![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
China Carbon Graphite Group Inc (CE) | USOTC:CHGI | 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 |
Nevada
|
98-0550699
|
|
(State or other jurisdiction of
incorporation of organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
(Do not check if smaller reporting company)
|
o
|
Smaller reporting company
|
x
|
PART I - FINANCIAL INFORMATION
|
Page No.
|
|
Item 1.
|
Financial Statements:
|
1
|
Consolidated Balance Sheets at March 31, 2013 (unaudited) and December 31, 2012
|
1
|
|
Unaudited Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2013 and 2012
|
2
|
|
Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012
|
3
|
|
Notes to Unaudited Consolidated Financial Statements
|
4
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
31
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
48
|
Item 4.
|
Controls and Procedures
|
48
|
PART II - OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
49
|
Item 1A.
|
Risk Factors
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
49
|
Item 3.
|
Defaults Upon Senior Securities
|
51
|
Item 4.
|
Mine Safety Disclosures
|
51
|
Item 5.
|
Other Information
|
51
|
Item 6.
|
Exhibits
|
51
|
Signatures
|
52
|
March 31,
2013
|
December 31,
2012
|
|||||||
(Unaudited )
|
(Audited)
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
1,680,254
|
$
|
129,746
|
||||
Restricted cash
|
22,379,000
|
22,149,000
|
||||||
Accounts receivable, Net
|
7,142,892
|
11,239,002
|
||||||
Notes receivable
|
7,401,165
|
—
|
||||||
Advance to suppliers
|
12,503,217
|
1,177,462
|
||||||
Inventories
|
48,181,039
|
48,417,875
|
||||||
Prepaid expenses
|
785,438
|
280,779
|
||||||
Other receivables, net of allowance of $221,026 and $220,339, respectively
|
104,639
|
35,655
|
||||||
Total current assets
|
100,177,644
|
83,429,519
|
||||||
Property And Equipment, Net
|
40,481,778
|
40,964,363
|
||||||
Construction In Progress
|
18,943,945
|
7,324,379
|
||||||
Land Use Rights, Net
|
9,643,328
|
9,657,419
|
||||||
Total Assets
|
$
|
169,246,695
|
$
|
141,375,680
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued expenses
|
$
|
1,431,323
|
$
|
2,250,745
|
||||
Advance from customers
|
1,740,402
|
1,368,525
|
||||||
Short term bank loans
|
45,241,000
|
38,680,500
|
||||||
Notes payable
|
40,733,000
|
40,606,500
|
||||||
Other payables
|
1,489,655
|
630,179
|
||||||
Loan from unrelated parties
|
11,351,604
|
338,002
|
||||||
Dividends payable
|
51,353
|
46,816
|
||||||
Total current liabilities
|
102,038,337
|
83,921,267
|
||||||
Amounts Due To Related Parties
|
4,637,132
|
4,795,593
|
||||||
Long Term Bank Loans
|
16,067,800
|
4,782,900
|
||||||
Warrant Liabilities
|
179,994
|
224,362
|
||||||
Total Liabilities
|
122,923,263
|
93,724,122
|
||||||
Redeemable convertible series B preferred stock, $0.001 par value; 3,000,000 shares authorized; 300,000 and 300,000 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively.
|
360,000
|
360,000
|
||||||
Stockholders' Equity
|
||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized
|
||||||||
25,137,518 and 25,077,518 shares issued and outstanding at
|
||||||||
March 31, 2013 and December 31, 2012, respectively
|
25,137
|
25,077
|
||||||
Additional paid-in capital
|
18,256,121
|
18,223,781
|
||||||
Accumulated other comprehensive income
|
9,129,202
|
8,982,925
|
||||||
Retained earnings
|
18,552,972
|
20,059,775
|
||||||
Total stockholders' equity
|
45, 963,432
|
47,291,558
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
169,246,695
|
$
|
141,375,680
|
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Sales
|
$
|
3,060,918
|
$
|
10,061,210
|
||||
Cost of Goods Sold
|
3,320,320
|
7,143,606
|
||||||
Gross Profit (loss)
|
(259,402
|
)
|
2,917,604
|
|||||
Operating Expenses
|
||||||||
Selling expenses
|
17,941
|
46,798
|
||||||
General and administrative
|
384,582
|
851,399
|
||||||
Depreciation and amortization
|
67,888
|
57,004
|
||||||
Total operating expenses
|
470,411
|
955,201
|
||||||
Operating Income (Loss) Before Other Income (Expense)
|
(729,813
|
)
|
1,962,403
|
|||||
Other Income (Expense)
|
||||||||
Interest expense
|
(862,448
|
)
|
(1,229,745
|
)
|
||||
Interest income
|
45,304
|
22
|
||||||
Other income, net
|
321
|
-
|
||||||
Change in fair value of warrants
|
44,368
|
(479,563
|
)
|
|||||
Total other expense
|
(772,455
|
)
|
(1,709,286
|
)
|
||||
Net Income (Loss)
|
|
(1,502,268
|
)
|
|
253,117
|
|||
Preferred Stock Dividends
|
(4,537
|
)
|
(5,018
|
)
|
||||
Net Income (Loss) Available To Common Shareholders
|
|
(1,506,805
|
)
|
248,099
|
||||
Other Comprehensive Income
|
||||||||
Foreign currency translation gain
|
146,277
|
423,897
|
||||||
Total Comprehensive Income
|
$
|
(1,355,991
|
)
|
$
|
677,014
|
|||
Share Data
|
||||||||
Basic earnings (loss) per share
|
$
|
(0.06
|
)
|
$
|
0.01
|
|||
Diluted earnings (loss) per share
|
$
|
(0.06
|
)
|
$
|
0.01
|
|||
Weighted average common shares outstanding,
|
||||||||
Basic
|
25,103,518
|
23,315,645
|
||||||
Weighted average common shares outstanding,
|
||||||||
Diluted
|
25,103,518
|
23,647,455
|
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net income (loss)
|
$
|
(1,502,268
|
)
|
$
|
253,117
|
|||
Adjustments to reconcile net cash provided by
|
||||||||
operating activities
|
||||||||
Depreciation and Amortization
|
655,449
|
567,584
|
||||||
Stock compensation
|
60,345
|
-
|
||||||
Change in fair value of warrants
|
(44,368
|
)
|
479,563
|
|||||
Recovery of bad debt expenses
|
(166,601)
|
-
|
||||||
Changes in operating assets and liabilities
|
||||||||
Accounts receivable
|
4,290,026
|
(1,310,189
|
)
|
|||||
Notes receivable
|
(7,387,374
|
)
|
(142,124
|
)
|
||||
Other receivables
|
(68,745
|
)
|
(44,531
|
)
|
||||
Advance to suppliers
|
(11,300,990
|
)
|
(5,197,009
|
)
|
||||
Inventory
|
386,948
|
(4,075,391
|
)
|
|||||
Prepaid expenses
|
(530,927
|
)
|
169,188
|
|||||
Accounts payable and accrued liabilities
|
(824,186
|
)
|
594,274
|
|||||
Advance from customers
|
366,928
|
592,123
|
||||||
Taxes payable
|
99,446
|
(110,310
|
)
|
|||||
Other payables
|
755,723
|
133,762
|
||||||
Net cash used in operating activities
|
(15,210,594
|
)
|
(8,089,943
|
)
|
||||
Cash flows from investing activities
|
||||||||
Acquisition of property, plant and equipment
|
(2,292
|
)
|
(15,831
|
)
|
||||
Proceeds from land bureau against cost of land use rights
|
237,749
|
|||||||
Addition of construction in progress
|
(11,575,140
|
)
|
(651,528
|
)
|
||||
Net cash used in investing activities
|
(11,577,432
|
)
|
(429,610
|
)
|
||||
Cash flows from financing activities
|
||||||||
Proceeds from issuing common stock
|
-
|
50,000
|
||||||
Proceeds from short term loans
|
11,249,000
|
4,755,000
|
||||||
Repayments for short term loans
|
(4,821,000
|
)
|
(4,755,000
|
)
|
||||
Proceeds from long term loans
|
11,249,000
|
-
|
||||||
Proceeds from loan from unrelated parties
|
10,992,029
|
9,313,808
|
||||||
Proceeds from loan from related parties
|
448,994
|
79,727
|
||||||
Repayments to related parties
|
(622,072
|
)
|
-
|
|||||
Proceeds from stock not yet issued
|
-
|
77,500
|
||||||
Restricted cash
|
(160,700
|
)
|
4,945,200
|
|||||
Proceeds from notes payable
|
17,677,000
|
10,778,000
|
||||||
Repayments to notes payable
|
(17,677,000
|
)
|
(16,880,250
|
)
|
||||
Net cash provided by financing activities
|
28,335,251
|
8,363,985
|
||||||
Effect of exchange rate fluctuation
|
3,283
|
3,819
|
||||||
Net increase (decrease) in cash
|
1,550,508
|
(151,749
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
129,746
|
521,450
|
||||||
Cash and cash equivalents at end of period
|
$
|
1,680,254
|
$
|
369,701
|
||||
Supplemental disclosure of cash flow information
|
||||||||
Interest paid
|
$
|
1,040,625
|
$
|
984,830
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
||||
Non-cash activities:
|
||||||||
Preferred stock conversion to common stock
|
$
|
-
|
$
|
94
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
|
1.
|
10% of after tax income to be allocated to a statutory surplus reserve until the reserve amounts to 50% of the company’s registered capital.
|
2.
|
If the cumulative balance of statutory surplus reserve is not enough to make up the Company’s cumulative prior years’ losses, the current year’s after tax income should be first used to make up the losses before the statutory surplus reverse is drawn.
|
3.
|
Allocation can be made to the discretionary surplus reserve, if such a reserve is approved at the meeting of the equity owners.
|
Buildings
|
25 - 40 years
|
Machinery and equipment
|
10 - 20 years
|
Motor vehicles
|
5 years
|
●
|
Level 1 inputs to the valuation methodology are quoted prices (unadjusted) 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 assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
|
●
|
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.
|
March 31,
2013
|
December 31,
2012
|
|||||||
2007 Warrants
|
||||||||
Annual dividend yield
|
-
|
-
|
||||||
Expected life (years)
|
0.00
|
0.04
|
||||||
Risk-free interest rate
|
0.18
|
%
|
0.18
|
%
|
||||
Expected volatility
|
143
|
%
|
146
|
%
|
March 31,
2013
|
December 31,
2012
|
|||||||
2009 Warrants
|
||||||||
Annual dividend yield
|
-
|
-
|
||||||
Expected life (years)
|
1.46
|
1.71
|
||||||
Risk-free interest rate
|
0.18
|
%
|
0.18
|
%
|
||||
Expected volatility
|
143
|
%
|
146
|
%
|
March 31,
2013
|
December 31,
2012
|
|||||||
2009 Series B Warrants
|
||||||||
Annual dividend yield
|
-
|
-
|
||||||
Expected life (years)
|
1.73
|
1.98
|
||||||
Risk-free interest rate
|
0.18
|
%
|
0.18
|
%
|
||||
Expected volatility
|
143
|
%
|
146
|
%
|
March 31,
2013
|
December 31,
2012
|
|||||||
2010 Series B Warrants
|
||||||||
Annual dividend yield
|
-
|
-
|
||||||
Expected life (years)
|
1.78
|
2.03
|
||||||
Risk-free interest rate
|
0.18
|
%
|
0.18
|
%
|
||||
Expected volatility
|
143
|
%
|
146
|
%
|
Carrying Value
at March 31,
|
Fair Value Measurement at
March 31, 2013
|
|||||||||||||||
2013
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Warrant liability
|
$
|
179,994
|
|
$
|
-
|
$
|
179,994
|
|||||||||
Notes receivables
|
$ |
7,401,165
|
$ |
7,401,165
|
-
|
|||||||||||
Notes payable
|
$
|
40,733,000
|
|
$ |
-
|
$ |
40,733,000
|
|
-
|
Warrants
|
Weighted Average
Exercise Price
|
|||||||
Outstanding as of December 31, 2012
|
1,229,200
|
$
|
1.51
|
|||||
Granted
|
-
|
-
|
||||||
Exercised
|
-
|
-
|
||||||
Cancelled
|
-
|
-
|
||||||
Outstanding as of March 31, 2013
|
1,229,200
|
$
|
1.51
|
March 31,
2013
|
March 31,
2012
|
|||||||
Weighted average shares of common stock outstanding (basic)
|
25,103,518
|
23,315,645
|
||||||
Shares issuable upon conversion of Series B Preferred Stock
|
-
|
331,810
|
||||||
Weighted average shares of common stock outstanding (diluted)
|
25,103,518
|
23,647,455
|
||||||
Net income (loss) available to common shareholders
|
$
|
(1,506,805
|
)
|
$
|
248,099
|
|||
Net income (loss) per shares of common stock (basic)
|
$
|
(0.06
|
)
|
$
|
0.01
|
|||
Net income (loss) per shares of common stock (diluted)
|
$
|
(0.06
|
)
|
$
|
0.01
|
Three Months Ended March 31, | ||||||||
2013 |
2012
|
|||||||
Computed tax at the PRC statutory rate of 15%
|
$ |
-
|
$
|
165,203
|
||||
Benefit of tax holiday
|
-
|
(165,203
|
)
|
|||||
Income tax expenses per books
|
$ |
-
|
$
|
-
|
March 31,
2013
|
December 31,
2012
|
|||||||
Amount outstanding
|
$
|
10,860,124
|
$
|
15,111,084
|
||||
Less: Allowance for doubtful accounts, net
|
(3,717,232
|
)
|
( 3,872,082
|
)
|
||||
Net amount
|
$
|
7,142,892
|
$
|
11,239,002
|
March 31,
2013
|
December 31,
2012
|
|||||||
Beginning balance
|
$
|
3,872,082
|
$
|
2,790,662
|
||||
Provision for (recovery of) doubtful accounts
|
(154,850
|
)
|
1,081,420
|
|||||
Ending balance
|
$
|
3,717,232
|
$
|
3,872,082
|
March 31,
2013
|
December 31,
2012
|
|||||||
Advances to suppliers
|
$ |
12,503,217
|
$ |
1,177,462
|
March 31,
2013
|
December 31, 2012
|
|||||||
Raw materials
|
$
|
6,912,618
|
$
|
5,863,406
|
||||
Work in process
|
39,314,341
|
40,387,355
|
||||||
Finished goods
|
1,954,080
|
2,167,114
|
||||||
$
|
48,181,039
|
$
|
48,417,875
|
March 31,
2013
|
December 31, 2012
|
|||||||
Building
|
$
|
26,860,029
|
$
|
26,776,613
|
||||
Machinery and equipment
|
28,783,960
|
28,692,280
|
||||||
Motor vehicles
|
33,810
|
33,705
|
||||||
55,677,799
|
55,502,598
|
|||||||
Less: accumulated depreciation
|
(15,196,021)
|
(14,538,235)
|
||||||
$
|
40,481,778
|
$
|
40,964,363
|
March 31,
2013
|
December 31, 2012
|
Estimated completion time
|
Expected capital needed to complete
|
||||||||||
Production facility
|
$
|
17,759,845
|
$
|
-
|
2014
|
$
|
6,299,
225
|
||||||
Land improvements
|
1,184,100
|
7,324,379
|
2013
|
1,368,500
|
|||||||||
$
|
18,943,945
|
$
|
7,324,379
|
$
|
7,667,725
|
March 31,
2013
|
December 31, 2012
|
|||||||
Land Use Rights
|
$
|
11,643,273
|
$
|
11,610,103
|
||||
Less: Accumulated amortization
|
(1,999,945)
|
(1,852,684)
|
||||||
$
|
9,643,328
|
$
|
9,657,419
|
March 31,
2013
|
December 31,
2012
|
|||||||
Bank loan from China Construction Bank, dated August 23, 2012, due August 22, 2013 with an annual interest rate of 6.941% payable monthly, secured by property, equipment, building and land use rights
|
$ |
6,440,000
|
$ |
6,420,000
|
||||
Bank loan from China Construction Bank, dated August 3, 2012, due August 2, 2013 with an annual interest rate of 6.941% payable monthly, secured by property, equipment, building and land use rights
|
6,440,000
|
6,420,000
|
||||||
Bank loan from China Construction Bank, dated June 6, 2012, due June 5, 2013 with an annual interest rate of 8.834% payable monthly, secured by property, equipment, building and land use rights
|
6,440,000
|
6,420,000
|
||||||
Bank loan from China Construction Bank, dated March 20, 2013, due March 19, 2014 with an annual interest rate of 6% payable monthly, secured by property, equipment, building and land use rights
|
6,440,000
|
- | ||||||
Bank loan from Huaxia Bank, dated November 16, 2012, due on November 15, 2013, with an annual interest rate of 7.80% payable quarterly, secured by building and land use rights
|
5,635,000
|
5,617,500
|
||||||
Bank loan from China Construction Bank, dated September 7, 2012, due September 6, 2013 with an annual interest rate of 6.941% payable monthly, secured by property, equipment, building and land use rights
|
4,830,000
|
4,815,000
|
||||||
Bank loan from China Construction Bank, dated January 11, 2013, due January 10, 2014 with an annual interest rate of 6% payable monthly, secured by property, equipment, building and land use rights
|
4,830,000
|
- | ||||||
Bank loan from China Construction Bank, dated September 17, 2012, due September 16, 2013, with an annual interest rate of 6.941% payable monthly, secured by property, equipment, building and land use rights
|
4,186,000
|
4,173,000
|
||||||
Bank loan from China Construction Bank, dated January 13, 2012, due January 12, 2013 and repaid, with an annual interest rate of 6.56% payable monthly, secured by property, equipment, building and land use rights
|
-
|
4,815,000
|
||||||
$
|
45,241,000
|
$
|
38,680,500
|
March 31,
2013
|
December 31,
2012
|
|||||||
Bank loan from China Construction Bank, dated January 22, 2013, originally due in January 21, 2016, with an annual interest rate of 6.15%, payable monthly, secured by machinery.
|
$
|
11,270,000
|
$
|
-
|
||||
Bank loan from Credit Union, dated April, 2012, originally due in April 2015, with an annual interest rate of 15.295% payable monthly, secured by machinery.
|
4,797,800
|
4,782,900
|
||||||
$
|
16,067,800
|
$
|
4,782,900
|
o
|
graphite electrodes;
|
o
|
fine grain graphite; and
|
o
|
high purity graphite.
|
Three months ended March 31,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Sales
|
$
|
3,061
|
100.0
|
%
|
$
|
10,061
|
100.0
|
%
|
||||||||
Cost of goods sold
|
3,320
|
108.5
|
%
|
7,144
|
71.0
|
%
|
||||||||||
Gross profit (loss)
|
(259
|
) |
(8.5
|
)%
|
2,917
|
29.0
|
%
|
|||||||||
Operating expenses
|
||||||||||||||||
Selling expenses
|
18
|
0.6
|
%
|
47
|
0.5
|
%
|
||||||||||
General and administrative
|
385
|
12.6
|
%
|
851
|
8.5
|
%
|
||||||||||
Depreciation and amortization
|
68
|
2.2
|
%
|
57
|
0.6
|
%
|
||||||||||
Income (loss) from operations
|
(730
|
)
|
(23.8
|
)%
|
1,962
|
19.5
|
%
|
|||||||||
Other income
|
0.3
|
0.01
|
%
|
-
|
-
|
%
|
||||||||||
Other expense
|
-
|
-
|
%
|
-
|
-
|
%
|
||||||||||
Change in fair value of warrants
|
44
|
1.4
|
%
|
(479
|
)
|
(4.8
|
)%
|
|||||||||
Interest expense, net
|
(817
|
)
|
(26.7
|
)%
|
(1,230
|
)
|
(12.2
|
)%
|
||||||||
Net income (loss)
|
(1,502
|
)
|
(49.1
|
)%
|
253
|
2.5
|
%
|
|||||||||
Preferred Stock Dividend
|
(5
|
)
|
(0.1
|
)%
|
(5
|
)
|
(0.1
|
)%
|
||||||||
Net income (loss) available to common shareholders
|
$
|
(1,507
|
)
|
(49.2
|
)%
|
$
|
248
|
2.5
|
%
|
March 31,
2013
Sales
|
% of Total
Sales
|
March 31,
2012
Sales
|
% of Total
Sales
|
|||||||||||||
Graphite Electrodes
|
$
|
80,960
|
2.6
|
%
|
$
|
456,647
|
4.5
|
%
|
||||||||
Fine Grain Graphite
|
1,394,956
|
45.6
|
%
|
4,467,350
|
44.4
|
%
|
||||||||||
High Purity Graphite
|
1,491,521
|
48.7
|
%
|
5,051,089
|
50.2
|
%
|
||||||||||
Others (1)
|
93,481
|
3.1
|
%
|
86,124
|
0.9
|
%
|
||||||||||
Total
|
$
|
3,060,918
|
100.0
|
%
|
$
|
10,061,210
|
100.0
|
%
|
1.
|
10% of after tax income to be allocated to a statutory surplus reserve until the reserve amounts to 50% of the company’s registered capital.
|
2.
|
If the accumulate balance of statutory surplus reserve is not enough to make up the Company’s cumulative prior years’ losses, the current year’s after tax income should be first used to make up the losses before the statutory surplus reverse is drawn.
|
3.
|
Allocation can be made to the discretionary surplus reserve, if such a reserve is approved at the meeting of the equity owners.
|
March 31,
2013
|
December 31,
2012
|
|||||||
(unaudited) | ||||||||
Bank loan from China Construction Bank, dated August 23, 2012, due August 22, 2013 with an annual interest rate of 6.941% payable monthly, secured by property, equipment, building and land use rights
|
$ |
6,440,000
|
$ |
6,420,000
|
||||
Bank loan from China Construction Bank, dated August 3, 2012, due August 2, 2013 with an annual interest rate of 6.941% payable monthly, secured by property, equipment, building and land use rights
|
6,440,000
|
6,420,000
|
||||||
Bank loan from China Construction Bank, dated June 6, 2012, due June 5, 2013 with an annual interest rate of 8.834% payable monthly, secured by property, equipment, building and land use rights
|
6,440,000
|
6,420,000
|
||||||
Bank loan from China Construction Bank, dated March 20, 2013, due March 19, 2014 with an annual interest rate of 6% payable monthly, secured by property, equipment, building and land use rights
|
6,440,000
|
- | ||||||
Bank loan from Huaxia Bank, dated November 16, 2012, due on November 15, 2013 with an annual interest rate of 7.80% payable quarterly, secured by building and land use rights
|
5,635,000
|
5,617,500
|
||||||
Bank loan from China Construction Bank, dated September 7, 2012, due September 6, 2013 with an annual interest rate of 6.941% payable monthly, secured by property, equipment, building and land use rights
|
4,830,000
|
4,815,000
|
||||||
Bank loan from China Construction Bank, dated January 11, 2013, due January 10, 2014 with an annual interest rate of 6% payable monthly, secured by property, equipment, building and land use rights
|
4,830,000
|
- | ||||||
Bank loan from China Construction Bank, dated September 17, 2012, due September 16, 2013, with an annual interest rate of 6.941% payable monthly, secured by property, equipment, building and land use rights
|
4,186,000
|
4,173,000
|
||||||
Bank loan from China Construction Bank, dated January 13, 2012, due January 12, 2013 and repaid, with an annual interest rate of 6.56% payable monthly, secured by property, equipment, building and land use rights
|
-
|
4,815,000
|
||||||
$
|
45,241,000
|
$
|
38,680,500
|
March 31,
2013
|
December 31, 2012
|
|||||||
(Unaudited)
|
|
|||||||
Bank loan from China Construction Bank, dated January 22, 2013, originally due in January 21, 2016, with an annual interest rate of 6.15%, payable monthly, secured by machinery.
|
$
|
11,270,000
|
$
|
-
|
||||
Bank loan from Credit Union, dated April, 2012, originally due in April 2015, with an annual interest rate of 15.295% payable monthly, secured by machinery.
|
4,797,800
|
4,782,900
|
||||||
$
|
16,067,800
|
$
|
4,782,900
|
o
|
we generate sufficient business so that we are able to generate substantial profits, which cannot be assured;
|
o
|
our banks continue to provide us with the necessary working capital financing; and
|
o
|
we are able to generate savings by improving the efficiency of our operations.
|
●
|
Level 1 inputs to the valuation methodology are quoted prices (unadjusted) 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 assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments.
|
●
|
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.
|
Carrying Value
at March 31,
|
Fair Value Measurement at March 31, 2013
|
|||||||||||||||
2013
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Warrant liability
|
$
|
179,994
|
$
|
-
|
$
|
-
|
$
|
179,994
|
Carrying Value
at December 31,
|
Fair Value Measurement at December 31, 2012
|
|||||||||||||||
2012
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Warrant liability
|
$
|
224,362
|
$
|
-
|
$
|
-
|
$
|
224,362
|
Item 1.
|
Legal Proceedings
|
CHINA CARBON GRAPHITE GROUP, INC.
|
||
Date: May
15
, 2013
|
By:
|
/s/ Donghai Yu
|
Donghai Yu
|
||
Chief Executive Officer
|
Date: May
15
, 2013
|
By:
|
/s/ Zhenfang Yang
|
Zhenfang Yang
|
||
Chief Financial Officer
|
1 Year China Carbon Graphite (CE) Chart |
1 Month China Carbon Graphite (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions