Shiner International, Inc.

CIK:0001369774|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net revenue	$ 12,305,719	$ 13,806,856
Cost of goods sold	10,360,581	11,479,169
Gross profit	1,945,138	2,327,687
Operating expenses:
Selling	445,100	1,045,384
General and administrative	1,897,733	1,759,842
Total operating expenses	2,342,833	2,805,226
Loss from operations	(397,695)	(477,539)
Non-operating income (expense):
Other income, net	106,149	201,857
Interest income	432,828	733,954
Interest expense	(590,179)	(1,252,610)
Exchange loss	(12,414)	2,108
Total non-operating income (expense)	(63,616)	(314,691)
Income before income tax	(461,311)	(792,230)
Income tax expense	103,653	62,609
Net loss	(564,964)	(854,839)
Net loss attributed to noncontrolling interest	(62,693)	(20,912)
Net loss attributed to Shiner	(502,271)	(833,927)
Comprehensive loss:
Net loss	(564,964)	(854,839)
Foreign currency translation gain	284,921	154,264
Comprehensive loss	$ (280,043)	$ (700,575)
Weighted average shares outstanding :
Basic	27,541,491	27,541,491
Diluted	27,541,491	27,541,491
Loss per share attributed to Shiner common stockholders:
Basic	$ (0.02)	$ (0.03)
Diluted	$ (0.02)	$ (0.03)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (564,964)	$ (854,839)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	244,608	999,346
Amortization	5,533	5,887
Gain on sale and write off of assets	0	0
Change in working capital components:
Accounts receivable	(183,235)	633,558
Other receivables	180,374	503,670
Inventory	1,909,702	(952,145)
Notes receivable	109,831	(143,176)
Advances to suppliers	185,348	(2,304,993)
Other assets	(153,607)	48,788
Accounts payable	2,000,032	232,382
Unearned revenue	476,350	(269,410)
Other payables	(338,997)	(382,201)
Accrued payroll	22,239	(21,857)
Net cash provided by (used in) operating activities	3,893,214	(2,504,990)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for property and equipment	(952,619)	(88,446)
Decrease in restricted cash	159,263	6,706,123
Issuance of other receivables	(688,065)	(1,885,225)
Payment on other receivable	8,705,305	7,831,113
Net cash provided by investing activities	7,223,884	12,563,565
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of short-term loans	(9,174,000)	(19,219,656)
Proceeds from short-term loans	4,968,724	21,720,765
Repayment of long-term loans	(6,116,000)	(6,508,000)
Contribution by non-controlling interest	0	634,530
Net cash provided by (used in) financing activities	(10,321,276)	(3,372,361)
Effect of exchange rate changes on cash and equivalents	348,786	53,348
NET INCREASE IN CASH AND EQUIVALENTS	1,144,608	6,739,562
CASH AND EQUIVALENTS, BEGINNING BALANCE	829,391	5,710,373
CASH AND EQUIVALENTS, ENDING BALANCE	1,973,999	12,449,935
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	590,179	1,210,039
Income taxes paid	$ 19,089	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and equivalents	$ 1,973,999	$ 829,391
Restricted cash	59,476	219,605
Accounts receivable, net	10,302,421	10,051,326
Other receivables	4,131,862	5,959,283
Advances to suppliers	19,340,553	19,402,658
Notes receivable	232,650	341,843
Inventory, net	9,871,137	11,990,551
Prepaid expenses and other current assets	607,384	381,129
Total current assets	46,519,482	49,175,786
Property and equipment, net	22,378,788	22,018,192
Construction in progress	7,814,302	7,434,263
Advance for purchase of equipment	575,944	404,632
Other non-current receivables	5,041,163	11,485,998
Intangible assets, net	974,076	973,372
TOTAL ASSETS	83,303,755	91,492,243
CURRENT LIABILITIES:
Accounts payable	9,106,315	7,032,147
Other payables	9,609,848	9,890,606
Unearned revenue	2,104,162	1,610,508
Accrued payroll	133,752	110,477
Short-term loans	17,603,316	21,728,100
Long-term loan, currently in default	6,204,000	12,328,000
Total current liabilities	44,761,393	52,699,838
Long-term loans	4,653,000	4,623,000
Total liabilities	49,414,393	57,322,838
Commitments and contingencies	0	0
Shiner stockholders' equity:
Common stock, par value $0.001; 75,000,000 shares authorized, 27,603,336 shares issued and 27,541,491 shares outstanding	27,603	27,603
Additional paid-in capital	14,336,456	14,336,456
Treasury stock (61,845 shares)	(58,036)	(58,036)
Other comprehensive income	5,134,011	4,849,974
Statutory reserve	4,322,533	4,247,524
Retained earnings	9,913,513	10,490,793
Total Shiner stockholders' equity	33,676,080	33,894,314
Noncontrolling interest	213,282	275,091
Total equity	33,889,362	34,169,405
TOTAL LIABILITIES AND EQUITY	$ 83,303,755	$ 91,492,243