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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
|
2 |
Item 1. Financial Information
|
2 |
Balance Sheet as of September 30, 2016 and December 31, 2015 (Unaudited)
|
2 |
Statements of Operations for the Three-Month and Nine-Month Periods Ended September 30, 2016 and 2015 (Unaudited)
|
3 |
Statements of Cash Flows for the Nine-Month Periods Ended September 30, 2016 and 2015 (Unaudited)
|
4 |
Notes to the Financial Statements (Unaudited)
|
5 |
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 |
HH BIOTECHNOLOGY HOLDINGS COMPANY AND SUBSIDIARIES
|
|||||||
CONSOLIDATED BALANCE SHEETS
|
|||||||
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
|
|||||||
(UNAUDITED)
|
|||||||
As of | |||||||
September 30, 2016 | December 31, 2015 | ||||||
ASSETS
|
|||||||
Current assets:
|
|||||||
Cash and cash equivalents
|
$ |
3,287,664
|
$ |
9,819,260
|
|||
Accounts receivable, net
|
538,742
|
227,384
|
|||||
Other receivable, net
|
621,380
|
683,666
|
|||||
Other current assets
|
1,023
|
2,947
|
|||||
Total current assets
|
4,448,809
|
10,733,257
|
|||||
Property, plant & equipment, net
|
536,713
|
225,800
|
|||||
Rental property, net
|
31,913,126
|
35,502,002
|
|||||
Intangible asset
|
-
|
-
|
|||||
Investment in financial asset
|
5,852,697
|
-
|
|||||
Investment-related party
|
-
|
-
|
|||||
Total assets
|
$ |
42,751,345
|
$ |
46,461,059
|
|||
LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|||||||
Bank loans
|
$ |
-
|
$ |
4,631,202
|
|||
Accounts payable
|
4,248,095
|
4,441,362
|
|||||
Accrued expenses
|
13,460
|
13,376
|
|||||
Other payable
|
1,909,006
|
1,917,779
|
|||||
Due to a related party
|
364,377
|
314,975
|
|||||
Payable to disposed subsidiaries
|
780,646
|
803,628
|
|||||
Advances from tenants
|
1,298,015
|
1,512,204
|
|||||
Taxes payable
|
4,538,332
|
4,467,561
|
|||||
Total current liabilities
|
13,151,931
|
18,102,087
|
|||||
Short Term Loan |
13,151,931
|
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 | 3,061,754 | 3,684,314 | |||||
Retained earnings
|
13,756,517
|
11,771,832
|
|||||
Total stockholders’ equity
|
29,578,315
|
28,216,190
|
|||||
Non-controlling interest
|
21,099
|
142,782
|
|||||
Total equity
|
29,599,414
|
28,358,972
|
|||||
Total liabilities and equity
|
$ |
42,751,345
|
$ |
46,461,059
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30,
|
|||||||||
2016 |
2015
|
2016
|
2015 | |||||||
Revenues
|
||||||||||
Healthcare product sales
|
$ |
13,180
|
$
|
923
|
$
|
25,255
|
$ |
923
|
||
Rental income
|
1,448,335
|
1,274,822
|
4,197,360
|
4,167,016
|
||||||
Management fee income
|
485,574
|
490,802
|
1,482,550
|
1,574,283
|
||||||
Total revenues
|
1,947,089
|
1,766,547
|
5,705,165
|
5,742,222
|
||||||
Cost of revenues
|
||||||||||
Healthcare product sales
|
11,309
|
2,421
|
26,175
|
2,421
|
||||||
Rental cost | 950,919 | 954,122 | 2,759,657 | 3,101,658 | ||||||
Management fee cost
|
242,843
|
359,006
|
874,960
|
996,506
|
||||||
Total cost
|
1,205,071
|
1,315,549
|
3,660,792
|
4,100,586
|
||||||
Gross profit
|
742,018
|
450,998
|
2,044,373
|
1,641,636
|
||||||
Operation expenses
|
||||||||||
Selling expenses
|
1,405
|
17,228
|
11,674
|
30,900
|
||||||
General and administrative expenses
|
499,613
|
389,533
|
1,387,257
|
1,078,609
|
||||||
Recovery of bad debt
|
(1,392,936)
|
-
|
(2,005,008)
|
(1,573,416)
|
||||||
Depreciation and amortization
|
3,134
|
2,092
|
15,080
|
12,188
|
||||||
Total operation (income) expenses
|
(888,784)
|
408,853
|
(590,997)
|
(451,718)
|
||||||
Income from operations
|
1,630,802
|
42,145
|
2,635,370
|
2,093,354
|
||||||
Other income (expense)
|
||||||||||
Disposal of parking lots income
|
-
|
-
|
26,761
|
-
|
||||||
Other income, net
|
69,916
|
49,909
|
116,097
|
241,441
|
||||||
Interest expense
|
(536)
|
(105,795)
|
(105,743)
|
(780,956)
|
||||||
Total other income (expense)
|
69,380
|
(55,886)
|
37,115
|
(539,515)
|
||||||
Income (loss) before income taxes
|
1,700,182
|
(13,741)
|
2,672,485
|
1,553,839
|
||||||
Provision for income taxes
|
513,501
|
-
|
825,775
|
-
|
||||||
Net income (loss)
|
1,186,681
|
(13,741)
|
1,846,710
|
1,553,839
|
||||||
Net income attributable to the Company
|
1,233,429
|
4,729
|
1,984,684
|
1,583,084
|
||||||
Net loss attributable to the non-controlling interest
|
(46,748)
|
(18,470)
|
(137,974)
|
(29,245)
|
||||||
Other comprehensive loss:
|
||||||||||
Foreign currency translation adjustment
|
(84,080)
|
(509,434)
|
(622,560)
|
(434,966)
|
||||||
Comprehensive (loss) income
|
$ |
1,102,601
|
$
|
(523,175)
|
$
|
1,224,150
|
$ |
1,118,874
|
||
Comprehensive income (expense) attributable to the Company
|
1,148,844
|
(504,705)
|
1,345,832
|
1,150,011
|
||||||
Comprehensive loss attributable to the non-controlling interest | (46,243) | (18,470) | (121,682) | (31,137) | ||||||
Net (loss) income per share
|
||||||||||
Basic
|
$ |
0.08
|
$
|
(0.04)
|
$
|
0.10
|
$ |
0.12
|
||
Diluted
|
$ |
0.08
|
$
|
(0.04)
|
$
|
0.10
|
$ |
0.12
|
||
Weighted average number of shares outstanding
|
||||||||||
Basic
|
14,059,966
|
14,059,966
|
14,059,966
|
13,392,907
|
||||||
Diluted
|
14,059,966
|
14,059,966
|
14,059,966
|
13,392,907
|
Nine Months | ||||||
2016 | 2015 | |||||
Cash flows from operating activities:
|
||||||
Net income (loss)
|
$
|
1,846,711
|
|
$ |
1,553,839
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||
Net cash provided by operating activities
|
||||||
Depreciation and amortization
|
2,307,468
|
2,382,676
|
||||
Recovery of bad debt
|
-
|
(1,573,416)
|
||||
Changes in operating assets and liabilities:
|
||||||
Accounts receivable and other receivable
|
(249,072)
|
(172,330)
|
||||
Advances to suppliers
|
-
|
(5,803)
|
||||
Other current assets
|
1,924
|
(3,593)
|
||||
Prepayment
|
-
|
163,001
|
||||
Accounts payable and accrued expenses
|
(195,921)
|
-
|
||||
Other payable
|
(8,773)
|
-
|
||||
Payroll payables
|
2,738
|
-
|
||||
Other levies
|
1,397
|
-
|
||||
Due to related party
|
49,402
|
-
|
||||
Advances from tenants
|
(214,189)
|
76,373
|
||||
Payable to disposed subsidiaries
|
(22,982)
|
|||||
Taxes payable
|
69,374
|
(100,028)
|
||||
Net cash provided by operating activities
|
3,588,077
|
2,320,719
|
||||
Cash flows used in investing activities:
|
||||||
Purchase of property & equipment
|
(6,146)
|
(25,497)
|
||||
Investment-related party
|
(5,852,697)
|
-
|
||||
Net cash used in investing activities
|
(5,858,843)
|
(25,497)
|
||||
Cash flows from financing activities:
|
||||||
Loans repayment from the borrowing parties
|
-
|
5,603,031
|
||||
Loans paid to the bank
|
(4,631,202)
|
(14,407,794)
|
||||
Proceeds from stock issuance, net of offering costs
|
-
|
7,544,000
|
||||
Proceeds from non-controlling interest
|
-
|
191,466
|
||||
Net cash used in financing activities
|
(4,631,202)
|
(1,069,297)
|
||||
Effect of exchange differences
|
370,372
|
(116,104)
|
||||
Net (decrease) increase in cash and cash equivalents
|
(6,531,596)
|
1,109,821
|
||||
Cash and cash equivalents, beginning of period
|
9,819,260
|
8,799,261
|
||||
Cash and cash equivalents, end of period
|
$
|
3,287,664
|
|
$ |
9,909,082
|
|
|
|
|||||
Supplemental disclosures of cash flow information:
|
||||||
Interest paid
|
$
|
105,743
|
|
$ |
790,609
|
|
Income taxes
|
-
|
|
$ |
-
|
●
|
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.
|
September 30,
2016
|
December 31,
2015
|
||||
Building
|
$
|
39,644
|
$
|
15,144
|
|
Automobile
|
1,104,281
|
1,136,790
|
|||
Office equipment & Furniture
|
895,641
|
609,932
|
|||
2,039,566
|
1,761,866
|
||||
Accumulated depreciation
|
(1,502,853)
|
(1,536,066)
|
|||
Property, plant and equipment, net
|
$
|
536,713
|
$
|
225,800
|
September 30,
2016
|
December 31,
2015
|
||||
Rental property
|
$
|
68,214,740
|
$
|
70,546,530
|
|
Accumulated depreciation
|
(36,301,614)
|
(35,044,528)
|
|||
Rental property, net
|
$
|
31,913,126
|
$
|
35,502,002
|
September 30,
2016
|
December 31,
2015
|
||||
Payroll and welfare payable
|
$
|
2,738
|
$
|
4,260
|
|
Accrued expenses
|
10,722
|
9,116
|
|||
Total
|
$
|
13,460
|
$
|
13,376
|
September 30,
2016
|
December 31,
2015
|
||||
Customer guarantee deposit
|
$
|
313,318
|
$
|
1,117,614
|
|
Customer deposit for property decoration
|
18,722
|
18,502
|
|||
Miscellaneous payable
|
1,576,966
|
781,663
|
|||
Total
|
$
|
1,909,006
|
$
|
1,917,779
|
September 30,
2016
|
December 31,
2015
|
||||
Income tax payable in Mainland China
|
$
|
1,679,649
|
$
|
1,576,275
|
|
Business tax
|
607,137
|
602,586
|
|||
Land VAT payable
|
2,250,149
|
2,316,391
|
|||
Other levies
|
1,397
|
(27,691)
|
|||
Total
|
$
|
4,538,332
|
$
|
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.
|
For the Three Months Ended September 30,
|
For the Nine Months Ended September 30,
|
||||||||
2016
|
2015
|
2016
|
2015
|
||||||
Rental income & Management fee
|
1,933,909
|
1,765,624
|
5,679,910
|
5,741,299
|
|||||
Consumer product sales
|
13,180
|
923
|
25,255
|
923
|
|||||
Consolidated
|
1,947,089
|
1,766,547
|
5,705,165
|
5,742,222
|
|||||
Operating income (loss):
|
|||||||||
Rental income & Management fee
|
1,796,667
|
144,034
|
3,254,348
|
2,359,192
|
|||||
Consumer product sales
|
(103,727)
|
(83,054)
|
(310,686)
|
(83,054)
|
|||||
Corporation (1)
|
(62,138)
|
(18,835)
|
(308,292)
|
(182,784)
|
|||||
Consolidated
|
1,630,802
|
42,145
|
2,635,370
|
2,093,354
|
|||||
Net income (loss) before taxes:
|
|||||||||
Rental income & Management fee
|
1,864,716
|
84,423
|
3,303,101
|
1,819,440
|
|||||
Consumer product sales
|
(101,882)
|
(82,755)
|
(307,648)
|
(82,755)
|
|||||
Corporation (1)
|
(62,652)
|
(15,409)
|
(322,968)
|
(182,846)
|
|||||
Consolidated
|
1,700,182
|
(13,741)
|
2,672,485
|
1,553,839
|
|||||
Identifiable assets:
|
|||||||||
Rental income & Management fee
|
(865,818)
|
(1,259,280)
|
32,096,044
|
40,156,866
|
|||||
Consumer product sales
|
(301)
|
511,170
|
31,635
|
511,170
|
|||||
Corporation (1)
|
-
|
(49,132)
|
-
|
7,241,049
|
|||||
Consolidated
|
(866,119)
|
(797,242)
|
32,127,679
|
47,909,085
|
|||||
Depreciation and amortization:
|
|||||||||
Consumer product sales
|
944
|
(1,620,978)
|
8,477
|
||||||
Rental income & Management fee
|
2,190
|
2,372,020
|
6,603
|
2,372,020
|
|||||
Corporation (1)
|
-
|
1,552
|
-
|
10,656
|
|||||
Consolidated
|
3,134
|
752,594
|
15,080
|
2,382,676
|
|||||
Capital expenditures:
|
|||||||||
Rental income & Management fee
|
506
|
755
|
6,146
|
4,196
|
|||||
Consumer product sales
|
-
|
21,290
|
-
|
21,290
|
|||||
Consolidated
|
-
|
22,045
|
6,146
|
25,486
|
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
|
49,402
|
49,402
|
-
|
-
|
|||||||
Construction commitments
|
-
|
-
|
-
|
-
|
|||||||
Total Contractual Cash Obligations
|
$
|
49,402
|
49,402
|
$
|
-
|
$
|
-
|
●
|
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
|
31.1
|
31
|
The certification of chief executive officer required by Rule 13a-14(a) or Rule 15d-14(a)
|
31.2 | 31 | The certification of 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
|
101
|
Interactive Data files |
HH BIOTECHNOLOGY HOLDINGS COMPANY
|
|||
Date: November 14, 2016
|
By
|
/s/ Jiang Sheng | |
Jiang Sheng, Chief Executive Officer | |||
By | /s/ Wang Lirong | ||
Wang Lirong, Chief Financial Officer
|
|||
|
1 Year HH Biotechnology (CE) Chart |
1 Month HH Biotechnology (CE) Chart |
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