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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
|
3 |
Item 1. Financial Information
|
3 |
Balance Sheet as of June 30, 2016 and December 31, 2015 (Unaudited)
|
3 |
Statements of Operations for the Three-Month and Six-Month Periods Ended June 30, 2016 and 2015 (Unaudited)
|
4 |
Statements of Cash Flows for the Six-Month Periods Ended June 30, 2016 and 2015 (Unaudited)
|
5 |
Notes to the Financial Statements (Unaudited)
|
6 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
15 |
Item 4. Controls and Procedures
|
18 |
Part II
|
19 |
Other Information
|
19 |
Item 6. Exhibits
|
19 |
Signatures
|
19 |
As of
|
||||||||
June 30,
2016
|
December 31,
2015
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,382,092
|
$
|
9,819,260
|
||||
Accounts receivable, net
|
542,179
|
227,384
|
||||||
Other receivable, net
|
662,498
|
683,666
|
||||||
Other current assets
|
1,008
|
2,947
|
||||||
Total current assets
|
2,587,777
|
10,733,257
|
||||||
Property, plant and equipment, net
|
542,176
|
225,800
|
||||||
Rental property, net
|
32,777,297
|
35,502,002
|
||||||
Investment in a related party
|
5,852,697
|
-
|
||||||
Total assets
|
$
|
41,759,947
|
$
|
46,461,059
|
||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities:
|
||||||||
Bank loans
|
$
|
-
|
$
|
4,631,202
|
||||
Accounts payable
|
4,263,806
|
4,441,362
|
||||||
Accrued expenses
|
12,197
|
13,376
|
||||||
Other payable
|
2,194,630
|
1,917,779
|
||||||
Due to a related party
|
314,975
|
314,975
|
||||||
Payable to disposed subsidiaries
|
783,301
|
803,628
|
||||||
Advances from tenants
|
1,327,757
|
1,512,204
|
||||||
Taxes payable
|
4,366,974
|
4,467,561
|
||||||
Total current liabilities
|
13,263,640
|
18,102,087
|
||||||
Stockholders' equity:
|
||||||||
Common stock, $.001 par value 50,000,000
|
||||||||
shares authorized, 14,059,966 issued and outstanding
|
||||||||
as of June 30, 2016 and December 31, 2015
|
14,060
|
14,060
|
||||||
Additional paid in capital
|
12,107,856
|
12,107,856
|
||||||
Statutory reserve
|
638,128
|
638,128
|
||||||
Accumulated other comprehensive income
|
3,145,834
|
3,684,314
|
||||||
Retained earnings |
12,523,087
|
11,771,832
|
||||||
Total stockholders’ equity |
28,428,965
|
28,216,190
|
||||||
Non-controlling interest
|
67,342
|
142,782
|
||||||
Total equity
|
28,496,307
|
28,358,972
|
||||||
Total liabilities and equity
|
$
|
41,759,947
|
$
|
46,461,059
|
For the three
months ended June 30,
|
For the six months
ended June 30, |
|||||||||
2016
|
2015
|
2016
|
2015
|
|||||||
Revenues
|
||||||||||
Healthcare product sales
|
$7,789
|
$
|
-
|
$
|
12,075
|
$ -
|
||||
Rental income
|
1,399,051
|
1,525,007
|
2,749,025
|
2,892,194
|
||||||
Management fee income
|
508,584
|
548,790
|
996,976
|
1,083,481
|
||||||
Total revenues
|
1,915,424
|
2,073,797
|
3,758,076
|
3,975,675
|
||||||
Cost of revenues
|
||||||||||
Healthcare product sales
|
8,439
|
-
|
14,866
|
-
|
||||||
Rental cost
|
907,609
|
1,040,826
|
1,808,738
|
2,147,537
|
||||||
Management fee cost
|
177,619
|
202,531
|
632,117
|
637,500
|
||||||
Total cost
|
1,093,667
|
1,243,357
|
2,455,721
|
2,785,037
|
||||||
Gross profit
|
821,757
|
830,441
|
1,302,355
|
1,190,638
|
||||||
Operation expenses
|
||||||||||
Selling expenses
|
6,078
|
6,454
|
10,269
|
13,672
|
||||||
General and administrative expenses
|
452,189
|
354,668
|
887,644
|
723,704
|
||||||
Recovery of bad debt
|
-
|
(1,612,157)
|
(612,072)
|
(1,608,043)
|
||||||
Depreciation and amortization
|
9,739
|
5,081
|
11,946
|
10,096
|
||||||
Total operation (income) expenses
|
468,006
|
(1,245,955)
|
297,787
|
(860,570)
|
||||||
Income from operations
|
353,751
|
2,076,396
|
1,004,568
|
2,051,209
|
||||||
Other income (expense)
|
||||||||||
Disposal of parking lots income
|
-
|
-
|
26,761
|
-
|
||||||
Foreign exchange (loss) gain
|
(13,070)
|
-
|
(13,070)
|
-
|
||||||
Other income, net
|
24,455
|
142,638
|
59,251
|
191,532
|
||||||
Interest expense
|
(39,753)
|
(187,641)
|
(105,207)
|
(675,161)
|
||||||
Total other expense
|
(28,368)
|
(45,003)
|
(32,265)
|
(483,628)
|
||||||
Income (loss) before income taxes
|
325,383
|
2,031,392
|
972,303
|
1,567,580
|
||||||
Provision for income taxes
|
102,870
|
-
|
312,274
|
-
|
||||||
Net income
|
222,513
|
2,031,392
|
660,029
|
1,567,580
|
||||||
Net income attributable to the Company
|
272,738
|
2,042,167
|
751,255
|
1,578,355
|
||||||
Net loss attributable to the non-controlling interest
|
(50,225)
|
(10,775)
|
(91,226)
|
(10,775)
|
||||||
Other comprehensive (loss) income:
|
||||||||||
Foreign currency translation adjustment
|
(654,811)
|
91,817
|
(538,480)
|
74,468
|
||||||
Comprehensive (loss) income
|
$ (432,298)
|
$
|
2,123,210
|
$
|
121,549
|
$ 1,642,049
|
||||
Comprehensive (loss) income attributable to the Company
|
(389,706)
|
2,135,877
|
196,988
|
1,654,716
|
||||||
Comprehensive loss attributable to the non-controlling interest
|
(42,592)
|
(12,667)
|
(75,439)
|
(12,667)
|
||||||
Net (loss) income per share
|
||||||||||
Basic
|
$0.02
|
$
|
0.15
|
$
|
0.05
|
$ 0.12
|
||||
Diluted
|
$0.02
|
$
|
0.15
|
$
|
0.05
|
$0.12
|
||||
Weighted average number of shares outstanding
|
||||||||||
Basic
|
14,059,966
|
14,059,966
|
14,059,966
|
12,967,148
|
||||||
Diluted
|
14,059,966
|
14,059,966
|
14,059,966
|
12,967,148
|
Six Months
|
||||||||
2016 |
2015
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
660,029
|
$ 1,567,580
|
|||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||
Net cash provided by operating activities
|
||||||||
Depreciation and amortization
|
1,522,851
|
1,630,082
|
||||||
Bad debt recovery
|
(611,678)
|
(1,608,043)
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable and other receivable
|
(293,627)
|
(178,631)
|
||||||
Advances to suppliers
|
-
|
(5,829)
|
||||||
Other current assets
|
1,939
|
(2,719)
|
||||||
Accounts payable and accrued expenses
|
(178,735)
|
30,779
|
||||||
Other payables
|
276,851
|
-
|
||||||
Advances from tenants
|
(184,447)
|
(78,350)
|
||||||
Payable to disposed subsidiaries
|
(20,327)
|
-
|
||||||
Income and other taxes payable
|
(100,587)
|
(31,357)
|
||||||
Net cash provided by operating activities
|
1,072,269 | 1,323,513 | ||||||
Cash flows used in investing activities:
|
||||||||
Purchase of property & equipment
|
(5,640)
|
(3,441)
|
||||||
Investment in a related party
|
(5,852,697)
|
-
|
||||||
Net cash used in investing activities
|
(5,858,337)
|
(3,441)
|
||||||
Cash flows from financing activities:
|
||||||||
Loans repayment from the borrowing parties
|
611,678
|
5,628,149
|
||||||
Loans paid to the bank
|
(4,631,202)
|
(14,472,384)
|
||||||
Proceeds from stock issuance, net of offering costs
|
-
|
7,544,000
|
||||||
Proceeds from non-controlling interest
|
-
|
191,466
|
||||||
Net cash used in financing activities
|
(4,019,524)
|
(1,108,769)
|
||||||
Effect of exchange differences
|
368,424
|
(51,763)
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(8,437,168)
|
159,540
|
||||||
Cash and cash equivalents, beginning of period
|
9,819,260
|
8,799,261
|
||||||
Cash and cash equivalents, end of period
|
1,382,092
|
8,958,801
|
||||||
Supplemental disclosures of cash flow information:
|
||||||||
Interest paid
|
$
|
106,444
|
$ 676,840
|
|||||
Income taxes
|
-
|
-
|
June 30,
2016
|
December 31,
2015
|
||||
Building
|
$
|
39,316
|
$
|
15,144
|
|
Automobile
|
1,108,036
|
1,136,790
|
|||
Office equipment & Furniture
|
899,655
|
609,932
|
|||
2,047,007
|
1,761,866
|
||||
Accumulated depreciation
|
(1,504,831)
|
(1,536,066)
|
|||
Property and equipment, net
|
$
|
542,176
|
$
|
225,800
|
June 30,
2016
|
December 31,
2015
|
||||
Payroll and welfare payable
|
$
|
2,952
|
$
|
4,260
|
|
Accrued expenses
|
9,245
|
9,116
|
|||
Total
|
$
|
12,197
|
$
|
13,376
|
June 30,
2016
|
December 31,
2015
|
||||
Income tax payable in Mainland China
|
$
|
1,572,835
|
$
|
1,576,275
|
|
Business tax
|
534,941
|
602,586
|
|||
Land VAT payable
|
2,257,801
|
2,316,391
|
|||
Other levies
|
1,397
|
(27,691)
|
|||
Total
|
$
|
4,366,974
|
$
|
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.
|
June 30
|
||||||||
2016
|
2015
|
|||||||
Rental income & Management fee
|
3,746,001
|
3,975,675
|
||||||
Consumer product sales
|
12,075
|
-
|
||||||
Consolidated
|
$
|
3,758,076
|
3,975,675
|
|||||
Operating income (loss):
|
||||||||
Rental income & Management fee
|
1,457,681
|
2,215,158
|
||||||
Consumer product sales
|
(206,959)
|
-
|
||||||
Corporation (1)
|
(246,154)
|
(163,949)
|
||||||
Consolidated
|
$
|
1,004,568
|
2,051,209
|
|||||
Net income (loss) before taxes:
|
||||||||
Rental income & Management fee
|
1,438,385
|
1,735,017
|
||||||
Consumer product sales
|
(205,766)
|
-
|
||||||
Corporation (1)
|
(260,316)
|
(167,437)
|
||||||
Consolidated
|
$
|
972,303
|
1,567,580
|
|||||
Identifiable assets:
|
||||||||
Rental income & Management fee
|
32,961,862
|
41,416,146
|
||||||
Consumer product sales
|
31,936
|
-
|
||||||
Corporation (1)
|
-
|
7,290,181
|
||||||
Consolidated
|
$
|
32,993,798
|
48,706,327
|
|||||
Depreciation and amortization:
|
||||||||
Consumer product sales
|
7,533
|
-
|
||||||
Rental income & Management fee
|
4,413
|
1,620,978
|
||||||
Corporation (1)
|
-
|
9,104
|
||||||
Consolidated
|
$
|
11,946
|
1,630,082
|
|||||
Capital expenditures:
|
||||||||
Rental income & Management fee
|
5,640
|
3,441
|
||||||
Consumer product sales
|
-
|
-
|
||||||
Consolidated
|
$
|
5,640
|
3,441
|
Caution Regarding Forward-Looking Information
|
Executive Summary
|
Total
|
Less than one year
|
1-3 Years
|
Thereafter
|
||||||||
Short-Term Debt
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
||||
Long-Term Debt
|
-
|
-
|
-
|
-
|
|||||||
Amounts due to related parties
|
-
|
-
|
-
|
-
|
|||||||
Construction commitments
|
-
|
-
|
-
|
-
|
|||||||
Total Contractual Cash Obligations
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
●
|
There were no entity level controls because there was only one person serving in the dual capacity of chief executive officer and chief financial officer,
|
●
|
There was no segregation of duties as that same person was responsible for the process of approving and paying the Company’s bills and recording the other financial transactions of the Company, and
|
●
|
There was no separate audit committee.
|
Exhibit
No.
|
SEC Ref.
No.
|
Title of Document
|
10.1 | 10 | Framework Agreement on Capital Increase and Quity Enlargement dated May 15, 2016* |
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
|
101.INS
|
101
|
XBRL Instance Document |
101.SCH | 101 | XBRL Taxonomy Extension Schema |
101.CAL | 101 | XBRL Taxonomy Extension Calculation |
101.LAB | 101 |
XBRL Taxonomy Extension Label Linkbase
|
101.PRE | 101 |
XBRL Taxonomy Extension Presentation Linkbase
|
101.DEF | 101 |
XBRL Taxonomy Extension Definition Linkbase
|
GREAT CHINA INTERNATIONAL HOLDINGS, INC.
|
|||
Date: August 15, 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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