APOLLO SOLAR ENERGY, INC.

CIK:0000726435|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME(LOSS) - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME(LOSS) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF INCOME(LOSS)
Sales	$ 4,276,255	$ 16,838,764
Cost of goods sold	(3,905,291)	(16,494,355)
Gross profit	370,964	344,409
Operating expenses:
General and administrative expenses	1,306,233	2,619,642
Selling expense	131,587	253,310
Research and development expenses	30,583	(74,854)
Impairment loss	2,441,724	0
Total operating expenses:	3,910,127	2,798,098
Operating loss	(3,539,163)	(2,453,689)
Other income (expense)
Interest expense, net	(587,746)	(641,793)
Income in equity in Joint Venture	89,640	17,688
Loss from disposal of equipment		(40,765)
Total other income(expense)	(498,106)	(664,870)
Loss before provision for income taxes-continuing operations	$ (4,037,269)	$ (3,118,559)
Provison for income tax
Net loss from continuing operations	$ (4,037,269)	$ (3,118,559)
Loss from discontinued operations		(12,789)
Gain on sale of subsidiary		613,218
Net income from discontinued operations		600,429
Net loss	(4,037,269)	(2,518,130)
Other comprehensive income(loss)
Foreign currency translation adjustment	(68,360)	747,631
Comprehensive loss	$ (4,105,629)	$ (1,770,499)
Loss per share continuing operations
Loss per share continuing operations - Basic and diluted	$ (0.03)	$ (0.06)
Income per share-discontinued operations
Income (Loss) per share discontinued operations - Basic and diluted	0.00	0.01
Loss per share	$ (0.03)	$ (0.05)
Weighted average shares outstanding
Weighted average shares outstanding - Basic and diluted	50,387,038	50,137,997

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net Loss From continuing operations	$ (4,037,269)	$ (3,118,559)
Net income from discontinued operations		600,429
Net Loss	(4,037,269)	(2,518,130)
Adjustments to reconcile net loss to net cash provided by(used in) operating activities:
Stock-based compensation		437,360
Income in equity of Joint Venture	(89,640)	(17,688)
Gain on sale of subsidiary		(613,218)
Depreciation and amortization	690,411	876,150
Disposal of equipment		40,765
Provision for bad debts	(17,472)	44,252
Inventory allowance		438,337
Impairment loss	2,441,724	0
Changes in operating assets and liabilities:
Change in accounts receivable	359,381	(265,063)
Change in inventory	659,783	160,028
Change in prepaid expenses and other current assets	305	(234,351)
Change in accounts payable - trade	(533,386)	437,964
Change in accounts payable - construction		(34,236)
Change in accrued expenses and other current liabilities	183,770	(672,479)
Net cash used in continuing operations - operating activities	(342,393)	(1,920,309)
Net cash provided by discontinued operations - operating activities		26,773
Net cash used in operating activities	(342,393)	(1,893,536)
Cash flows from investing activities:
Purchase of property and equipment	(278,204)	(41,387)
Disposal of property and equipment		38,478
Proceeds from sale of subsidiary-net of cash sold		646,151
Net cash provided by(used in) continuing operations - investing activities	(278,204)	643,242
Net cash used in discontinued operations - investing activities		(1,157)
Net cash provided by(used in) investing activities	(278,204)	642,085
Cash flows from financing activities:
Restricted cash	1,141,099	(1,132,380)
Proceeds(Repayment) of short-term loans	(891,887)	1,179,872
Repayment to stockholder and related parties loans	(123,863)	(10,955)
Proceeds of loan from Joint Venture	162,782
Proceeds(repayment) from convertible loan	(490,000)	899,030
Net cash provided by continuing operations - financing activities	$ (201,869)	$ 935,567
Net cash provided by discontinuing operations - financing activities
Net cash provided by(used in) financing activities	$ (201,869)	$ 935,567
Effect of exchange rate changes on cash	(2,473)	301,331
Net decrease in cash	(824,939)	(14,553)
Cash at beginning of year	921,197	935,750
Cash at end of year	$ 96,258	$ 921,197
Supplemental disclosure of cash flow information
Income tax paid in cash
Interest paid	$ 634,566	$ 725,936

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Current Assets
Cash	$ 96,258	$ 921,197
Restricted cash	0	1,147,224
Accounts receivable, net of allowance of $15,805 and $33,443	246,332	591,209
Inventories	1,930,345	2,602,547
Prepaid expenses and other current assets	430,545	429,599
Total Current Assets	2,703,480	5,691,776
Long-term Assets
Property, machinery and mining assets, net	13,387,231	16,318,045
Non-marketable investment	57,017	57,279
Investment in and advances to Joint Venture	5,531,824	5,634,030
Total long-term Assets	18,976,072	22,009,354
Total Assets	21,679,552	27,701,130
Current Liabilities
Short-term loans	8,301,696	9,236,548
Account payable - trade	111,845	648,609
Account payable - construction vendors	1,160,727	1,166,065
Accrued expenses and other current liabilities	2,054,146	1,878,069
Due to stockholders and related parties	243,272	368,344
Total Current Liabilities	11,871,686	13,297,635
Long-term liabilities
Convertible loan	510,000	1,000,000
Total liabilities	$ 12,381,686	$ 14,297,635
Preferred stock:
$0.001 par value, 25,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2014 and 2013
Common stock:
$0.001 par value, 100,000,000 shares authorized; 52,805,961 shares issued and 50,387,038 shares outstanding as of December 31, 2014 and 2013	$ 52,806	$ 52,806
Additional paid-in capital	36,742,099	36,742,099
Treasury stock 2,418,923 shares at cost	(5,216,770)	(5,216,770)
Accumulated deficit	(25,953,833)	(21,916,564)
Accumulated other comprehensive income	3,673,564	3,741,924
Total stockholders' Equity	9,297,866	13,403,495
Total Liabilities and Stockholders' Equity	$ 21,679,552	$ 27,701,130