Flying Eagle PU Technical Corp

CIK:0000861370|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2011	Dec. 31, 2010
Revenues	$ 27,855,418	$ 33,062,267
Cost of revenues	22,535,051	24,718,136
Gross profit	5,320,367	8,344,131
Operating expenses:
Selling	433,541	510,366
General and administrative	3,210,723	617,383
Total operating expenses	3,644,264	1,127,749
Income from operations	1,676,103	7,216,382
Other income (expense):
Interest expense and bank fees, net	(434,040)	(582,447)
Foreign exchange transaction loss	(314,340)	(21,509)
Other income (expense), net	124,410	20,676
Total other income (expense)	(623,970)	(583,280)
Income before provision for income taxes	1,052,133	6,633,102
Provision for income taxes	277,626	830,247
Net income	$ 774,507	$ 5,802,855
Net income per share:
Basic	$ 0.98	$ 8.36
Diluted	$ 0.04	$ 8.36
Weighted average number of shares outstanding:
Basic	790,540	694,130
Diluted	17,623,417	694,130

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net income	$ 774,507	$ 5,802,855
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	611,055	510,927
Change in assets and liabilities:
Accounts receivable	5,506,759	(5,415,406)
Prepaid expenses and other current assets	(1,022,362)	(175,984)
Inventories	(5,305,282)	(1,471,666)
Accounts payable and other liabilities	4,144,794	859,908
Customer deposits	(192,757)	118,963
Tax payable	(143,616)	1,436,638
Net cash provided by operating activities	4,373,098	1,666,235
Cash flows from investing activities:
Net proceeds from bank notes receivable	(247,162)
Deposit for construction in progress		(7,872,696)
Purchase of plant and equipment	(12,000,545)	(897,850)
Additions to land use rights		(887,587)
Restricted cash for issuance of bank notes payable	113,154	357,476
Net cash used in investing activities	(12,134,553)	(9,300,657)
Cash flows from financing activities:
Net proceeds from issuance of short term loan	3,668,804	5,621,385
Net proceeds from issuance of notes payable	(226,307)	(1,370,583)
Related party receivable	1,358,768	(649,956)
Related party payable	1,092,764	(558,750)
Proceeds from capital contributions	1,148,023	4,011,361
Net cash provided by financing activities	7,042,052	7,053,457
Net (decrease) increase in cash	(719,403)	(580,965)
Effect of exchange rate changes	31,403	45,610
Cash at beginning of period	1,084,204	1,619,559
Cash at end of period	396,204	1,084,204
Supplemental disclosure of cash flow information:
Interest paid	886,405	552,691
Income taxes paid	$ 348,849	$ 145,644

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2011	Dec. 31, 2010
Current assets:
Cash	$ 396,204	$ 1,084,204
Restricted cash	27,495	137,688
Notes receivable	251,387
Accounts receivable, net	790,181	6,171,639
Prepaid expenses and other current assets	1,614,865	555,283
Related party receivable		1,334,545
Inventories, net	12,611,763	6,968,039
Total current assets	15,691,895	16,251,398
Deposit for construction in progress		8,074,441
Plant and equipment, net	31,992,809	11,589,924
Land use rights, net	1,812,181	1,793,496
Long-term investment	157,117	151,722
Total assets	49,654,002	37,860,981
Current liabilities:
Short-term loans and notes payable	15,499,552	11,586,254
Related party payable	1,317,266	198,756
Accounts payable and other liabilities	6,749,809	2,447,151
Customer deposits	762,202	925,352
Taxes payable	1,733,314	1,814,856
Total current liabilities	26,062,143	16,972,369
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, Series A, $0.0001 par value; 10,000,000 shares authorized; 19,200 and zero shares issued and outstanding at December 31, 2011 and 2010, respectively.	2
Common stock, $0.001 par value; 100,000,000 shares authorized; 800,443 and 694,130 shares issued and outstanding at December 31,2011 and December 31,2010, respectively	800	694
Additional paid-in capital	10,290,270	9,140,409
Retained earnings	11,381,774	10,607,267
Accumulated other comprehensive income	1,919,013	1,140,242
Total stockholders' equity	23,591,859	20,888,612
Total liabilities and stockholders' equity	$ 49,654,002	$ 37,860,981