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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Biostar Pharmaceuticals Inc (CE) | USOTC:BSPM | 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% | 0.0001 | 0.00 | 01:00:00 |
☒ |
Quarterly Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934
|
☐ |
Transition Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934
|
Maryland
|
|
20-8747899
|
(State or other jurisdiction of incorporation of origination)
|
|
(I.R.S. Employer Identification Number)
|
No. 588 Shiji Xi Avenue
Xianyang, Shaanxi Province
People’s Republic of China
|
|
712046
|
(Address of principal executive offices)
|
|
(Zip code)
|
Large accelerated filer
☐
|
|
|
Accelerated filer
☐
|
|
|
|
|
Non-accelerated filer
☐
|
|
|
Smaller reporting company
☒
|
|
|
Page
|
|
|
|
PART I
|
FINANCIAL INFORMATION
|
|
Item 1.
|
F-1
|
|
Item 2.
|
3
|
|
Item 3.
|
10
|
|
Item 4.
|
10
|
|
|
|
|
PART II
|
OTHER INFORMATION
|
|
Item 1.
|
11
|
|
Item 1A.
|
12
|
|
Item 2.
|
13
|
|
Item 3.
|
13
|
|
Item 4.
|
13
|
|
Item 5.
|
13
|
|
Item 6.
|
13
|
|
Signatures
|
14
|
|
Page(s)
|
Financial Statements
|
|
|
|
F-2
|
|
|
|
F-3
|
|
|
|
F-4
|
|
|
|
F-5
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
Sales, net
|
$
|
-
|
$
|
644,933
|
$
|
-
|
$
|
2,066,698
|
||||||||
Cost of sales
|
-
|
336,870
|
-
|
1,114,777
|
||||||||||||
Gross profit
|
-
|
308,063
|
-
|
951,921
|
||||||||||||
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||
Selling expenses
|
14,668
|
290,924
|
300,352
|
904,037
|
||||||||||||
General and administrative expenses
|
558,713
|
488,136
|
2,840,865
|
1,717,992
|
||||||||||||
Provision for doubtful debt
|
-
|
1,491,002
|
-
|
7,820,713
|
||||||||||||
Total operating expenses
|
573,381
|
2,270,062
|
3,141,217
|
10,442,742
|
||||||||||||
|
||||||||||||||||
Loss from operations
|
(573,381
|
)
|
(1,961,999
|
)
|
(3,141,217
|
)
|
(9,490,821
|
)
|
||||||||
|
||||||||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
13
|
-
|
1,321
|
-
|
||||||||||||
Interest expense
|
(47,209
|
)
|
(105,401
|
)
|
(138,831
|
)
|
(143,716
|
)
|
||||||||
Fair value adjustment on warrants
|
12,925
|
2,151
|
289,331
|
46,499
|
||||||||||||
Other income
|
482,466
|
501,578
|
535,674
|
501,578
|
||||||||||||
Total other income, net
|
448,195
|
398,328
|
687,495
|
404,361
|
||||||||||||
|
||||||||||||||||
Loss before income taxes
|
(125,186
|
)
|
(1,563,671
|
)
|
(2,453,722
|
)
|
(9,086,460
|
)
|
||||||||
|
||||||||||||||||
Income tax expenses
|
-
|
-
|
-
|
-
|
||||||||||||
|
||||||||||||||||
Net loss
|
$
|
(125,186
|
)
|
$
|
(1,563,671
|
)
|
$
|
(2,453,722
|
)
|
$
|
(9,086,460
|
)
|
||||
|
||||||||||||||||
Foreign currency translation adjustment
|
786,669
|
(174,104
|
)
|
1,722,368
|
(1,152,031
|
)
|
||||||||||
|
||||||||||||||||
Comprehensive loss
|
$
|
661,483
|
$
|
(1,737,775
|
)
|
$
|
(731,354
|
)
|
$
|
(10,238,491
|
)
|
|||||
|
||||||||||||||||
Net loss per share
|
||||||||||||||||
Basic
|
$
|
(0.05
|
)
|
$
|
(0.71
|
)
|
$
|
(0.93
|
)
|
$
|
(4.11
|
)
|
||||
Diluted
|
$
|
(0.05
|
)
|
$
|
(0.71
|
)
|
$
|
(0.93
|
)
|
$
|
(4.11
|
)
|
||||
|
||||||||||||||||
Weighted average number of common shares outstanding
|
||||||||||||||||
Basic
|
2,637,188
|
2,210,913
|
2,637,188
|
2,210,913
|
||||||||||||
Diluted
|
2,637,188
|
2,210,913
|
2,637,188
|
2,210,913
|
|
Nine Months Ended September 30,
|
|||||||
|
2017
|
2016
|
||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
|
||||||||
Net loss
|
$
|
(2,453,722
|
)
|
$
|
(9,086,460
|
)
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
879,845
|
913,394
|
||||||
Provision for doubtful accounts
|
-
|
7,820,713
|
||||||
Fair value adjustment on warrants
|
(289,331
|
)
|
(46,499
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
6,879,240
|
1,605,000
|
||||||
Inventories
|
3,203
|
(214,017
|
)
|
|||||
Deposits and other receivables
|
(153,182
|
)
|
-
|
|||||
Accounts payable and accrued expenses
|
(272,433
|
)
|
52,903
|
|||||
Value-added tax payable
|
(8,073
|
)
|
(133,977
|
)
|
||||
Net cash provided by operating activities
|
4,585,547
|
911,057
|
||||||
|
||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES
|
||||||||
Deposit paid to intended acquisition
|
(4,408,070
|
)
|
-
|
|||||
Net cash used in investing activities
|
(4,408,070
|
)
|
-
|
|||||
|
||||||||
CASH FLOWS USED IN FINANCING ACTIVITIES
|
||||||||
Repayment of short-term bank loans
|
-
|
(281,016
|
)
|
|||||
Net cash used in financing activities
|
-
|
(281,016
|
)
|
|||||
|
||||||||
Effect of exchange rate changes on cash and cash equivalents
|
14,206
|
(9,580
|
)
|
|||||
|
||||||||
Net increase in cash and cash equivalents
|
191,683
|
620,461
|
||||||
|
||||||||
Cash and cash equivalents, beginning balance
|
173,290
|
38,898
|
||||||
Cash and cash equivalents, ending balance
|
$
|
364,973
|
$
|
659,359
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURES:
|
||||||||
Interest received
|
$
|
1,321
|
$
|
-
|
||||
Interest paid
|
$
|
-
|
$
|
(143,716
|
)
|
●
|
Shaanxi Biostar has the full right to control and administer the financial affairs and daily operation of Aoxing Pharmaceutical and has the right to manage and control all assets of Aoxing Pharmaceutical. The registered owners of Aoxing Pharmaceutical as a group have no right to make any decision about Aoxing Pharmaceutical’s activities without the consent of Shaanxi Biostar.
|
●
|
Shaanxi Biostar is assigned all voting rights of Aoxing Pharmaceutical and has the right to appoint all directors and senior management personnel of Aoxing Pharmaceutical. The registered owners of Aoxing Pharmaceutical possess no substantive voting rights.
|
●
|
Shaanxi Biostar is committed to provide financial support if Aoxing Pharmaceutical requires additional funds to maintain its operations and to repay its debts.
|
●
|
Shaanxi Biostar is entitled to a management fee equal to Aoxing Pharmaceutical’s net profits and is obligated to assume all operation risks and bear all losses of Aoxing Pharmaceutical. Therefore, Shaanxi Biostar is the primary beneficiary of Aoxing Pharmaceutical.
|
● |
Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
|
● |
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
● |
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
Carrying amount
|
||||||||||||||||
Estimated
fair value
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||||||
Financial assets
|
||||||||||||||||
Carried at (amortized) cost:
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
-
|
$
|
364,973
|
$
|
-
|
$
|
364,973
|
|
Carrying amount
|
|||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Estimated
fair value
|
||||||||||||
Financial liabilities
|
||||||||||||||||
|
||||||||||||||||
Carried at (amortized) cost:
|
||||||||||||||||
Short-term bank loans
|
$
|
-
|
$
|
-
|
$
|
2,427,098
|
$
|
2,427,098
|
||||||||
|
||||||||||||||||
Carried at fair value:
|
||||||||||||||||
Warrants liability
|
-
|
-
|
166,145
|
166,145
|
||||||||||||
|
$
|
-
|
$
|
-
|
$
|
2,593,243
|
$
|
2,593,243
|
Carrying amount
|
||||||||||||||||
Estimated
fair value
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||||||
Financial assets
|
||||||||||||||||
Carried at (amortized) cost:
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
-
|
$
|
173,290
|
$
|
-
|
$
|
173,290
|
|
Carrying amount
|
|||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Estimated
fair value
|
||||||||||||
Financial liabilities
|
||||||||||||||||
|
||||||||||||||||
Carried at (amortized) cost:
|
||||||||||||||||
Short-term bank loans
|
$
|
-
|
$
|
-
|
$
|
2,325,643
|
$
|
2,325,643
|
||||||||
|
||||||||||||||||
Carried at fair value:
|
||||||||||||||||
Warrants liability
|
-
|
-
|
455,476
|
455,476
|
||||||||||||
|
$
|
-
|
$
|
-
|
$
|
2,781,119
|
$
|
2,781,119
|
Warrants Liability
|
||||
Value at December 31, 2016
|
$
|
455,476
|
||
Fair value adjustment of warrants during the nine months end September 30, 2017
|
(289,331
|
)
|
||
Value at September 30, 2017
|
$
|
166,145
|
|
September 30,
|
December 31,
|
||||||
|
2017
|
2016
|
||||||
|
(unaudited)
|
|||||||
Raw materials
|
$
|
170,555
|
$
|
164,985
|
||||
Work in process
|
-
|
-
|
||||||
Finished goods
|
-
|
1,579
|
||||||
|
$
|
170,555
|
$
|
166,564
|
Buildings
|
30 years
|
Building improvements
|
30 years
|
Machinery & equipment
|
5-10 years
|
Furniture & fixtures and vehicles
|
5-10 years
|
|
September 30,
|
December 31,
|
||||||
|
2017
|
2016
|
||||||
|
(unaudited)
|
|||||||
Buildings
|
$
|
2,476,969
|
$
|
2,358,423
|
||||
Building improvements
|
5,362,244
|
5,105,612
|
||||||
Machinery & equipment
|
1,154,076
|
1,098,843
|
||||||
Furniture & fixtures
|
51,698
|
49,224
|
||||||
Vehicle
|
108,564
|
103,368
|
||||||
Construction in progress
|
469,440
|
446,973
|
||||||
|
$
|
9,622,991
|
$
|
9,162,443
|
||||
Less: Accumulated depreciation
|
(3,777,006
|
)
|
(3,295,831
|
)
|
||||
|
$
|
5,845,985
|
$
|
5,866,612
|
Land use rights
|
50 years
|
Proprietary technologies
|
10 years
|
|
September 30,
|
December 31,
|
||||||
|
2017
|
2016
|
||||||
|
(unaudited)
|
|||||||
Land use rights
|
$
|
2,948,286
|
$
|
2,863,154
|
||||
Proprietary technologies
|
15,187,153
|
14,634,737
|
||||||
|
18,135,439
|
17,497,891
|
||||||
Less: Accumulated amortization and impairment
|
(12,754,895
|
)
|
(11,890,745
|
)
|
||||
|
$
|
5,380,544
|
$
|
5,607,146
|
Years Ending December 31,
|
||||
2017
|
$
|
156,656
|
||
2018
|
626,622
|
|||
2019
|
626,622
|
|||
2020
|
585,654
|
|||
2021
|
544,685
|
|||
Thereafter
|
2,840,305
|
|
September 30,
|
December 31,
|
||||||
|
2017
|
2016
|
||||||
Current portion
|
||||||||
Deposit for research & development
|
$
|
80
|
$
|
80
|
||||
Other receivables and prepaid expenses
|
335,103
|
170,982
|
||||||
|
335,183
|
171,062
|
||||||
Non-current portion
|
||||||||
a) Deposit paid for intended acquisition a health product material supplier
|
$
|
12,097,077
|
$
|
11,591,407
|
||||
b) Deposit paid for intended acquisition a health product manufacturer
|
9,617,552
|
4,895,749
|
||||||
c) Deposit paid for construction work
|
927,282
|
888,521
|
||||||
d) Deposit paid for intended acquisition of a mining company
|
2,704,937
|
2,591,867
|
||||||
e) Deposit paid for acquisition of intangible assets
|
1,232,249
|
1,180,740
|
||||||
Deposits
|
$
|
26,579,097
|
$
|
21,148,284
|
a. |
In December 2014, the Company signed a letter of intent to acquire 100% interest in a company in the PRC, which is principally engaged in supply of raw materials to produce health product, for an aggregate consideration of approximately $12.3 million (RMB 82 million) in cash. The completion of the acquisition is subject to the completion of a valuation report and certain conditions set out in the letter of intent being met. The deposit is fully refundable if certain conditions set out in the letter of intent are not met. The acquisition has yet to complete by September 30, 2017.
|
b. |
In November 2013, the Company signed a letter of intent to acquire 100% interest in a health product manufacturer for an aggregate consideration of approximately $9.6 million (RMB 64 million), the due diligence investigation and assets appraisal are finalizing and the acquisition has yet to complete by September 30, 2017.
|
c. |
The Company entered into a construction contract to carry out improvement work in production plant at approximately $0.9 million (RMB 6.2 million).
|
d. |
In November 2016, the Company agreed to pay approximately $2.7 million (RMB 18 million) for a potential acquisition of a mining company in the PRC which is principally engaged in the supply of raw materials to produce health products. The deposit is fully refundable and the acquisition has yet to complete by September 30, 2017.
|
e. |
In December 2016, the Company signed a purchase contract to acquire an existing drug permit from an independent third party at a consideration approximately $1.2 million (RMB 8.2 million). The deposit is fully refundable if certain conditions set out in the purchase contract are not met. The acquisition has yet to complete by September 30, 2017.
|
|
|
Balance as at
|
||||||||
Inception date
|
Details
|
September 30,
2017
|
December 31,
2016
|
|||||||
|
|
|||||||||
May 26, 2014
|
RMB 20 million, one year term loan, annual interest rate at 7.80%. During the period ended September 30, 2017, the Company incurred interest of RMB 0.6 million. As of September 30, 2017, the Company had cumulatively repaid RMB 3.8 million and recorded accrued interest expenses of RMB 2.7 million.
|
$
|
2,427,098
|
$
|
2,325,643
|
|
Outstanding as at
|
|||||||||||
Expiry date
|
Exercise Price
|
September 30, 2017
|
December 31, 2016
|
|||||||||
March 12, 2017 *
|
Nil (2016: 3.11)
|
-
|
108,429
|
|||||||||
April 14, 2020 *
|
5.55
|
235,000
|
235,000
|
|||||||||
|
235,000
|
343,429
|
|
|
|
|
|
Weighted Average
|
|
||||||
|
|
Number of options
|
|
|
Exercise Price ($)
|
|
|
Remaining Life (years)
|
|
|||
Balance, December 31, 2016
|
|
|
3,429
|
|
|
|
11.76
|
|
|
|
0.3
|
|
Expired
|
|
|
(3,429
|
)
|
|
|
11.76
|
|
|
|
|
|
Balance, September 30, 2017
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable as at September 30, 2017
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
Basic loss per share:
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net loss used in computing basic loss per share
|
$
|
(125,186
|
)
|
$
|
(1,563,671
|
)
|
$
|
(2,453,722
|
)
|
$
|
(9,086,460
|
)
|
||||
|
||||||||||||||||
Denominator:
|
||||||||||||||||
Weighted average common shares outstanding
|
2,637,188
|
2,210,913
|
2,637,188
|
2,210,913
|
||||||||||||
Basic loss per share
|
$
|
(0.05
|
)
|
$
|
(0.71
|
)
|
$
|
(0.93
|
)
|
$
|
(4.10
|
)
|
||||
|
||||||||||||||||
Diluted loss per share:
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net loss used in computing diluted loss per share
|
$
|
(125,186
|
)
|
$
|
(1,563,671
|
)
|
$
|
(2,453,722
|
)
|
$
|
(9,086,460
|
)
|
||||
|
||||||||||||||||
Denominator:
|
||||||||||||||||
Weighted average common shares outstanding
|
2,637,188
|
2,210,913
|
2,637,188
|
2,210,913
|
||||||||||||
Diluted loss earnings per share
|
$
|
(0.05
|
)
|
$
|
(0.71
|
)
|
$
|
(0.93
|
)
|
$
|
(4.10
|
)
|
|
September 30, 2017
|
December 31, 2016
|
||||||
Accumulated other comprehensive income, beginning of period
|
$
|
680,651
|
$
|
3,434,348
|
||||
Change in cumulative translation adjustment
|
1,722,368
|
(2,753,697
|
)
|
|||||
Accumulated other comprehensive income, end of period
|
$
|
2,403,019
|
$
|
680,651
|
|
Total capital payment commitment
|
September 30, 2017
|
December 31, 2016
|
|||||||||
a) Three agreements with certain research institutes to conduct clinical trials for two new and one existing drugs.
|
$
|
2.0
|
$
|
0.8
|
$
|
0.7
|
||||||
b) In December 2014, the Company signed a letter of intent to acquire 100% interest in a company in the PRC, which is principally engaged in supply of raw materials to produce health product, for an aggregate consideration of approximately $12.3 million (RMB 82 million) in cash.
|
12.3
|
0.2
|
0.2
|
|||||||||
c) In November 2013, the Company signed a letter of intent to acquire 100% interest in a health product manufacturer for an aggregate consideration of approximately $9.6 million (RMB 64 million), subject to the completion of a due diligence report and certain conditions set out in the letter of intent being met.
|
9.6
|
-
|
3.2
|
|||||||||
d) In November 2016, the Company entered into a construction contract to carry out improvement work in production plant.
|
1.0
|
0.1
|
0.1
|
|||||||||
Total capital payment commitment
|
$
|
1.1
|
$
|
4.2
|
Sales risks concentration
|
|
|||||||
|
|
Percentage of total sales during the
|
|
|||||
Customer
|
|
Nine Months Ended September 30,
|
|
|||||
|
|
2017
|
|
2016
|
|
|||
|
|
|
|
|
|
|||
A
|
|
|
-
|
%
|
|
|
-
|
%
|
B
|
|
|
-
|
%
|
|
|
100
|
%
|
Total risks concentration
|
|
|
-
|
%
|
|
|
100
|
%
|
|
Three Months Ended September 30,
|
%
|
||||||||||||||||||
|
2017
|
2016
|
change
|
|||||||||||||||||
Aoxing Pharmaceutical Products
|
%
|
%
|
||||||||||||||||||
Xin Aoxing Capsule
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
Other Aoxing Pharmaceutical products
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
%
|
||||||||||||
Subtotal
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
|
||||||||||||||||||||
Shaanxi Weinan Products
|
-
|
-
|
%
|
644,933
|
100.0
|
%
|
(100.0
|
%)
|
||||||||||||
|
||||||||||||||||||||
Hospital products
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
%
|
||||||||||||
|
||||||||||||||||||||
Total gross sales
|
$
|
-
|
-
|
%
|
$
|
644,933
|
100.0
|
%
|
(100.0
|
%)
|
||||||||||
|
||||||||||||||||||||
Sales discount
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
|
||||||||||||||||||||
Total net sales
|
$
|
-
|
-
|
%
|
$
|
644,933
|
100.0
|
%
|
(100.0
|
%)
|
|
Nine Months Ended September 30,
|
%
|
||||||||||||||||||
|
2017
|
2016
|
change
|
|||||||||||||||||
Aoxing Pharmaceutical Products
|
%
|
%
|
||||||||||||||||||
Xin Aoxing Capsule
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
Other Aoxing Pharmaceutical products
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
%
|
||||||||||||
Subtotal
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
|
||||||||||||||||||||
Shaanxi Weinan Products
|
-
|
-
|
%
|
2,066,698
|
100.0
|
%
|
(100.0
|
%)
|
||||||||||||
|
||||||||||||||||||||
Hospital products
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
%
|
||||||||||||
|
||||||||||||||||||||
Total gross sales
|
$
|
-
|
-
|
%
|
$
|
2,066,698
|
100.0
|
%
|
(100.0
|
%)
|
||||||||||
|
||||||||||||||||||||
Sales discount
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
|
||||||||||||||||||||
Total net sales
|
$
|
-
|
-
|
%
|
$
|
2,066,698
|
100.0
|
%
|
(100.0
|
%)
|
|
Three Months Ended September 30,
|
%
|
||||||||||||||||||
|
2017
|
2016
|
change
|
|||||||||||||||||
Aoxing Pharmaceutical Products
|
%
|
%
|
||||||||||||||||||
Xin Aoxing Capsule
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
Other Aoxing Pharmaceutical products
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
%
|
||||||||||||
Subtotal
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
|
||||||||||||||||||||
Shaanxi Weinan Products
|
-
|
-
|
%
|
336,870
|
100.0
|
%
|
(100.0
|
%)
|
||||||||||||
|
||||||||||||||||||||
Hospital products
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
%
|
||||||||||||
|
||||||||||||||||||||
Total cost of sales
|
$
|
-
|
-
|
%
|
$
|
336,870
|
100.0
|
%
|
(100.0
|
%)
|
|
Nine Months Ended September 30,
|
%
|
||||||||||||||||||
|
2017
|
2016
|
change
|
|||||||||||||||||
Aoxing Pharmaceutical Products
|
%
|
%
|
||||||||||||||||||
Xin Aoxing Capsule
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
Other Aoxing Pharmaceutical products
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
%
|
||||||||||||
Subtotal
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
-
|
%
|
||||||||||
|
||||||||||||||||||||
Shaanxi Weinan Products
|
-
|
-
|
%
|
1,114,777
|
100.0
|
%
|
(100.0
|
%)
|
||||||||||||
|
||||||||||||||||||||
Hospital products
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
%
|
||||||||||||
|
||||||||||||||||||||
Total cost of sales
|
$
|
-
|
-
|
%
|
$
|
1,114,777
|
100.0
|
%
|
(100.0
|
%)
|
|
Three Months Ended September 30,
|
|||||||||||||||
|
2017
|
2016
|
||||||||||||||
Aoxing Pharmaceutical Products
|
Gross Profit
|
Product Gross Margin %
|
Gross Profit
|
Product Gross Margin %
|
||||||||||||
Xin Aoxing Capsule
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
||||||||
Other Aoxing Pharmaceutical products
|
-
|
-
|
%
|
-
|
-
|
%
|
||||||||||
Sub-total
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
||||||||
|
||||||||||||||||
Shaanxi Weinan Products
|
$
|
-
|
-
|
%
|
308,063
|
48.0
|
%
|
|||||||||
|
||||||||||||||||
Hospital products
|
-
|
-
|
%
|
-
|
-
|
%
|
||||||||||
|
||||||||||||||||
Sales discount
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
||||||||
|
||||||||||||||||
Total gross profit
|
$
|
-
|
-
|
%
|
$
|
308,063
|
48.0
|
%
|
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2017
|
2016
|
||||||||||||||
Aoxing Pharmaceutical Products
|
Gross Profit
|
Product Gross Margin %
|
Gross Profit
|
Product Gross Margin %
|
||||||||||||
Xin Aoxing Capsule
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
||||||||
Other Aoxing Pharmaceutical products
|
-
|
-
|
%
|
-
|
-
|
%
|
||||||||||
Sub-total
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
||||||||
|
||||||||||||||||
Shaanxi Weinan Products
|
$
|
-
|
-
|
%
|
951,921
|
46.0
|
%
|
|||||||||
|
||||||||||||||||
Hospital products
|
-
|
-
|
%
|
-
|
-
|
%
|
||||||||||
|
||||||||||||||||
Sales discount
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
||||||||
|
||||||||||||||||
Total gross profit
|
$
|
-
|
-
|
%
|
$
|
951,921
|
46.0
|
%
|
|
Three months ended September 30,
|
|||||||||||||||||||
|
2017
|
2016
|
||||||||||||||||||
|
Operating expenses
|
% of net sales
|
Operating expenses
|
% of net sales
|
% change
|
|||||||||||||||
Selling expenses
|
$
|
14,668
|
-
|
%
|
$
|
290,924
|
45.1
|
%
|
(95.0
|
%)
|
||||||||||
General and administrative expenses
|
558,713
|
-
|
%
|
488,136
|
75.7
|
%
|
14.5
|
%
|
||||||||||||
Allowance for doubtful debts
|
-
|
-
|
%
|
1,491,002
|
231.2
|
%
|
(100.0
|
%)
|
||||||||||||
Total operating expenses
|
$
|
573,381
|
-
|
%
|
$
|
2,270,062
|
352.0
|
%
|
(74.7
|
%)
|
|
Nine months ended September 30,
|
|||||||||||||||||||
|
2017
|
2016
|
||||||||||||||||||
|
Operating expenses
|
% of net sales
|
Operating expenses
|
% of net sales
|
% change
|
|||||||||||||||
Selling expenses
|
$
|
300,352
|
-
|
%
|
$
|
904,037
|
43.7
|
%
|
(66.8
|
%)
|
||||||||||
General and administrative expenses
|
2,840,865
|
-
|
%
|
1,717,992
|
83.1
|
%
|
65.4
|
%
|
||||||||||||
Allowance for doubtful debts
|
-
|
-
|
%
|
7,820,713
|
378.4
|
%
|
(100.0
|
%)
|
||||||||||||
Total operating expenses
|
$
|
3,141,217
|
-
|
%
|
$
|
10,442,742
|
505.2
|
%
|
(69.9
|
%)
|
1. |
If after taking legal action, it appears that an accounts receivable is not likely to become collectible, such accounts receivable will be written off if it is more than two years old.
|
2. |
If during the collection period, the customer provides bankruptcy or other insolvency documentation, the corresponding accounts receivable will be written off.
|
3. |
If we are no longer able to locate a particular customer in order for us to take any collection or legal actions, the accounts receivable for such customer will be written off if it is more than two years old.
|
|
Payments due by period ($ million)
|
|||||||||||||||||||
|
Total
|
Within 1 year
|
1-3 years
|
3-5 years
|
>5 years
|
|||||||||||||||
Research and development contracts
|
$
|
0.8
|
$
|
0.8
|
$
|
-
|
-
|
-
|
||||||||||||
Acquire a project for mining rights, mining assets and a mining company
|
0.2
|
0.2
|
-
|
-
|
-
|
|||||||||||||||
Construction contract for improvement work
|
0.1
|
0.1
|
-
|
-
|
-
|
|||||||||||||||
Total contractual obligations
|
$
|
1.1
|
$
|
1.1
|
$
|
-
|
-
|
-
|
|
BIOSTAR PHARMACEUTICALS, INC.
(Registrant)
|
||
|
|
|
|
Date: November 20, 2017
|
By:
|
/s/
Ronghua Wang
|
|
|
Ronghua Wang, Chief Executive Officer and President
(Principal Executive Officer)
|
|
Date: November 20, 2017
|
By:
|
/s/
Xiaojuan Zhai
|
|
|
Xiaojuan Zhai, Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
1 Year Biostar Pharmaceuticals (CE) Chart |
1 Month Biostar Pharmaceuticals (CE) Chart |
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