FULING GLOBAL INC.

CIK:0001637921|SEC Filings

Consolidated Statements of Income and Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenues	$ 151,113,371	$ 138,664,272	$ 124,208,506
Cost of goods sold	113,503,127	108,914,256	98,077,100
Gross profit	37,610,244	29,750,016	26,131,406
Operating expenses
Selling expenses	8,937,988	7,830,280	6,834,645
General and administrative expenses	9,455,186	8,323,207	7,254,270
Research and development expenses	3,860,929	3,430,529	2,953,477
Total operating expenses	22,254,103	19,584,016	17,042,392
Income from operations	15,356,141	10,166,000	9,089,014
Other income (expense):
Interest income	27,637	32,810	57,477
Interest expense	(1,679,609)	(1,768,434)	(981,061)
Subsidy income	2,994,383	1,705,956	1,012,128
Investment loss	(639)	(8,667)
Foreign currency transaction gain (loss)	300,097	780,406	(175,271)
Other income (expense), net	(37,951)	65,926	51,607
Total other income (expense), net	1,603,918	807,997	(35,120)
Income before income taxes	16,960,059	10,973,997	9,053,894
Provision for income taxes	2,554,432	1,126,736	788,370
Net income from continuing operations	14,405,627	9,847,261	8,265,524
Discontinued operations:
Net income (loss) from discontinued operations, net of tax	516,999	(88,302)	(1,974,852)
Net income	14,922,626	9,758,959	6,290,672
Less: net income (loss) attributable to non-controlling interest from continuing operations	(92,594)	(104,533)	12,875
Net income attributable to Fuling Global Inc.	15,015,220	9,863,492	6,277,797
Other comprehensive income
Foreign currency translation income (loss)	(636,386)	(3,123,851)	2,172,347
Comprehensive income attributable to Fuling Global Inc.	$ 14,378,834	$ 6,739,641	$ 8,450,144
Earnings(loss) per share - basic and diluted
Continuing operations	$ 0.91	$ 0.62	$ 0.52
Discontinued operations	$ 0.03	$ (0.01)	$ (0.13)
Weighted average number of shares - basic and diluted
Continuing operations and discontinued operations	15,796,857	15,782,055	15,759,293

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income	$ 14,922,626	$ 9,758,959	$ 6,290,672
Net income (loss) from discontinued operations	516,999	(88,302)	(1,974,852)
Net income from continuing operations	14,405,627	9,847,261	8,265,524
Adjustments to reconcile net income to net cash provided by operating activities:
Stock based compensation	48,293	105,276	58,867
Depreciation and amortization	5,438,305	4,406,888	3,611,510
Bad debt provisions (recovery)	(85,780)	(3,372)	154,051
Unrealized (gains) losses	(234,786)	(4,849)	34,417
Inventory reserve	(1,531)	38,716	22,818
Loss (gain) on disposal of fixed assets	328,860	(30,981)	43,172
Amortization of operating lease right-of-use assets	938,792
Changes in operating assets:
Accounts receivable	3,896,034	(5,547,070)	(2,414,707)
Advances to suppliers	(1,779,598)	(733,643)	(40,504)
Inventories	(1,481,821)	(3,805,026)	(3,408,394)
Other assets	43,820	704,459	(1,969,564)
Security deposit	(434,229)	(359,340)	(523,839)
Changes in operating liabilities:
Accounts payable	(8,784,340)	5,195,799	(2,285,276)
Accounts payable-related party	224,037	85,253
Advance from customers	(122,446)	(301,971)	(43,339)
Deferred gains	(53,740)	216,506	(583,978)
Deferred tax liability	319,483	600,646
Taxes payable	(63,816)	(40,248)	(258,589)
Operating leases payable	(1,431,507)
Accrued and other liabilities	(159,720)	(566,821)	1,270,299
Net cash provided by operating activities from continuing operations	11,009,937	9,807,483	1,932,468
Net cash provided by (used in) operating activities from discontinuing operations	(8,903)	1,770,101	542,170
Net cash provided by operating activities	11,001,034	11,577,584	2,474,638
Cash flows from investing activities
Purchase of property and equipment	(6,494,867)	(4,923,666)	(6,868,758)
Additions to construction in progress	(216,839)	(9,878,241)	(10,231,413)
Cash receipts from disposal property and equipment	6,079	272,055	13,352
Cash increase in certificates of deposit		103,967	1,479,874
Receipt of deposit and prepayments for construction and equipment purchase			1,358,566
Purchase of intangible assets	(1,530)	(6,589)	(2,602)
Cash from discontinued business	28,210	(18,684)	64,208
Net cash used in investing activities from continuing operations	(6,678,947)	(14,451,158)	(14,186,773)
Net cash provided by (used in) investing activities from discontinuing operations		5,719,074	(159,086)
Net cash used in investing activities	(6,678,947)	(8,732,084)	(14,345,859)
Cash flows from financing activities
Proceeds from short-term borrowings	35,251,206	33,213,599	31,239,350
Repayments of short-term borrowings	(36,011,645)	(39,629,404)	(20,342,692)
Proceeds from long-term borrowings	1,432,955	5,631,163	1,048,749
Repayments of long-term borrowings	(11,189)
Proceeds from bank notes payable	4,505,958	5,947,885	7,002,823
Repayments of bank notes payable	(5,562,637)	(7,309,428)	(4,871,021)
Proceeds from related party loans	86,399
Repayments of related party loans		(24,930)	(57,148)
Proceeds from other loans payable	1,723,888	5,784,874	2,906,977
Repayments of other loans payable	(2,786,323)	(4,144,246)	(2,638,787)
Net cash provided by (used in) financing activities from continuing operations	(1,371,388)	(530,487)	14,288,251
Net cash (used in) financing activities from discontinuing operations		(2,241,606)	(450,272)
Net cash provided by (used in) financing activities	(1,371,388)	(2,772,093)	13,837,979
Effect of exchange rates changes on cash and cash equivalents	(60,749)	(1,146,890)	(356,466)
Net increase (decrease) in cash and cash equivalents and restricted cash	2,889,950	(1,073,483)	1,610,292
Cash and cash equivalents and restricted cash, beginning of year	6,797,395	7,870,878	6,260,586
Cash and cash equivalents and restricted cash, end of year	9,687,345	6,797,395	7,870,878
Cash and cash equivalents and restricted cash, end of year	9,687,345	6,797,395	7,870,878
Less: restricted cash	1,102,591	2,396,993	3,767,081
Cash and cash equivalents, end of year	8,584,754	4,400,402	4,103,797
Cash paid during the year for:
Interest paid	1,680,758	1,329,377	836,401
Income tax paid	2,624,598	331,997	1,433,998
Non-cash investing activities:
Right-of-assets obtained in exchange for operating lease obligations	8,447,325
Transfer from construction in progress to fixed assets	5,610,267	9,918,862	15,545,784
Fixed assets obtained in exchange for accounts payable	1,551,975	851,966	1,162,202
Transfer from advance payments to fixed assets	$ 2,445,471	$ 170,281	$ 191,868

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 8,584,754	$ 4,400,402
Restricted cash	1,102,591	2,396,993
Accounts receivable, net	23,829,251	27,760,956
Advances to supplier, net	2,299,873	1,255,420
Inventories, net	23,779,671	22,274,613
Security deposits	508,037
Prepaid expenses and other current assets	1,194,215	1,394,234
Current assets from discontinued operation		37,761
Total current assets	61,298,392	59,520,379
Property, plant and equipment, net	54,103,612	51,836,633
Intangible assets, net	7,882,850	8,157,916
Prepayments for construction and equipment purchases	1,617,584	1,222,888
Security deposits - long term	1,492,537	1,590,671
Other assets	424,648	297,906
Right-of-use lease assets	7,507,445
Non-current assets from discontinued operations		13,697
Total assets	134,327,068	122,640,090
Current liabilities:
Short term borrowings	17,197,339	19,890,641
Bank notes payable	1,802,884	2,888,053
Advances from customers	267,805	393,749
Accounts payable	10,809,902	18,186,400
Accounts payable-related party	303,083	82,014
Accrued and other liabilities	1,936,320	2,121,304
Other loans payable - current	2,985,476	2,847,859
Taxes payable	182,058	247,635
Deferred gains	154,750	291,170
Due to related party	97,559	12,200
Operating lease liabilities - current	910,897
Current liabilities from discontinued operation		528,263
Total current liabilities	36,648,073	47,489,288
Deferred tax liability	887,098	577,826
Long term borrowings	10,246,011	7,203,357
Other loans payable - non-current	1,373,402	2,635,567
Operating lease liabilities - non-current	6,103,899
Total liabilities	55,258,483	57,906,038
Commitments and contingencies
Shareholders' Equity
Common stock: $0.001 par value, 70,000,000 shares authorized, 15,803,763 and 15,795,910 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively	15,804	15,797
Additional paid in capital	30,057,831	30,009,545
Statutory reserve	6,962,390	5,532,945
Retained earnings	45,188,209	31,602,434
Accumulated other comprehensive income	(3,108,640)	(2,472,254)
Total Fuling Global Inc.'s equity	79,115,594	64,688,467
Non-controlling interest	(47,009)	45,585
Total shareholders' equity	79,068,585	64,734,052
Total liabilities and shareholders’ equity	$ 134,327,068	$ 122,640,090