General Agriculture Corp

CIK:0001519894|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Sales	$ 27,417,779	$ 22,463,365
Cost of sales	12,146,821	10,013,073
Gross profit	15,270,958	12,450,292
Operating expenses
Selling expenses	291,661	140,829
General and administrative expenses	734,190	1,146,228
Total operating expenses	1,025,851	1,287,057
Income from operations	14,245,107	11,163,235
Other income (expenses):
Interest income	31,063	19,366
Interest expense	(67,316)	(239,922)
Other income, net	3,186	57,944
Total other expenses	(33,067)	(162,612)
Income before provision for income taxes	14,212,040	11,000,623
Provision for income taxes	0	0
Net income	14,212,040	11,000,623
Other comprehensive loss
Foreign currency translation adjustment	(2,837,258)	(1,872,132)
Total comprehensive income	$ 11,374,782	$ 9,128,491
Earnings per share:
Basic and diluted	$ 0.89	$ 0.69
Weighted average number of common stock outstanding
Basic and diluted	15,918,940	15,918,940

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net Income	$ 14,212,040	$ 11,000,623
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of prepaid leases	4,247,716	3,383,507
Depreciation and amortization	1,071,520	1,171,590
Loss on disposal of property and equipment	6,643	75,225
Provision for bad debts	0	22,395
Changes in current assets and current liabilities:
Accounts receivable	0	(22,395)
Inventory	(75,357)	(697,879)
Advance payments	1,878,700	(2,743,469)
Prepaid leases	(21,719,306)	(8,782,228)
Other current assets	152,126	(155,930)
Accounts payable and accrued expenses	37,958	(56,892)
Other current liabilities	6,830	1,950
Net cash provided by (used in) operating activities	(181,130)	3,196,495
Cash flows from investing activities:
Acquisition of property and equipment	(11,284)	(22,475)
Net cash used in investing activities	(11,284)	(22,475)
Cash flows from financing activities:
Repayment from short-term bank loans	0	(4,541,600)
Proceeds from (Repayment to) related parties, net	374,119	(1,426,518)
Net cash provided by (used in) financing activities	374,119	(5,968,118)
Effect of exchange rate changes on cash	(24,349)	(93,901)
Net increase (decrease) in cash	157,356	(2,887,999)
Cash - beginning of year	464,046	3,352,045
Cash - ending of year	621,402	464,046
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 67,316	$ 239,922

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2016	Sep. 30, 2015
Current Assets:
Cash	$ 621,402	$ 464,046
Inventory	5,289,608	5,469,102
Advance payments	2,717,989	4,778,733
Prepaid leases	5,753,849	4,360,899
Other current assets	5,863	162,326
Total Current Assets	14,388,711	15,235,106
Property and equipment, net	10,810,753	12,427,415
Other Assets
Intangibles, net	135,019	145,183
Prepaid leases, net of current portion	41,397,448	27,143,650
Total Other Assets	41,532,467	27,288,833
TOTAL ASSETS	66,731,931	54,951,354
Current Liabilities:
Accounts payable and accrued expenses	247,302	215,422
Due to related parties	524,686	154,571
Other current liabilities	65,559	61,759
Total Current Liabilities	837,547	431,752
Commitments
Stockholders' Equity
Common stock $0.0001 par value, 200,000,000 shares authorized 15,918,940 shares issued and outstanding at September 30, 2016 and 2015, respectively	1,592	1,592
Additional paid-in capital	4,909,572	4,909,572
Statutory reserves	2,599,363	2,572,619
Retained earnings	60,697,555	46,512,259
Accumulated other comprehensive income (loss)	(2,313,698)	523,560
Total stockholders' equity	65,894,384	54,519,602
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 66,731,931	$ 54,951,354