Asia Green Agriculture Corp

CIK:0001440476|SEC Filings

Earnings per share

6 Months Ended

Jun. 30, 2014

10.	Earnings per share

	During the reporting periods, potential dilutive shares are excluded from the computation of earnings per share as their effect is anti-dilutive. The anti-dilutive instruments including 1,359,113 warrants and 2,725,013 share options were excluded from the calculation of earnings per share for the three and six months ended June 30, 2014 and 2013. Accordingly, the basic and diluted earnings per share are the same.

Condensed Consolidated Statement of Cash Flows (USD $)	6 Months Ended
Condensed Consolidated Statement of Cash Flows (USD $)	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities
Net income before noncontrolling interest	$ 8,717,697	$ 13,758,640
Adjustments to reconcile net income before noncontrolling interest to net cash used in operating activities :-
Depreciation and amortization	1,302,728	961,878
Loss on disposal of property, plant and equipment	644	0
Realized gain on held for trading investments	0	(2,112)
Provision for obsolete inventories	2,187	8,083
(Reversal of provision) provision for doubtful debts	(30,576)	777
Share-based compensation	243,530	411,337
Changes in operating assets and liabilities :-
Trade receivables	(5,365,640)	2,272,270
Bills receivables	0	(7,983)
Other receivables, prepayments and deposits	7,119,394	(6,106,173)
Inventories	(19,449,072)	(16,076,057)
Trade payables	1,989,900	(1,211,238)
Receipts in advance	195,664	351,934
Other payables and accrued expenses	(454,306)	(848,093)
Income tax payable	217,889	138,117
Net cash flows used in operating activities	(5,509,961)	(6,348,620)
Cash flows from investing activities
Payments to acquire and deposits for acquisition of property, plant and equipment	(57,976)	(4,246,423)
Proceeds from disposal of property, plant and equipment	0	30,529
Refund of deposits for acquisition of land use rights	0	1,676,468
Proceeds from disposal of held for trading investments	0	84,760
Net cash flows used in investing activities	(57,976)	(2,454,666)
Cash flows from financing activities
Proceeds from secured borrowings	16,958,425	17,914,490
Repayments of secured borrowings	(15,058,791)	(10,651,056)
Increase in restricted cash held as collateral for bills payable	(20,829)	(61,358)
Decrease (increase) in restricted cash held as collateral for bank loans	1,788,543	(2,646,040)
(Decrease) increase in bills payable	(324,600)	204,470
Advances from a related party	49,738	92,799
Capital contributions from noncontrolling interests	0	237,750
Net cash flows provided by financing activities	3,392,486	5,091,055
Effect of foreign currency translation on cash and cash equivalents	(23,360)	159,579
Net decrease in cash and cash equivalents	(2,198,811)	(3,552,652)
Cash and cash equivalents - beginning of period	3,000,376	9,756,103
Cash and cash equivalents - end of period	801,565	6,203,451
Cash paid for :-
Interest expense	767,039	694,703
Income taxes	$ 96,398	$ 132,067

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 801,565	$ 3,000,376
Restricted cash	571,008	2,357,478
Trade receivables, net	55,353,833	50,288,766
Other receivables, prepayments and deposits	10,800,700	18,051,283
Inventories	40,430,902	21,099,678
Deferred tax assets	10,093	10,162
Total current assets	107,968,101	94,807,743
Property, plant and equipment, net	37,134,204	37,972,707
Deposits paid	40,473,973	40,747,951
Land use rights	37,600,682	38,532,504
TOTAL ASSETS	223,176,960	212,060,905
Current liabilities
Trade payables	7,729,792	5,777,658
Bills payable	243,750	572,600
Receipts in advance	648,413	455,631
Other payables and accrued expenses	6,032,634	6,537,218
Amount due to a related party	290,828	234,450
Secured short-term borrowings	24,163,750	22,409,928
Income tax payable	563,878	348,007
Total current liabilities	39,673,045	36,335,492
Deferred tax liabilities	12,986	13,074
TOTAL LIABILITIES	39,686,031	36,348,566
COMMITMENTS AND CONTINGENCIES	0	0
STOCKHOLDERS' EQUITY
Preferred stock: par value $0.001 per share; authorized 10,000,000 shares in 2014 and 2013; none issued and outstanding Common stock: par value $0.001 per share; authorized 200,000,000 shares in 2014 and 2013; 36,823,626 shares issued and outstanding in 2014 and 2013	36,824	36,824
Additional paid-in capital	22,836,231	22,592,701
Statutory reserve	10,196,203	10,196,203
Other surplus reserve	12,379,891	12,379,891
Accumulated other comprehensive income	9,556,601	10,739,238
Retained earnings	128,485,179	119,767,482
TOTAL STOCKHOLDERS' EQUITY	183,490,929	175,712,339
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 223,176,960	$ 212,060,905