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Share Name | Share Symbol | Market | Type |
---|---|---|---|
HH Biotechnology Holdings Company (CE) | USOTC:HHBT | 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% | 0.0003 | 0.00 | 01:00:00 |
[ X ]
|
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
|
Nevada
(State or other jurisdiction of
incorporation or organization)
|
87-0450232
(IRS Employer Identification No.)
|
ITEM NUMBER AND CAPTION
|
Page
|
Part I Financial Information
|
3 |
Item 1. Financial Statements
|
3 |
Balance Sheet as of March 31, 2016 and December 31, 2015
|
3 |
Statements of Operations for the Three-Month Periods Ended March 31, 2016 and 2015
|
4 |
Statements of Cash Flows for the Three-Month Periods Ended March 31, 2016 and 2015
|
5 |
Notes to the Financial Statements
|
6 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
12 |
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
14 |
Item 4. Controls and Procedures
|
14 |
Part II Other Information
|
14 |
Item 6. Exhibits
|
14 |
Signatures
|
14 |
2016 |
2015
|
|||||
Revenues
|
||||||
Healthcare product sales
|
$ |
4,286
|
$
|
-
|
||
Rental income
|
1,349,974
|
1,367,187
|
||||
Management fee income
|
488,392
|
534.690
|
||||
Total revenues
|
1,842,652
|
1,901,878
|
||||
Cost of revenues
|
||||||
Healthcare product sales
|
6,427
|
-
|
||||
Rental cost
|
901,129
|
1,106,711
|
||||
Management fee cost
|
454,498
|
434,969
|
||||
Total cost
|
1,362,054
|
1,541,680
|
||||
Gross profit
|
480,598
|
360,198
|
||||
Operation expenses
|
||||||
Selling expenses
|
4,191
|
7,218
|
||||
General and administrative expenses
|
435,061
|
373,151
|
||||
Recovery of bad debt
|
(611,678)
|
-
|
||||
Depreciation and amortization
|
2,207
|
5,015
|
||||
Total operation (income) expenses
|
(170,219)
|
385,385
|
||||
Income (loss) from operations
|
650,817
|
(25,187)
|
||||
Other income (expense)
|
||||||
Disposal of parking lots income
|
26,761
|
-
|
||||
Other income, net
|
34,796
|
48,895
|
||||
Interest and finance costs
|
(65,454)
|
(487,519)
|
||||
Total other expense
|
(3,897)
|
(438,625)
|
||||
Income (loss) before income taxes
|
646,920
|
(463,812)
|
||||
Provision for income taxes
|
209,404
|
-
|
||||
Net income (loss)
|
437,516
|
(463,812)
|
||||
Net income attributable to the Company
|
478,517
|
(463,812)
|
||||
Net loss attributable to the non-controlling interest
|
(41,001)
|
-
|
||||
Other comprehensive loss:
|
||||||
Foreign currency translation adjustment
|
116,331
|
(17,350)
|
||||
Comprehensive income (loss)
|
$ |
553,847
|
$
|
(481,162)
|
||
Comprehensive income attributable to the Company
|
586,694
|
(481,162)
|
||||
Comprehensive loss attributable to the non-controlling interest
|
(32,847)
|
-
|
||||
Net income (loss) per share
|
||||||
Basic
|
$ |
0.03
|
$
|
(0.04)
|
||
Diluted
|
$ |
0.03
|
$
|
(0.04)
|
||
Weighted average number of shares outstanding
|
||||||
Basic
|
14,059,966
|
11,785,522
|
||||
Diluted
|
14,059,966
|
11,785,522
|
March 31
|
||||||
2016
|
2015
|
|||||
Cash flows from operating activities:
|
||||||
Net income (loss)
|
$
|
437,516
|
$
|
(463,812)
|
||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||
Net cash provided by operating activities
|
||||||
Depreciation and amortization
|
770,292
|
815,139
|
||||
Bad debt (recovery) expense
|
(611,678)
|
-
|
||||
Changes in operating assets and liabilities:
|
||||||
Accounts receivable and other receivable
|
(109,325)
|
(126,674)
|
||||
Advances to suppliers
|
-
|
(48,321)
|
||||
Other current assets
|
(203)
|
(652)
|
||||
Accounts payable and accrued expenses
|
(46,975)
|
23,171
|
||||
Other payables
|
(1,665)
|
-
|
||||
Advances from customers
|
22,559
|
175,364
|
||||
Payable to disposed subsidiaries
|
3,714
|
-
|
||||
Income and other taxes payable
|
22,298
|
22,405
|
||||
Net cash provided by operating activities
|
$
|
486,533
|
$
|
396,621
|
||
Cash flows used in investing activities:
|
||||||
Purchase of property & equipment
|
(5,230)
|
(1,315)
|
||||
Net cash used in investing activities
|
(5,230)
|
(1,315)
|
||||
Cash flows from financing activities:
|
||||||
Loans repayment from the borrowing parties
|
611,678
|
4,009,760
|
||||
Loans paid to the bank
|
(1,521,981)
|
(11,227,327)
|
||||
Proceeds from stock issuance, net of offering costs
|
-
|
2,934,000
|
||||
Net cash used in financing activities
|
(910,303)
|
(4,283,567)
|
||||
Effect of exchange differences
|
(2,680)
|
(68,404)
|
||||
Net increase in cash and cash equivalents
|
$
|
(431,681)
|
$
|
(3,956,665)
|
||
Cash and cash equivalents, beginning of period
|
$
|
9,819,260
|
$
|
8,799,261
|
||
Cash and cash equivalents, end of period
|
$
|
9,387,579
|
$
|
4,842,596
|
||
Supplemental disclosures of cash flow information:
|
||||||
Interest paid
|
$
|
65,636
|
$
|
493,112
|
||
Income taxes
|
-
|
-
|
March 31,
2016
|
December 31,
2015
|
||||
Building
|
$
|
15,214
|
$
|
15,144
|
|
Automobile
|
1,142,044
|
1,136,790
|
|||
Office equipment & Furniture
|
619,130
|
609,932
|
|||
1,776,387
|
1,761,866
|
||||
Accumulated depreciation
|
(1,545,375)
|
(1,536,066)
|
|||
Property and equipment, net
|
$
|
231,013
|
$
|
225,800
|
March 31,
2016
|
December 31,
2015
|
||||
Payroll and welfare payable
|
$
|
3,218
|
$
|
4,260
|
|
Accrued expenses
|
8,980
|
9,116
|
|||
Total
|
$
|
12,198
|
$
|
13,376
|
March 31,
2016
|
December 31,
2015
|
||||
Customer guarantee deposit
|
$
|
1,104,515
|
$
|
1,117,614
|
|
Customer deposit for property decoration
|
21,247
|
18,502
|
|||
Miscellaneous payable
|
790,350
|
781,663
|
|||
Total
|
$
|
1,916,112
|
$
|
1,917,779
|
March 31,
2016
|
December 31,
2015
|
||||
Income tax payable in Mainland China
|
$
|
1,394,920
|
$
|
1,576,275
|
|
Business tax
|
809,686
|
602,586
|
|||
Land VAT payable
|
2,327,097
|
2,316,391
|
|||
Other levies
|
(41,844)
|
(27,691)
|
|||
Total
|
$
|
4,489,859
|
$
|
4,467,561
|
i.
|
Making up cumulative prior years’ losses, if any;
|
|
ii.
|
Allocations to the “Statutory Surplus Reserve” of at least 10% of income after tax, as determined under PRC accounting rules and regulations, until the fund amounts to 50% of the Company’s registered capital;
|
|
iii.
|
Allocations of 5% to 10% of income after tax, as determined under PRC accounting rules and regulations, to the Company’s “Statutory Common Welfare Fund”, which is established for the purpose of providing employee facilities and other collective benefits to the Company’s employees; and statutory common welfare fund is no longer required per the new cooperation law executed in 2006; and
|
|
iv.
|
Allocations to the discretionary surplus reserve, if approved in the stockholders’ general meeting.
|
Caution Regarding Forward-Looking Information
|
Executive Summary
|
Total
|
Less than one year
|
1-3 Years
|
Thereafter
|
||||||||
Short-Term Debt
|
$
|
3,109,222
|
$
|
3,109,222
|
$
|
-
|
$
|
-
|
|||
Long-Term Debt
|
-
|
-
|
-
|
-
|
|||||||
Amounts due to related parties
|
-
|
-
|
-
|
-
|
|||||||
Construction commitments
|
-
|
-
|
-
|
-
|
|||||||
Total Contractual Cash Obligations
|
$
|
3,109,222
|
$
|
3,109,222
|
$
|
-
|
$
|
-
|
Exhibit
No.
|
SEC Ref.
No.
|
Title of Document
|
31.1
|
31
|
The certification of chief executive officer and chief financial officer required by Rule 13a-14(a) or Rule 15d-14(a)
|
32.1
|
32
|
The certifications required by Rule 13a-14(b) or
Rule 15d-14(b) and 18 U.S.C. Section 1350
|
GREAT CHINA INTERNATIONAL HOLDINGS, INC.
|
|||||
Date: May 16, 2016
|
By
|
/s/ Frank Jiang
|
|||
Frank Jiang, Chairman Executive Officer
|
|||||
(Principal Executive Officer and Principal Financial and Accounting Officer)
|
|||||
1 Year HH Biotechnology (CE) Chart |
1 Month HH Biotechnology (CE) Chart |
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