SINOCOKING COAL & COKE CHEMICAL INDUSTRIES, INC.

CIK:0001099290|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
REVENUE	$ 18,953,657	$ 45,613,084
COST OF REVENUE	11,838,252	32,973,492
GROSS PROFIT	7,115,405	12,639,592
OPERATING EXPENSES:
Selling	44,282	137,858
General and administrative	8,542,878	13,169,466
Impairment expenses	97,028,507	2,431,718
Total operating expenses	105,615,667	15,739,042
LOSS FROM OPERATIONS	(98,500,262)	(3,099,450)
OTHER INCOME (EXPENSE)
Other income	13,997
Interest income	38	165,367
Interest expense	(2,496,033)	(5,552,467)
Other finance expense	(168,461)	(63,083)
Gain from assets transfer	5,122,075
Change in fair value of warrants	2,833,882	7,131,724
Total other income, net	5,305,498	1,681,541
LOSS BEFORE INCOME TAXES	(93,194,764)	(1,417,909)
PROVISION FOR INCOME TAXES	1,051,040	2,045,865
NET LOSS	(94,245,804)	(3,463,774)
Less: Net loss attributable to noncontrolling interest	(4,354,504)
NET LOSS ATTRIBUTABLE TO COMMOM SHAREHOLDERS	(89,891,300)	(3,463,774)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(8,226,838)	1,074,431
COMPREHENSIVE LOSS	(98,118,138)	(2,389,343)
Less: Comprehensive income (loss) attributable to noncontrolling interest	22,904
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMOM SHAREHOLDERS	$ (98,141,042)	$ (2,389,343)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
Basic and diluted (in dollars per share)	2,396,022	2,329,183
LOSS PER SHARE
Basic and diluted (in shares)	$ (37.52)	$ (1.49)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (94,245,804)	$ (3,463,774)
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation	1,572,017	1,376,901
Amortization	729,209	70,953
Change in fair value of warrants	(2,833,882)	(7,131,724)
Bad debt expense	5,715,538	10,113,269
Amortization of prepaid expenses	16,670	83,330
Loss from inventory LCM		44,388
Impairment loss on investment	1,530,173
Impairment loss of long-lived assets and construction in progress	42,688,520	2,431,718
Impairment loss of intangibles	52,809,815
Gain from assets transfer	(5,122,075)
Gain of other payable write off	(13,997)
Change in operating assets and liabilities
Accounts receivable, trade	(6,745,750)	(5,009,210)
Notes receivable, trade
Other receivables	4,680,034	895,390
Inventories	2,926,207	4,220,150
Advances to suppliers	3,895,436	(958,306)
Accounts payable, trade	(42,263)	(2,917,080)
Other payables and accrued liabilities	(990,937)	638,907
Customer deposits
Taxes payable	20,432	135,602
Net cash provided by operating activities	6,589,343	530,514
CASH FLOWS FROM INVESTING ACTIVITIES:
Collection of loans receivable		8,232,037
Loan receivable to CPL		(200,000)
Purchase of gasification equipment	(72,456)	(13,575,250)
Prepayments of construction of underground gasification		(2,606,926)
Payment of coal mine acquisition	(4,747,250)
Net cash used in investing activities	(4,819,706)	(8,150,139)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of short-term loans - Bairui Trust		(8,146,640)
Proceeds from short-term loans - CPL	1,638,416	4,227,765
Repayment of short-term loans - CPL	(3,601,712)	(1,990,699)
Proceeds from issuance of common stock		13,204,539
Proceeds from (payment to) related parties	174,466	215,920
Net cash (used in) provided by financing activities	(1,788,830)	7,510,885
EFFECT OF EXCHANGE RATE ON CASH	(21,889)	(1,647)
DECREASE IN CASH	(41,082)	(110,387)
CASH, beginning of year	81,605	191,992
CASH, end of year	40,523	81,605
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income tax	1,154,717	2,053,280
Cash paid for interest	4,137,981	4,901,566
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES
Reclassification of short-term loans to Long-term loans		29,327,902
Common stock issued for a service fee		100,000
Issuance of warrants related to the sale of common stock		10,047,356
Transfer of construction in progress plant and equipment	6,226,023	7,052,383
Reclassification of prepayments to construction in progress	2,488,288	29,947,047
Reclassification of prepayments to land use right		11,902,241
Reclassification of construction in progress to land use rights		11,861,507
Other payable accrued for land use right registration		473,743
Short term loan transferred according to debt settlement	$ 40,123,644

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Jun. 30, 2015
CURRENT ASSETS
Cash	$ 40,523	$ 81,605
Accounts receivable, trade		13,970,451
Other receivables and deposits	2,492	4,928,967
Inventories	102,504	3,191,605
Advances to suppliers		8,216,127
Prepaid expenses		16,670
Total current assets	145,519	30,405,425
PLANT AND EQUIPMENT, net	26,631	18,750,242
CONSTRUCTION IN PROGRESS	37,004,732	65,420,768
OTHER ASSETS
Prepayments		19,674,034
Intangible assets, net		56,355,185
Long-term investments	1,204,032	2,920,247
Other assets	105,353	114,589
Total other assets	1,309,385	79,064,055
Total assets	38,486,267	193,640,490
CURRENT LIABILITIES
Current maturity of long term loan		44,471,220
Accounts payable, trade	22,064	70,164
Other payables and accrued liabilities	3,922,171	4,503,689
Other payables - related parties	870,660	736,596
Acquisition payable		4,747,250
Customer deposits		80,306
Taxes payable	854,102	907,472
Current portion of warrants liability	40,884	289,481
Total current liabilities	5,709,881	55,806,178
LONG TERM LIABILITIES
Warranty liability	40,884	2,626,168
Total long term liabilities	40,884	2,626,168
Total liabilities	5,750,765	58,432,346
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, $0.001 par value, 100,000,000 shares authorized, 2,396,021 shares issued and outstanding (given retroactive effect to the 1-for-10 reverse stock split effective October 27, 2016	2,396	2,396
Additional paid-in capital	6,867,961	6,867,961
Statutory reserves	3,689,941	3,689,941
Retained earnings	18,940,333	108,831,633
Accumulated other comprehensive income	3,234,871	11,484,613
Total SinoCoking Coal and Coke Chemicals Industries, Inc's equity	32,735,502	130,876,544
NONCONTROLLING INTERESTS		4,331,600
Total equity	32,735,502	135,208,144
Total liabilities and equity	$ 38,486,267	$ 193,640,490