Sunway Global Inc.

CIK:0001096840|SEC Filings

Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Net revenues	$ 1,621,167	$ 2,120,548	$ 4,056,281	$ 5,818,329
Cost of net revenues	(665,097)	(837,649)	(1,741,688)	(2,996,642)
Gross profit	956,070	1,282,899	2,314,593	2,821,687
Selling expenses	(575,606)	(827,661)	(1,806,021)	(2,505,230)
General and administrative expenses	(1,311,904)	(1,278,579)	(2,854,164)	(3,887,980)
(Loss) / Income from operations	(931,440)	(823,341)	(2,345,592)	(3,571,523)
Interest income	231	312	1,281	1,355
Interest expenses	(10,126)	(14,804)	(43,500)	(41,024)
Impairment of fixed assets	(38,586)	(9,732)	(73,613)	(9,650)
(Loss)/Income before tax	(979,921)	(847,565)	(2,461,424)	(3,620,842)
Income tax	(27,214)	124,120	(109,333)	122,362
Net (Loss)/income	$ (1,007,135)	$ (723,445)	$ (2,570,757)	$ (3,498,480)
Net income/(loss) per share:
-Basic	$ (0.05)	$ (0.04)	$ (0.14)	$ (0.19)
-Diluted	$ (0.04)	$ (0.03)	$ (0.11)	$ (0.15)
Weighted average number of common stock
-Basic	18,499,736	18,499,736	18,499,736	18,499,736
-Diluted	23,314,556	23,314,556	23,314,556	23,314,556

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities
Net (loss) / income	$ (2,570,757)	$ (3,498,480)
Depreciation	533,704	912,633
Amortization	881,057	1,510,766
Impairment of Intangible assets	73,613	9,650
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:
Trade receivables, net	1,088,041	(740,373)
Inventories	(505,478)	(910,293)
Advances to suppliers	176,653	(91,717)
Prepayments	(206,047)	(93,576)
Tender deposits	(45,653)	(16,658)
Travel advances to shareholders		41,819
Advances to employees	(438,880)	(549,824)
Deferred tax assets	27,820	(127,135)
Amounts due from related companies
Accounts payable	(198,469)	1,057,181
Income tax payable	(910)	(4,518)
Turnover and other taxes	(2,083)	(49,434)
Customer deposits	247,414	1,331,544
Accrued liabilities	413,037	1,188,907
Net cash (used in) / provided by operating activities	(526,938)	(29,508)
Cash flows from investing activities
Purchase of plant and equipment	(16,560)	(63,637)
Net cash provided by / (used in) investing activities	(16,560)	(63,637)
Cash flows from financing activities
Bank borrowings/(repayments)	65,062	(96,505)
Net cash used in financing activities	65,062	(96,505)
Net in cash and cash equivalents (used)/sourced	(478,436)	(189,650)
Effect of foreign currency translation on cash and cash equivalents	148,562	25,977
Cash and cash equivalents - beginning period	442,006	352,457
Cash and cash equivalents - end period	112,132	188,784
Supplementary cash flow information:
Tax paid	82,362	8,596
Interest received	1,281	1,355
Interest paid	$ 43,500	$ 41,024

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 112,132	$ 442,006
Trade receivables, net	6,333,416	7,490,619
Inventories	4,470,431	3,457,459
Advances to suppliers	806,727	992,508
Prepayments	793,276	593,022
Tender deposits	467,548	425,944
Travel advances to shareholders	588	594
Advances to employees	1,343,544	913,722
Total current assets	14,327,662	14,315,874
Restricted cash	1,094	1,094
Amount due from a related company	123,744	400,458
Property, plant and equipment, net	2,270,562	2,830,263
Intangibles, net	5,049,381	5,985,692
TOTAL ASSETS	21,772,443	23,533,381
Current liabilities
Short term bank loans	649,910	590,464
Accounts payable	1,503,737	1,718,125
Income tax payable	3,764	4,718
Turnover and other taxes	67,256	69,994
Expected warranty liabilities	19,003	19,183
Customer deposits	4,905,081	4,702,095
Accrued liabilities	2,853,499	2,464,052
Total current liabilities	10,002,250	9,568,631
TOTAL LIABILITIES	10,002,250	9,568,631
STOCKHOLDERS' EQUITY
Series B Convertible Preferred Stock $0.0000001 par value; 400,000 shares authorized; 160,494 shares issued and outstanding at September 30, 2014 and December 31, 2013	1	1
Common stock at $0.0000001 par value; 100,000,000 shares authorized; 18,499,736 shares issued and outstanding at September 30, 2014 and December 31, 2013	2	2
Additional paid-in capital	13,833,383	13,833,383
Statutory reserves	4,279,756	4,279,756
Retained earnings	(14,809,068)	(12,238,311)
Accumulated other comprehensive income	8,466,119	8,089,919
TOTAL STOCKHOLDERS' EQUITY	11,770,193	13,964,750
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 21,772,443	$ 23,533,381