Yanglin Soybean, Inc.

CIK:0001368745|SEC Filings

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

18.

EARNINGS PER SHARE

The calculation of the basic and diluted earnings per share attributable to the common stock holders is based on the following data:

	2012			2011
Numerator
(Loss)Earnings:
(Loss)Earnings for the purpose of basic earnings per share	$	(20,544,333	)	$	(14,963,711	)
Effect of dilutive potential common stock		-
(Loss)Earnings for the purpose of dilutive earnings per share	$	(20,544,333	)	$	(14,963,711	)

Denominator
Number of shares:
Weighted average number of common stock for the purpose of basic earnings per share		20,927,366			20,481,557
Effect of dilutive potential common stock - conversion of convertible preferred stock		8,424,883			9,134,883
Effect of dilutive potential common stock - conversion of warrants		0			4,397
Anti-dilutive effect of preferred stock and warrants		(8,424,883	)		(9,139,280	)
Weighted average number of common stock for the purpose of dilutive earnings per share		20,927,366			20,481,557

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities
Net income	$ (20,544,333)	$ (14,963,711)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	2,118,972	2,966,880
Amortization	220,750	227,724
Share-based compensation expense	0	9,480
Bad debt recovery	(12,230)	14,631
Impairment loss of long-lived assets	9,499,022	3,722,631
Loss on disposal of property, plant and equipment	3,045,434	0
Change in fair value of warrants	(1,850,000)	800,000
Compensation receivable	(1,292,106)	0
Disposal of land use right	1,292,106
Changes in operating assets and liabilities:
Trade receivable	2,568,785	(2,850,295)
Inventories	4,146,036	5,846,511
Advances to suppliers	7,759,430	1,597,109
Prepaid VAT and other taxes	(968,952)	(1,443,223)
Other receivables	45,360	38,032
Accounts payable	(1,049)	(38,607)
Other payables	0	0
Customers deposits	267,258	(49,235)
Accrued liabilities	(74,103)	(49,051)
Net cash used in operating activities	6,220,381	(4,171,124)
Cash flows from investing activities
Purchase of property, plant and equipment	0	(37,707)
Net cash used in investing activities	0	(37,707)
Cash flows from financing activities
Proceeds from bank loans	3,328,316	21,658,416
Principal payments for short-term bank loans	(25,825,464)	(25,371,287)
Principal payments for loans from related parties	(41,310)	(85,803)
Net cash flows provided by(used in) financing activities	(22,538,458)	(3,798,675)
Net (decrease) increase in cash	(16,318,078)	(8,007,506)
Effect of foreign currency translation on cash	133,501	824,547
Cash- beginning of year	16,882,123	24,065,082
Cash- end of year	697,547	16,882,123
Supplementary cash flow information:
Interest paid	1,523,446	1,315,331
Supplemental disclosure of non-cash investing activities:
Reclassify impaired assets from fixed assets to assets held for sale	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash	$ 697,547	$ 16,882,123
Cash-restricted	247,961	247,961
Trade receivables, net	348,745	2,883,097
Inventories	914,735	5,023,011
Advances to suppliers	124,750	7,825,968
Prepaid VAT and other taxes	10,911,273	9,863,838
Other receivables and prepaid expenses	11,418	56,963
Compensation receivable	1,292,720	0
Total current assets	14,549,149	42,782,961
Property, plant and equipment, net	5,161,024	19,675,794
Intangible assets, net	2,805,676	4,285,356
TOTAL ASSETS	22,515,849	66,744,111
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term bank loans	1,110,706	22,017,771
Loans from related parties - current	45,779	42,187
Accounts payable	10,242	11,203
Other payables	39	37
Customers deposits	1,349,223	1,073,348
Accrued liabilities	499,987	570,197
Current maturities of long-term debt	1,426,624	1,415,428
Warrant liability	0	1,850,000
Total current liabilities	4,442,600	26,980,171
Long-term liabilities
Long-term bank loan	1,426,624	2,830,856
Loan from related parties - non-current	152,096	195,141
TOTAL LIABILITIES	6,021,320	30,006,168
STOCKHOLDERS' EQUITY
Common stock: $0.001 par value, 10,000,000,000 shares authorized; 20,865,119 and 20,865,119 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively	21,575	20,865
Additional paid-in capital	27,932,842	27,932,842
Statutory reserves	5,628,636	5,628,636
Retained earnings (accumulated deficit)	(28,267,978)	(7,723,645)
Accumulated other comprehensive income	11,171,029	10,870,110
Total shareholders' equity	16,494,529	36,737,943
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	22,515,849	66,744,111
Series A Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Convertible preferred stock:	$ 8,425	$ 9,135