China Advanced Construction Materials Group, Inc

CIK:0001392363|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
REVENUE	$ 12,267,286	$ 13,592,863	$ 36,290,818	$ 35,782,079
COST OF REVENUE	10,155,946	12,125,038	30,832,052	36,182,821
GROSS PROFIT (LOSS)	2,111,340	1,467,825	5,458,766	(400,742)
RECOVERY OF (PROVISION FOR) DOUBTFUL ACCOUNTS	538,216	761,482	1,235,049	(3,600,836)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	(1,730,774)	(1,548,566)	(4,505,390)	(4,626,043)
RESEARCH AND DEVELOPMENT EXPENSES	(290,994)	(99,049)	(1,077,928)	(788,492)
INCOME (LOSS) FROM OPERATIONS	627,788	581,692	1,110,497	(9,416,113)
OTHER INCOME (EXPENSE), NET
Other income, net	114,026	173,057	114,004	409,178
Interest income	848	15,174	5,174	27,008
Interest expense	(389,963)	(246,442)	(953,555)	(633,771)
Finance expense	(2,140)	(154,996)	(4,544)	(490,727)
Estimated claims charges	(97,472)		(2,712,884)
TOTAL OTHER EXPENSE, NET	(374,701)	(213,207)	(3,551,805)	(688,312)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	253,087	368,485	(2,441,308)	(10,104,425)
PROVISION FOR INCOME TAXES
NET INCOME (LOSS)	253,087	368,485	(2,441,308)	(10,104,425)
COMPREHENSIVE INCOME (LOSS)
Net Income (loss)	253,087	368,485	(2,441,308)	(10,104,425)
Other comprehensive income (loss) - foreign currency translation income (loss)	336,277	21,872	958,982	(690,312)
COMPREHENSIVE INCOME (LOSS)	$ 589,364	$ 390,357	$ (1,482,326)	$ (10,794,737)
Weighted average number of shares:
Basic	2,385,131	2,387,658	2,386,828	2,349,155
Diluted	2,385,131	2,387,658	2,386,828	2,349,155
Earnings (loss) per share:
Basic	$ 0.11	$ 0.15	$ (1.02)	$ (4.3)
Diluted	$ 0.11	$ 0.15	$ (1.02)	$ (4.3)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss)	$ (2,441,308)	$ (10,104,425)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	921,927	890,031
Gain on disposal of equipment	(2,291)
Stock-based compensation expense	388,994	289,000
(Recovery of) provision for doubtful accounts	(1,235,049)	3,600,836
Changes in operating assets and liabilities
Accounts receivable	(690,652)	(18,446,428)
Inventories	165,817	316,542
Other receivables	223,060	7,403,538
Prepayments and advances	13,318,745	8,794,720
Prepayments - related party	3,081,584	(5,889,662)
Accounts payable	(15,304,253)	17,543,151
Customer deposits	1,558,292	(3,863,130)
Other payables	(670,583)	5,208,008
Other payables - shareholders	540,000	467,986
Accrued contingent liabilities	2,545,163	(773,052)
Taxes payable	(31,186)	11,408
Net cash provided by operating activities	2,368,260	5,448,523
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(50,378)	(52,532)
Net cash used in investing activities	(50,378)	(52,532)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short term loans, banks and bank guarantees	32,579,229	18,547,704
Repayments of short term loans, banks and bank guarantees	(24,025,845)	(19,283,724)
Proceeds from notes payable		24,583,068
Repayments of notes payable	(14,510,205)	(28,999,188)
Borrowings from shareholders	91,431	146,611
Change in restricted cash	4,358,077	28,765
Net cash used in financing activities	(1,507,313)	(4,976,764)
EFFECTS OF EXCHANGE RATE CHANGE IN CASH AND CASH EQUIVALENTS	51,634	(42,997)
NET INCREASE IN CASH AND CASH EQUIVALENTS	862,203	376,230
CASH AND CASH EQUIVALENTS, beginning of period	224,679	1,006,970
CASH AND CASH EQUIVALENTS, end of period	1,086,882	1,383,200
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest expense	953,555	628,553
Cash paid for income tax
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES:
Customer deposits reclassified to other payable - shareholders upon execution of tri-party agreements	687,978
Accrued liabilities reclassified to other payable - shareholders upon execution of tri-party agreements	259,105
Forgiveness of payable to shareholder as a capital contribution	813,415
Litigation liability paid by related party	209,304
Accrued rent liability and other receivable - related party	1,413,128
OTHER NON-CASH TRANSACTIONS:
Accounts receivable offset with accounts payable upon execution of tri-party agreements	5,760,038	1,507,132
Prepayments and advances offset with other payables upon execution of a tri-party agreement	$ 3,221,266

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Jun. 30, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 1,086,882	$ 224,679
Restricted cash		4,208,765
Accounts receivable, net	46,029,256	47,543,077
Inventories	503,115	626,738
Other receivables, net	1,277,051	240,123
Other receivables - related party	1,471,501
Prepayments and advances, net	984,453	16,894,781
Prepayments - related party	4,334,988	6,996,400
Total current assets	55,687,246	76,734,563
PROPERTY PLANT AND EQUIPMENT, net	3,024,196	3,644,203
Total assets	58,711,442	80,378,766
CURRENT LIABILITIES:
Short term loans, banks and bank guarantees	27,992,493	17,700,720
Notes payable		14,013,070
Accounts payable	9,423,015	29,081,790
Customer deposits	1,568,911	614,558
Other payables	295,071	4,098,772
Other payables - shareholders	3,871,350	2,925,543
Accrued liabilities	1,069,166	1,352,750
Taxes payable	79,037	103,419
Accrued contingent liabilities	4,604,028	609,160
Total current liabilities	48,903,071	70,499,782
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock $0.001 par value, 1,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.001 par value, 74,000,000 shares authorized, 2,387,658 shares issued and outstanding as of March 31, 2018 and June 30, 2017	2,388	2,388
Additional paid-in-capital	40,074,090	38,662,377
Accumulated deficit	(44,684,259)	(42,242,951)
Statutory reserves	6,248,092	6,248,092
Accumulated other comprehensive income	8,168,060	7,209,078
Total shareholders' equity	9,808,371	9,878,984
Total liabilities and shareholders' equity	$ 58,711,442	$ 80,378,766