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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Asia Carbon Industries Inc (CE) | USOTC:ACRB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
26-
2895795
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
x
|
PART I
|
FINANCIAL INFORMATION
|
Page
|
||
Item 1.
|
F-1 | |||
F-1 | ||||
As of June 30, 2013 (Unaudited) and December 31, 2012
|
||||
F-2 | ||||
For the Three and Six Months Ended June 30, 2013 and 2012 (Unaudited)
|
||||
F-3 | ||||
For the Six Months Ended June 30, 2013 and 2012 (Unaudited)
|
||||
F-4 | ||||
As of June 30, 2013 (Unaudited) and December 31, 2012
|
||||
Item 2.
|
3 | |||
Item 3.
|
10 | |||
Item 4.
|
10 | |||
PART II
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OTHER INFORMATION
|
|||
Item 1.
|
11 | |||
Item 1A.
|
11 | |||
Item 2.
|
11 | |||
Item 3.
|
11 | |||
Item 4.
|
11 | |||
Item 5.
|
11 | |||
Item 6.
|
11 | |||
12 | ||||
13 |
ASIA CARBON INDUSTRIES, INC. AND
SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
June 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and equivalents
|
$ | 5,317,693 | $ | 6,664,444 | ||||
Accounts receivable, net
|
2,479,290 | 3,622,644 | ||||||
Inventories
|
1,710,831 | 2,393,121 | ||||||
Prepaid expenses and other receivable
|
6,480 | 6,420 | ||||||
Total Current Assets
|
9,514,294 | 12,686,629 | ||||||
Property, Plant and Equipment, net
|
30,896,251 | 26,906,929 | ||||||
Other Assets:
|
||||||||
Land use rights, net
|
213,815 | 214,356 | ||||||
TOTAL ASSETS
|
$ | 40,624,360 | $ | 39,807,914 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Short term debt
|
$ | 1,376,596 | $ | 1,364,014 | ||||
Accounts payable
|
1,401,725 | 1,962,695 | ||||||
Accrued liabilities
|
146,969 | 169,302 | ||||||
Taxes payable
|
235,047 | 714,413 | ||||||
Due to shareholder
|
26,820 | 26,625 | ||||||
Total Current Liabilities
|
$ | 3,187,157 | 4,237,049 | |||||
Commitments and Contingencies
|
||||||||
Stockholders' Equity:
|
||||||||
Series A Convertible Preferred Stock, $0.001 par value, 5,000,000 authorized,
none issued and outstanding
|
- | - | ||||||
Blank Check Preferred Stock, $0.001 par value, 5,000,000 authorized,
none issued and outstanding
|
- | - | ||||||
Common stock, $0.001 par value, 100,000,000 authorized, 56,056,858 and
52,857,052 issued and outstanding at June 30, 2013 and December 31, 2012,
respectively
|
56,057 | 52,857 | ||||||
Additional paid-in capital
|
7,195,501 | 6,690,461 | ||||||
Statutory reserves
|
2,757,200 | 2,757,200 | ||||||
Retained earnings
|
23,872,373 | 22,859,898 | ||||||
Accumulated other comprehensive income
|
3,556,072 | 3,210,449 | ||||||
Total Stockholders' Equity
|
37,437,203 | 35,570,865 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 40,624,360 | $ | 39,807,914 |
ASIA CARBON
INDUSTRIES
, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
||||||||||||||||
(UNAUDITED)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Net Sales
|
$ | 5,487,310 | $ | 13,194,534 | $ | 11,451,255 | $ | 25,776,226 | ||||||||
Cost of Sales
|
4,187,517 | 10,257,861 | 8,762,206 | 19,913,601 | ||||||||||||
Gross Profit
|
1,299,793 | 2,936,673 | 2,689,049 | 5,862,625 | ||||||||||||
Operating Expenses:
|
||||||||||||||||
Selling
|
114,990 | 93,297 | 196,775 | 184,988 | ||||||||||||
General and administrative
|
266,669 | 247,402 | 885,377 | 557,790 | ||||||||||||
Total Operating Expenses
|
381,659 | 340,699 | 1,082,152 | 742,778 | ||||||||||||
Income From Operations
|
918,134 | 2,595,974 | 1,606,897 | 5,119,847 | ||||||||||||
Other Income and (Expense)
|
||||||||||||||||
Interest income
|
- | 7,044 | - | 18,104 | ||||||||||||
Interest expense
|
(35,198 | ) | (49,247 | ) | (69,449 | ) | (94,881 | ) | ||||||||
Total Other Income and (Expense)
|
(35,198 | ) | (42,203 | ) | (69,449 | ) | (76,777 | ) | ||||||||
Income Before Provision for Income Tax
|
882,936 | 2,553,771 | 1,537,448 | 5,043,070 | ||||||||||||
Provision for income tax
|
260,414 | 682,294 | 524,973 | 1,364,512 | ||||||||||||
Net Income
|
622,522 | 1,871,477 | 1,012,475 | 3,678,558 | ||||||||||||
Other comprehensive income (loss)
|
551,412 | (268,325 | ) | 345,623 | (283,736 | ) | ||||||||||
Comprehensive Income
|
$ | 1,173,934 | $ | 1,603,152 | $ | 1,358,098 | $ | 3,394,822 | ||||||||
Net Income Per Share - Basic
|
$ | 0.01 | $ | 0.04 | $ | 0.02 | $ | 0.07 | ||||||||
Net Income Per Share - Diluted
|
$ | 0.01 | $ | 0.04 | $ | 0.02 | $ | 0.07 | ||||||||
Weighted Average Shares Outstanding - Basic
|
55,624,316 | 52,315,538 | 54,248,333 | 51,755,060 | ||||||||||||
Weighted Average Shares Outstanding - Diluted
|
55,624,316 | 52,315,538 | 54,248,333 | 51,755,060 |
ASIA CARBON
INDUSTRIES
, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(UNAUDITED)
|
Six Months Ended June 30,
|
||||||||
2013
|
2012
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net Income
|
$ | 1,012,475 | $ | 3,678,558 | ||||
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
|
||||||||
Provision for doubtful accounts
|
90,638 | 13,284 | ||||||
Depreciation and amortization
|
938,554 | 892,165 | ||||||
Stock-Based Compensation
|
358,240 | 225,000 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
1,069,778 | (947,564 | ) | |||||
Inventories
|
692,591 | (248,528 | ) | |||||
Prepaid expenses and other receivable
|
173 | 4,842 | ||||||
Accounts payable
|
(610,076 | ) | (865,476 | ) | ||||
Accrued expenses
|
12,831 | 31,646 | ||||||
Taxes payable
|
(476,717 | ) | 202,247 | |||||
Net Cash Provided by Operating Activities
|
3,088,487 | 2,986,174 | ||||||
Cash Flows from Investing Activities:
|
||||||||
Additions to construction in progress
|
(1,580,504 | ) | (5,351,940 | ) | ||||
Acquisitions of property, plant and equipment
|
(3,052,822 | ) | (933,441 | ) | ||||
Net Cash Used in Investing Activities
|
(4,633,326 | ) | (6,285,381 | ) | ||||
Cash Flows from Financing Activities:
|
||||||||
Repayment of short term debt
|
- | (1,370,012 | ) | |||||
Proceeds from short term debt
|
- | 1,358,938 | ||||||
Proceeds from issuance of common stock
|
150,000 | 149,955 | ||||||
Net Cash Provided by Financing Activities
|
150,000 | 138,881 | ||||||
Effect of Exchange Rate Changes on Cash
|
48,088 | (127,351 | ) | |||||
Net Decrease in Cash and Equivalents
|
(1,346,751 | ) | (3,287,677 | ) | ||||
Cash and Equivalents - Beginning of the Period
|
6,664,444 | 8,092,411 | ||||||
Cash and Equivalents - End of the Period
|
$ | 5,317,693 | $ | 4,804,734 | ||||
Supplemental Cash Flow Information:
|
||||||||
Interest Paid
|
$ | 67,655 | $ | 95,032 | ||||
Income taxes
|
$ | 728,753 | $ | 1,266,291 | ||||
Non-cash Investing and Financing Activities:
|
||||||||
Issuance of stocks for stock-Based Compensation
|
$ | 2,165 | $ | - | ||||
Transfer from construction in progress to plant and equipment
|
$ | 4,991,192 | $ | - |
Three Months Ended
|
Year Ended
|
|||||||||||
June 30, 2013
|
December 31,
|
|||||||||||
2013
|
2012
|
2012
|
||||||||||
RMB/US$ exchange rate at the period end
|
0.1620
|
0.1574
|
0.1589
|
|||||||||
Average RMB/US$ exchange rate for the period
|
0.1612
|
0.1580
|
0.1547
|
June 30, 2013
|
December 31, 2012
|
|||||||
Accounts receivable
|
$ | 2,642,854 | $ | 3,694,429 | ||||
Allowance for doubtful accounts
|
(163,564 | ) | (71,785 | ) | ||||
Accounts receivable, net
|
$ | 2,479,290 | $ | 3,622,644 |
June 30, 2013
|
December 31, 2012
|
|||||||
Raw materials
|
$ | 1,301,150 | $ | 1,277,286 | ||||
Packing and other materials
|
20,248 | 40,664 | ||||||
Finished products
|
389,433 | 1,075,171 | ||||||
$ | 1,710,831 | $ | 2,393,121 |
Estimated
|
|||||||||||
Useful Lives
|
June 30, 2013
|
December 31, 2012
|
|||||||||
Plant
|
20 | $ | 8,861,484 | $ | 8,340,697 | ||||||
Machinery and equipment
|
10 | 24,881,178 | 16,839,670 | ||||||||
Transportation equipment
|
5 | 118,836 | 117,750 | ||||||||
Other machinery and equipment
|
5 | 62,509 | 61,938 | ||||||||
Construction in progress
|
1,619,905 | 4,969,047 | |||||||||
35,543,912 | 30,329,102 | ||||||||||
Less: accumulated depreciation
|
(4,647,661 | ) | (3,422,173 | ) | |||||||
Property, plant and equipment, net
|
$ | 30,896,251 | $ | 26,906,929 |
June 30, 2013
|
December 31, 2012
|
|||||||
Land use rights
|
$ | 244,573 | $ | 249,453 | ||||
Less: accumulated amortization
|
(30,758 | ) | (35,097 | ) | ||||
Land use rights, net
|
$ | 213,815 | $ | 214,356 |
Years Ending
December 31,
|
||||
2013
|
$ | 2,518 | ||
2014
|
5,035 | |||
2015
|
5,035 | |||
2016
|
5,035 | |||
2017
|
5,035 | |||
2018
|
5,035 | |||
Thereafter
|
186,122 | |||
$ | 213,815 |
June 30, 2013
|
December 31, 2012
|
|||||||
To Xigu Credit Union
|
||||||||
Interest at 12%, payable December 26, 2013
|
$ | 502,171 | $ | 497,581 | ||||
To Chengguan Credit Union
|
||||||||
Interest at 12%, payable December 26, 2013
|
874,425 | 866,433 | ||||||
$ | 1,376,596 | $ | 1,364,014 |
June 30, 2013
|
December 31, 2012
|
|||||||
PRC corporation income tax
|
$ | 261,650 | $ | 464,481 | ||||
Value added tax
|
(26,603 | ) | 230,352 | |||||
Other
|
- | 19,580 | ||||||
Total
|
$ | 235,047 | $ | 714,413 |
Number of Shares
|
Weighted-Average Grant-Date Fair Value per share
|
|||||||
Unvested at December 31, 2012
|
- | - | ||||||
Granted
|
30,000 | $ | 0.14 | |||||
Vested
|
(6,000 | ) | $ | 0.14 | ||||
Unvested at June 30, 2013
|
24,000 | $ | 0.14 |
Six Months Ended June 30,
|
||||||||
2013
|
2012
|
|||||||
US statutory tax rate
|
34.0 | % | 34.0 | % | ||||
Tax rate difference
|
-9.0 | % | -9.0 | % | ||||
Change in valuation allowance
|
9.1 | % | 2.1 | % | ||||
Effective rate
|
34.1 | % | 27.1 | % |
Three Months Ended June 30,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Sales
|
Quantity
(Metric Ton)
|
Sales
|
Quantity
(Metric Ton)
|
|||||||||||||
N220 | $ | 5,007,768 | 5,990 | $ | 8,085,500 | 8,307 | ||||||||||
N330 | - | - | 2,183,574 | 2,426 | ||||||||||||
N660 | - | - | 2,084,357 | 2,425 | ||||||||||||
Naphthalene oil
|
479,542 | 900 | 841,103 | 1,050 | ||||||||||||
Total:
|
$ | 5,487,310 | 6,890 | $ | 13,194,534 | 14,208 |
Six Months Ended June 30,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Sales
|
Quantity
(Metric Ton)
|
Sales
|
Quantity
(Metric Ton)
|
|||||||||||||
N220 | $ | 9,909,751 | 11,801 | $ | 15,900,710 | 16,307 | ||||||||||
N330 | 281,376 | 333 | 4,174,381 | 4,710 | ||||||||||||
N660 | 219,309 | 284 | 4,006,678 | 4,714 | ||||||||||||
Naphthalene oil
|
1,040,819 | 1,740 | 1,694,457 | 2,100 | ||||||||||||
Total:
|
$ | 11,451,255 | 14,158 | $ | 25,776,226 | 27,831 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
|||||||||||||||||||
Cost of Sales
|
$ | 4,187,517 | $ | 10,257,861 | -59 | % | $ | 8,762,206 | $ | 19,913,601 | -56 | % |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
|||||||||||||||||||
Operating expenses
|
$ | 381,659 | $ | 340,699 | 12 | % | $ | 1,082,152 | $ | 742,778 | 46 | % | ||||||||||||
% of Sales
|
7 | % | 3 | % | 9 | % | 3 | % |
Total
|
Current
|
31-90 days
|
91-180 days
|
181-360 days
|
Over 361 days
|
|||||||||||||||||||
June 30, 2013
|
100.00 | % | 72.17 | % | 18.41 | % | 0.00 | % | 5.86 | % | 3.56 | % | ||||||||||||
December 31, 2012
|
100.00 | % | 79.13 | % | 19.40 | % | 0.00 | % | 1.47 | % | 0.00 | % |
June 30, 2013
|
December 31, 2012
|
|||||||
To Xigu Credit Union
|
||||||||
Interest at 12%, payable December 26, 2013
|
$ | 502,171 | $ | 497,581 | ||||
To Chengguan Credit Union
|
||||||||
Interest at 12%, payable December 26, 2013
|
874,425 | 866,433 | ||||||
$ | 1,376,596 | $ | 1,364,014 |
ASIA CARBON INDUSTRIES, INC. | |||
Date: August 14, 2013
|
By:
|
/s/ Guoyun Yao | |
Guoyun Yao | |||
Chief Executive Officer, President, Secretary and Chairman of the Board
|
|||
(principal executive officer) | |||
Date: August 14, 2013
|
By:
|
/s/ Elaine Zhao | |
Elaine Zhao | |||
Chief Financial Officer | |||
(principal financial officer and principal accounting officer) |
No.
|
Description
|
|
31.1
|
||
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1
|
||
32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year Asia Carbon Industries (CE) Chart |
1 Month Asia Carbon Industries (CE) Chart |
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