Natural Resources Corp

CIK:0001586513|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Revenue
Sales of goods	$ 703,039	$ 6,560,111	$ 3,513,819	$ 17,637,225
Sales of services	3,750,000	0	3,750,000	0
Sales returns	0	0	(720,570)	0
Total revenues	4,453,039	6,560,111	6,543,249	17,637,225
Cost of revenues
Cost of sales	1,163,501	3,589,612	3,181,561	14,323,776
Cost of services	323,774	0	323,774	0
Total cost of revenues	1,487,275	3,589,612	3,505,335	14,323,776
Gross profit	2,965,764	2,970,499	3,037,914	3,313,449
Operating expenses
General and administrative	755,093	285,413	2,189,652	941,210
Total operating expenses	755,093	285,413	2,189,652	941,210
Operating income	2,210,671	2,685,086	848,262	2,372,239
Other income (expenses)
Finance costs	(102,619)	(104,084)	(249,497)	(332,708)
Gain on foreign currency exchange	124,397	58,042	105,514	44,966
Other income	8,480	(14,789)	26,635	22,388
Total other income (expenses)	30,258	(60,831)	(117,348)	(265,354)
Income before income taxes	2,240,929	2,624,255	730,914	2,106,885
Provision for income taxes	0	370,803	0	370,803
Net income	$ 2,240,929	$ 2,253,452	$ 730,914	$ 1,736,082
Net loss per share of common stock:
Basic & diluted (in dollars per share)	$ 0.04	$ 0.05	$ 0.01	$ 0.03
Weighted average number of shares outstanding -
Basic & diluted (in shares)	51,100,000	50,000,000	50,930,769	50,000,000

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Operating Activities:
Net income	$ 730,914	$ 1,736,082
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization	1,227,384	142,070
Deferred income taxes	0	13,392
Changes in operating assets and liabilities:
Trade receivable	(3,252,031)	(1,753,597)
Prepaid assets	20,338	35,621
Inventory	(121,638)	(934,623)
Due from related parties	(231,859)	0
Due from directors	(4,223)	0
Deposits and other current assets	0	(6,523)
Trade payable and accrued expenses	987,210	622,005
Due to related parties	36,918	(247,288)
Due to directors	88,955	0
Deposits payable	(109,413)	(286,712)
Taxes payable	(275,736)	0
Net cash used in operating activities	(903,181)	(679,573)
Financing Activities:
Purchase of property, plant and equipment	0	(17,328)
Net cash used in investing activities	0	(17,328)
Financing Activities:
Proceeds from paid-in capital	1,000,000	0
Common shares issued during merger	(1,161)	0
Repayment for cash advance from bank	(28,749)	0
Proceeds from debt	4,548,135	13,329,884
Repayment on debt	(4,331,505)	(13,281,146)
Payments on capital lease	(50,571)	(85,811)
Net cash provided by (used in) financing activities	1,136,149	(37,073)
Effects of exchange rate changes on cash	1,270	120,666
NET INCREASE (DECREASE) IN CASH	234,238	(613,308)
Cash at beginning of period	126,648	886,808
Cash at end of period	360,886	273,500
Supplemental disclosure of cash flow information:
Cash paid for interest	278,833	482,414
Cash paid for taxes	$ 275,736	$ 103,293

CONDENSED BALANCE SHEETS - USD ($)

Mar. 31, 2015

Jun. 30, 2014

Current assets

Cash

$ 360,886

$ 126,648

Trade receivable, net

5,768,598

2,516,567

Inventory

750,384

628,746

Total current assets

6,879,868

3,271,961

Other assets

Deposits

67,354

68,210

Prepaid assets

5,093

25,431

Other receivables

600,000

367,285

Due from related parties

4,223

Total other assets

676,670

460,926

Property, plant and equipment, net

1,624,560

1,750,386

Intangible assets

9,179,610

10,281,168

Total assets

18,360,708

15,764,441

Current liabilities

Bank overdraft

28,749

Current portion of debt

4,576,199

4,912,397

Trade payable

1,796,506

807,017

Accrued expenses

38,017

40,296

Due to related parties

360,612

323,694

Due to directors

88,955

Deposits payable

75,292

184,705

Current portion of capital leases obligations

21,080

68,463

Provision for income taxes

84,562

360,298

Total current liabilities

7,041,223

6,725,619

Non- current liabilities

Debt, net of current portion

2,268,384

1,715,556

Capital leases obligations, net of current portion

5,572

8,760

Deferred income taxes liabilities

114,861

Total non- current liabilities

2,388,817

1,839,177

Total liabilities

9,430,040

8,564,796

Stockholders' equity

Common stock, par value $.0001;100,000,000 shares authorized, 51,100,000, and 50,000,000 shares issued and outstanding as of March 31, 2015 and June 30, 2014

^[1]

5,110

5,000

Additional paid-in capital

^[1]

2,584,566

1,585,837

Retained earnings

6,392,889

5,661,975

Accumulated other comprehensive loss

(51,897)

(53,167)

Total stockholders' equity

8,930,668

7,199,645

Total liabilities and stockholders' equity

$ 18,360,708

$ 15,764,441

[1]	The capital accounts of the Company have been retroactively restated to reflect the equivalent number of common shares based on the exchange ratio of the merger transaction in determining the basic and diluted weighted average shares.