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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yasheng Group (PK) | USOTC:HERB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0121 | -12.63% | 0.0837 | 0.051 | 0.0875 | 0.0837 | 0.05 | 0.05 | 8,100 | 21:00:12 |
YaSheng Group
|
(Name of small business issuer as specified in its charter)
|
California
|
000-31899
|
33-0788293
|
(State or other jurisdiction of
incorporation or organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
|
805 Veterans Blvd., #228, Redwood City, CA
|
94063
|
|
(Address of principal executive offices
|
(Zip code)
|
(650) 363-8345
|
(Issuer’s telephone number, including area code
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
ITEM 9.01 | Financial Statements and Exhibits |
(d) | Exhibits |
The financial statements for the years 2012, 2013, 2014 for Gansu YaSheng Agro-Industrial Commerce Group Co. Ltd., and unaudited financial information for Gansu YaSheng Agro-Industrial Commerce Group Co. Ltd. as of Sept 30, 2015 are attached hereto. Proforma financials are not included, because the transaction described in the 8-K filed January 5, 2016, was a swap transaction and as a result, Yasheng Group swapped out all of its assets and business. Hence, proforma financials would be identical to the actual results reflected in the financial statements filed as an exhibit to this 8-K/A. | |
EXHIBIT 23.1 | Consent of Auditors, Gansu-HongXin Certified Public Accountants Co. Ltd. |
YASHENG GROUP | |||
Dated: March 15, 2016
|
By:
|
/s/ Haiyun Zhuang | |
Name: Haiyun Zhuang | |||
Title: Chief Financial Officer | |||
Balance sheet
|
|||
$
|
|||
December, 31st, 2014
|
December, 31st, 2013
|
December, 31st, 2012
|
|
Current assets
|
|||
Cash and cash equivalent
|
1,627,458.65
|
1,695,472.15
|
|
Accounts receivable
|
911,732.31
|
793,337.21
|
789,059.46
|
Inventories
|
1,327,592.45
|
1,398,435.25
|
1,472,710.25
|
Prepayments
|
3,002,941.65
|
2,349,882.72
|
2,495,425.98
|
Deferred income tax assets
|
|
|
|
Other
|
|
|
|
Total Current Assets
|
6,725,132.90
|
6,169,113.83
|
6,452,667.84
|
Non-current assets
|
|||
Long-term investments
|
|||
Property, plant, and equipment
|
41,842,654.54
|
34,867,675.85
|
25,923,409.69
|
Construction in progress
|
|
|
|
Land use rights, net
|
114,479,490.02
|
122,554,084.53
|
126,306,578.50
|
Deferred income tax assets
|
|
|
|
Total Assets
|
163,047,277.46
|
163,590,874.21
|
158,682,656.03
|
Current Liabilities
|
|||
Accounts payable
|
18,415.46
|
-
|
-
|
Accrued employee compensation and benefits
|
|
|
|
Current maturities of long-term debt
|
|
|
|
Accrued expenses and other current liabilities
|
87,012.22
|
58,394.26
|
57,060.83
|
Long-term Liabilities
|
|
|
|
long-term debt
|
|
|
|
Obligations under capital leases
|
|
|
|
Deferred income tax liabilities
|
|
|
|
Other non-current liabilities
|
|
|
|
Total Liabilities
|
105,427.68
|
58,394.27
|
57,060.84
|
Stockholder’s equity
|
|||
Paid in on capital stock Common
|
146,022,434.04
|
146,022,434.04
|
146,022,434.04
|
Additional paid-in capital
|
|
|
|
Other comprehensive income
|
16,919,415.74
|
17,510,045.90
|
12,603,161.15
|
Retained earnings
|
|
|
|
Total Equity & Liabilities
|
163,047,277.46
|
163,590,874.21
|
158,682,656.03
|
Statements of Income
|
|||
$
|
|||
2014
|
2013
|
2012
|
|
Sales revenue
|
190,536,897.98
|
179,885,898.08
|
173,021,275.25
|
Cost of goods sold
|
41,432,360.77
|
35,276,635.02
|
34,623,710.61
|
Gross profit
|
149,104,537.21
|
144,609,263.06
|
138,397,564.64
|
General and administrative expense
|
9,282,831.93
|
9,295,490.70
|
9,103,371.56
|
Income from operations
|
139,821,705.28
|
135,313,772.36
|
129,294,193.08
|
Interest revenue
|
254,110.75
|
184,198.02
|
116,882.62
|
Other income (loss), net
|
|
|
|
Income from continuing operations before income tax
|
140,075,816.03
|
135,497,970.38
|
129,411,075.70
|
Income tax
|
|
|
|
Income from continuing operations
|
140,075,816.03
|
135,497,970.38
|
129,411,075.70
|
Discontinued operations
|
|
|
|
Net income
|
140,075,816.03
|
135,497,970.38
|
129,411,075.70
|
Statements of Cash Flow(Rising)
|
|||
$
|
|||
2014
|
2013
|
2012
|
|
Cash flows from operating activities:
|
|||
Net income
|
140,075,816.03
|
135,497,970.38
|
129,411,075.70
|
Depreciation, amortization, and other
|
7,942,609.32
|
7,953,246.60
|
7,844,738.88
|
(Gains) losses on investments and other, net
|
1,067,035.52
|
1,071,067.14
|
-5,463,014.74
|
Accounts receivable
|
-119,356.62
|
19,817.80
|
-703,493.63
|
Inventories
|
64,759.15
|
117,968.15
|
1,625,107.22
|
Accounts payable
|
-247,294.52
|
526,060.45
|
|
Net cash provided by operating activities
|
148,783,568.87
|
145,186,130.52
|
138,177,428.17
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
Purchases of investments
|
|
|
|
Proceeds from sales of investments
|
|
|
|
Proceeds from maturities of investments
|
|
|
|
Purchase of property, plant and equipment
|
8,590,178.57
|
9,622,549.85
|
7,643,658.10
|
Proceeds from sales of property and equipment
|
|
|
|
Other
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
Issuances of common stock
|
|
|
|
Issuances of debt
|
|
|
|
Repayments of debt
|
|
|
|
Dividends paid
|
140,075,816.03
|
135,497,970.38
|
129,411,075.70
|
Other
|
|
|
|
Net cash used in financing activities
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
-144,592.16
|
-68,013.50
|
-367,179.63
|
Cash and cash equivalents, beginning of period
|
1,627,458.65
|
1,695,472.15
|
2,062,651.78
|
Cash and cash equivalents, end of period
|
1,482,866.49
|
1,627,458.65
|
1,695,472.15
|
Statements of Stockholders' Equity
|
|||||
$
|
|||||
Common Stock
|
Additional paid-in capital
|
Retained Earnings
|
Accumulated other Comprehensive Income
|
Total
|
|
Balance as of December, 31st, 2012
|
173,021,275.25
|
173,021,275.25
|
|||
Net income
|
129,411,075.70
|
129,411,075.70
|
|||
Foreign currency translation
|
|
12,603,161.15
|
12,603,161.15
|
||
Balance as of December, 31st, 2013
|
179,885,898.08
|
179,885,898.08
|
|||
Net income
|
135,497,970.38
|
135,497,970.38
|
|||
Foreign currency translation
|
17,510,045.90
|
17,510,045.90
|
|||
Balance as of December, 31st, 2014
|
190,536,897.98
|
190,536,897.98
|
|||
Net income
|
140,075,816.03
|
140,075,816.03
|
|||
Foreign currency translation
|
16,919,415.74
|
16,919,415.74
|
Types of PPE
|
Depreciation period
|
Residual Rate (%)
|
Buildings and improvements
|
30
|
1
|
Machinery and equipment
|
5
|
3
|
Transportation
|
10
|
3
|
Office equipment and others
|
5
|
3
|
December, 31st
|
Gross Balance
attend of year($)
|
Allowance for
doubtful accounts
|
Net Balance at
end of year($)
|
2012
|
789059.46
|
0
|
789059.46
|
2013
|
793337.21
|
0
|
793337.21
|
2014
|
911732.31
|
0
|
911732.31
|
Company Name
|
Relationship
|
Balance($)
|
Years
|
Proportion of total accounts receivable
|
Zi Jin Xiang Ecological Agricultural Development Company
|
Buying and selling units
|
270,174.87
|
In one year
|
29.63%
|
Da Tong Ecommerce. Ltd.
|
150,678.22
|
16.53%
|
||
Xian Ju water chestnut Planting Technology Co. Ltd.
|
110,116.03
|
12.08%
|
||
Hui Nong Fruit Industry Development Co. Ltd.
|
183,853.57
|
20.17%
|
||
Kai Le Melamine Products Co. Ltd.
|
53,585.55
|
5.88%
|
||
Total
|
768,408.24
|
84.28%
|
Breakdown of Inventories
|
$
|
||
December, 31st, 2014
|
December, 31st, 2013
|
December, 31st, 2012
|
|
Compound fertilizer
|
434,238.26
|
436,976.23
|
481,704.40
|
Agricultural Medicine
|
244,230.66
|
253,389.52
|
270,927.27
|
Biological drugs
|
236,171.58
|
218,602.70
|
261,987.26
|
Farm tools
|
270,661.62
|
346,308.78
|
300,247.37
|
Low value consumable
|
142,290.33
|
143,158.03
|
157,843.95
|
Total for the year
|
1,327,592.45
|
1,398,435.26
|
1,472,710.25
|
December, 31st, 2014
|
December, 31st, 2013
|
December, 31st, 2012
|
|
Buildings and improvements
|
6,902,663.97
|
6,927,684.70
|
4,991,239.06
|
Machinery and equipment
|
2,136,385.45
|
1,532,774.85
|
1,459,740.67
|
Transportation
|
2,580,528.71
|
1,508,276.60
|
1,411,555.24
|
Others
|
137,142.69
|
137,639.80
|
130,324.74
|
Total
|
11,756,720.82
|
10,106,375.95
|
7,992,859.71
|
Accumulated Depreciation
|
907,241.20
|
471,614.07
|
50,805.33
|
Total
|
10,849,479.62
|
9,634,761.88
|
7,942,054.38
|
December, 31st, 2014
|
December, 31st, 2013
|
December, 31st, 2012
|
|
Revetment
|
6,573,844.81
|
5,579,653.34
|
4,135,711.72
|
Ditch
|
9,092,092.79
|
7,907,490.58
|
5,754,033.71
|
Road
|
6,714,507.57
|
5,581,772.90
|
4,135,711.73
|
Floodwall
|
8,612,729.75
|
6,163,997.15
|
3,955,898.15
|
Total
|
30,993,174.92
|
25,232,913.97
|
17,981,355.31
|
$
|
December, 31st, 2014
|
December, 31st, 2013
|
December 31st, 2012
|
Gross
|
152,000,000.00
|
152,000,000.00
|
152,000,000.00
|
Accumulated Amortization
|
37,520,509.98
|
29,445,915.47
|
25,693,421.50
|
Intangible assets, net
|
114,479,490.02
|
122,554,084.53
|
126,306,578.50
|
2014
|
2013
|
2012
|
|
Revenue
|
|||
Bamboo
|
10,423,704.28
|
10,172,447.20
|
9,624,866.76
|
Orange
|
90,510,858.03
|
83,997,000.58
|
81,490,996.78
|
Red bayberry
|
45,591,139.85
|
42,701,530.71
|
41,236,024.29
|
Broccoli
|
44,011,195.82
|
43,014,919.59
|
40,669,387.42
|
Total
|
190,536,897.98
|
179,885,898.08
|
173,021,275.25
|
Cost
|
|||
Bamboo
|
3,135,797.70
|
3,147,645.81
|
2,854,936.87
|
Orange
|
17,291,033.68
|
14,445,173.42
|
14,313,690.45
|
Red bayberry
|
9,423,635.76
|
6,484,435.82
|
7,119,725.54
|
Broccoli
|
11,581,893.64
|
11,199,379.97
|
10,335,357.74
|
Total
|
41,432,360.78
|
35,276,635.02
|
34,623,710.61
|
2014
|
2013
|
2012
|
|
Salaries
|
752,800.85
|
750,752.54
|
725,126.27
|
Social insurance
|
94,736.42
|
92,688.69
|
110,272.66
|
Entertainment expense
|
172,554.85
|
172,935.04
|
151,982.43
|
Office expenses
|
28,166.63
|
26,917.20
|
27,064.00
|
Travel expenses
|
179,630.25
|
183,197.44
|
64,232.87
|
Communication fee
|
4,741.14
|
4,787.38
|
9,378.34
|
Depreciation
|
430,464.42
|
412,718.28
|
414,940.14
|
Amortization
|
7,512,144.90
|
7,540,528.32
|
7,429,798.74
|
Traffic expense
|
4,675.91
|
6,308.25
|
13,874.11
|
Others
|
102,916.56
|
104,657.56
|
156,702.00
|
Total
|
9,282,831.93
|
9,295,490.70
|
9,103,371.56
|
$
|
||
September,
30th, 2015
|
December,
31st, 2014
|
|
Current assets
|
||
Cash and cash equivalent
|
1,414,477.52
|
1,482,866.49
|
Accounts receivable
|
766,410.25
|
911,732.31
|
Inventories
|
1,944,297.82
|
1,327,592.45
|
Prepayments
|
2,662,097.80
|
3,002,941.65
|
Other receivables
|
67,145,821.22
|
|
Deferred income tax assets
|
|
|
Other
|
|
|
Total Current Assets
|
73,933,104.61
|
6,725,132.90
|
|
|
|
Non-current assets
|
|
|
Long-term investments
|
|
|
Property, plant, and equipment
|
16,577,912.09
|
10,849,479.62
|
Construction in progress
|
45,404,599.76
|
41,842,654.54
|
Intangible assets
|
|
|
Deferred income tax assets
|
|
|
Total Assets
|
223,940,888.95
|
163,047,277.46
|
|
|
|
Current Liabilities
|
|
|
Accounts payable
|
|
18,415.46
|
Accrued employee compensation and benefits
|
||
Current maturities of long-term deb
|
|
|
Accrued expenses and other current liabilities
|
74,323.74
|
87,012.23
|
|
|
|
Long-term Liabilities
|
|
|
long-term debt
|
|
|
Obligations under capital leases
|
|
|
Deferred income tax liabilities
|
|
|
Other non-current liabilities
|
|
|
Total Liabilities
|
74,323.74
|
105,427.68
|
|
|
|
Stockholder’s equity
|
||
Paid in on capital stock Common
|
146,022,434.04
|
146,022,434.04
|
Additional paid-in capital
|
|
|
Other comprehensive income
|
10,698,227.97
|
16,919,415.74
|
Retained earnings
|
67,145,903.20
|
|
Total Equity & Liabilities
|
223,940,888.95
|
163,047,277.46
|
$
|
||
2015-1-9
|
2014
|
|
|
|
|
Sales revenue
|
102,449,362.93
|
190,536,897.98
|
Cost of goods sold
|
28,724,964.77
|
41,432,360.77
|
Gross profit
|
73,724,398.16
|
149,104,537.21
|
General and administrative expense
|
6,820,594.37
|
9,282,831.93
|
Income from operations
|
66,903,803.79
|
139,821,705.28
|
|
|
|
Interest revenue
|
242,099.42
|
254,110.75
|
Other income (loss), net
|
|
|
Income from continuing operations before income tax
|
67,145,903.21
|
140,075,816.03
|
Income tax
|
|
|
Income from continuing operations
|
67,145,903.21
|
140,075,816.03
|
Discontinued operations
|
|
|
Net income
|
67,145,903.21
|
140,075,816.03
|
Statements of Cash Flow (Rising)
|
||
$
|
||
September,
30th, 2015
|
December,
31st, 2014
|
|
Cash flows from operating activities:
|
||
Net income
|
67,145,903.20
|
140,075,816.03
|
Depreciation, amortization, and other
|
5,820,905.52
|
7,942,609.32
|
(Gains) losses on investments and other, net
|
|
1,067,035.52
|
Accounts receivable
|
-66,716,888.69
|
-119,356.62
|
Inventories
|
-667,393.41
|
64,759.15
|
Accounts payable
|
-18,415.46
|
-247,294.53
|
Net cash provided by operating activities
|
5,564,111.16
|
148,783,568.87
|
Cash flows from investing activities:
|
|
|
Purchases of investments
|
|
|
Proceeds from sales of investments
|
|
|
Proceeds from maturities of investments
|
|
|
Purchase of property, plant and equipment
|
5,575,883.67
|
8,590,178.57
|
Proceeds from sales of property and equipment
|
|
|
Other
|
|
|
Net cash used in investing activities
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
Issuances of common stock
|
|
|
Issuances of debt
|
|
|
Repayments of debt
|
|
|
Dividends paid
|
|
140,075,816.03
|
Other
|
|
|
Net cash used in financing activities
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
56,616.46
|
|
Net increase (decrease) in cash and cash equivalents
|
-68,388.97
|
-144,592.16
|
Cash and cash equivalents, beginning of period
|
1,482,866.49
|
1,627,458.65
|
Cash and cash equivalents, end of period
|
1,414,477.52
|
1,482,866.49
|
Gansu Yasheng Agro – Industrial and Commerce (group) Co. Ltd
Statements of Stockholders' Equity
|
|||||
$
|
|||||
Common Stock
|
Additional paid-in capital
|
Retained Earnings
|
Accumulated other Comprehensive Income
|
Total
|
|
Balance as of December 30th 2015
|
102,449,362.93
|
|
102,449,362.93
|
||
Net income
|
67,145,903.21
|
|
67,145,903.21
|
||
Foreign currency translation
|
|
10,698,227.97
|
10,698,227.97
|
Types of PPE
|
Depreciation period
|
Residual rate (%)
|
Buildings and improvements
|
30
|
1
|
Machinery and equipment
|
5
|
3
|
Transportation
|
10
|
3
|
Office equipment and others
|
5
|
3
|
Gross Balance at end of year($)
|
Allowance for doubtful accounts
|
Net Balance at end of year($)
|
|
31st-Dec-14
|
911,732.31
|
0
|
911,732.31
|
30th-Sep-15
|
766,410.25
|
0
|
766,410.25
|
Top 5 companies for Accounts receivable
|
||||
Company Name
|
Relationship
|
Balance($)
|
Years
|
Proportion of total accounts receivable
|
Zi Jin Xiang Ecological Agricultural Development Company
|
Buying and selling units
|
120,062.40
|
In one year
|
15.07%
|
Da Tong Ecommerce. Ltd.
|
41,405.87
|
5.20%
|
||
Xian Ju water chestnut Planting Technology Co. Ltd.
|
24,572.38
|
3.08%
|
||
Hui Nong Fruit Industry Development Co. Ltd.
|
202,725.60
|
25.44%
|
||
Kai Le Melamine Products Co. Ltd.
|
33,249.50
|
4.17%
|
||
Total
|
422,015.75
|
52.96%
|
September, 30th, 2015
|
December, 31st, 2014
|
|
Chemical fertilizer
|
621,878.41
|
434,238.26
|
Agricultural Medicine
|
403,164.99
|
244,230.66
|
Biological drugs
|
413,213.89
|
236,171.58
|
Farm tools
|
310,650.16
|
270,661.62
|
Low value consumable
|
195,390.37
|
142,290.33
|
Total for the year
|
1,944,297.82
|
1,327,592.45
|
30th-Sep-15
|
31st-Dec-14
|
|
Buildings and improvements
|
13,097,262.26
|
6,902,663.98
|
Machinery and equipment
|
2,054,817.36
|
2,136,385.45
|
Transportation
|
2,482,003.05
|
2,580,528.71
|
Others
|
131,906.53
|
137,142.69
|
Total
|
17,765,989.20
|
11,756,720.83
|
Accumulated Depreciation
|
1,188,077.11
|
907,241.20
|
Total
|
16,577,912.09
|
10,849,479.63
|
30th-Sep-15
|
31st-Dec-14
|
|
Revetment
|
8,090,423.48
|
6,573,844.81
|
Ditch
|
10,152,498.52
|
9,092,092.79
|
Road
|
1,472,482.00
|
6,714,507.57
|
Floodwall
|
9,111,283.67
|
8,612,729.75
|
Total
|
28,826,687.67
|
30,993,174.92
|
$
|
30th-Sep-15
|
31st-Dec-14
|
Gross
|
152,000,000.00
|
152,000,000.00
|
Accumulated Amortization
|
47,396,815.42
|
37,520,509.98
|
Change of fair value
|
||
Intangible assets, net
|
104,603,184.58
|
114,479,490.02
|
30th-Sep-15
|
31st-Dec-14
|
|
Revenue
|
||
Bamboo
|
5,699,076.38
|
10,423,704.28
|
Orange
|
48,252,451.63
|
90,510,858.03
|
Red bayberry
|
24,416,675.99
|
45,591,139.85
|
Broccoli
|
24,081,158.93
|
44,011,195.82
|
Total
|
102,449,362.93
|
190,536,897.98
|
Cost
|
||
Bamboo
|
2,368,549.17
|
3,135,797.70
|
Orange
|
11,875,106.59
|
17,291,033.68
|
Red bayberry
|
5,906,757.59
|
9,423,635.76
|
Broccoli
|
8,574,551.42
|
11,581,893.64
|
Total
|
28,724,964.77
|
41,432,360.78
|
30th-Sep-15
|
31st-Dec-14
|
|
Salaries
|
565,311.74
|
752,800.85
|
Social insurance
|
58,894.72
|
94,736.42
|
Entertainment expense
|
9,236.92
|
172,554.85
|
Office expenses
|
26,404.42
|
28,166.63
|
Travel expenses
|
19,094.42
|
179,630.25
|
Communication fee
|
3,055.53
|
4,741.14
|
Depreciation
|
315,474.75
|
430,464.42
|
Amortization
|
5,505,430.77
|
7,512,144.90
|
Traffic expense
|
3,415.92
|
4,675.91
|
Others
|
314,275.18
|
102,916.56
|
Total
|
6,820,594.37
|
9,282,831.93
|
1 Year Yasheng (PK) Chart |
1 Month Yasheng (PK) Chart |
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