CHINA SUN GROUP HIGH-TECH CO

CIK:0001298195|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011
Revenues, net	$ 11,268,804	$ 13,359,930	$ 33,471,067	$ 37,753,217
Cost of revenue (inclusive of depreciation and amortization)	7,366,419	8,753,182	22,120,626	25,367,854
Gross profit	3,902,385	4,606,748	11,350,441	12,385,363
Operating expenses:
Sales and marketing	41,624	47,493	122,663	116,266
Research and development	33,798	33,838	101,470	87,285
General and administrative	529,005	858,580	1,379,469	3,454,394
Total operating expenses	604,427	939,911	1,603,602	3,657,945
INCOME FROM OPERATIONS	3,297,958	3,666,837	9,746,839	8,727,418
Other income:
Subsidy income		291		44,722
Interest income	20,550	14,240	54,111	38,091
INCOME BEFORE INCOME TAXES	3,318,508	3,681,368	9,800,950	8,810,231
Income tax expense	(869,765)	(1,021,688)	(2,535,309)	(2,779,817)
NET INCOME	2,448,743	2,659,680	7,265,641	6,030,414
Other comprehensive income:
- Foreign currency translation gain	678,626	650,847	1,719,103	1,702,407
COMPREHENSIVE INCOME	$ 3,127,369	$ 3,310,527	$ 8,984,744	$ 7,732,821
Net income per share - Basic and diluted	$ 0.04	$ 0.05	$ 0.13	$ 0.11
Weighted average common stock outstanding - Basic and diluted	55,998,685	55,639,638	55,974,964	54,693,341

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Feb. 29, 2012	Feb. 28, 2011
Cash flows from operating activities:
Net income	$ 7,265,641	$ 6,030,414
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	1,679,459	1,223,915
Amortization of technical know-how	139,258	132,679
Shares issued for services, non-cash	67,500	2,064,125
Changes in operating assets and liabilities:
Accounts receivable, trade	(1,984,158)	(125,965)
Inventories	(210,471)	586,798
Deposits and prepayments	(3,129)	(536,805)
Accounts payable, trade	1,067,124	(1,999,474)
Customer deposits		187,520
Income tax payable	(13,254)	(892,542)
Other payables and accrued liabilities	(10,154)	(54,348)
Net cash provided by operating activities	7,997,816	6,616,317
Cash flows from investing activities:
Purchase of plant and equipment	(2,750,564)	(52,513)
Net cash used in investing activities	(2,750,564)	(52,513)
Effect of exchange rate changes on cash and cash equivalents	738,592	819,493
NET CHANGE IN CASH AND CASH EQUIVALENTS	5,985,844	7,383,297
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	21,810,394	18,017,266
CASH AND CASH EQUIVALENTS, END OF PERIOD	27,796,238	25,400,563
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	2,548,564	3,742,036
Cash paid for interest

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Feb. 29, 2012	May 31, 2011
Current assets:
Cash and cash equivalents	$ 27,796,238	$ 21,810,394
Accounts receivable, trade	4,550,321	2,465,862
Inventories	841,589	610,025
Deposits and prepayments	4,228	1,026
Total current assets	33,192,376	24,887,307
Non-current assets:
Technical know-how, net	2,351,772	2,420,278
Property, plant and equipment, net	29,659,122	27,805,208
TOTAL ASSETS	65,203,270	55,112,793
Current liabilities:
Accounts payable, trade	1,081,287
Income tax payable	539,315	536,647
Other payables and accrued liabilities	1,117,602	1,163,324
Total liabilities	2,738,204	1,699,971
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized; none of shares issued and outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized; 56,212,971 and 55,962,971 shares issued and outstanding, respectively	56,213	55,963
Additional paid-in capital	11,858,039	11,790,789
Accumulated other comprehensive income	7,176,336	5,457,233
Statutory reserve	4,396,344	3,342,358
Deferred compensation	(96,000)	(96,000)
Retained earnings	39,074,134	32,862,479
Total stockholders' equity	62,465,066	53,412,822
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 65,203,270	$ 55,112,793