BODISEN BIOTECH, INC

CIK:0001178552|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Statement [Abstract]
Revenue	$ 682,357	$ 1,428,557	$ 934,221	$ 2,509,523
Cost of revenue	473,786	1,138,190	698,252	1,890,532
Gross profit	208,571	290,367	235,969	618,991
Operating expenses
Selling expenses	6,737	47,973	26,061	549,601
General and administrative expenses	1,098,398	1,320,993	1,597,978	2,139,602
Total operating expenses	1,105,135	1,368,966	1,624,039	2,689,203
Loss from operations	(896,564)	(1,078,599)	(1,388,070)	(2,070,212)
Non-operating income (expense):
Other income (expense)	(405,519)	(1,676)	(405,755)	(2,288)
Interest income	77	385	359	20,761
Interest expense	(20,971)	(5,278)	(56,770)	(16,589)
Total non-operating income (expense)	(426,413)	(6,569)	(462,166)	1,884
Net loss	(1,322,977)	(1,085,168)	(1,850,236)	(2,068,328)
Other comprehensive loss
Foreign currency translation gain	384,302	19,631	390,517	230,586
Unrealized gain (loss) on marketable equity security	(282,603)	(2,331,471)	(70,651)	60,558
Total other comprehensive income (loss)	101,699	(2,311,840)	319,866	291,144
Comprehensive loss	$ (1,221,278)	$ (3,397,008)	$ (1,530,370)	$ (1,777,184)
Weighted average shares outstanding :
Basic	21,510,250	21,510,250	21,510,250	21,510,250
Diluted	21,510,250	21,510,250	21,510,250	21,510,250
Earnings (loss) per share:
Basic	$ (0.06)	$ (0.05)	$ (0.09)	$ (0.10)
Diluted	$ (0.06)	$ (0.05)	$ (0.09)	$ (0.10)

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,850,236)	$ (2,068,328)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	561,483	849,434
Allowance for (recovery of) bad debts	661,793	(22,583)
Loss on disposal of equipment	414,176
(Increase) / decrease in assets:
Accounts receivable	1,272,326	2,374,191
Other receivables	(22,279)	11,731
Inventory	698,490	(2,636,881)
Due from a related party	(934,584)
Advances to suppliers	(4,762)	(529,469)
Prepaid expense	(14,570)	(15,433)
Increase / (decrease) in current liabilities:
Accounts payable	(173,544)	353,277
Accrued expenses	(28,956)	(27,647)
Deferred revenue	(122,452)	(239,607)
Other payables	17,949	7,625
Net cash provided by (used in) operating activities	474,834	(1,943,690)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment		(15,994)
Proceeds from sale of property and equipment	817,020
Proceeds from repayment of note receivable		1,425,501
Net cash provided by investing activities	817,020	1,409,507
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loan		1,425,501
Repayment of bank loan	(1,441,800)	(1,425,501)
Net cash used in financing activities	(1,441,800)
Effect of exchange rate changes on cash and cash equivalents	4,637	6,550
NET DECREASE IN CASH	(145,309)	(527,633)
CASH, BEGINNING OF PERIOD	294,539	935,375
CASH, END OF PERIOD	149,230	407,742
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	56,770	16,589
Income taxes paid

CONSOLIDATED BALANCE SHEETS(USD ($))	Jun. 30, 2013	Dec. 31, 2012
CURRENT ASSETS:
Cash	$ 149,230	$ 294,539
Accounts receivable, net of allowance for doubtful accounts of $1,153,418 and $475,122	1,705,873	3,584,676
Other receivables	26,546	3,963
Due from a related party	943,918
Inventory	1,506,643	2,166,992
Advances to suppliers	45,210	39,576
Prepaid expense and other current assets	19,198	4,391
Total current assets	4,396,618	6,094,137
PROPERTY AND EQUIPMENT, net	10,028,611	11,541,347
MARKETABLE SECURITY, AVAILABLE-FOR-SALE	211,952	282,603
INTANGIBLE ASSETS, net	4,818,883	4,776,979
TOTAL ASSETS	19,456,064	22,695,066
CURRENT LIABILITIES:
Accounts payable	367,854	532,266
Accrued expenses	67,249	76,984
Deferred revenue	645,631	753,616
Bank loan		1,426,500
Total current liabilities	1,080,734	2,789,366
Long-term bank loan
TOTAL LIABILITIES	1,080,734	2,789,366
STOCKHOLDERS' EQUITY:
Preferred stock, $0.0001 per share; authorized 5,000,000 shares; nil issued and outstanding
Common stock, $0.0001 per share; 30,000,000 shares authorized and 21,510,250 shares issued and outstanding	2,151	2,151
Additional paid-in capital	35,345,542	35,345,542
Accumulated other comprehensive income	11,293,591	10,973,725
Statutory reserve	4,314,488	4,314,488
Accumulated deficit	(32,580,442)	(30,730,206)
Total stockholders' equity	18,375,330	19,905,700
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 19,456,064	$ 22,695,066