China Modern Agricultural Information, Inc.

CIK:0001479526|SEC Filings

Consolidated Statements of Income and Other Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenues
Milk sales	$ 30,228,162	$ 25,089,800	$ 58,810,640	$ 51,283,205
Sales commission	3,710,260	4,510,324	8,274,518	8,333,329
Total revenues	33,938,422	29,600,124	67,085,158	59,616,534
Cost of goods sold	(26,412,857)	(18,447,123)	(47,826,902)	(37,560,775)
Gross profit	7,525,565	11,153,001	19,258,256	22,055,759
Operating expenses
Research and development	789,238	216,712	1,184,433	438,672
Selling and marketing	283,207	274,820	551,532	584,717
General and administrative	958,260	822,025	1,709,933	1,809,263
Reimbursement to farmers			4,156,560
Total operating expenses	2,030,705	1,313,557	7,602,458	2,832,652
Operating income	5,494,860	9,839,444	11,655,798	19,223,107
Other income
Interest income on notes receivable	302,362	243,370	619,370	367,033
Gain on sale of cows	5,202,049	1,611,686	4,849,090	1,590,261
Other non-operating income	24,599	30,378	50,783	66,006
Total other income	5,529,010	1,885,434	5,519,243	2,023,300
Income before income taxes	11,023,870	11,724,878	17,175,041	21,246,407
Provision for income taxes
Net income before noncontrolling interests	11,023,870	11,724,878	17,175,041	21,246,407
Noncontrolling interests	(5,239,932)	(5,562,910)	(8,157,614)	(10,087,015)
Net income attributable to common stockholders	5,783,938	6,161,968	9,017,427	11,159,392
Other comprehensive income (loss):
Foreign currency translation adjustment	4,694,762	(7,239,656)	8,525,470	(7,488,645)
Total comprehensive income (loss) before noncontrolling interests	15,718,632	4,485,222	25,700,511	13,757,762
Comprehensive income attributable to noncontrolling interests	(5,239,932)	(5,562,910)	(8,157,614)	(10,087,015)
Net Comprehensive income (loss) attributable to common stockholders	$ 10,478,700	$ (1,077,688)	$ 17,542,897	$ 3,670,747
Earnings (loss) per common share, basic and diluted	$ 0.11	$ 0.12	$ 0.17	$ 0.21
Weighted average shares outstanding, basic and diluted	53,100,000	53,100,000	53,100,000	53,100,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income	$ 17,175,041	$ 21,246,407
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation	4,072,794	3,688,868
Amortization for prepaid land lease	825,687	853,284
(Gain) from disposal of biological assets	(4,845,730)	(1,613,232)
Loss on disposal of PP&E	2,833
Change in operating assets and liabilities
(Increase) decrease in accounts receivable	(16,312,905)	243,397
(Increase) decrease in inventories	(439,728)	56,681
(Increase) in prepayment	(16,667,854)	(349,271)
(Increase) in interest receivable	(142,539)	(355,934)
(Decrease) increase in accrued expenses and other payables	(429,885)	71,673
Net cash (used in) provided by operating activities	(16,762,286)	23,841,873
Cash flows from investing activities
Collection of notes receivable	2,339,883	1,143,912
Proceeds from sales of biological assets	13,902,263	4,551,970
Purchase of property, plant and equipment	(1,540,341)	(4,211,310)
(Increase) in Biological assets	(6,873,290)	(9,679,209)
Purchase of biological property		(17,784,000)
Net cash provided by (used in) investing activities	7,828,515	(25,978,637)
Cash flows from financing activities
Dividends paid for subsidiary		(1,460,347)
Proceeds from stockholder loans	72,456	56,679
Net cash provided by (used in) financing activities	72,456	(1,403,668)
Effect of exchange rate changes on cash	1,757,743	(1,023,322)
Net (decrease) in cash	(7,103,572)	(4,563,754)
Cash, beginning of year	53,241,856	30,780,198
Cash, end of year	46,138,284	26,216,444
Supplemental disclosure of cash flow information:
Cash paid for income taxes
Cash paid for interest
Supplemental disclosure of non-cash activities:
Payment of accrued expenses by shareholder	70,000	75,000
Construction in Process not paid

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Current assets
Cash	$ 46,138,284	$ 53,241,856
Accounts receivable	43,929,566	26,170,771
Inventories	1,481,899	1,042,171
Prepaid expenses	18,263,335	1,374,693
Interest receivable	1,212,275	1,023,769
Notes receivable, current portion	4,714,302	4,661,775
Total current assets	115,739,661	87,515,035
Property, plant and equipment, net	28,029,798	26,622,562
Other assets
Notes receivable	17,755,495	19,193,347
Prepaid leases	39,969,054	39,165,460
Biological assets, net	71,261,291	73,112,101
Total other assets	128,985,840	131,470,908
TOTAL ASSETS	272,755,299	245,608,505
Current liabilities
Accrued expenses and other payables	456,460	888,271
Stockholder loans	2,112,268	1,918,341
Total current liabilities	2,568,728	2,806,612
Deferred income taxes	41,751,040	40,066,873
Total liabilities	44,319,768	42,873,485
Commitments and contingencies
Stockholders' equity
Common stock, $0.001 par value; 75,000,000 shares authorized; 53,100,000 shares issued and outstanding	53,100	53,100
Additional paid-in capital	49,709,237	49,709,237
Retained earnings	71,895,436	62,878,009
Statutory reserve fund	420,406	420,406
Other comprehensive (loss)	(876,840)	(9,402,310)
Sub-total	121,201,339	103,658,442
Noncontrolling interests	107,234,192	99,076,578
Total stockholders' equity	228,435,531	202,735,020
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 272,755,299	$ 245,608,505