GENERAL STEEL HOLDINGS INC

CIK:0001239188|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)INCOME
REVENUES	$ 181,255	$ 0	$ 181,255	$ 0
COST OF REVENUES	64,088	0	64,088	0
GROSS PROFIT	117,167	0	117,167	0
GENERAL AND ADMINISTRATIVE EXPENSES	276,767	25,000	555,107	50,000
RESEARCH AND DEVELOPMENT EXPENSES	13,904	0	13,904	0
LOSS FROM OPERATIONS	(173,504)	(25,000)	(451,844)	(50,000)
OTHER INCOME (EXPENSE)
Finance/interest (expense)income	2,865	0	18,966	0
Other income, net	2,865	0	18,966	0
LOSS BEFORE PROVISION FOR INCOME TAXES	(170,639)	(25,000)	(432,878)	(50,000)
PROVISION FOR INCOME TAXES	0	0	0	0
NET LOSS FROM CONTINUING OPERATIONS	(170,639)	(25,000)	(432,878)	(50,000)
NET LOSS FROM OPERATIONS HELD FOR SALE	(3,330,858)	(560,071)	(3,834,201)	2,905,278
NET (LOSS)INCOME	(3,501,497)	(585,071)	(4,267,079)	2,855,278
OTHER COMPREHENSIVE INCOME(LOSS)
Foreign currency translation adjustments	92,710	78,420	68,270	(36,746)
COMPREHENSIVE (LOSS)INCOME	$ (3,408,787)	$ (506,651)	$ (4,198,809)	$ 2,818,532
WEIGHTED AVERAGE NUMBER OF SHARES	46,013,959	20,200,208	46,013,959	20,200,208
(LOSS)INCOME PER SHARE - BASIC AND DILUTED
Continuing operations	$ 0.00	$ 0.00	$ (0.01)	$ 0.00
Operations held for sale	(0.07)	(0.03)	(0.08)	0.14
(LOSS)INCOME PER SHARE	$ (0.08)	$ (0.03)	$ (0.09)	$ 0.14

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)income	$ (4,267,079)	$ 2,855,278
NET LOSS FROM OPERATIONS HELD FOR SALE	(3,834,201)	2,905,278
NET LOSS FROM CONTINUING OPERATIONS	(432,878)	(50,000)
Adjustments to reconcile net loss to cash provided by (used in) operating activities from continuing operations:
Depreciation	161	0
Amortization of right-of-use asset	28,746	0
Changes in operating assets and liabilities
Accounts receivable	(113,049)	0
Other receivables	(7,960)	0
Prepaid expense and other current assets	(9,057)	0
Accounts payables	27,483	0
Other payables and accrued liabilities	(119,969)	50,000
Taxes payable	(280)	0
Lease liabilities	(33,844)	0
Net cash provided by (used in) operating activities from operations held for sale	3,834,163	(4,474,656)
Net cash used in operating activities	(660,685)	(1,569,378)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(2,147)	0
Net cash used in investing activities	(2,147)	0
CASH FLOWS FINANCING ACTIVITIES:
Borrowings from related parties	344,529	1,568,849
Loan receivables	(3,684,544)	0
Net cash (used in) provided by financing activities	(3,340,015)	1,568,849
EFFECTS OF EXCHANGE RATE CHANGE IN CASH AND CASH EQUIVALENTS	50,969	217
DECREASE IN CASH AND CASH EQUIVALENTS	(3,951,878)	(312)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	4,820,831	5,260
CASH AND CASH EQUIVALENTS, END OF PERIOD	868,953	4,948
Less: cash and cash equivalents from operations held for sale, end of period	(1,963)	(2,002)
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, END OF PERIOD	866,990	2,946
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES
Initial recognition of right-of-use assets and lease labilities	107,640	0
Additional paid in capital contribute from equity investee	$ 45,954	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 866,990	$ 4,818,833
Accounts receivable	167,070	55,246
Loan receivables	3,641,289	0
Prepaid expense and other current assets	60,337	17,291
Current assets held for sale	9,300,658	12,976,864
TOTAL CURRENT ASSETS	14,036,344	17,868,234
Equipment, net	1,964	0
Rent deposit	10,077	10,058
Right-of-use assets	77,968	0
TOTAL OTHER ASSETS	90,009	10,058
TOTAL ASSETS	14,126,353	17,878,292
CURRENT LIABILITIES:
Other payables and accrued liabilities	440,192	506,174
Other payables - related parties	671,986	331,074
Taxes payable	0	277
Lease liabilities - current	52,970	0
Current liabilities held for sale	8,971,099	8,893,326
TOTAL CURRENT LIABILITIES	10,136,247	9,730,851
LEASE LIABILITIES - NONCURRENT	19,960	0
TOTAL LIABILITIES	10,156,207	9,730,851
COMMITMENTS AND CONTINGENCIES
EQUITY:
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 3,092,899 shares of Series A Preferred Stock issued and outstanding as of June 30, 2019 and December 31, 2018	3,093	3,093
Common stock, $0.001 par value, 200,000,000 shares authorized, 46,508,421 shares issued, 46,013,959 shares outstanding as of June 30, 2019 and December 31, 2018, respectively	46,509	46,509
Treasury stock, at cost, 494,462 shares as of June 30, 2019 and December 31, 2018	(839,686)	(839,686)
Additional paid-in-capital	1,261,915,192	1,261,869,238
Statutory reserves	1,107,010	1,107,010
Accumulated deficit	(1,261,513,916)	(1,257,246,837)
Accumulated other comprehensive income	3,251,944	3,208,114
TOTAL EQUITY	3,970,146	8,147,441
TOTAL LIABILITIES AND EQUITY	$ 14,126,353	$ 17,878,292