China Tianfeihong Wine Inc

CIK:0001501225|SEC Filings

Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
Statements of Operations (Unaudited) (USD $)	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
Income Statement [Abstract]
Revenue	$ 7,639,171us-gaap_Revenues	$ 2,882,195us-gaap_Revenues	$ 10,775,557us-gaap_Revenues	$ 4,814,573us-gaap_Revenues
Cost of goods sold	(5,089,375)us-gaap_CostOfGoodsAndServicesSold	(1,889,147)us-gaap_CostOfGoodsAndServicesSold	(7,184,415)us-gaap_CostOfGoodsAndServicesSold	(3,200,407)us-gaap_CostOfGoodsAndServicesSold
Gross profit	2,549,796us-gaap_GrossProfit	993,048us-gaap_GrossProfit	3,591,142us-gaap_GrossProfit	1,614,166us-gaap_GrossProfit
Operating expenses
Selling and marketing	872,087us-gaap_SellingAndMarketingExpense	312,077us-gaap_SellingAndMarketingExpense	1,259,418us-gaap_SellingAndMarketingExpense	509,614us-gaap_SellingAndMarketingExpense
General and administrative	121,674us-gaap_GeneralAndAdministrativeExpense	154,162us-gaap_GeneralAndAdministrativeExpense	194,599us-gaap_GeneralAndAdministrativeExpense	201,435us-gaap_GeneralAndAdministrativeExpense
Total operating expenses	993,761us-gaap_OperatingExpenses	466,239us-gaap_OperatingExpenses	1,454,017us-gaap_OperatingExpenses	711,049us-gaap_OperatingExpenses
Income from operations	1,556,035	526,809	2,137,125	903,117
Interest income	5,577us-gaap_InterestIncomeOther	4,130us-gaap_InterestIncomeOther	10,694us-gaap_InterestIncomeOther	7,632us-gaap_InterestIncomeOther
Income before provision for income taxes	1,561,612	530,939	2,147,819	910,749
Provision for income taxes	390,401us-gaap_IncomeTaxExpenseBenefit	128,977us-gaap_IncomeTaxExpenseBenefit	536,956us-gaap_IncomeTaxExpenseBenefit	223,602us-gaap_IncomeTaxExpenseBenefit
Net income	1,171,211us-gaap_NetIncomeLoss	401,962us-gaap_NetIncomeLoss	1,610,863us-gaap_NetIncomeLoss	687,147us-gaap_NetIncomeLoss
Noncontrolling interests	(58,384)	(24,986)	(80,190)	(34,361)
Net income attributable to common stockholders	1,112,827	376,976	1,530,673	652,786
Earnings per common share, basic and diluted	$ 0us-gaap_EarningsPerShareBasicAndDiluted	$ 0us-gaap_EarningsPerShareBasicAndDiluted	$ 0us-gaap_EarningsPerShareBasicAndDiluted	$ 0us-gaap_EarningsPerShareBasicAndDiluted
Weighted average shares outstanding, basic and diluted	34,396,680	33,597,787	34,396,680	32,798,893
Comprehensive Income:
Net Income	1,171,211us-gaap_ComprehensiveIncomeNetOfTax	401,962us-gaap_ComprehensiveIncomeNetOfTax	1,610,863us-gaap_ComprehensiveIncomeNetOfTax	687,147us-gaap_ComprehensiveIncomeNetOfTax
Foreign currency translation adjustment	(37,777)	76,490	(28,870)	109,246
Comprehensive income	1,133,434	478,452	1,581,993	796,393
Comprehensive income attributable to noncontrolling interests	(56,737)	(40,574)	(79,232)	(40,589)
Net comprehensive income attributable to common stockholders	$ 1,076,697	$ 437,878	$ 1,502,761	$ 755,804

Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	Feb. 28, 2015	Feb. 28, 2014
Cash flows from operating activities:
Net income	$ 1,610,863us-gaap_NetIncomeLoss	$ 687,147us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	23,761	33,260
Changes in operating assets and liabilities:
(Increase) in accounts receivable	(2,447,277)	(301,677)
(Increase) in inventory	(1,358,550)us-gaap_IncreaseDecreaseInInventories	(47,411)us-gaap_IncreaseDecreaseInInventories
Decrease (Increase) in prepaid expenses	69,900	(15,795)
Decrease in advances to suppliers		45,670
Increase in accounts payable	3,387,442	790,579
Increase in taxes payable	265,512	41,408
Increase in accrued liabilities and other payables	10,277	24,316
Net cash provided by operating activities	1,561,928	1,257,497
Cash flows from investing activities:
Purchase of equipment	(9,694)	(852)
Net cash (used in) investing activities	(9,694)	(852)
Cash flows from financing activities:
Proceeds from stockholder loans	46,312us-gaap_ProceedsFromRelatedPartyDebt	26,880us-gaap_ProceedsFromRelatedPartyDebt
Net cash provided by financing activities	46,312	26,880
Effect of exchange rate changes on cash	(28,952)us-gaap_EffectOfExchangeRateOnCash	24,394us-gaap_EffectOfExchangeRateOnCash
Net change in cash	1,569,594	1,307,919
Cash, beginning	5,229,261us-gaap_Cash	3,994,502us-gaap_Cash
Cash, end	6,798,855us-gaap_Cash	5,302,421us-gaap_Cash
Cash paid for:
Interest
Income taxes	$ 300,527us-gaap_IncomeTaxesPaid	$ 187,213us-gaap_IncomeTaxesPaid

Balance Sheets (Unaudited) (USD $)	Feb. 28, 2015	Aug. 31, 2014
Current assets:
Cash	$ 6,798,855	$ 5,229,261
Accounts receivable	2,879,217us-gaap_AccountsReceivableNetCurrent	431,940us-gaap_AccountsReceivableNetCurrent
Inventory, net	1,734,300us-gaap_InventoryNet	375,750us-gaap_InventoryNet
Prepaid income taxes		50,348us-gaap_PrepaidTaxes
Prepaid expenses	21,073us-gaap_PrepaidExpenseCurrent	40,625us-gaap_PrepaidExpenseCurrent
Total current assets	11,433,445us-gaap_AssetsCurrent	6,127,924us-gaap_AssetsCurrent
Fixed assets, net	33,979us-gaap_NoncurrentAssets	48,113us-gaap_NoncurrentAssets
Total Assets	11,467,424us-gaap_Assets	6,176,037us-gaap_Assets
Current liabilities:
Accounts payable	4,069,472us-gaap_AccountsPayableCurrent	682,030us-gaap_AccountsPayableCurrent
Taxes payable	284,977us-gaap_TaxesPayableCurrent	19,465us-gaap_TaxesPayableCurrent
Loans from stockholder	70,502	24,339
Accrued liabilities and other payables	83,258	72,981
Total current liabilities	4,508,209us-gaap_LiabilitiesCurrent	798,815us-gaap_LiabilitiesCurrent
Stockholders equity:
Common stock, $0.0006 par value per share, 80,000,000 shares authorized; 34,396,680 shares issued and outstanding as of February 28, 2015 and August 31, 2014	20,638us-gaap_CommonStockValue	20,638us-gaap_CommonStockValue
Additional paid-in capital	726,548us-gaap_AdditionalPaidInCapital	726,548us-gaap_AdditionalPaidInCapital
Statutory reserve fund	420,406	420,406
Retained earnings	5,395,991	3,865,318
Other comprehensive income	175,790	203,702
Stockholders equity before noncontrolling interests	6,739,373	5,236,612
Noncontrolling interests	219,842	140,610
Total stockholders equity	6,959,215us-gaap_StockholdersEquity	5,377,222us-gaap_StockholdersEquity
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$ 11,467,424	$ 6,176,037