Exhibit 99.1
Fuling Global Inc. Reports First Quarter of 2016 Financial Results
Company to Host Earnings Conference Call on Tuesday, May 17, 8:00 am ET
ALLENTOWN, Pa., May 16, 2016 /PRNewswire/ -- Fuling Global Inc. (NASDAQ: FORK) ("Fuling Global" or the "Company"), a specialized producer and distributor of environmentally-friendly plastic serviceware, with precision manufacturing facilities in both the U.S. and China, today announced its financial results for the three months ended March 31, 2016.
Mr. Xinfu Hu, Chief Executive Officer of Fuling Global, commented, "Our first quarter results were, once again, highlighted by increase in sales volume, which grew by 4.6% to 7,418 tons and offset the 4.7% decrease in average selling price (“ASP”) resulting from decline in crude oil price. Both gross profit and gross margin increased year-over-year with improvement in gross margin across all product categories. Net income attributable to Fuling Global was $0.7 million, down from the $1.2 million a year ago as a result of increased SG&A expenses and provision for income taxes that more than offset the increase in gross profit.”
Ms. Guilan Jiang, Chairwoman of Fuling Global, added, "While putting the IPO proceeds to work, including the $10.2 million purchase of a 32.86-acre land parcel for a new factory in Wenling City and the ongoing expansion at our Allentown facility, we are setting the stage for growth in years to come. We look forward to continuing working with our suppliers, customers, partners and shareholders to take our business to the next level.”
First Quarter of 2016 Financial Highlights
Please note, certain expense items, primarily expenses associated with ocean freight, were previously reported as selling expenses and have been reclassified as cost of goods sold. As a result, cost of goods sold, gross profit, gross margin, selling expenses, and total operating expenses for 2015 have been adjusted retrospectively.
| | | For the Three Months Ended March 31, | |
| ($ millions, except per share data) | | 2016 | | | 2015 | | | % Change | |
| Revenues | | $ | 20.58 | | | $ | 20.64 | | | | -0.3 | % |
| Gross profit | | $ | 5.2 | | | $ | 4.6 | | | | 13.3 | % |
| Gross margin | | | 25.3 | % | | | 22.3 | % | | | 3.0 | % |
| Operating margin | | | 5.3 | % | | | 6.5 | % | | | -1.2 | % |
| Net income attributable to Fuling Global | | $ | 0.7 | | | $ | 1.2 | | | | -39.4 | % |
| Diluted earnings per share | | $ | 0.05 | | | $ | 0.11 | | | | -55.1 | % |
| · | Revenues were essentially unchanged at $20.6 million for the first quarter of 2016, with increase in sales volume offsetting decrease in ASP. |
| · | Total sales volume increased by 4.6% to 7,418 tons for the three months ended March 31, 2016 from 7,092 tons for the same period of last year. The increase in total sales volume was primarily related to increased sales of cups and plates and other products and partially offset by decline in sales of cutlery and straws. |
| · | Blended ASP decreased by 4.7% to $2.77 per kilogram for the three months ended March 31, 2016 from $2.91 per kilogram for the same period of last year. The decrease in ASP was across all product categories as a result of decrease in crude oil prices. |
| · | Gross profit increased by 13.3% to $5.2 million for the three months ended March 31, 2016 from $4.6 million for the same period of last year. Gross margin was 25.3% for the three months ended March 31, 2016, compared to 22.3% for the same period of last year. The increase in gross margin was across all product categories, particularly for straws. |
| · | Net income attributable to Fuling Global was $0.7 million, or $0.05 per basic and diluted share, for the three months ended March 31, 2016, compared to $1.2 million, or $0.11 per basic and diluted share, for the same period of last year. |
First Quarter of 2016 Financial Results
Revenues
For the three months ended March 31, 2016, total revenues were essentially unchanged at $20.6 million with increase in overall sales volume offsetting by decline in ASP. Overall sales volume increased by 326 tons, or 4.6%, to 7,418 tons for the three months ended March 31, 2016 from 7,092 tons for the same period of last year. The increase in overall sales volume was primarily related to increased sales of cups and plates and other products and partially offset by decline in sales of cutlery and straws. Blended ASP decreased by $0.14 per kilogram, or 4.7%, to $2.77 per kilogram for the three months ended March 31, 2016 from $2.91 per kilogram for the same period of last year. The decrease in ASP was across all product categories as a result of decrease in crude oil prices.
| | | | For the Three Months Ended March 31, | |
| | | | 2016 | | | | 2015 | |
| | | | Revenues | | | | COGS | | | | Gross Margin | | | | Revenues | | | | COGS | | | | Gross Margin | |
| | | | ($'000) | | | | ($'000) | | | | (%) | | | | ($'000) | | | | ($'000) | | | | (%) | |
| Cutlery | | $ | 11,680 | | | | 8,891 | | | | 24 | % | | $ | 12,505 | | | | 9,529 | | | | 24 | % |
| Straws | | | 2,095 | | | | 1,356 | | | | 35 | % | | | 2,521 | | | | 1,933 | | | | 23 | % |
| Cups and plates | | | 5,504 | | | | 4,048 | | | | 26 | % | | | 4,869 | | | | 3,891 | | | | 20 | % |
| Others products | | | 1,299 | | | | 977 | | | | 25 | % | | | 744 | | | | 584 | | | | 22 | % |
| Tax | | | | | | | 101 | | | | | | | | | | | | 109 | | | | | |
| Total | | $ | 20,578 | | | | 15,373 | | | | 25.3 | % | | $ | 20,639 | | | | 16,046 | | | | 22.3 | % |
Cutlery, straws, cups and plates, and other products accounted for 56.8%, 10.2%, 26.7%, and 6.3% of total revenues for the three months ended March 31, 2016, compared to 60.6%, 12.2%, 23.6%, and 3.6% for the same period of last year, respectively.
On a geographical basis, sales in Fuling Global's largest market, the U.S., decreased a bit to $19.5 million for the three months ended March 31, 2016 from $19.6 million for the same period of last year. Sales in Europe increased by 9.1% to $0.4 million while sale in Canada increased by 18.6% to $0.2 million for the three months ended March 31, 2016. Sales in China was $0.3 million, versus $nil for the same period of last year.
| | | For the Three Months Ended March 31, | |
| | | 2016 | | | 2015 | | Y/Y Change | |
| | | Revenues | | | % of | | | Revenues | | | % of | | | Amount | | | | |
| | | | ($'000) | | | | Total | | | | ($'000) | | | | Total | | | | ($'000) | | | | % | |
| U.S. | | $ | 19,475 | | | | 94.6 | % | | | 19,696 | | | | 95.4 | % | | | (221 | ) | | | -1.1 | % |
| Europe | | | 434 | | | | 2.1 | % | | | 398 | | | | 1.9 | % | | | 36 | | | | 9.1 | % |
| Canada | | | 205 | | | | 1.0 | % | | | 173 | | | | 0.8 | % | | | 32 | | | | 18.6 | % |
| China | | | 345 | | | | 1.7 | % | | | - | | | | 0.0 | % | | | 345 | | | | NA | |
| Others | | | 119 | | | | 0.6 | % | | | 372 | | | | 1.8 | % | | | (253 | ) | | | -68.0 | % |
| Total | | $ | 20,578 | | | | 100.0 | % | | | 20,639 | | | | 100.0 | % | | | (61 | ) | | | -0.3 | % |
Gross profit
Total cost of goods sold decreased by $0.7 million, or 4.2%, to $15.4 million for the three months ended March 31, 2016 from $16.0 million for the same period of last year. Gross profit increased by $0.6 million, or 13.3%, to $5.2 million for the three months ended March 31, 2016 from $4.6 million for the same period of last year. Gross margin was 25.3% for the three months ended March 31, 2016, compared to 22.3% for the same period of last year. The increase in gross margin was across all product categories, particularly for straws. Gross margins for cutlery, straws, cups and plates, and other products were 23.9%, 35.3%, 26.4%, and 24.8%, respectively, for the three months ended March 31, 2016, compared to 23.8%, 23.3%, 20.1%, and 21.6%, respectively, for the same period of last year.
Operating income
Selling expenses increased by $0.25 million, or 18.3%, to $1.63 million for the three months ended March 31, 2016 from $1.38 million for the same period of last year. The increase in selling expenses was due to increase in sales commission and export credit insurance cost. General and administrative expenses increased by $0.53 million, or 34.4%, to $2.06 million for the three months ended March 31, 2016 from $1.53 million for the same period of last year. The increase in general and administrative expenses was due to professional fees related to being a public company as well as increase in administrative expenses at our Allentown facility. Research and development expenses increased by $0.1 million, or 26.0%, to $0.4 million for the three months ended March 31, 2016 from $0.3 million for the same period of last year. As a result, total operating expenses increased by $0.9 million, or 26.7%, to $4.1 million for the three months ended March 31, 2016 from $3.2 million for the same period of last year.
Operating income decreased by $0.25 million, or 19.0%, to $1.09 million for the three months ended March 31, 2016 from $1.34 million for the same period of last year. Operating margin was 5.3% for the three months ended March 31, 2016, compared to 6.5% for the same period of last year.
Income before income taxes
After adjustment for interest income and expenses, subsidy income and other non-operating income and expenses, income before income taxes decreased by $0.34 million, or 24.5%, to $1.03 million for the three months ended March 31, 2016 from $1.37 million for the same period of last year.
Provision for income taxes was $0.3 million for the three months ended March 31, 2016, compared to $0.1 million for the same period of last tear.
Net income
Net income decreased by $0.5 million, or 42.0%, to $0.7 million for the three months ended March 31, 2016 from $1.2 million for the same period of last year. After deduction of non-controlling interest, net income attributable to Fuling Global was $0.7 million, or $0.05 per basic and diluted share, for the three months ended March 31, 2016, compared to $1.2 million, or $0.11 per basic and diluted share, for the same period of last year.
Financial Condition
As of March 31, 2016, the Company had cash and cash equivalents, restricted cash, and certificates of deposits of $8.4 million, $1.6 million, and $3.3 million, respectively, compared to $15.6 million, $2.1 million, and $3.2 million, respectively at the end of 2015. Short-term borrowing and bank notes payable were $17.9 million and $2.9 million, respectively, as of March 31, 2016, compared to $15.3 million and $2.8 million, respectively, at the end of 2015.
Net cash used in operating activities was $2.7 million for the three months ended March 31, 2016, compared to $2.8 million for the same period of last year.
Net cash used in investing activities was $7.4 million for the three months ended March 31, 2016, compared to $2.5 million for the same period of last year.
Net cash provided by financing activities was $2.8 million for the three months ended March 31, 2016, compared to $5.4 million for the same period of last year.
Recent Updates
On April 12, 2016, the Company announced that it has purchased a 32.86-acre land parcel for its newest factory in Wenling, China for approximately $10.24 million. The Company anticipates that it will complete construction, equipment installation and testing and will ultimately commence commercial production in the new factory in the first quarter of 2017.
On March 8, 2016, the Company provided an update on the use of proceeds from its initial public offering (the "IPO") and announced that it has disbursed approximately $11 million of the IPO proceeds to increase the registered capital of Taizhou Fuling Plastics Co., Ltd. ("Taizhou Fuling") from $11.11 million to $21.63 million. Taizhou Fuling is a PRC company that is wholly owned by the Company through Total Faith Holdings Limited. The Wenling Bureau of Commerce had granted Taizhou Fuling official approval for the increase in registered capital. The Company is also investing approximately $8 million of the IPO proceeds in its business in the United States.
On March 3, 2016, Gilbert Lee, the Company's Chief Financial Officer, presented at VirtualInvestorConferences.com and provided a comprehensive overview of the Company for investors.
On January 12, 2016, the Company announced that it had hosted a team of scientists from the Chinese Academy of Sciences' Technical Institute of Physics and Chemistry ("TIPC") and Chinese Academy of Engineering ("CAE"), including CAE Academician Yicheng Wu, TIPC Deputy Director Yong Huang and TIPC NRCEP Chief Engineer Junhui Ji. The purposes of the meeting were to review 2015 accomplishments and set directions in 2016 for the Company's Academician and Expert Workstation (the "Workstation") and to further expand the scope of cooperation and collaboration through the Workstation platform in jointly developing new plastics materials and technologies.
Earnings Conference Call
The Company will host its first quarter of 2016 financial results conference call at 8:00 am Eastern Time (5:00 am Pacific Time/8:00 pm Beijing Time) on Tuesday, May 17, 2016. To attend the call, please use the information below for either dial-in access or webcast access. When prompted on dial-in, ask for "Fuling Global Inc./ FORK".
| Conference Call | |
| Date: | Tuesday, May 17, 2016 |
| Time: | 8:00 am ET, U.S. |
| International Toll Free: | United States: +1 888-346-8982 Mainland China: 400-120-1203 Hong Kong: 800-905-945 International: +1 412-902-4272 |
| Conference ID: | Fuling Global Inc./FORK |
Please dial in at least fifteen minutes before the call to ensure timely participation. For those unable to participate, an audio replay of the conference call will be available beginning approximately one hour after the end of the live call through May 24, 2016. The audio replay can be accessed by dialing +1-877-344-7529 within the United States or +1-412-317-0088 internationally, and entering access code No. 10086390.
About Fuling Global Inc.
Fuling Global Inc. ("Fuling Global") is a specialized producer and distributor of environmentally friendly plastic serviceware, with precision manufacturing facilities in both the U.S. and China. The Company's plastic serviceware products include disposable cutlery, drinking straws, cups, plates and other plastic products and are used by more than one hundred customers primarily from the U.S. and Europe, including Subway, Wendy's, Burger King, KFC (China only), Walmart, McKesson, and Woolworths. More information about the Company can be found at: http://ir.fulingglobal.com/.
Forward-Looking Statements
This press release contains information about Fuling Global's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its application of IPO proceeds, its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of software and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Fuling Global encourages you to review other factors that may affect its future results in Fuling Global's registration statement and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
At the Company:
Gilbert Lee, CFO
Email: ir@fulingplasticusa.com
Phone: +1-610-366-8070x1835
Web: http://ir.fulingglobal.com/
Investor Relations:
Tina Xiao
Weitian Group LLC
Email: fork@weitian-ir.com
Phone: +1-917-609-0333
FULING GLOBAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| | | March 31, | | | December 31, | |
| | | 2016 | | | 2015 | |
| | | | | | | |
| ASSETS | | | |
| Current Assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 8,413,443 | | | $ | 15,573,554 | |
| Restricted cash | | | 1,647,608 | | | | 2,129,162 | |
| Certificates of deposit | | | 3,312,321 | | | | 3,186,892 | |
| Accounts receivable, net | | | 15,116,039 | | | | 14,725,030 | |
| Advances to supplier, net | | | 565,088 | | | | 312,328 | |
| Inventories, net | | | 11,924,289 | | | | 13,493,685 | |
| Prepaid expenses and other current assets | | | 1,001,796 | | | | 425,477 | |
| Total Current Assets | | | 41,980,584 | | | | 49,846,128 | |
| | | | | | | | | |
| Property, plant and equipment, net | | | 22,276,571 | | | | 21,556,866 | |
| Intangible assets, net | | | 1,780,262 | | | | 1,778,264 | |
| Prepayments for land use rights and construction | | | 6,148,057 | | | | - | |
| Other non-current assets | | | 2,380,259 | | | | 2,228,900 | |
| Deferred tax assets | | | 431,716 | | | | 319,252 | |
| Total Assets | | $ | 74,997,449 | | | $ | 75,729,410 | |
| | | | | | | | | |
| | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | |
| | | | | | | | | |
| Current Liabilities: | | | | | | | | |
| Short term borrowings | | $ | 17,895,325 | | | $ | 15,264,827 | |
| Bank notes payable | | | 2,908,111 | | | | 2,839,783 | |
| Advances from customers | | | 913,561 | | | | 597,226 | |
| Accounts payable | | | 6,827,051 | | | | 10,972,851 | |
| Accrued and other liabilities | | | 1,581,702 | | | | 1,808,135 | |
| Taxes payable | | | 564,156 | | | | 743,147 | |
| Loan from third parties | | | - | | | | 184,851 | |
| Total Current Liabilities | | | 30,689,906 | | | | 32,410,820 | |
| | | | | | | | | |
| Total Liabilities | | | 30,689,906 | | | | 32,410,820 | |
| | | | | | | | | |
| Commitments and contingencies | | | | | | | | |
| | | | | | | | | |
| Shareholders' Equity | | | | | | | | |
| Common stock: $0.001 par value, 70,000,000 shares authorized, 15,732,795 shares issued and outstanding as of March 31, 2016 and December 31, 2015 | | | 15,733 | | | | 15,733 | |
| Additional paid in capital | | | 29,756,758 | | | | 29,722,127 | |
| Statutory reserve | | | 2,998,684 | | | | 2,868,844 | |
| Retained earnings | | | 10,802,072 | | | | 10,182,213 | |
| Accumulated other comprehensive income | | | 626,182 | | | | 392,450 | |
| Total Fuling Global Inc.'s equity | | | 44,199,429 | | | | 43,181,367 | |
| | | | | | | | | |
| Noncontrolling interest | | | 108,114 | | | | 137,223 | |
| Total Shareholders' Equity | | | 44,307,543 | | | | 43,318,590 | |
| | | | | | | | | |
| Total Liabilities and Shareholders' Equity | | $ | 74,997,449 | | | $ | 75,729,410 | |
FULING GLOBAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)
| | | For the Three Months Ended March 31, | |
| | | 2016 | | | 2015 | |
| | | | | | | |
| Revenues | | $ | 20,577,819 | | | $ | 20,638,516 | |
| Cost of goods sold | | | 15,372,996 | | | | 16,045,597 | |
| Gross Profit | | | 5,204,823 | | | | 4,592,919 | |
| | | | | | | | | |
| Operating Expenses | | | | | | | | |
| Selling expenses | | | 1,631,533 | | | | 1,378,971 | |
| General and administrative expenses | | | 2,064,559 | | | | 1,536,248 | |
| Research and development expenses | | | 418,356 | | | | 332,139 | |
| Total operating expenses | | | 4,114,448 | | | | 3,247,358 | |
| | | | | | | | | |
| Income from Operations | | | 1,090,375 | | | | 1,345,561 | |
| | | | | | | | | |
| Other Income (Expense): | | | | | | | | |
| Interest income | | | 6,613 | | | | 6,069 | |
| Interest expense | | | (201,684 | ) | | | (306,473 | ) |
| Subsidy income | | | 40,869 | | | | 60,221 | |
| Foreign currency transaction gain | | | 59,789 | | | | 227,011 | |
| Other income (expense), net | | | 37,652 | | | | 36,816 | |
| Total other income (expense), net | | | (56,761 | ) | | | 23,644 | |
| | | | | | | | | |
| Income Before Income Taxes | | | 1,033,614 | | | | 1,369,205 | |
| | | | | | | | | |
| Provision for Income Taxes | | | 313,024 | | | | 127,483 | |
| | | | | | | | | |
| Net Income | | $ | 720,590 | | | $ | 1,241,722 | |
| | | | | | | | | |
| Less: net (loss) income attributable to noncontrolling interest | | | (29,109 | ) | | | 3,739 | |
| | | | | | | | | |
| Net income attributable to Fuling Global Inc. | | | 749,699 | | | | 1,237,983 | |
| | | | | | | | | |
| Other Comprehensive Income | | | | | | | | |
| Foreign currency translation gain | | | 233,732 | | | | 163,471 | |
| Comprehensive income attributable to Fuling Global Inc. | | $ | 983,431 | | | $ | 1,401,454 | |
| | | | | | | | | |
| Earnings per share | | | | | | | | |
| Basic and diluted | | $ | 0.05 | | | $ | 0.11 | |
| | | | | | | | | |
| Weighted average number of shares | | | | | | | | |
| Basic and diluted | | | 15,732,795 | | | | 11,666,667 | |
| | | | | | | | | |
| Cash dividends per share | | | | | | | | |
| Basic and diluted | | $ | - | | | $ | 0.88 | |
FULING GLOBAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| | | For the Three Months Ended March 31, | |
| | | 2016 | | | 2015 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | |
| Net income | | $ | 720,590 | | | $ | 1,241,722 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
| Stock based compensation | | | 34,631 | | | | - | |
| Deferred tax benefit | | | (112,464 | ) | | | - | |
| Depreciation and amortization | | | 619,319 | | | | 536,522 | |
| Bad debt provisions | | | 5,503 | | | | 10,884 | |
| Gain on disposal of fixed assets | | | (12,888 | ) | | | - | |
| Changes in operating assets: | | | | | | | | |
| Accounts receivable | | | (335,806 | ) | | | 1,051,566 | |
| Advances to suppliers | | | (285,218 | ) | | | (2,188,453 | ) |
| Inventories | | | 1,588,607 | | | | 740,527 | |
| Other assets | | | (634,938 | ) | | | 201,035 | |
| Changes in operating liabilities: | | | | | | | | |
| Accounts payable | | | (4,151,850 | ) | | | (4,130,730 | ) |
| Advance from customers | | | 309,220 | | | | 62,200 | |
| Taxes payable | | | (180,977 | ) | | | (139,457 | ) |
| Accrued and other liabilities | | | (229,848 | ) | | | (233,380 | ) |
| Net cash used in operating activities | | | (2,666,119 | ) | | | (2,847,564 | ) |
| | | | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | |
| Purchase of property and equipment | | | (1,207,431 | ) | | | (248,933 | ) |
| Cash receipts from disposal property and equipment | | | 19,602 | | | | - | |
| Cash invested in certificates of deposit | | | (103,046 | ) | | | (2,014,072 | ) |
| Prepayments for land use rights and construction | | | (6,062,422 | ) | | | - | |
| Purchase of intangible assets | | | - | | | | (268,227 | ) |
| Net cash used in investing activities | | | (7,353,297 | ) | | | (2,531,232 | ) |
| | | | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | |
| Proceeds from short-term borrowings | | | 9,682,986 | | | | 18,021,538 | |
| Repayments of short-term borrowings | | | (7,187,968 | ) | | | (14,409,930 | ) |
| Proceeds from bank notes payable | | | 1,778,440 | | | | 1,492,038 | |
| Repayments of bank notes payable | | | (1,729,451 | ) | | | (1,462,305 | ) |
| Repayment of third party borrowing | | | (183,474 | ) | | | - | |
| Repayments of loans from related parties | | | - | | | | (38,285 | ) |
| Change of restricted cash | | | 488,632 | | | | 1,768,444 | |
| Net cash provided by financing activities | | | 2,849,165 | | | | 5,371,500 | |
| | | | | | | | | |
| EFFECT OF EXCHANGE RATES CHANGES ON CASH | | | 10,140 | | | | 169,500 | |
| | | | | | | | | |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | (7,160,111 | ) | | | 162,204 | |
| | | | | | | | | |
| CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD | | | 15,573,554 | | | | 1,399,714 | |
| | | | | | | | | |
| CASH AND CASH EQUIVALENTS, ENDING OF THE PERIOD | | $ | 8,413,443 | | | $ | 1,561,918 | |
| | | | | | | | | |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | | | | | |
| Cash paid during the period for: | | | | | | | | |
| Interest paid | | $ | 244,975 | | | $ | 306,473 | |
| Income tax paid | | $ | 609,402 | | | $ | 422,743 | |
