Fuda Group (USA) Corp

CIK:0001623013|SEC Filings

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Sales
Affiliated Entities	$ 936,276	$ 0	$ 936,276	$ 0
Third parties	35,714,073	14,466,259	63,240,289	29,296,619
Sales	36,650,349	14,466,259	64,176,565	29,296,619
Cost of sales
Affiliated Entities	83,596	0	83,596	0
Third parties	17,254,292	3,051,831	27,862,130	10,704,330
Cost of sales	17,337,888	3,051,831	27,945,726	10,704,330
Gross margin	19,312,461	11,414,428	36,230,839	18,592,289
Operating expenses
Selling, general & administrative expenses	355,289	448,748	1,508,081	782,263
Total operating expenses	355,289	448,748	1,508,081	782,263
Income (Loss) from operation	18,957,172	10,965,680	34,722,758	17,810,026
Other income (expenses)
Interest income (expenses), net	304	51	304	(1,288)
Government rebate	0	105,096	0	139,640
Other income	557	0	3,076	0
Gain/(Loss) from barter trade	0	2,842,131	0	7,701,792
Total other income (expenses)	861	2,947,278	3,380	7,840,144
Income before income tax	18,958,033	13,912,958	34,726,138	25,650,170
Income tax	0	(4,907)	0	(4,907)
Net income	18,958,033	13,908,051	34,726,138	25,645,263
Foreign currency translation adjustment	(432,253)	(2,685,441)	(2,238,819)	(2,250,193)
Comprehensive income	$ 18,525,780	$ 11,222,610	$ 32,487,319	$ 23,395,070
Common Shares Outstanding, basic and diluted	105,954,309	61,496,698	105,954,309	81,188,649
Net income per share Basic and diluted	$ 0.18	$ 0.23	$ 0.33	$ 0.32

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net income	$ 34,726,138	$ 25,645,263
Adjustments to reconcile net income to net cash provided by or used in operating activities:
Bad debt expense	0	215,209
Depreciation and amortization	5,304	3,156
Expenses paid by stockholder and contributed as capital	0	695
Gain from barter trade	0	(7,701,792)
Changes in operating assets and liabilities:
Accounts receivable	(1,935,243)	(359,730)
Inventory	(461,934)	(121,014)
Prepaid rent	(2,432)	57,298
Other receivables	6,293	315,182
Security deposits to suppliers	(5,378,844)	1,982,855
Accounts payable and accrued expenses	(962)	1,661
Accounts payable-related parties	0	(631,295)
Taxes payable	0	4,905
Other payables	0	(11,459)
Advances from customers	58,513	0
Other assets	0	48,815
Net cash provided by operating activities	27,016,833	19,449,749
Cash flows from financing activities
Proceeds/(Repayment) to related party, net	(3,600,994)	(1,546)
Proceeds/(Repayments) from trade financing loans, net	0	(1,891,048)
Net cash used in financing activities	(3,600,994)	(1,892,594)
Effect of exchange rate changes	(803,500)	(508,550)
NET INCREASE (DECREASE) IN CASH	22,612,339	17,048,605
CASH
Beginning of period	18,178,550	466
End of period	40,790,889	17,049,071
Less: cash and cash equivalents of discontinued operations at end of year	0	0
CASH AT END OF PERIOD	40,790,889	17,049,071
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR:
Interest	0	1,357
Income Taxes	$ 0	$ 0

Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 40,790,889	$ 18,178,550
Accounts receivable, net	2,378,103	475,041
Inventory	455,791	0
Prepaid rent	29,894	28,254
Security deposits to suppliers	6,320,562	996,166
Other receivables	0	6,380
Total Current Assets	49,975,239	19,684,391
Land, property & equipment (net)	48,144,580	49,478,802
Other assets	44,992	46,233
Total Assets	98,164,811	69,209,426
Current Liabilities
Accounts payable and accrued expenses	27,303	29,014
Due to related parties	43,828	3,631,621
Advances from customers	63,734	6,164
Total Current Liabilities	134,865	3,666,799
Total Liabilities	134,865	3,666,799
Commitments & contingencies
Stockholders' Equity
Common stock, $0.0001 par value, 480,000,000 shares authorized; 105,954,309 shares at September 30, 2016 and December 31, 2015, respectively	10,595	10,595
Additional paid-in capital	9,579,682	9,579,682
Accumulated other comprehensive income	(5,427,313)	(3,188,494)
Statutory reserve	8,577,367	5,990,116
Accumulated earnings (unrestricted)	85,289,615	53,150,728
Total Stockholders' Equity	98,029,946	65,542,627
Total Liabilities and Stockholders' Equity	$ 98,164,811	$ 69,209,426