L & L ENERGY, INC.

CIK:0001137083|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013
Income Statement [Abstract]
NET REVENUES	$ 31,671,723	$ 59,852,361	$ 125,819,602	$ 144,804,738
COST OF REVENUES	21,774,009	39,396,382	79,624,378	102,569,810
GROSS PROFIT	9,897,714	20,455,979	46,195,224	42,234,928
OPERATING COSTS AND EXPENSES:
Salaries & wages-selling, general and administrative	596,155	703,121	4,797,301	2,597,634
Selling, general and administrative expenses, excluding salaries and wages	2,860,068	3,358,112	11,012,065	9,260,485
Total operating expenses	3,456,223	4,061,233	15,809,366	11,858,119
INCOME FROM OPERATIONS	6,441,491	16,394,746	30,385,858	30,376,809
OTHER INCOME (EXPENSE):
Interest income	4,701	116,926	14,716	341,261
Other income (expense), net	(596,222)	71,818	(1,091,012)	962,243
Loss on debt settlement			(6,101,488)
Derivative gain	772,767		4,405,953
Total other income (expense)	181,246	188,744	(2,771,831)	1,303,504
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES	6,622,737	16,583,500	27,614,027	31,680,313
PROVISION FOR INCOME TAXES	1,018,654	1,574,799	4,405,955	3,072,766
INCOME FROM CONTINUING OPERATIONS	5,604,083	15,008,701	23,208,072	28,607,547
Income attributable to non-controlling interests	1,395,633	3,007,604	6,833,321	6,334,799
Income attributable to L & L	4,208,450	12,001,097	16,374,751	22,272,748
Total Discontinued Operation Revenues
Gain on disposal		3,260,086		3,260,086
Net income from discontinued operations attributable to non-controlling interests		176,375		2,236,402
Net income from discontinued operations attributable to L & L		335,615		3,993,377
TOTAL INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX		3,772,076		9,489,865
NET INCOME	5,604,083	18,780,777	23,208,072	38,097,412
Net income attributable to non-controlling interests	1,395,633	3,183,979	6,833,321	8,571,201
Net income attributable to L & L	4,208,450	15,596,798	16,374,751	29,526,211
OTHER COMPREHENSIVE INCOME:
Foreign currency translation gain (loss)	1,564,694	(977,322)	4,466,246	(1,308,735)
COMPREHENSIVE INCOME	7,168,777	17,803,455	27,674,318	36,788,677
Comprehensive income attributable to non-controlling interests	1,697,100	3,049,642	7,701,699	8,377,845
Comprehensive income attributable to L & L	$ 5,471,677	$ 14,753,813	$ 19,972,619	$ 28,410,832
Income from continuing operations	$ 0.10	$ 0.32	$ 0.40	$ 0.60
INCOME PER COMMON SHARE - basic from discontinued operations	$ 0	$ 0.10	$ 0	$ 0.19
INCOME PER COMMON SHARE - basic	$ 0.10	$ 0.42	$ 0.40	$ 0.79
Income from continuing operations	$ 0.09	$ 0.32	$ 0.38	$ 0.60
INCOME PER COMMON SHARE - diluted from discontinued operations	$ 0	$ 0.10	$ 0	$ 0.19
INCOME PER COMMON SHARE - diluted	$ 0.09	$ 0.42	$ 0.38	$ 0.79
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - basic	43,613,610	37,318,789	41,429,291	37,562,695
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - diluted	45,545,719	37,318,789	43,632,344	37,562,695

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	Jan. 31, 2014	Jan. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 23,208,072	$ 38,097,412
Gain from discontinued operations, net of income taxes	0	(6,229,779)
Gain on sale of subsidiary	0	(3,260,086)
INCOME FROM CONTINUING OPERATIONS	23,208,072	28,607,547
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,101,572	5,124,945
Stock-based compensation	1,259,081	2,099,117
Amortization of debt discount	671,000	0
Loss on Ironridge Settlement	6,101,487	0
Decrease in fair value of derivative liability	(4,405,953)	0
Accretion of asset retirement obligation	216,367	137,134
Changes in assets and liabilities, net of businessess acquisitions:
Accounts receivable	3,654,897	(11,457,864)
Prepaid expenses and other current assets	(1,914,539)	(3,584,643)
Inventories	(1,152,676)	(2,303,922)
Other receivables	1,994,239	(17,249,745)
Accounts payable and other payables	10,820,899	8,358,088
Customer deposits	1,487,861	(1,273,992)
Accrued expense and other liabilities	1,654,332	(417,174)
Taxes payable	3,540,644	2,513,694
Note receivable	0	56,184
Net cash provided by continuing operating activities	53,237,283	10,609,369
Net cash provided by discontinued operating activities	0	9,489,865
Net cash provided by operating activities	53,237,283	20,099,234
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(1,540,270)	(1,596,161)
Acquisition of intangible assets	(682,324)	0
Acquisition of businesses, net of cash acquired	0	(1,748,669)
Construction-in-progress	(58,505,000)	(27,442,341)
Increase in restricted cash	(318,426)	0
Increase in land rental prepaid	(2,383,037)	0
Proceeds from repayment of long term receivable	5,300,720	1,559,826
Proceeds from disposal of fixed asset	2,562,753	0
Cash received from HSC disposal	526,250	5,125,291
Net cash used in continuing investing activities	(55,039,334)	(24,102,054)
Net cash used in discontinued investing activities	0	12,555,005
Net cash used in investing activities	(55,039,334)	(11,547,049)
CASH FLOWS FROM FINANCING ACTIVITIES:
Due to officers	(114,045)	1,035,708
Proceeds from Treasury stock sold	0	55,933
Payment to previous owner of acquired mine	0	(8,708,978)
Net cash provided by (used in) continuing financing activities	(114,045)	(7,617,337)
Net cash provided by (used in) discontinued financing activities	0	0
Net cash provided by financing activities	(114,045)	(7,617,337)
Effect of exchange rate changes on cash and cash equivalents	738,262	634,714
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(1,413,816)	1,569,562
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	9,565,084	3,547,953
CASH AND CASH EQUIVALENTS, END OF PERIOD	8,151,268	5,117,515
SUPPLEMENTAL INFORMATION
INCOME TAX PAID	857,765	2,114,059
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payable to DaPing shareholders	$ 0	$ 11,045,999

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jan. 31, 2014	Apr. 30, 2013
CURRENT ASSETS:
Cash and cash equivalents	$ 8,151,268	$ 9,565,084
Accounts receivable	32,425,147	35,431,260
Prepaid expenses and other current assets	29,635,162	23,139,756
Other receivables, net	7,889,520	12,895,304
Due from related party	5,707,051	3,434,502
Related party notes receivable - current	4,331,581	4,237,715
Inventories	8,452,982	7,154,544
Total current assets	96,592,711	95,858,165
Property, plant, equipment, and mine development cost, net	215,431,354	173,409,488
Construction-in-progress	49,054,291	34,679,059
Intangible assets, net	820,185	214,883
Goodwill	2,806,089	2,753,439
Prepaid and Other assets, non-current	5,876,536	3,094,830
Deferred finance fee	78,523	146,072
Long term receivable, net	7,323,886	12,441,007
Total non-current assets	281,390,864	226,738,778
Total assets	377,983,575	322,596,943
CURRENT LIABILITIES:
Accounts payable	3,810,085	3,794,840
Accrued expenses and other current liabilities	2,697,671	1,011,100
Other payables	25,682,072	21,373,835
Related party payable - current	13,027,737	6,808,798
Due to officers	1,214,432	1,304,431
Taxes payable	21,701,013	17,792,612
Customer deposits	2,258,918	745,200
Bank loans	4,999,985	4,999,985
Total current liabilities	75,391,913	57,830,801
LONG-TERM LIABILITIES
Convertible note payable, net of discount	1,214,367	543,367
Derivative liabilities	188,959	4,594,912
Asset retirement obligations	3,903,835	3,616,643
Total long-term liabilities	5,307,161	8,754,922
Total liabilities	80,699,074	66,585,723
Commitments and contingencies
STOCKHOLDERS' EQUITY [Abstract]
Preferred stock, no par value, 2,500,000 shares authorized, none issued and outstanding	0	0
Common stock issued (value)	43,471	38,385
Additional paid-in capital	81,943,184	69,588,550
Accumulated other comprehensive income	14,280,333	9,814,087
Retained earnings	150,861,780	134,487,028
Treasury stock (286,595 shares and 286,595 shares at January 31, 2014 and April 30, 2013 respectively, including shared held by subsidiary)	(68,035)	(68,035)
Total L & L Energy stockholders' equity	247,060,733	213,860,015
Non-controlling interest	50,223,768	42,151,205
Total equity	297,284,501	256,011,220
TOTAL LIABILITIES AND EQUITY	$ 377,983,575	$ 322,596,943