AgriSolar Solutions, Inc.

CIK:0001379725|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2010
Revenue, net	$ 4,153,789	$ 1,790,117	$ 11,093,806	$ 7,622,563
Cost of revenue (inclusive of depreciation)	2,786,105	1,284,141	7,878,026	5,163,353
Gross profit	1,367,684	505,979	3,215,780	2,459,210
Operating expenses:
Sales and marketing	512,983	188,011	1,142,195	529,409
General and administrative	733,843	291,051	2,365,996	1,059,082
Total operating expenses	1,246,826	479,062	3,508,191	1,588,491
Income (loss) from operations	120,858	26,914	(292,411)	870,719
Other income (expense):
Interest income	48	113	578	485
Interest expense	(46,688)	(27,716)	(143,416)	(117,213)
Subsidy income	23,308		23,308	73,504
Loss on extinguishment of debt				440,000
Total other expense, net	(23,332)	(27,603)	(119,530)	(483,224)
Income (loss) before income taxes	97,526	(689)	(411,941)	387,495
Income tax expense	69,416	5,778	130,753	122,216
Net Income (Loss)	28,110	(6,467)	(542,694)	265,279
Dividend on preferred stock	23,832	12,258	67,635	35,358
Net income (loss) attributable to common stockholders	4,278	(18,725)	(610,329)	229,921
Other comprehensive income:
Foreign currency translation gain	30,151	49,075	114,394	70,422
Comprehensive income (loss)	$ 34,429	$ 30,350	$ (495,935)	$ 300,343
Net income (loss) per share basic	$ 0.00	$ 0.00	$ (0.01)	$ 0.00
Net income (loss) per share diluted	$ 0.00	$ 0.00	$ (0.01)	$ 0.00
Weighted average common stock outstanding basic	63,818,549	59,553,379	63,776,221	59,428,935
Weighted average common stock outstanding diluted	72,250,618	80,401,582	63,776,221	77,688,042

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
Condensed Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2011	Dec. 31, 2010
Net cash used in operating activities	$ (1,447,613)	$ (1,802,259)
Cash flows from investing activities:
Purchase of property, plant and equipment	(127,137)	(64,959)
Payments on intangible asset		(3,268)
Net cash used in investing activities	(127,137)	(68,227)
Cash flows from financing activities:
Advances from an officer or stockholder	7,453	370,916
Repayments of long-term borrowings		(29,026)
Proceeds from short-term borrowings	1,029,114	710,850
Repayments of short-term borrowings	(797,367)	(438,847)
Repayment of notes payable	(25,000)
Proceeds from private placement, net of expenses	480,770	1,820,416
Net cash provided by financing activities	694,970	2,434,299
Effect of exchange rate changes in cash and cash equivalents	104,860	57,080
NET CHANGE IN CASH AND CASH EQUIVALENTS	(774,920)	620,893
INITIAL CASH AND CASH EQUIVALENT	1,241,620	208,671
FINAL CASH AND CASH EQUIVALENT	466,700	829,564
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	59,163
Cash paid for interest	160,228	14,900
Non-Cash Investing And Financing Activities:
Dividend on preferred stock	67,635	35,358
Conversion of preferred stock into common stock	25,000
Conversion of short-term borrowings into common stock		438,846
Conversion of note payable into common stock		160,000
Loss on extinguishment of debt		$ 440,000

Condensed Consolidated Balance Sheets (USD $)

Dec. 31, 2011

Mar. 31, 2011

Current assets:

Cash and cash equivalents

$ 466,700

$ 1,241,620

Accounts receivable, net

11,333,880

7,565,075

Inventory, net

2,277,752

715,828

Prepayments and other receivables

614,403

238,971

Total current assets

14,692,735

9,761,494

Non-current assets:

Intangible asset, net

9,512

10,768

Plant and equipment, net

1,312,007

1,320,434

TOTAL ASSETS

16,014,254

11,092,696

Current liabilities:

Accounts payable, trade

6,199,585

2,165,425

Amount due to a stockholder

955,844

948,391

Short-term borrowings

923,060

669,701

Promissory note, related party

500,000

Notes payable

75,000

100,000

Income tax payable

110,424

80,741

Dividends payable

115,591

47,957

Accrued liabilities and other payables

2,001,366

1,431,932

Total liabilities

10,880,870

5,944,147

Commitments and contingencies

Stockholders' equity:

Preferred stock

^[1]

Preferred stock, Additional Series

2,951,224

^[2]

2,495,454

^[3]

Common stock

63,826

^[4]

63,755

^[5]

Treasury stock

(350,000)

^[6]

(350,000)

^[7]

Additional paid-in capital

4,429,200

4,404,271

Statutory reserve

171,559

82,570

Accumulated other comprehensive income

236,516

122,122

Accumulated deficit

(2,368,941)

(1,669,623)

Total stockholders' equity

5,133,384

5,148,549

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$ 16,014,254

$ 11,092,696

[1]	Preferred stock, $0.001 par value, 30,000,000 shares authorized
[2]	Preferred Stock, Additional Series AA Preferred stock, 10,000,000 shares authorized, 4,163,012 shares issued and outstanding as of December 31, 2011, $0.35 stated value; Additional Series AAA Preferred stock, 10,000,000 shares authorized, 4,269,507 shares issued and outstanding as of December 31, 2011, $0.35 stated value
[3]	Preferred Stock, Additional Series AA Preferred stock, 10,000,000 shares authorized, 4,234,441 shares issued and outstanding as of March 31, 2011, $0.35 stated value; Preferred Stock, Additional Series AAA Preferred stock, 10,000,000 shares authorized 2,895,429 shares issued and outstanding as of March 31, 2011, $0.35 stated value
[4]	Common stock, $0.001 par value; 200,000,000 shares authorized; 63,826,486 shares issued and outstanding as of December 31, 2011.
[5]	Common stock, $0.001 par value; 200,000,000 shares authorized; 63,755,057 shares issued and outstanding as of March 31, 2011.
[6]	Treasury stock, 172,712 common shares, at cost, as of December 31, 2011.
[7]	Treasury stock, 172,712 common shares, at cost, as of March 31, 2011.