WUXI, China, Aug. 15, 2017 /PRNewswire/ -- Cleantech Solutions
International, Inc. ("Cleantech Solutions" or "the Company")
(NASDAQ: CLNT) today announced its financial results for three
months and six months ended June 30,
2017.
"In the second quarter of 2017, our legacy dyeing machine
business experienced a slight downtick in revenue along with higher
raw materials costs, which contributed to lower margins a loss for
the quarter. Despite this, we closed the quarter with positive
operating cash flow and a stronger cash position," said Mr.
Jianhua Wu, Chairman and CEO of
Cleantech Solutions. "In the near-term, we expect our dyeing
machine business to remain relatively stable. At the same
time, we are excited about the opportunities for long-term growth
we are pursuing in the global technology and sharing economy
markets."
Mr. Parkson Yip, Cleantech
Solutions' COO commented, "Having joined Cleantech Solutions just a
few months ago, I am pleased with our progress in executing our
long-term growth initiatives, especially those geared toward
collaborative consumption and have a positive impact on the
environment. We recently announced our global sharing bike
business, which addresses one of the fastest growing markets in the
world today. Our solution will provide the most convenient way for
users to enjoy the benefits of bike sharing wherever they go.
We continue to add regional bicycle operators to our platform and
look forward to releasing the app in the fourth quarter of
2017.
"We also see strong potential in the portable mobile phone
charger rental business, particularly in China and other countries in South Asia, where billions of mobile phone
users who embrace the sharing economy are seeking affordable and
reliable charging methods. Our solution hopes to reduce the
unnecessary increase of portable mobile phone chargers and at the
same time provide immediate convenience to users when they are in
need. We target to expand the portable mobile phone charger
rental business across major markets in China and Asia within the coming quarter, and will begin
penetrating across the globe before year end. I believe these
new business initiatives will establish a foundation for the
Company to return to growth via new economy models."
Second Quarter 2017 Results
Revenue for the second quarter of 2017 declined by 5.3% to
$3,712,000, compared to $3,918,000 for the same period in 2016. The
Company's only source of revenue is from the dyeing and finishing
business since the forged rolled rings and related products and
petroleum and chemical equipment businesses are
discontinued.
Gross profit for the second quarter of 2017 was $443,000, compared to gross profit of
$591,000 for the same period in 2016.
Gross margin was 11.9% during the second quarter of 2017
compared to 15.1% for the same period in 2016. The decline in gross
margin was primarily attributable to higher raw material costs.
Operating expenses increased by 109.2% to $941,000, compared to $450,000 for the same period in 2016. The
increase was primarily due to an increase in professional fees,
including stock-based consulting fees, payroll and related
benefits, depreciation, and research and development expenses for
the development of new dyeing and finishing products.
Loss from operations was $498,000,
compared to income from operations of $141,000 for the same period in 2016.
Loss from continuing operations was $521,000, or $(0.30) per basic and diluted share, compared to
income from continuing operations of $69,000, or $(0.06)
per basic and diluted share for the same period in 2016.
Loss from discontinued operations (Refer to "Discontinued
Operations" discussion below) was nil for the second quarter of
2017. This compares to a loss from discontinued operations of
$749,000, or $(0.67) per basic and diluted share for the
second quarter of 2016.
Net loss for the second quarter of 2017 was $521,000, or $(0.30) per basic and diluted share, compared to
net loss of $680,000, or $(0.61) per basic and diluted share, for the same
period in 2016.
Basic and diluted earnings per share were based on 1,730,952 and
1,121,251 weighted average shares outstanding, respectively, for
the three months ended June 30, 2017,
and 2016. All share and per share information has been
adjusted to reflect a 1-for-4 reverse stock split effective
March 20, 2017.
Six Month Results
For the six months ended June 30,
2017, revenue was $8,369,000
compared to $8,445,000 in the first
half of 2016. Gross profit was $1,029,000, down from $1,412,000 in the first half of 2016. Gross
margin was 12.3%, compared to 16.7% in the first half of
2016. Loss from operations was $594,000 compared to income from operations of
$185,000 in the first half of 2016.
Loss from continuing operations was $668,000, or $(0.46) per basic and diluted share, compared to
a loss from continuing operations of $34,000, or $(0.03)
per basic and diluted share for the same period in 2016. Loss from
discontinued operations was nil for the second half of 2017,
compared to a loss from discontinued operations of $1,490,000, or $(1.39) per basic and diluted share for the first
half of 2016. Net loss for the first half of 2017 was $668,000, or $(0.46) per basic and diluted share, compared to
a net loss of $1,524,000, or
($1.42) per basic and diluted share,
in the first half of 2016. Basic and diluted earnings per share
were based on 1,455,506 and 1,073,212 weighted average shares
outstanding, respectively, for the six months ended June 30, 2017, and 2016. All share and per
share information has been adjusted to reflect a 1-for-4 reverse
stock split effective March 20,
2017.
Financial Condition
As of June 30, 2017, Cleantech
Solutions held cash and cash equivalents of $5,523,000 compared to $1,481,000 at December
31, 2016. Accounts receivable were $15,024,000 compared to $13,922,000 at December
31, 2016. Inventories were $3,492,000 compared to $2,394,000 at December
31, 2016. The Company had $1,475,000 and $280,000 in short-term bank loans and bank
acceptance notes payable, respectively, at June 30, 2017, down from $2,160,000 and $547,000, respectively, at December 31, 2016. Working capital was
$24,844,000 at June 30, 2017 compared to $21,539,000 at December
31, 2016. Stockholders' equity was $67,517,000 at June 30,
2017 compared to $65,312,000
at December 31, 2016.
In the first half of 2017, the Company generated $1,610,000 in operating cash flow, primarily due
to an increase in accounts payable and a decrease in prepaid and
other current assets, which were offset by increases in accounts
receivables and inventory and the net loss for the period.
The Company generated $2,081,000 in
cash flow from investing activities, primarily related to receipt
of the second installment payment from the sale of Wuxi Fulland
Wind Energy Equipment Co., Ltd. ("Fulland Wind") in the second
quarter of 2017. The Company generated $265,000 in cash flow from financing activities,
primarily due to $860,000 in net
proceeds from a private placement transaction in June 2017, which was partially offset by a
reduction in short term debt.
Recent Events
In August 2017, the Company's
wholly-owned subsidiary, EC Power (Global), signed an agreement
with ECoin Global Limited ("ECoin") for the purchase of ECoin
redemption codes with an aggregate value of $50
million for total consideration of $20 million. The
Company plans to resell the redemption codes in the form of ECrent
gift cards at global locals through reseller channels, such as
convenience stores. The Company's subsidiary has entered into
an agreement with InComm, a global pre-payment network and solution
provider and will start selling the redemption codes with face
values of HK$100, HK$300 and HK$500 at
major convenience store networks in Hong
Kong and Macau beginning in August 2017. Other
international locations will follow. Pursuant to the agreement, the
Company will pay ECoin total consideration of $20
million in four annual installments in an amount equal to 50%
of the net sale proceeds of the redemption codes sold during each
calendar year. The value of any unsold redemption codes at the
expiration of the agreement will be paid to ECoin using shares of
the Company's stock and not more than 19% of issued and outstanding
ordinary shares of the Company.
In July 2017, the Company
announced that it launched a global bike sharing app service and
joined together with local sharing bike operators in Hong
Kong. The Company has partnered with Hong Kong-based
sharing bike operators and plans to add more regional bicycle
operators to the platform. The Company has established a
Hong Kong based subsidiary, Global
Bike Share (Mobile App) Limited, and expects the mobile app
business to commence operations in the fourth quarter of
2017.
In July 2017, the Company's board
of directors formed a special committee comprised of three
independent directors of the Company to evaluate and engage in
discussions with ECrent Capital Holdings Limited ("ECrent")
regarding potential business cooperation between the two companies
and a potential acquisition by the Company of ECrent (collectively,
the "Potential Transactions"). All three members of the Special
Committee are unaffiliated with ECrent and not management members
of the Company. The Special Committee retained Duff & Phelps,
LLC as its financial advisor to assist it in its review and
evaluation of the Potential Transactions. The Company cautions its
shareholders and others considering trading its securities that
neither the Special Committee nor the Board has set a definitive
timetable for the completion of its evaluation of and discussion
regarding the Potential Transactions or any other alternative
transaction and the Company does not currently intend to announce
development unless and until an agreement has been reached. There
can be no assurances that any definitive agreement will be executed
relating to the Proposed Transactions, or that the Proposed
Transactions or any other transaction will be approved or
consummated.
Conference Call
Cleantech Solutions will conduct a conference call at
8:00 a.m. Eastern Time on
Tuesday, August 15, to discuss
financial results for the second quarter ended June 30, 2017. To participate in the live
conference call, please dial the following number five to ten
minutes prior to the scheduled conference call time: (888)
346-8982. International callers should dial (412) 902-4272. If you
are unable to participate in the conference call at this time, a
replay will be available starting an hour after the conference call
through 10:00 a.m. ET August 22, 2017. To access the replay, dial (877)
344-7529. International callers dial (412) 317-0088, and enter
conference number: 10111489.
Discontinued Operations
On December 30, 2016, the Company
sold 100% of the stock of Fulland Wind to an unrelated party and
discontinued the Company's forged rolled rings and related
components business. Additionally, the Company's management decided
to discontinue its petroleum and chemical equipment segment due to
significant declines in revenues and the loss of its major
customer. As such, the assets and liabilities of these two segments
were classified on the unaudited condensed consolidated balance
sheets as assets and liabilities of discontinued operations and the
operating results were classified as discontinued operations in the
unaudited condensed consolidated statements of operations for all
periods presented.
About Cleantech Solutions International
Cleantech Solutions, through its affiliated companies, designs,
manufactures and distributes a line of proprietary high and low
temperature dyeing and finishing machinery to the textile
industry. The Company's latest business initiatives are
focused on targeting the technology and global sharing economy
markets, by developing online platforms and rental business
partnerships that will drive the global development of sharing
through economical rental business models.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies. These forward looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein and in the conference call referred to in this
press release as anticipated, believed, estimated or expected. The
Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31,
2016 and in our Form 10-Q for the quarter ended June 30, 2017. All forward-looking statements
attributable to the Company or to persons acting on its behalf are
expressly qualified in their entirety by these factors other than
as required under the securities laws. The Company does not assume
a duty to update these forward-looking statements.
Company Contacts:
Cleantech Solutions International, Inc.
Parkson Yip, Chief Operating
Officer
E-mail: parkson.yip@cleantechsolutionsinternational.com
+852-31060372
Web: www.cleantechsolutionsinternational.com
Compass Investor Relations
Elaine Ketchmere, CFA
Email: eketchmere@compass-ir.com
+1-310-528-3031
Web: www.compassinvestorrelations.com
CLEANTECH
SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE GAIN
(LOSS)
|
(Unaudited)
|
|
|
|
|
|
For the Three Months
Ended
|
For the Six Months
Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
$
3,711,767
|
|
$
3,917,800
|
|
$
8,369,221
|
|
$
8,444,500
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUES
|
|
3,268,923
|
|
3,326,835
|
|
7,340,523
|
|
7,032,314
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
442,844
|
|
590,965
|
|
1,028,698
|
|
1,412,186
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
269,349
|
|
137,945
|
|
537,714
|
|
275,854
|
|
Selling, general and
administrative
|
|
560,201
|
|
245,512
|
|
867,860
|
|
867,034
|
|
Research and
development
|
|
111,053
|
|
66,237
|
|
217,130
|
|
84,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
940,603
|
|
449,694
|
|
1,622,704
|
|
1,227,526
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM
OPERATIONS
|
|
(497,759)
|
|
141,271
|
|
(594,006)
|
|
184,660
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
5,842
|
|
6,396
|
|
7,720
|
|
14,812
|
|
Interest
expense
|
|
(35,176)
|
|
(32,344)
|
|
(74,866)
|
|
(64,954)
|
|
Loss on equity method
investment
|
|
(24,456)
|
|
-
|
|
(42,811)
|
|
-
|
|
Foreign currency
transaction gain
|
|
-
|
|
61
|
|
-
|
|
169
|
|
Other
income
|
|
30,148
|
|
393
|
|
47,140
|
|
393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense,
net
|
|
(23,642)
|
|
(25,494)
|
|
(62,817)
|
|
(49,580)
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM
CONTINUING
OPERATIONS BEFORE PROVISION F
OR INCOME TAXES
|
|
(521,401)
|
|
115,777
|
|
(656,823)
|
|
135,080
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
provision
|
|
21
|
|
46,597
|
|
11,083
|
|
169,415
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM
CONTINUING
OPERATIONS
|
|
(521,422)
|
|
69,180
|
|
(667,906)
|
|
(34,335)
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
DISCONTINUED
OPERATIONS, NET OF INCOME
TAXES
|
|
-
|
|
(749,362)
|
|
-
|
|
(1,489,940)
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
(521,422)
|
|
$
(680,182)
|
|
$
(667,906)
|
|
$
(1,524,275)
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
LOSS:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
(521,422)
|
|
$
(680,182)
|
|
$
(667,906)
|
|
$
(1,524,275)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
gain:
|
|
|
|
|
|
|
|
|
|
|
Unrealized foreign
currency
translation gain
|
|
1,087,468
|
|
(2,368,419)
|
|
1,583,592
|
|
(1,842,471)
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive gain
(loss)
|
|
$
566,046
|
|
$
(3,048,601)
|
|
$
915,686
|
|
$
(3,366,746)
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME PER
COMMON SHARE:
|
|
|
|
|
|
|
|
Continuing
operations
- Basic and diluted
|
|
$
(0.30)
|
|
$
0.06
|
|
$
(0.46)
|
|
$
(0.03)
|
|
Discontinued
operations
- basic and diluted
|
|
-
|
|
(0.67)
|
|
-
|
|
(1.39)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share
- basic and diluted
|
|
$
(0.30)
|
|
$
(0.61)
|
|
$
(0.46)
|
|
$
(1.42)
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
Basic and
diluted
|
|
1,730,952
|
|
1,121,251
|
|
1,455,506
|
|
1,073,212
|
CLEANTECH
SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
December 31,
2016
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
5,523,416
|
|
$
1,481,498
|
|
Restricted
cash
|
|
284,140
|
|
551,047
|
|
Notes
receivable
|
|
144,521
|
|
133,913
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
15,023,701
|
|
13,922,371
|
|
Inventories, net of
reserve for obsolete inventories
|
3,491,624
|
|
2,394,179
|
|
Advances to
suppliers
|
|
1,313,883
|
|
1,116,525
|
|
Deferred tax
assets
|
|
395,715
|
|
386,381
|
|
Receivable from sale
of subsidiary
|
|
2,831,441
|
|
4,838,152
|
|
Prepaid expenses and
other
|
|
578,015
|
|
9,074
|
|
Assets of
discontinued operations
|
|
757,146
|
|
1,758,986
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
30,343,602
|
|
26,592,126
|
|
|
|
|
|
|
|
OTHER
ASSETS:
|
|
|
|
|
|
Equity method
investment
|
|
8,775,355
|
|
8,610,759
|
|
Property and
equipment, net
|
|
28,648,360
|
|
29,878,675
|
|
Intangible assets,
net
|
|
5,249,763
|
|
5,283,695
|
|
|
|
|
|
|
|
|
|
Total other
assets
|
|
42,673,478
|
|
43,773,129
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
73,017,080
|
|
$
70,365,255
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Short-term bank
loans
|
|
$
1,474,709
|
|
$
2,159,889
|
|
Bank acceptance notes
payable
|
|
280,195
|
|
547,172
|
|
Accounts
payable
|
|
2,338,100
|
|
864,870
|
|
Accrued
expenses
|
|
253,649
|
|
368,395
|
|
Advances from
customers
|
|
464,832
|
|
427,446
|
|
Due to related
party
|
|
132,175
|
|
-
|
|
VAT and service taxes
payable
|
|
84,250
|
|
47,319
|
|
Income taxes
payable
|
|
60,922
|
|
79,467
|
|
Liabilities of
discontinued operations
|
|
411,281
|
|
558,661
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
5,500,113
|
|
5,053,219
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
5,500,113
|
|
5,053,219
|
|
|
|
|
|
|
|
Commitments and
contingencies (see Note 15)
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
Preferred stock ($0.001 par value; 10,000,000 shares
authorized;
No
shares issued and outstanding at June 30, 2017 and
December 31,
2016)
|
-
|
|
-
|
|
|
|
Common stock ($0.001 par value; 12,500,000 shares
authorized;
1,810,641
and 1,415,441 shares issued and outstanding at
June 30, 2017
and December 31, 2016, respectively)
|
1,811
|
|
1,415
|
|
Additional paid-in
capital
|
|
36,838,391
|
|
35,549,542
|
|
Retained
earnings
|
|
25,863,592
|
|
26,531,498
|
|
Statutory
reserve
|
|
2,352,592
|
|
2,352,592
|
|
Accumulated other
comprehensive income - foreign currency
translation adjustment
|
2,460,581
|
|
876,989
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
67,516,967
|
|
65,312,036
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
73,017,080
|
|
$
70,365,255
|
CLEANTECH
SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
|
June 30,
|
|
|
|
|
2017
|
|
2016
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net loss
|
$
|
(667,906)
|
$
|
(1,524,275)
|
|
Adjustments to
reconcile net loss from operations to net cash
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
Depreciation
|
|
1,939,302
|
|
1,824,315
|
|
|
Depreciation -
discontinued operations
|
|
-
|
|
1,527,446
|
|
|
Amortization of
intangible assets
|
|
159,360
|
|
45,226
|
|
|
Loss on equity method
investment
|
|
42,811
|
|
-
|
|
|
Stock-based
compensation and fees
|
|
102,278
|
|
488,500
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Notes
receivable
|
|
(7,273)
|
|
61,205
|
|
|
Accounts
receivable
|
|
(754,586)
|
|
72,898
|
|
|
Inventories
|
|
(1,025,428)
|
|
(1,169,339)
|
|
|
Prepaid and other
current assets
|
|
1,038,752
|
|
(12,704)
|
|
|
Advances to
suppliers
|
|
(168,063)
|
|
100,454
|
|
|
Assets of
discontinued operations
|
|
(276,596)
|
|
544,699
|
|
|
Accounts
payable
|
|
1,460,922
|
|
243,910
|
|
|
Accrued
expenses
|
|
(117,025)
|
|
(383,895)
|
|
|
VAT and service taxes
payable
|
|
35,300
|
|
(148,996)
|
|
|
Income taxes
payable
|
|
(20,185)
|
|
(140,742)
|
|
|
Advances from
customers
|
|
26,691
|
|
(44,882)
|
|
|
Liabilities of
discontinued operations
|
|
(158,681)
|
|
(679,657)
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
1,609,673
|
|
804,163
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Purchase of property
and equipment
|
|
(13,880)
|
|
(9,338)
|
|
Proceed received from
sale of subsidiary in cash
|
2,094,606
|
|
-
|
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
2,080,726
|
|
(9,338)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from bank
loans
|
|
-
|
|
2,218,686
|
|
Repayments of bank
loans
|
|
(727,294)
|
|
(2,295,192)
|
|
Decrease in
restricted cash
|
|
276,372
|
|
459,038
|
|
Increase in
restricted cash - discontinued operations
|
-
|
|
(68,856)
|
|
Decrease in bank
acceptance notes payable
|
|
(276,372)
|
|
(459,038)
|
|
Increase in bank
acceptance notes payable - discontinued operations
|
-
|
|
58,145
|
|
Advance from related
party
|
|
132,175
|
|
-
|
|
Proceeds from sale of
common stock, net
|
|
860,000
|
|
483,000
|
|
|
|
|
|
|
|
Net cash provided by
financing activities
|
|
264,881
|
|
395,783
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
86,638
|
|
(458,073)
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
|
4,041,918
|
|
732,535
|
|
|
|
|
|
|
|
Cash and cash
equivalents - beginning of period
|
|
1,481,498
|
|
18,790,370
|
|
|
|
|
|
|
|
Cash and cash
equivalents - end of period
|
$
|
5,523,416
|
$
|
19,522,905
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
Cash paid in
continuing operations for:
|
|
|
|
|
|
|
Interest
|
$
|
74,866
|
$
|
64,954
|
|
|
Income
taxes
|
$
|
12,808
|
$
|
117,451
|
|
|
|
|
|
|
|
|
Cash paid in
discontinued operations for:
|
|
|
|
|
|
|
Interest
|
$
|
-
|
$
|
46,222
|
|
|
Income
taxes
|
$
|
-
|
$
|
1,313
|
|
|
|
|
|
|
|
NON-CASH INVESTING
AND FINANCING ACTIVITIES:
|
|
|
|
Stock issued for
future services
|
$
|
298,567
|
$
|
72,600
|
|
Stock issued for
accrued liabilities
|
$
|
28,400
|
$
|
54,000
|
|
Increase in prepaid
expenses and other from sale of equipment
|
$
|
1,306,677
|
$
|
-
|
View original
content:http://www.prnewswire.com/news-releases/cleantech-solutions-international-reports-second-quarter-2017-results-300504423.html
SOURCE Cleantech Solutions International, Inc.