Exhibit 99.1
HEBRON TECHNOLOGY CO., LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, | December 31, | |||||||
2018 | 2017 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash | $ | 884,436 | $ | 3,220,781 | ||||
Restricted cash | 1,475,918 | 55,322 | ||||||
Contracts receivable, net | 20,995,991 | 16,904,972 | ||||||
Accounts receivable, net | 723,124 | 1,419,305 | ||||||
Notes receivable | - | 689,171 | ||||||
Retainage receivables, net | 2,972,461 | 2,564,404 | ||||||
Inventories | 5,424,902 | 1,582,501 | ||||||
Prepayments and advances to suppliers, net | 9,755,071 | 11,904,107 | ||||||
Other receivables, net | 229,898 | 240,284 | ||||||
TOTAL CURRENT ASSETS | 42,461,801 | 38,580,847 | ||||||
Long-term investment | 2,885,556 | - | ||||||
Property and equipment at cost, net of accumulated depreciation | 14,009,154 | 14,588,262 | ||||||
Land use right, net of accumulated amortization | 1,039,608 | 1,086,148 | ||||||
Deferred tax assets | 454,591 | 46,101 | ||||||
Prepayment on property and equipment | - | 247,324 | ||||||
TOTAL ASSETS | $ | 60,850,710 | $ | 54,548,682 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Short-term loans | $ | 706,970 | $ | 457,940 | ||||
Accounts payable | 5,191,560 | 1,332,106 | ||||||
Accrued expenses and other current liabilities | 1,609,040 | 1,327,513 | ||||||
Other loan payable-current | - | 179,182 | ||||||
Advances from customers | 3,723,943 | 2,825,215 | ||||||
Taxes payable | 7,574,611 | 7,067,593 | ||||||
TOTAL CURRENT LIABILITIES | 18,806,124 | 13,189,549 | ||||||
Other loan payable - long term | 176,139 | 411,683 | ||||||
Long-term loans | 404,693 | 414,912 | ||||||
TOTAL LIABILITIES | 19,386,956 | 14,016,144 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
SHAREHOLDERS' EQUITY: | ||||||||
Common stock, $0.001 par value, 50,000,000 shares authorized, 16,269,577 and 14,695,347 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | 16,269 | 14,695 | ||||||
Additional paid-in capital | 13,270,947 | 10,237,965 | ||||||
Retained earnings | 28,308,385 | 29,877,491 | ||||||
Accumulated other comprehensive gain (loss) | (131,847 | ) | 402,387 | |||||
TOTAL SHAREHOLDERS' EQUITY | 41,463,754 | 40,532,538 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 60,850,710 | $ | 54,548,682 |
HEBRON TECHNOLOGY CO., LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
For the Six Months Ended June 30, | ||||||||
2018 | 2017 | |||||||
REVENUE | ||||||||
Installation service | $ | 7,580,749 | $ | 6,352,092 | ||||
Fluid equipment sales | 2,754,317 | 1,391,348 | ||||||
10,335,166 | 7,743,440 | |||||||
COST OF REVENUE | ||||||||
Cost of product and services | 6,655,247 | 4,769,712 | ||||||
Business and sales related taxes | 124,575 | 103,923 | ||||||
GROSS PROFIT | 3,555,244 | 2,869,805 | ||||||
OPERATING EXPENSES | ||||||||
General and administrative expenses | 4,396,710 | 1,469,722 | ||||||
Selling expenses | 281,169 | 749,522 | ||||||
Research and development expenses | - | 485,335 | ||||||
Total operating expenses | 4,677,879 | 2,704,579 | ||||||
INCOME (LOSS) FROM OPERATIONS | (1,122,635 | ) | 165,226 | |||||
OTHER INCOME (EXPENSE) | ||||||||
Other income, net | 1,736 | 2,256 | ||||||
Interest expense | (56,314 | ) | (23,518 | ) | ||||
Total other expense, net | (54,578 | ) | (21,262 | ) | ||||
INCOME (LOSS) BEFORE INCOME TAXES | (1,177,213 | ) | 143,964 | |||||
PROVISION FOR INCOME TAXES | 391,892 | 487,298 | ||||||
NET LOSS | $ | (1,569,105 | ) | $ | (343,334 | ) | ||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Foreign currency translation gain (loss) | (534,234 | ) | 800,457 | |||||
COMPREHENSIVE INCOME (LOSS) | $ | (2,103,339 | ) | $ | 457,123 | |||
Basic and diluted loss per common share | ||||||||
Basic and diluted | $ | (0.10 | ) | $ | (0.02 | ) | ||
Weighted average number of shares outstanding | ||||||||
Basic and diluted | 15,427,622 | 14,695,347 |