China Lithium Technologies Inc.

CIK:0000888719|SEC Filings

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2012

16. EARNINGS PER SHARE

Earnings per share is determined by dividing net income for the periods by the weighted average number of both basic and diluted shares of common stock and common stock equivalents outstanding pursuant to ASC 260, “Earnings Per Share.” The following are the calculations for earnings per share for the three months ended March 31, 2012 and 2011:

	For the Three Months Ended
	March 31, 2012		March 31, 2011
			(Restated)
Basic Earnings per Share
Net Income	$	306,386	$	170,194
Weighted Average Number of Common Share Outstanding - Basic		15,609,811		21,227,329
Earnings per Share – Basic	$	0.02	$	0.01

	For the Three Months Ended
	March 31, 2012		March 31, 2011
			(Restated)
Diluted Earnings per Share
Net Income	$	306,386	$	170,194
Weighted Average Number of Common Share Outstanding - Basic		15,609,811		21,227,329
Effect of Diluted Securities - Unvested Shares		68,941		-
Weighted Average Number of Common Share Outstanding - Diluted		15,678,752		21,227,329
Earnings per Share –Diluted	$	0.02	$	0.01

	For the Nine Months Ended
	March 31, 2012		March 31, 2011
			(Restated)
Basic Earnings per Share
Net Income	$	1,268,375	$	848,758
Weighted Average Number of Common Share Outstanding - Basic		15,887,589		21,227,329
Earnings per Share – Basic	$	0.08	$	0.04

	For the Nine Months Ended
	March 31, 2012		March 31, 2011
			(Restated)
Diluted Earnings per Share
Net Income	$	1,268,375	$	848,758
Weighted Average Number of Common Share Outstanding - Basic		15,887,589		21,227,329
Effect of Diluted Securities - Unvested Shares		946,364		-
Weighted Average Number of Common Share Outstanding - Diluted		16,833,953		21,227,329
Earnings per Share –Diluted	$	0.08	$	0.04

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2012	Mar. 31, 2011
Net Income	$ 1,268,375	$ 848,758
Depreciation and Amortization Expenses	128,425	70,180
Stock-based Compensation Expenses	263,542	1,135,846
(Increase) or Decrease in Accounts Receivable	(497,414)	(542,466)
(Increase) or Decrease in Inventories	(980,994)	(711,553)
(Increase) or Decrease in Prepaid Expenses	(396,982)	6,575
(Increase) or Decrease in Advances to Suppliers	(3,961)	(17,714)
(Increase) or Decrease in Other Accounts Receivable	(3,038)	(6,868)
Increase or (Decrease) in Accounts Payable	(209,778)	(520,907)
Increase or (Decrease) in Advance from Customers	69	111
Increase or (Decrease) in Taxes Payable	(223,383)	(166,973)
Increase or (Decrease) in Payroll Payable	35,591	6,774
Increase or (Decrease) in Warranty Accrual	92,736	84,088
Increase or (Decrease) in Other Accounts Payable	12,192	5,150
Increase or (Decrease) in Accrued Expenses	(59,689)	1,499
Net Cash (Used) Provided by Operating Activities	(574,311)	192,500
Purchases of Property, Plant and Equipment	(36,518)	(413,293)
Purchases of Intangible Assets		(2,119)
Net Cash (Used) Provided by Investing Activities	(36,518)	(415,413)
Proceeds from (Payments to) Shareholders	91,660	109,915
Net Cash (Used) Provided by Financing Activities	91,660	109,915
Effect of Exchange Rate Changes on Cash and Cash Equivalents	342,939	216,541
Increase in Cash and Cash Equivalents	(176,230)	103,543
Cash and Cash Equivalents - Beginning Balance	2,649,523	2,761,427
Cash and Cash Equivalents - Ending Balance	2,473,294	2,864,970
Interest Paid
Income Taxes Paid	802,471	768,153
Common Stock Issued for Services		$ 717,000
Issued 1,500,000 Restricted Common Stock to Employees		1,650,000

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Jun. 30, 2011
Cash and Cash Equivalents	$ 2,473,294	$ 2,649,523
Accounts Receivable	6,110,036	5,612,622
Other Accounts Receivable	57,451	54,413
Advance to Suppliers	33,142	29,180
Inventories	1,953,861	972,867
Prepaid Expenses	814,115	417,133
Total Current Assets	11,441,899	9,735,739
Property, Plant and Equipment, net	710,956	777,732
Patent and Other Intangibles, net	60,794	68,396
Total Non-current Assets, Net	771,749	846,128
Total Assets	12,213,648	10,581,867
Accounts Payable	660,426	870,204
Advance from Customers	3,228	3,159
Payroll Payable	115,469	79,878
Taxes Payable	215,148	438,532
Other Accounts Payable	14,236	2,044
Accrued Expenses	11,400	71,089
Loans from Shareholders	375,298	283,638
Short-term Loans	80,000	80,000
Warranty Accrual	291,347	198,611
Total Current Liabilities	1,766,553	2,027,155
Total Liabilities	1,766,553	2,027,155
Preferred Stock, par value $0.001, 20,000,000 shares authorized; 0 share issued and outstanding as of March 31, 2012 and June 30, 2011
Common Stock, par value $0.001, 780,000,000 shares authorized; 16,659,811 and 21,659,811 shares issued and outstanding, including 1,050,000 unvested restricted stock award, as of March 31, 2012 and June 30, 2011, respectively	16,659	21,659
Additional Paid in Capital	1,800,563	1,532,021
Reserved Funds	1,043,916	1,043,916
Retained Earnings	6,637,828	5,369,454
Accumulated Other Comprehensive Income	948,128	587,661
Total Stockholders' Equity	10,447,095	8,554,712
Total Liabilities and Stockholders' Equity	$ 12,213,648	$ 10,581,867