Sino Agro Food, Inc.

CIK:0001488419|SEC Filings

Consolidated Statements of Income and other Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
- Sale of goods
- Leasing & contracting income	2,687,305	2,633,393
Total revenues	2,687,305	2,633,393
Cost of goods sold
Cost of Leasing & contracting	(1,587,858)	(1,556,003)
Gross profit	1,099,447	1,077,390
General and administrative expenses	(1,134,168)	(1,204,508)
Net income from operations	(34,721)	(127,118)
Other income (expenses)
Sharee of income from unconsolidated equity investee	(2,856,624)	(8,547,517)
Interest expense
Net income (expenses)	(2,856,624)	(8,547,517)
Net income before income taxes	(2,891,345)	(8,674,635)
Provision for income taxes
Net income	(2,891,345)	(8,674,635)
Less: Net (income) loss attributable to non - controlling interest	(128,585)	357,842
Net income attributable to Sino Agro Food Inc. and subsidiaries	(3,019,930)	(8,316,793)
Other comprehensive income (loss) - Foreign currency translation gain (loss)	179,739	(195,746)
Comprehensive income	(2,840,191)	(8,512,539)
Less: Other comprehensive (income) loss attributable to non - controlling interest	85,642	(116,387)
Comprehensive income attributable to the Sino Agro Food, Inc. and subsidiaries	$ (2,754,549)	$ (8,628,926)
Earnings per share attributable to the Sino Agro Food, Inc. and subsidiaries common stockholders:
Basic (in Dollars per share)	$ (0.05)	$ (0.14)
Diluted (in Dollars per share)	$ (0.05)	$ (0.14)
Weighted average number of shares outstanding:
Basic (in Shares)	60,352,492	60,093,202
Diluted (in Shares)	60,352,492	60,093,202

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss) for the year	$ (2,891,345)	$ (8,674,635)
Adjustments to reconcile net income for the year to net cash from operations:
Depreciation	1,249,555	1,221,461
Amortization	557,306	535,871
Share of unconsolidated equity investee	2,856,624	8,547,517
Increase in deposits and prepaid expenses	(30,555)	524,112
(Decrease) increase in due to a director	338,534	32,787
Increas e/(decrease) in accounts payable and accrued expenses	(84,408)	(657,463)
Increase in other payables	2,395,036	(5,478,353)
Decrease (increase) in accounts receivable	(2,495,414)	3,526,575
(Decrease) increase in tax payable
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts
Decrease in other receivables	64,551	25,748
Increase in interests in unconsolidated investees
Net cash provided by operating activities	1,959,884	(396,380)
Cash flows from investing activities
Acquisition of plant, property and equipment
Payment for construction in progress
Proceed from disposal of a long term investee
Proceed from disposal of plant, property and equipment
Net cash used in investing activities
Cash flows from financing activities
-Proceeds from convertible bond payable
Capital contribution from non-controlEng interest
Proceeds from short term debts
Long term debts repaid
Short term bank loan repaid
Net cash provided by financing activities
Effects on exchange rate changes on cash	(1,957,880)	432,945
(Decrease)/increase in cash and cash equivalents	2,004	36,565
Cash and cash equivalents, beginning of year	189,444	188,846
Cash and cash equivalents, end of year	191,448	225,411
Supplementary disclosures of cash flow inforniation:
Cash paid for interest
Cash paid for income taxes
Non - cash transactions
Common stock issued as security for finance raised
Common stock issued for services and compensation
Transfer construction in progress to property and equipment

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 191,448	$ 189,444
Inventories
Costs and estimated earnings in excess of billings on uncompleted contracts
Deposits and prepayments	9,171,856	9,141,301
Accounts receivable, net of allowance for doubtful accounts	12,100,674	9,605,260
Other receivables	83,395,963	83,460,514
Total current assets	104,859,941	102,396,519
Non-current assets
Plant and equipment, net of accumulated depreciation	87,738,484	86,667,799
Construction in progress
Land use rights, net of accumulated amortization	51,521,934	50,777,067
Total non-current assets	139,260,418	137,444,866
Other assets
Goodwill	724,940	724,940
Proprietary technologies, net of accumulated amortization	5,947,389	6,071,691
Interest in unconsolidated investees	145,244,914	148,101,538
Total other assets	151,917,243	154,898,169
Total assets	396,037,602	394,739,554
Current liabilities
Accounts payable and accrued expenses	373,732	458,140
Billings in excess of costs and estimated earnings on uncompleted contracts
Due to directors	2,257,927	1,919,393
Other payables	11,626,649	9,231,613
Borrowings - Short term bank loan
Current liabilities	14,258,308	11,609,146
Non-current liabilities
Other payables
Borrowings - Long term debts and bank loan
Non-current liabilities
Stockholders’ equity
Common stock: = $0.001 par value (60,352,492 and 60,352,492 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)	60,353	60,353
Additional paid - in capital	135,722,287	135,722,287
Retained earnings	222,846,563	225,866,492
Accumulated other comprehensive income	(49,394,494)	(51,277,535)
Treasury stock	(1,250,000)	(1,250,000)
Total Sino Agro Food, Inc. and subsidiaries stockholders’ equity	307,984,709	309,121,597
Non - controlling interest	73,794,585	74,008,811
Total stockholders’ equity	381,779,294	383,130,408
Total liabilities and stockholders’ equity	$ 396,037,602	$ 394,739,554