SHANGHAI, May 18, 2021 /PRNewswire/
-- Ossen Innovation Co., Ltd. ("Ossen Innovation"
or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain
surface, rare earth and zinc coated pre-stressed steel materials,
today announced its financial results for the fiscal year ended
December 31, 2020.
"Fiscal year 2020 was a challenging one. Our production
was interrupted at the beginning of the year 2020 while our
customers and employees were responding to the spread of the
coronavirus. We worked hard after first quarter of 2020 when the
situation improved in China to
reduce the impact of the pandemic from first quarter of 2020,"
commented Dr. Liang Tang, Chairman
of Ossen Innovation. "We are very pleased with the progress and
accomplishments our entire team achieved during fiscal year
2020."
"The performance in 2020 not only reflected the strong
resilience of the Company under the pandemic, but also better
overall performance of the Company which benefited from the
economic recovery and stimulus plan," continued Dr. Tang. "Looking
forward, both the '14th Five-Year Plan' and the Central Economic
Work Conference included the bridge cable and prestressed material
industries as one of the important industries to invest in for the
future, bringing about more promising prospects for these
industries. With our continuing leadership in prestressed material
industry segment, we have full confidence in the future development
of the Company."
Twelve months Ended December 31,
2020 Financial Results
|
|
For the Twelve Months Ended December
31,
|
|
($ millions, except per share
data)
|
|
2020
|
|
2019
|
|
% Change
|
|
Revenues
|
|
$138.6
|
|
$138.9
|
|
-0.2%
|
|
Gross
profit
|
|
$23.7
|
|
$22.4
|
|
5.8%
|
|
Gross
margin
|
|
17.1%
|
|
16.1%
|
|
1.0%
|
|
Operating
income
|
|
$16.4
|
|
$15.8
|
|
3.8%
|
|
Operating
margin
|
|
11.8%
|
|
11.4%
|
|
0.4%
|
|
Net income
attributable to Ossen Innovation
|
|
$11.1
|
|
$11.1
|
|
0.0%
|
|
EPS (per ordinary
share)
|
|
$0.56
|
|
$0.56
|
|
0.0%
|
|
EPS (per
ADS*)
|
|
$1.68
|
|
$1.68
|
|
0.0%
|
* One ADS equals to three ordinary
shares.
For the twelve months ended December 31, 2020, revenues decreased by
$0.3 million, or 0.2%, to
$138.6 million from $138.9 million for 2019. The decrease in revenues
during the year ended December 31,
2020 was mainly attributable to the decrease in sales of
rare earth coated PC wires and PC strands, plain surface products
and other products, partially offset by the increase in zinc coated
PC wires and PC strands.
Gross profit increased by $1.3
million, or 5.8%, to $23.7
million for the twelve months ended December 31, 2020 from $22.4 million for the same period of last year.
Gross margin increased by 100 basis points to 17.1% for the twelve
months ended December 31, 2020 from
16.1% for the same period of last year. The increase of gross
margin was primarily due to an increase in gross profit margin of
rare earth coated products.
Selling expenses totaled $0.4
million for the year ended December
31, 20120, as compared to $0.4
million for the year ended December
31, 2019, an increase of 6.6%. This increase was primarily
due to higher freight and sales commission for export sales.
General and administrative expenses totaled $7.0 million for the year ended December 31, 2020, as compared to $6.2 million for the year ended December 31, 2019, an increase of 13.1%. The
increase in 2020 was primarily due to higher doubtful accounts for
accounts receivable and higher research and development, partially
offset by lower travel expenses in 2020. As a result, total
operating expenses increased by $0.8
million, or 12.7%, to $7.3
million for the twelve months ended December 31, 2020 from $6.5 million for the same period of last
year.
Operating income for the year ended December 31, 2020 was $16.4 million, an increase of 3.4% as compared to
$15.8 million for the same period in
2019. As a percentage of net sales, operating income increased from
11.4% to 11.8% during the year ended December 31, 2020. This increase was primarily
due to higher gross profit, partially offset by higher general and
administrative expenses.
Net income totaled $12.0
million for the year ended December
31, 2020, as compared to $12.2
million for the year ended December
31, 2019, a decrease of 1.6%. After deducting net income
attributable to non-controlling interest, net income attributable
to Ossen Innovation stayed the same at $11.1
million for the twelve months ended December 31, 2020 compared to same period of last
year. Earnings per ordinary share, both basic and diluted, were
$0.56 for the twelve months ended
December 31, 2020, compared to
$0.56 for the same period of last
year. Earnings per ADS (one ADS equals to three ordinary shares),
both basic and diluted, were $1.68
and $1.68 for 2020 and 2019,
respectively.
Impact of COVID-19
During 2020, the Company's sales and operations were
slightly affected in the first half of 2020 by the widespread of
the COVID-19 pandemic in China as
many cities imposed travel and work restrictions in efforts to curb
the spread of COVID-19 and therefore many of the construction
projects in China were delayed.
Further, the Company's manufacturing facilities situated in
Jiujiang and Ma'anshan were temporarily closed after the Chinese
New Year holidays until the second week of March 2020, and therefore sales to customers were
affected in that period. Towards the second quarter of 2020, as the
COVID-19 pandemic was gradually brought under control in
China, the sales and operations of
the Company resumed to normal in the second half of 2020. Depending
on the duration of the Covid-19 pandemic and continued negative
impact on economic activity, the Company might experience further
negative impact in 2021. However, the exact impact in the remainder
of 2021 and thereafter cannot be predicted.
Balance Sheet and Cash Flows
As of December 31, 2020, the
Company had cash and restricted cash of $1.2
million, compared to $2.6
million on December 31, 2019. Account receivable was
$50.6 million as of December 31, 2020, compared to $72.5 million at December
31, 2019 as a result of the increased efforts of collection
of accounts receivable in 2020.
The average Days Sales Outstanding ("DSO") of 2020 and
2019 were 162 and 175 days, respectively. The DSO as of
December 31, 2020 and 2019 were 133
and 191 days, respectively. The decrease in DSO as of December 31, 2020 was primarily due to the faster
payments from our customers during 2020.
Advance to Suppliers represents interest-free cash paid in
advance to suppliers for purchases of raw materials. The balance of
advance to suppliers was $95.7
million and $74.4
million on December 31,
2020 and 2019, respectively. The Company had inventories of
$38.2 million as of December 31, 2020, compared to $15.1 million at the end of 2019.
The Company's working capital was $157.4 million on December
31, 2020 as compared to $130.2
million on December 31, 2019.
The working capital increase of $27.2
million in 2020 as compared to 2019 was due primarily to the
increase of inventories and advance to suppliers, partially offset
by the decrease in accounts receivable.
Net cash used in operating activities was approximately
$9.1 million in 2020 as compared to
$0.4 million of net cash provided in
operating activities in 2019. This was the result of the increase
in inventories , the decrease in customer deposits, and the
increase in advance to suppliers, partially offset by the decrease
in accounts receivable. Net cash used in investing activities was
$1.7 million in 2020, as compared to
$139,795 of net cash used in
investing activities in 2019 as the result of the land acquisition
for the new production facility in Jiujiang, Jiangxi Province in 2020. Net cash provided in
financing activities in 2020 was approximately $1.3 million, as compared to approximately
$2.9 million of net cash provided in
financing activities in 2019. This was the result of the increase
in repayments of short-term bank loans and the decrease in proceeds
from long-term bank loans, partially offset by the increase in
proceeds of short-term bank loans and the decrease in repayments of
long-term bank loans.
About Ossen Innovation Co., Ltd.
Ossen Innovation Co., Ltd. manufactures and sells a wide
variety of plain surface pre-stressed steel materials and rare
earth coated and zinc coated pre-stressed steel materials. The
Company's products are mainly used in the construction of bridges,
as well as in highways and other infrastructure projects. Ossen has
two manufacturing facilities located in Ma'anshan, Anhui Province, and Jiujiang, Jiangxi Province.
Safe Harbor Statements
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements
involve inherent risks and uncertainties that could cause actual
results to differ materially from those projected or anticipated,
including risks outlined in the Company's public filings with the
Securities and Exchange Commission, including the Company's annual
report on Form 20-F, as amended. All information provided in this
press release is as of the date hereof. Except as required by law,
the Company undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
For more information, please contact:
Wei Hua, Chief Executive
Officer
Email: int.tr@ossengroup.com
Phone: +86-21-6888-8886
Web: www.osseninnovation.com
Investor Relations
GCI IR
Phone: +1-917-207-2173
Email: info@goldenir.com
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2019
|
|
|
December
31,
|
|
2020
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,229,400
|
|
$
|
2,576,677
|
|
Restricted
cash
|
|
7,980,907
|
|
|
6,025,718
|
|
Accounts receivable,
net of allowance for doubtful accounts of $1,489,171 and $1,253,571
at December 31, 2020 and 2019, respectively
|
|
50,551,792
|
|
|
72,544,202
|
|
Inventories
|
|
38,209,297
|
|
|
15,100,328
|
|
Advance to
suppliers
|
|
95,778,337
|
|
|
74,391,886
|
|
Other current
assets
|
|
78,806
|
|
|
24,643
|
|
Accounts receivable -
related parties
|
|
1,396,616
|
|
|
536,358
|
|
Total
current assets
|
|
195,225,155
|
|
|
171,199,812
|
|
Property, plant and
equipment, net
|
|
3,335,981
|
|
|
2,948,264
|
|
Land use rights,
net
|
|
4,501,633
|
|
|
3,288,959
|
|
Deferred tax
assets
|
|
242,412
|
|
|
206,002
|
|
TOTAL
ASSETS
|
$
|
203,305,181
|
|
$
|
177,643,037
|
|
|
|
|
|
|
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2019
(Continued)
|
|
|
December 31,
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Notes payable-bank
acceptance notes
|
$
|
9,425,071
|
|
$
|
8,895,107
|
|
Short-term bank
loans
|
|
19,458,210
|
|
|
17,072,867
|
|
Accounts
payables
|
|
591,060
|
|
|
951,358
|
|
Customer
deposits
|
|
787,112
|
|
|
3,131,916
|
|
Taxes
payable
|
|
1,842,628
|
|
|
1,417,176
|
|
Other payables and
accrued liabilities
|
|
2,502,866
|
|
|
3,875,529
|
|
Customer deposits –
related parties
|
|
-
|
|
|
3,358,897
|
|
Due to related
parties
|
|
3,263,064
|
|
|
2,297,639
|
|
Total current
liabilities
|
|
37,870,011
|
|
|
41,000,489
|
|
Long-term bank
loans
|
|
6,460,734
|
|
|
6,097,453
|
|
Other Long-term
payable
|
|
7,863,157
|
|
|
-
|
|
TOTAL LIABILITIES
|
|
52,193,902
|
|
|
47,097,942
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
Ordinary shares,
$0.01 par value: 100,000,000 shares authorized; 20,000,000 shares
issued; 19,791,110 shares outstanding as both of December 31, 2020
and 2019
|
|
200,000
|
|
|
200,000
|
|
Additional paid-in
capital
|
|
33,971,455
|
|
|
33,971,455
|
|
Statutory
reserve
|
|
10,486,495
|
|
|
9,043,010
|
|
Retained
earnings
|
|
88,116,913
|
|
|
78,484,535
|
|
Treasury stock, at
cost: 208,890 shares as of December 31, 2020 and 2019
|
|
(192,153)
|
|
|
(192,153)
|
|
Accumulated other
comprehensive loss
|
|
2,747,735
|
|
|
(5,789,815)
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
135,330,445
|
|
|
115,717,032
|
|
Non-controlling
interest
|
|
15,780,834
|
|
|
14,828,063
|
|
TOTAL EQUITY
|
|
151,111,279
|
|
|
130,545,095
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
|
$
|
203,305,181
|
|
$
|
177,643,037
|
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR
THE
|
|
YEARS ENDED
DECEMBER 31, 2020, 2019 AND 2018
|
|
|
Year Ended December 31,
|
|
2020
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
$
|
138,577,870
|
|
$
|
138,900,357
|
|
$
|
136,104,867
|
|
COST OF GOODS SOLD
|
|
(114,855,259)
|
|
|
116,541,972
|
|
|
115,585,803
|
|
GROSS PROFIT
|
|
23,722,611
|
|
|
22,358,385
|
|
|
20,519,064
|
|
Selling
expenses
|
|
380,945
|
|
|
357,426
|
|
|
327,365
|
|
General and
administrative expenses
|
|
6,958,788
|
|
|
6,155,316
|
|
|
5,263,914
|
|
Total Operating Expenses
|
|
7,339,733
|
|
|
6,512,742
|
|
|
5,591,279
|
|
INCOME FROM OPERATIONS
|
|
16,382,878
|
|
|
15,845,643
|
|
|
14,927,785
|
|
Financial expenses,
net
|
|
(2,861,921)
|
|
|
(2,382,405)
|
|
|
(1,621,486)
|
|
Other income,
net
|
|
75,786
|
|
|
297,438
|
|
|
208,071
|
|
INCOME BEFORE INCOME TAX
|
|
13,596,743
|
|
|
13,760,676
|
|
|
13,514,370
|
|
INCOME TAX
|
|
(1,568,109)
|
|
|
(1,533,794)
|
|
|
(2,129,387)
|
|
NET INCOME
|
|
12,028,634
|
|
|
12,226,882
|
|
|
11,384,983
|
|
NONCONTROLLING
INTEREST
|
|
952,771
|
|
|
1,137,712
|
|
|
1,005,530
|
|
NET INCOME ATTRIBUTABLE TO OSSEN INNOVATION
CO.,LTD
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
11,075,863
|
|
11,089,170
|
|
10,379,453
|
|
OTHER COMPREHENSIVE INCOME
(LOSS)
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
8,537,550
|
|
|
(1,744,846)
|
|
|
(6,272,303)
|
|
TOTAL OTHER COMPREHENSIVE INCOME
(LOSS)
|
|
8,537,550
|
|
|
(1,744,846)
|
|
|
(6,272,303)
|
|
COMPREHENSIVE INCOME
|
$
|
19,613,413
|
|
$
|
9,344,324
|
|
$
|
4,107,150
|
|
EARNINGS PER ORDINARY SHARE
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
|
0.56
|
|
$
|
0.56
|
|
$
|
0.52
|
|
WEIGHTED AVERAGE ORDINARY SHARES
OUTSTANDING
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
19,791,110
|
|
|
19,791,110
|
|
|
19,791,110
|
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF SHAREHOLDER'S EQUITY
|
|
FOR THE YEARS
ENDED DECEMBER 31, 2020, 2019 AND 2018
|
|
|
Total Ossen Innovation Co., Ltd. Shareholders'
Equity
|
|
Ordinary Shares
|
|
|
Additional Paid-in
|
|
|
|
|
|
|
|
Accumulated Other
|
|
|
|
|
|
Retained
|
|
|
Non Controlling
|
|
|
Total
|
|
$0.01 Par Value
|
|
|
Capital
|
|
Treasury stock
|
|
|
Comprehensive Income/(loss)
|
|
|
Statutory Reserve
|
|
|
Earnings
|
|
|
Interest
|
|
|
|
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1,
2018
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
2,227,334
|
|
$
|
6,672,254
|
|
$
|
59,386,668
|
|
$
|
12,684,821
|
|
$
|
114,950,379
|
|
Net income
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,379,453
|
|
|
1,005,530
|
|
|
11,384,983
|
|
Transfer to statutory
reserve
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,092,559
|
|
|
(1,092,559)
|
|
|
-
|
|
|
-
|
|
Foreign currency
translation adjustment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(6,272,303)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,272,303)
|
|
Balance at December 31, 2018
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
(4,044,969)
|
|
$
|
7,764,813
|
|
$
|
68,673,562
|
|
$
|
13,690,351
|
|
$
|
120,063,059
|
|
Net income
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
11,089,170
|
|
|
1,137,712
|
|
|
12,226,882
|
|
Transfer to statutory
reserve
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,278,197
|
|
|
(1,278,197)
|
|
|
-
|
|
|
-
|
|
Foreign currency
translation adjustment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(1,744,846)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,744,846)
|
|
Balance at December 31, 2019
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
(5,789,815)
|
|
$
|
9,043,010
|
|
$
|
78,484,535
|
|
$
|
14,828,063
|
|
$
|
130,545,095
|
|
Net income
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
11,075,863
|
|
|
952,771
|
|
|
12,028,634
|
|
Transfer to statutory
reserve
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,443,485
|
|
|
(1,443,485)
|
|
|
-
|
|
|
-
|
|
Foreign currency
translation adjustment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
8,537,550
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
8,537,550
|
|
Balance at December 31, 2020
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
2,747,735
|
|
$
|
10,486,495
|
|
$
|
88,116,913
|
|
$
|
15,780,834
|
|
$
|
151,111,279
|
|
OSSEN INNOVATION
CO., LTD. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
FOR THE YEARS
ENDED DECEMBER 31, 2020, 2019 AND 2018
|
|
|
|
Year Ended December 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
12,028,634
|
|
$
|
12,226,882
|
|
$
|
11,384,983
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
493,484
|
|
|
606,045
|
|
|
641,647
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
(Increase) Decrease In:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
21,992,410
|
|
|
(11,957,333)
|
|
|
(8,886,939)
|
|
Inventories
|
|
|
(23,108,969)
|
|
|
2,077,598
|
|
|
(3,698,453)
|
|
Advance to
suppliers
|
|
|
(21,386,451)
|
|
|
(4,405,230)
|
|
|
1,294,247
|
|
Other current
assets
|
|
|
(54,164)
|
|
|
1,853
|
|
|
10,894
|
|
Deferred tax
assets
|
|
|
(36,410)
|
|
|
(46,866)
|
|
|
(9,625)
|
|
Accounts
receivable - related parties
|
|
|
(860,258)
|
|
|
(536,358)
|
|
|
-
|
|
Increase (Decrease) In:
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
(360,298)
|
|
|
661,404
|
|
|
(69,973)
|
|
Customer
deposits
|
|
|
(2,344,804)
|
|
|
2,848,047
|
|
|
(32,524)
|
|
Income tax
payable
|
|
|
425,452
|
|
|
(130,706)
|
|
|
1,097,171
|
|
Other payables
and accrued expenses
|
|
|
(1,372,663)
|
|
|
(105,037)
|
|
|
(256,258)
|
|
Customer deposits -
RPT
|
|
|
(3,358,897)
|
|
|
(1,441,487)
|
|
|
4,800,384
|
|
Due to related
party
|
|
|
965,425
|
|
|
2,297,639
|
|
|
-
|
|
Due to
shareholder
|
|
|
-
|
|
|
(1,695,259)
|
|
|
1,343,760
|
|
Other Long-term
payable
|
|
|
7,863,157
|
|
|
-
|
|
|
-
|
|
Net cash provided by/ (used in) operating
activities
|
|
|
(9,114,352)
|
|
|
401,192
|
|
|
7,619,314
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Purchases of
plant and equipment
|
|
|
(618,173)
|
|
|
(139,795)
|
|
|
(72,305)
|
|
Purchases of
land use rights
|
|
|
(1,071,922)
|
|
|
-
|
|
|
-
|
|
Net cash used in investing
activities
|
|
|
(1,690,095)
|
|
|
(139,795)
|
|
|
(72,305)
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
short-term bank loans
|
|
|
102,324,844
|
|
|
85,479,789
|
|
|
17,900,302
|
|
Repayments of
short-term bank loans
|
|
|
(101,026,854)
|
|
|
(81,777,165)
|
|
|
(17,543,051)
|
|
Proceeds from
long-term bank loans
|
|
|
-
|
|
|
6,171,040
|
|
|
-
|
|
Repayments of
long-term bank loans
|
|
|
-
|
|
|
(7,260,047)
|
|
|
-
|
|
Proceeds from
notes payable-bank acceptance notes
|
|
|
8,941,706
|
|
|
9,002,458
|
|
|
9,063,444
|
|
Repayment of
notes payable-bank acceptance notes
|
|
|
(8,941,706)
|
|
|
(8,712,056)
|
|
|
(10,120,846)
|
|
Net cash used in financing
activities
|
|
|
1,297,990
|
|
|
2,904,019
|
|
|
(700,151)
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN CASH,
CASH
EQUIVALENTS, AND
RESTRICTED CASH
|
|
|
(9,506,457)
|
|
|
3,165,416
|
|
|
6,846,858
|
|
Effect of
exchange rate changes on cash, cash
equivalents, and
restricted cash
|
|
|
10,114,369
|
|
|
(2,078,097)
|
|
|
(7,474,935)
|
|
Cash, cash
equivalents and restricted cash at
beginning of
period
|
|
|
8,602,395
|
|
|
7,515,076
|
|
|
8,143,153
|
|
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH AT END OF PERIOD
|
|
$
|
9,210,307
|
|
$
|
8,602,395
|
|
$
|
7,515,076
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the periods:
|
|
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
|
1,451,358
|
|
|
1,749,389
|
|
|
1,019,270
|
|
Interest
paid
|
|
|
2,548,889
|
|
|
2,148,285
|
|
|
1,388,283
|
|
Non-cash transactions:
|
|
|
|
|
|
|
|
|
|
|
Appropriation to
statutory reserve
|
|
$
|
1,443,485
|
|
$
|
1,278,197
|
|
$
|
1,092,559
|
View original
content:http://www.prnewswire.com/news-releases/ossen-innovation-announces-full-year-2020-financial-results-301293066.html
SOURCE Ossen Innovation Co., Ltd.
