Ossen Innovation Co. Ltd.

CIK:0001485538|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
REVENUES	$ 138,577,870	$ 138,900,357	$ 136,104,867
COST OF GOODS SOLD	114,855,259	116,541,972	115,585,803
GROSS PROFIT	23,722,611	22,358,385	20,519,064
Selling expenses	380,945	357,426	327,365
General and administrative expenses	6,958,788	6,155,316	5,263,914
Total Operating Expenses	7,339,733	6,512,742	5,591,279
INCOME FROM OPERATIONS	16,382,878	15,845,643	14,927,785
Financial expenses, net	(2,861,921)	(2,382,405)	(1,621,486)
Other income, net	75,786	297,438	208,071
INCOME BEFORE INCOME TAX	13,596,743	13,760,676	13,514,370
INCOME TAX	(1,568,109)	(1,533,794)	(2,129,387)
NET INCOME	12,028,634	12,226,882	11,384,983
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	952,771	1,137,712	1,005,530
NET INCOME ATTRIBUTABLE TO OSSEN INNOVATION CO., LTD AND SUBSIDIARIES	11,075,863	11,089,170	10,379,453
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation gain (loss)	8,537,550	(1,744,846)	(6,272,303)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	8,537,550	(1,744,846)	(6,272,303)
COMPREHENSIVE INCOME	$ 19,613,413	$ 9,344,324	$ 4,107,150
EARNINGS PER ORDINARY SHARE
Basic and diluted	$ 0.56	$ 0.56	$ 0.52
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING
Basic and diluted	19,791,110	19,791,110	19,791,110

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 12,028,634	$ 12,226,882	$ 11,384,983
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	493,484	606,045	641,647
(Increase) Decrease In:
Accounts receivable	21,992,410	(11,957,333)	(8,886,939)
Inventories	(23,108,969)	2,077,598	(3,698,453)
Advance to suppliers	(21,386,451)	(4,405,230)	1,294,247
Other current assets	(54,164)	1,853	10,894
Deferred tax assets	(36,410)	(46,866)	(9,625)
Accounts receivable - related parties	(860,258)	(536,358)	0
Increase (Decrease) In:
Accounts payable	(360,298)	661,404	(69,973)
Customer deposits	(2,344,804)	2,848,047	(32,524)
Income tax payable	425,452	(130,706)	1,097,171
Other payables and accrued expenses	(1,372,663)	(105,037)	(256,258)
Customer deposits - RPT	(3,358,897)	(1,441,487)	4,800,384
Due to related party	965,425	2,297,639	0
Due to shareholder	0	(1,695,259)	1,343,760
Other long-term payable	7,863,157	0	0
Net cash provided by/ (used in) operating activities	(9,114,352)	401,192	7,619,314
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of plant and equipment	(618,173)	(139,795)	(72,305)
Purchases of land use rights	(1,071,922)	0	0
Net cash used in investing activities	(1,690,095)	(139,795)	(72,305)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans	102,324,844	85,479,789	17,900,302
Repayments of short-term bank loans	(101,026,854)	(81,777,165)	(17,543,051)
Proceeds from long-term bank loans	0	6,171,040	0
Repayments of long-term bank loans		(7,260,047)
Proceeds from notes payable-bank acceptance notes	8,941,706	9,002,458	9,063,444
Repayment of notes payable-bank acceptance notes	(8,941,706)	(8,712,056)	(10,120,846)
Net cash used in financing activities	1,297,990	2,904,019	(700,151)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(9,506,457)	3,165,416	6,846,858
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	10,114,369	(2,078,097)	(7,474,935)
Cash, cash equivalents and restricted cash at beginning of period	8,602,395	7,515,076	8,143,153
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	9,210,307	8,602,395	7,515,076
Cash paid during the periods:
Income taxes paid	1,451,358	1,749,389	1,019,270
Interest paid	2,548,889	2,148,285	1,388,283
Non-cash transactions:
Appropriation to statutory reserve	$ 1,443,485	$ 1,278,197	$ 1,092,559

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 1,229,400	$ 2,576,677
Restricted cash	7,980,907	6,025,718
Accounts receivable, net of allowance for doubtful accounts of $1,489,171 and $ 1,253,571 at December 31, 2020 and 2019, respectively	50,551,792	72,544,202
Inventories	38,209,297	15,100,328
Advance to suppliers	95,778,337	74,391,886
Other current assets	78,806	24,643
Accounts receivable - related parties	1,396,616	536,358
Total current assets	195,225,155	171,199,812
Property, plant and equipment, net	3,335,981	2,948,264
Land use rights, net	4,501,633	3,288,959
Deferred tax assets	242,412	206,002
TOTAL ASSETS	203,305,181	177,643,037
Current Liabilities
Notes payable-bank acceptance notes	9,425,071	8,895,107
Short-term bank loans	19,458,210	17,072,867
Accounts payables	591,060	951,358
Customer deposits	787,112	3,131,916
Taxes payable	1,842,628	1,417,176
Other payables and accrued liabilities	2,502,866	3,875,529
Customer deposits - related parties	0	3,358,897
Due to related parties	3,263,064	2,297,639
Total current liabilities	37,870,011	41,000,489
Long-term bank loans	6,460,734	6,097,453
Other Long-term payable	7,863,157	0
TOTAL LIABILITIES	52,193,902	47,097,942
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity
Ordinary shares, $0.01 par value: 100,000,000 shares authorized; 20,000,000 shares issued; 19,791,110 shares outstanding as both of December 31, 2020 and 2019	200,000	200,000
Additional paid-in capital	33,971,455	33,971,455
Statutory reserve	10,486,495	9,043,010
Retained earnings	88,116,913	78,484,535
Treasury stock, at cost: 208,890 shares as of December 31, 2020 and 2019	(192,153)	(192,153)
Accumulated other comprehensive loss	2,071,488	(5,789,815)
TOTAL SHAREHOLDERS' EQUITY	134,654,198	115,717,032
Non-controlling interest	16,457,081	14,828,063
TOTAL EQUITY	151,111,279	130,545,095
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 203,305,181	$ 177,643,037