Eastern Environment Solutions Corp.

CIK:0001119721|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues
Landfill disposal fees revenue	$ 830,798	$ 3,437,986	$ 4,895,772	$ 7,959,964
Total Revenue	2,173,807	4,659,194	8,736,150	11,490,700
Cost of Goods Sold
Landfill disposal fees cost of revenue	216,643	1,908,896	3,112,606	4,173,824
Total cost of revenues	681,125	2,302,615	4,419,186	5,307,503
Gross Profit	1,492,682	2,356,579	4,316,964	6,183,197
Selling, General and Administrative Expense	102,114	154,580	498,022	449,504
Income from operations	1,390,568	2,201,999	3,818,942	5,733,693
Other Income (expense)
Interest income	81,634	1,282	260,513	24,829
Interest expense	(16,085)		(62,644)
Other income		71		(42)
Total other income, net	65,549	1,353	197,869	24,787
Income from Operations before Income Taxes	1,456,117	2,203,352	4,016,811	5,758,480
Provision for Income Taxes	188,258	284,325	520,684	753,510
Net Income	1,267,859	1,919,027	3,496,127	5,004,970
Other Comprehensive Income -
Foreign currency translation gain	187,758	184,793	499,639	188,908
Comprehensive Income	$ 1,455,617	$ 2,103,820	$ 3,995,766	$ 5,193,878
Basic and Diluted Income Per Share
Basic Income Per Share	$ 0.10	$ 0.15	$ 0.28	$ 0.41
Diluted Income Per Share	$ 0.08	$ 0.13	$ 0.23	$ 0.33
Weighted Average Number of Common Shares Outstanding
Basic Weighted Average Number of Common Shares Outstanding	12,766,549	12,431,549	12,683,614	12,197,536
Diluted Weighted Average Number of Common Shares Outstanding	14,970,186	14,970,186	14,970,186	14,970,186

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2011	Sep. 30, 2010
Cash Flows From Operating Activities:
Net income	$ 3,496,127	$ 5,004,970
Depreciation and amortization	1,044,753	956,857
Amortization of stock-based compensation	125,063	260,715
Deferred tax benefit	(109,959)	(96,494)
Accounts receivable	3,262,807	(1,866,188)
Inventories	190,398	(14,012)
Accounts payable	27	16
Taxes payable	(39,308)	278,754
Accrued expenses and other payables	3,213	(18,416)
Net cash provided by operating activities	7,973,121	4,506,202
Cash Flows From Investing Activities:
Additions to construction in process	(340,979)	(4,290)
Payment of capitalized interest for construction loan		(110,383)
Payments on loan to unrelated parties		438,966
Payments on loans receivable	2,194,300	42,828
Net cash provided by investing activities	1,853,321	367,121
Cash Flows From Financing Activities
Loan repayments to bank	(785,356)	(724,944)
Net cash used in financing activities	(785,356)	(724,944)
Effect of Exchange Rate Changes on Cash	177,755	(266,272)
Increase in Cash	9,218,840	3,882,107
Cash - Beginning of Period	1,886,126	428,052
Cash - End of Period	11,104,966	4,310,160
Cash was paid for the following:
Interest expense	61,197
Interest expense - capitalized		110,383
Income taxes	$ 677,464	$ 753,510

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash	$ 11,104,966	$ 1,886,126
Accounts receivable	2,182,611	5,445,418
Inventories	61,977	252,375
Other receivables	1,302	1,259
Loan receivable	2,349,521	4,543,864
Total Current Assets	15,700,377	12,129,042
Property and equipment, net of accumulated depreciation of $76,618 and $60,867	103,605	113,404
Landfill development costs, net of amortization of $4,994,704 and $3,814,935	7,255,093	7,627,184
Deferred tax assets	230,678	120,719
Total Assets	23,289,753	19,990,349
Current liabilities:
Bank loan payable	302,060	1,087,416
Accounts payable	865	838
Taxes payable	276,609	315,917
Accrued expenses and other payables	98,504	95,291
Total Current Liabilities	678,038	1,499,462
Stockholders' Equity
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,970,186 shares issued and outstanding	1,497	1,497
Additional paid-in capital	4,263,630	4,138,567
Accumulated other comprehensive income	2,596,652	2,097,014
Statutory reserves	1,574,994	1,225,381
Retained earnings - Unappropriated	14,174,942	11,028,428
Total Stockholders' Equity	22,611,715	18,490,887
Total Liabilities and Stockholders' Equity	$ 23,289,753	$ 19,990,349