THT Heat Transfer Technology, Inc.

CIK:0001375686|SEC Filings

Consolidated Statements of Income and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUES
Sales revenue	$ 14,428,365	$ 13,320,129	$ 32,459,614	$ 24,861,019
Sales revenue - related party	59,559	0	167,217	8,232
Total Revenues	14,487,924	13,320,129	32,626,831	24,869,251
COST OF REVENUES	(9,133,004)	(13,717,671)	(21,938,230)	(20,572,238)
Gross Profit	5,354,920	(397,542)	10,688,601	4,297,013
Operating Expenses
General and administrative expenses	2,694,781	2,369,915	5,507,631	5,047,734
Research and development expenses	312,842	411,866	1,282,615	1,144,441
Selling expenses	1,613,039	1,362,191	4,366,228	6,136,642
Total Operating Expenses	4,620,662	4,143,972	11,156,474	12,328,817
Income (Loss) from Operations	734,258	(4,541,514)	(467,873)	(8,031,804)
Other Income (Expenses)
Interest income	2,520	3,233	8,460	9,742
Other income	1,223	69,130	116,150	119,475
Finance costs	(46,230)	(59,378)	(172,617)	(178,942)
Investment income	2,426	292	23,714	29,235
Other expense	(375,206)	(464,561)	(386,009)	(483,087)
Total Other Expenses	(415,267)	(451,284)	(410,302)	(503,577)
Income (Loss) before Income Taxes	318,991	(4,992,798)	(878,175)	(8,535,381)
Income tax benefit (expense)	(103,583)	(109,784)	(252,830)	363,587
Net Income (Loss)	215,408	(5,102,582)	(1,131,005)	(8,171,794)
Net income (loss) attributable to non-controlling interest	6,791	(60,209)	(9,095)	(60,209)
Net Income (Loss) Attributable to THT Heat Transfer Technology, Inc. Common Shareholders	208,617	(5,042,373)	(1,121,910)	(8,111,585)
Comprehensive Loss
Net income (loss)	215,408	(5,102,582)	(1,131,005)	(8,171,794)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(2,275,900)	1,047,592	(3,401,488)	2,488,178
Comprehensive Loss	(2,060,492)	(4,054,990)	(4,532,493)	(5,683,616)
Less: comprehensive loss attributable to non-controlling interest	(19,983)	(60,209)	(48,068)	(60,209)
Comprehensive Loss Attributable to THT Heat Transfer Technology, Inc. Common Shareholders	$ (2,040,509)	$ (3,994,781)	$ (4,484,425)	$ (5,623,407)
Earnings (loss) per share attributable to THT Heat Transfer Technology, Inc. common shareholders
Basic and diluted	$ 0.01	$ (0.25)	$ (0.05)	$ (0.40)
Weighted average number of shares outstanding
Basic and diluted	20,453,500	20,453,500	20,453,500	20,453,500

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ 215,408	$ (5,102,582)	$ (1,131,005)	$ (8,171,794)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on sales of property, plant and equipment			0	340
Depreciation and amortization			951,503	890,456
Deferred tax assets			155,920	(364,130)
Allowance for doubtful accounts			2,645,778	2,190,140
Inventory write-down			178,929	4,717,317
Changes in operating assets and liabilities:
Trade receivables, net			7,555,445	6,670,507
Trade receivables - related party			27,645	1,385,944
Bills receivable			(2,963,356)	(1,036,480)
Other receivables, prepayments and deposits, net			(3,229,028)	(5,577,630)
Inventories, net			(14,773,761)	(20,324,121)
Retention receivables			1,678,359	473,758
Due from related parties			0	30,083
Advance from customers - related parties			4,932,577	0
Accounts payable			2,180,704	6,153,971
Other payables and accrued liabilities			3,546,962	2,761,179
Income tax payable			96,910	(472,448)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			1,853,582	(10,672,908)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of property, plant and equipment			1,370,150	61,221
Payments to acquire property, plant and equipment			(887,135)	(483,803)
Loans made to others			0	(1,742,110)
Loans made to related party			(147,995)	(782,941)
Repayments from others			0	2,112,475
Repayments from related parties			628,632	481,072
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES			963,652	(354,086)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceed from bank loan			2,892,431	9,516,833
Repayment to bank loan			(4,673,034)	(9,465,974)
Proceed from long-term loan			885,021	0
Proceeds from related parties			1,208,751	6,959,146
Contribution from non-controlling investor			0	1,335,490
Repayments to related parties			(5,906,580)	(1,236,399)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES			(5,593,411)	7,109,096
Effect of foreign currency translation on cash, cash equivalents, and restricted cash			(326,507)	198,611
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH			(3,102,684)	(3,719,287)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD			7,981,872	8,098,630	$ 8,098,630
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	4,879,188	4,379,343	4,879,188	4,379,343	7,981,872
Supplementary Disclosures for Cash Flow Information:
Interest paid			159,411	166,617
Income taxes paid			0	543,601
Non-cash investing and financing activities:
Operating expense paid by related party			0	64,460
Liabilities assumed in connection with purchase of property, plant and equipment			271,542	107,581
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	3,241,750	2,631,367	3,241,750	2,631,367	6,297,546
Restricted cash, current	569,519	633,427	569,519	633,427	$ 571,918
Restricted cash, non-current	1,067,919	1,114,549	1,067,919	1,114,549
Total cash, cash equivalents, and restricted cash at end of period	$ 4,879,188	$ 4,379,343	$ 4,879,188	$ 4,379,343

Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 3,241,750	$ 6,297,546
Restricted cash, current	569,519	571,918
Trade receivables, net	34,300,914	46,311,537
Trade receivables - related party	0	27,676
Bills receivable	3,184,665	394,242
Other receivables, prepayments and deposits, net	10,022,882	7,371,301
Due from related parties	363,752	2,192,446
Inventories, net	40,870,746	28,521,552
Total Current Assets	92,554,228	91,688,218
Restricted cash, non-current	1,067,919	1,112,408
Retention receivables	1,440,169	3,200,117
Property, plant and equipment, net	8,575,567	8,825,346
Land use rights, net	4,959,127	5,325,127
Deferred tax assets	3,297	159,574
TOTAL ASSETS	108,600,307	110,310,790
Current Liabilities
Accounts payable	10,811,126	8,954,475
Other payables and accrued liabilities	27,450,551	25,305,594
Advance from customers - related parties	4,679,141	0
Income tax payable	144,763	55,756
Short-term loan	2,912,692	4,918,234
Due to related parties	2,391,591	7,207,603
Total Current Liabilities	48,389,864	46,441,662
Long-term loan	873,808	0
TOTAL LIABILITIES	49,263,672	46,441,662
EQUITY
Preferred stock, $.001 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.001 par value, 190,000,000 shares authorized, 20,453,500 shares issued and outstanding at September 30, 2018 and December 31, 2017	20,454	20,454
Additional paid-in capital	27,136,310	27,136,310
Statutory reserve	4,270,861	4,270,861
Retained earnings	28,364,651	29,486,561
Accumulated other comprehensive income (loss)	(1,159,629)	2,202,886
Total THT Heat Transfer Technology, Inc. shareholders' equity	58,632,647	63,117,072
Non-controlling interest	703,988	752,056
Total Equity	59,336,635	63,869,128
TOTAL LIABILITIES AND EQUITY	$ 108,600,307	$ 110,310,790