tax
assets
|
|
|
427,120
|
|
|
361,250
|
Prepayments for
property and equipment
|
|
|
2,243,622
|
|
|
—
|
Other long term
assets
|
|
|
188,913
|
|
|
179,325
|
TOTAL ASSETS
|
|
$
|
75,353,263
|
|
$
|
48,143,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Bank loans
|
|
$
|
—
|
|
$
|
7,349,375
|
Accounts
payable
|
|
|
6,643,691
|
|
|
4,377,712
|
Advance from
customers
|
|
|
2,467,296
|
|
|
3,511,198
|
Advance from
customers - related parties
|
|
|
17,318
|
|
|
33,152
|
Bank notes
payable
|
|
|
7,867,018
|
|
|
—
|
Deferred government
grants-current
|
|
|
351,567
|
|
|
384,802
|
Taxes
payable
|
|
|
305,305
|
|
|
1,383,182
|
Operating lease
liabilities, current
|
|
|
55,847
|
|
|
82,468
|
Accrued expenses and
other payables
|
|
|
466,838
|
|
|
1,301,882
|
TOTAL CURRENT
LIABILITIES
|
|
|
18,174,880
|
|
|
18,423,771
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES
|
|
|
|
|
|
|
Operating lease
liabilities, noncurrent
|
|
|
106,180
|
|
|
155,723
|
Deferred government
grants - noncurrent
|
|
|
403,745
|
|
|
722,137
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
18,684,805
|
|
|
19,301,631
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
Ordinary Shares,
$0.00166667 par value, 100,000,000 shares authorized, 35,750,000
and 30,000,000
Ordinary Shares issued and outstanding as of September 30,
2021 and September 30, 2020, respectively
|
|
|
59,583
|
|
|
50,000
|
Additional paid-in
capital
|
|
|
36,390,931
|
|
|
12,252,077
|
Statutory
Reserve
|
|
|
2,857,121
|
|
|
2,200,786
|
Retained
earnings
|
|
|
14,693,905
|
|
|
12,197,372
|
Accumulated other
comprehensive loss
|
|
|
857,066
|
|
|
(602,001)
|
Total shareholders'
equity attributable to Qilian International
|
|
|
54,858,606
|
|
|
26,098,234
|
Noncontrolling
interests
|
|
|
1,809,852
|
|
|
2,743,273
|
TOTAL
EQUITY
|
|
|
56,668,458
|
|
|
28,841,507
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
|
75,353,263
|
|
|
48,143,138
|
Qilian
International Holding Group Limited and Subsidiaries
|
Consolidated
Statements of Income and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended
September 30
|
|
|
2021
|
|
2020
|
|
2019
|
NET
REVENUE
|
|
$
|
57,099,884
|
|
$
|
50,033,200
|
|
$
|
46,096,684
|
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUE
|
|
|
51,461,354
|
|
|
42,494,047
|
|
|
36,416,772
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
|
5,638,530
|
|
|
7,539,153
|
|
|
9,679,912
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL
AND ADMINISTRATIVE EXPENSES
|
|
|
3,250,485
|
|
|
2,728,009
|
|
|
3,501,374
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
|
2,388,045
|
|
|
4,811,144
|
|
|
6,178,538
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expenses)
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(57,671)
|
|
|
(242,877)
|
|
|
(223,657)
|
Investment
income
|
|
|
462,014
|
|
|
57,984
|
|
|
89,197
|
Grant
income
|
|
|
564,098
|
|
|
1,082,053
|
|
|
833,072
|
Other
income
|
|
|
6,791
|
|
|
97,045
|
|
|
64,769
|
Total Other
income
|
|
|
975,232
|
|
|
994,205
|
|
|
763,381
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE
INCOME TAX PROVISION
|
|
|
3,363,277
|
|
|
5,805,349
|
|
|
6,941,919
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR
INCOME TAXES
|
|
|
255,133
|
|
|
864,908
|
|
|
1,033,440
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
|
3,108,144
|
|
|
4,940,441
|
|
|
5,908,479
|
|
|
|
|
|
|
|
|
|
|
Less: net
(income) loss attributable to non-controlling interest
|
|
|
(44,724)
|
|
|
(123,269)
|
|
|
576,161
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
ATTRIBUTABLE TO QILIAN INTERNATIONAL HOLDING GROUP
LIMITED
|
|
$
|
3,152,868
|
|
$
|
5,063,710
|
|
$
|
5,332,318
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
1,560,381
|
|
|
1,263,140
|
|
|
(858,337)
|
COMPREHENSIVE
INCOME
|
|
|
4,668,525
|
|
|
6,203,581
|
|
|
5,050,142
|
Less: comprehensive
income attributable to non - controlling interests
|
|
|
56,590
|
|
|
(1,303)
|
|
|
478,722
|
COMPREHENSIVE
INCOME ATTRIBUTABLE TO QILIAN
INTERNATIONAL HOLDING GROUP LIMITED
|
|
$
|
4,611,935
|
|
$
|
6,204,884
|
|
$
|
4,571,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic and diluted
|
|
$
|
0.09
|
|
$
|
0.17
|
|
$
|
0.18
|
Weighted average
shares - basic and diluted
|
|
|
34,089,286
|
|
|
30,000,000
|
|
|
30,000,000
|
Qilian
International Holding Group Limited and Subsidiaries
|
Consolidated
Statements of Cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended September 30
|
|
|
2021
|
|
2020
|
|
2019
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
3,108,144
|
|
$
|
4,940,441
|
|
$
|
5,908,479
|
Adjustments to
reconcile net income to net cash provided by (used in)
operating
activities:
|
|
|
|
|
|
|
|
|
|
Amortization of the
right-of-use assets
|
|
|
62,410
|
|
|
62,410
|
|
|
—
|
Depreciation and
amortization
|
|
|
1,201,229
|
|
|
1,105,588
|
|
|
1,188,173
|
Provision of doubtful
accounts
|
|
|
(7,918)
|
|
|
188,095
|
|
|
(9,301)
|
Inventory
reserve
|
|
|
92,059
|
|
|
(290,968)
|
|
|
67,719
|
Deferred tax
expense
|
|
|
(46,187)
|
|
|
(86,495)
|
|
|
48,656
|
Unrealized gain from
marketable securities
|
|
|
(323,400)
|
|
|
—
|
|
|
—
|
investment
income
|
|
|
(69,494)
|
|
|
(57,984)
|
|
|
(89,197)
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(545,175)
|
|
|
(660,667)
|
|
|
706,582
|
Bank acceptance notes
receivable
|
|
|
387,673
|
|
|
(5,583,925)
|
|
|
(2,171,300)
|
Inventories
|
|
|
46,801
|
|
|
1,402,620
|
|
|
(3,492,342)
|
Advances to
suppliers
|
|
|
(855,977)
|
|
|
498,378
|
|
|
653,028
|
Other current
assets
|
|
|
(1,020,875)
|
|
|
125,261
|
|
|
(29,853)
|
Accounts
payable
|
|
|
2,015,833
|
|
|
613,339
|
|
|
(46,999)
|
Accounts
payable - related parties
|
|
|
—
|
|
|
—
|
|
|
(3,042)
|
Advance from
customers
|
|
|
(1,221,897)
|
|
|
1,461,407
|
|
|
(2,232,858)
|
Advance from
customers - related parties
|
|
|
(17,467)
|
|
|
29,973
|
|
|
2,254
|
Deferred
revenue
|
|
|
(407,563)
|
|
|
(314,238)
|
|
|
(319,982)
|
Tax
payables
|
|
|
(1,142,721)
|
|
|
988,423
|
|
|
(834,183)
|
Accrued expenses and
other payables
|
|
|
(897,496)
|
|
|
722,284
|
|
|
73,969
|
Operating lease
liabilities
|
|
|
(12,945)
|
|
|
(67,928)
|
|
|
—
|
Net cash provided
by (used in) operating activities
|
|
|
345,034
|
|
|
5,076,014
|
|
|
(580,197)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(3,491,564)
|
|
|
(449,766)
|
|
|
(616,388)
|
Purchase of
intangible assets
|
|
|
(1,810)
|
|
|
(8,798)
|
|
|
(635)
|
Proceeds from
(payment made for) long term investment
|
|
|
—
|
|
|
82,972
|
|
|
(64,165)
|
Purchase of
available-for-sale securities
|
|
|
(20,000,000)
|
|
|
—
|
|
|
14,559
|
Acquisition of
non-controlling interest
|
|
|
(706,658)
|
|
|
—
|
|
|
(133,552)
|
Net cash used in
investing activities
|
|
|
(24,200,032)
|
|
|
(375,592)
|
|
|
(800,181)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
—
|
|
|
7,135,009
|
|
|
5,089,651
|
Repayment of bank
loans
|
|
|
(7,681,081)
|
|
|
(4,994,506)
|
|
|
(3,635,465)
|
Proceeds from
(repayment of) bank notes payable
|
|
|
7,804,778
|
|
|
—
|
|
|
(581,674)
|
Cash receipts from
equity issuance, net of issuance cost
|
|
|
23,869,641
|
|
|
—
|
|
|
—
|
Payment for deferred
offering costs
|
|
|
—
|
|
|
—
|
|
|
(365,310)
|
Net cash provided
by financing activities
|
|
|
23,993,338
|
|
|
2,140,503
|
|
|
507,202
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate change on Cash
|
|
|
601,903
|
|
|
431,765
|
|
|
(157,163)
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
740,243
|
|
|
7,272,690
|
|
|
(1,030,339)
|
Cash and cash
equivalents at beginning of period
|
|
|
11,867,130
|
|
|
4,594,440
|
|
|
5,624,779
|
Cash and cash
equivalents at end of period
|
|
$
|
12,607,373
|
|
$
|
11,867,130
|
|
$
|
4,594,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash
flow information
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
152,499
|
|
$
|
280,169
|
|
$
|
210,588
|
Cash paid for
income taxes
|
|
$
|
820,972
|
|
$
|
275,607
|
|
$
|
1,109,655
|
Operating lease
right of use assets obtained in exchange of lease
liabilities
|
|
$
|
—
|
|
$
|
143,443
|
|
$
|
—
|
View original
content:https://www.prnewswire.com/news-releases/qilian-international-holding-group-limited-reports-fiscal-year-2021-financial-results-301481003.html
SOURCE Qilian International Holding Group Limited