Exhibit 99.1

 

Fuling Global Inc. Reports Full Year 2018 Financial Results

 

ALLENTOWN, PA., Apr. 5, 2019 /PRNewswire/ -- Fuling Global Inc. (NASDAQ: FORK) (“Fuling Global” or the “Company”), a specialized producer and distributor of plastic and paper serviceware, with precision manufacturing facilities in both the U.S., Mexico and China, today announced its financial results for the twelve months ended December 31, 2018.

 

   For the Twelve Months Ended December 31, 
($ millions, except per share data)  2018   2017   % Change 
Revenues  $138.66   $124.21    11.6%
Gross profit  $29.75   $26.13    13.8%
Gross margin   21.5%   21.0%   0.5 percentage points 
Operating income  $10.17   $9.09    11.8%
Operating margin   7.3%   7.3%   0.0 percentage points 
Net income from continuing operations  $9.85   $8.27    19.1%
Net loss from discontinued operations  $(0.09)  $(1.97)   -95.5%
Net income attributable to Fuling Global  $9.86   $6.28    57.1%
Earnings per share  $0.62   $0.40    56.9%
- from continuing operations  $0.62   $0.52    19.0%
- from discontinued operations  $(0.01)  $(0.13)   -95.5%

 

Total revenues increased by 11.6% to $138.66 million for the year of 2018 from $124.21 million for the prior year, driven by increased sales volume and blended average selling price (“ASP”).

 

Total sales volume increased by 8.8% to 49.9 million kilograms for the year of 2018 from 45.9 million kilograms for the prior year. The increase in sales volume was across all product categories. Blended ASP also increased by 2.6% to $2.78 per kilogram for the year of 2018 from $2.71 per kilogram for the prior year.

 

Gross profit increased by 13.8% to $29.75 million for the year of 2018 from $26.13 million for the prior year. Gross margin increased by 0.5 percentage points to 21.5% for the year of 2018 from 21.0% for the prior year. The increase in gross margin was primarily due to lower unit cost of raw materials and higher ASP, partially offset by increased labor cost.

 

Net income attributable to Fuling Global was $9.86 million, or $0.62 per basic and diluted share, for the year of 2018, compared to $6.28 million, or $0.40 per basic and diluted share, for the prior year. Net income from continuing operations was $9.85 million, or $0.62 per share, for the year of 2018, compared to $8.27 million, or $0.52 per share, for the prior year.

 

Mr. Xinfu Hu, Chief Executive Officer of the Company, commented, “With sales volume and revenues growing by 8.8% and 11.6%, respectively, our 2018 results highlighted continued strength in our business. Profitability also improved significantly with net income from continuing operations increasing by 19.1%, thanks to favorable pricing environment (increase in blended ASP and decrease in unit cost of raw materials), stringent cost control that more than offset increase in labor cost and streamlined manufacturing process.”

 

Ms. Guilan Jiang, Chairwoman of the Company, added, “As we are steadfast in executing our long-term strategic plan while pursuing lean manufacturing and stringent cost control, we have exited 2018 on a strong footing and with increasing optimism. We look forward to extending our streak of shipment and top line growths in 2019 and beyond.”

 

 

 

 

Full Year 2018 Financial Results

 

Revenues

 

For the year of 2018, total revenues increased by $14.46 million, or 11.6%, to $138.66 million from $124.21 million for the prior year. The increase in total revenues was driven by an 8.8% increase of sales volume and a 2.6% increase in blended ASP. Revenues from Zhejiang Great Plastics Technology Co., Ltd., our discontinued business, was $5.6 million and $3.0 million for the year of 2018 and 2017, respectively, and were included in net loss from discontinued operation.

 

Overall sales volume increased by 4.0 million kilograms, or 8.8%, to 49.9 million kilograms for the year of 2018 from 45.9 million kilograms for the prior year. The increase in sales volume was across all product categories. Sales volume of cutlery increased by 0.9 million kilograms, or 3.0%, to 30.3 million kilograms for the year of 2018 from 29.4 million kilograms for the prior year. Sales volume of straws increased by 1.6 million kilograms, or 86.7%, to 3.5 million kilograms for the year of 2018 from 1.9 million kilograms for the prior year. Sales volume of cups and plates increased by 1.1 million kilograms, or 10.7%, to 11.7 million kilograms for the year of 2018 from 10.6 million kilograms for the prior year. Sales volume of other products increased by 0.4 million kilograms, or 9.7%, to 4.4 million kilograms for the year of 2018 from 4.0 million kilograms for the prior year.

 

Blended ASP increased by $0.07 per kilogram, or 2.6%, to $2.78 per kilogram for the year of 2018 from $2.71 per kilogram for the prior year. The increase in blended ASP was mainly related to cutlery, cups and plates and other products, and partially offset by decrease in ASP for straws. ASP of cutlery increased by $0.09 per kilogram, or 4.1%, to $2.20 per kilogram for the year of 2018 from $2.11 per kilogram for the prior year. ASP of straws decreased by $3.23 per kilogram, or 32.2%, to $6.80 per kilogram for the year of 2018 from $10.03 per kilogram for the prior year. ASP of cups and plates increased by $0.03 per kilogram, or 0.8%, to $3.19 per kilogram for the year of 2018 from $3.16 per kilogram for the prior year. ASP of other products increased by $0.04 per kilogram, or 1.7%, to $2.52 per kilogram for the year of 2018 from $2.47 per kilogram for the prior year.

 

The increase in revenues was across all product categories. Revenues from cutlery sales increased by $4.46 million, or 7.2%, to $66.56 million for the year of 2018 from $62.10 million for the prior year. Revenues from straws sales increased by $4.94 million, or 26.5%, to $23.57 million for the year of 2018 from $18.63 million for the prior year. Revenues from cups and plates sales increased by $3.90 million, or 11.6%, to $37.44 million for the year of 2018 from $33.54 million for the prior year. Revenues from other products sales increased by $1.16 million, or 11.6%, to $11.09 million for the year of 2018 from $9.94 million for the prior year. Cutlery, straws, cups and plates, and other products accounted for 48.0%, 17.0%, 27.0%, and 8.0% of total revenues for the year of 2018, compared to 50.0%, 15.0%, 27.0%, and 8.0% for the prior year, respectively.

 

   For the Twelve Months Ended December 31, 
   2018   2017   Y/Y Change 
   Revenues
($’000)
   % of
Total
   Revenues
($’000)
   % of
Total
   Amount
($’000)
   % 
Cutlery  $66,559    48.0%  $62,104    50.0%  $4,455    7.2%
Straws   23,573    17.0%   18,631    15.0%   4,942    26.5%
Cups and plates   37,439    27.0%   33,537    27.0%   3,902    11.6%
Others   11,093    8.0%   9,937    8.0%   1,156    11.6%
Total  $138,664    100.0%  $124,209    100.0%  $14,455    11.6%

 

On a geographical basis, sales in the U.S., Fuling Global’s largest market, increased by $11.74 million, or 11.0%, to $118.31 million for the year of 2018 from $106.56 million for the prior year. Sales in China increased by $0.55 million, or 7.0%, to $8.29 million for the year of 2018 from $7.74 million for the prior year. Sales in Europe increased by $0.52 million, or 8.5%, to $6.62 million for the year of 2018 from $6.10 million for the prior year. Sales in other countries increased by $1.65 million, or 43.3%, to $5.45 million for the year of 2018 from $3.80 million for the prior year.

 

1

 

 

   For the Twelve Months Ended December 31, 
   2018   2017   Y/Y Change 
  

Revenues

($’000)

   % of
Total
  

Revenues

($’000)

   % of
Total
  

Amount

($’000)

   % 
U.S.  $118,308    85.3%  $106,564    85.8%  $11,744    11.0%
Europe   6,622    4.8%   6,101    4.9%   521    8.5%
China   8,286    6.0%   7,741    6.2%   545    7.0%
Others   5,448    3.9%   3,803    3.1%   1,645    43.3%
Total  $138,664    100.0%  $124,209    100.0%  $14,455    11.6%

 

Gross profit

 

Total cost of goods sold increased by $10.83 million, or 11.0%, to $108.91 million for the year of 2018 from $98.08 million for the prior year. The increase was primarily due to increased sale volume as well as lower unit price of raw materials. Oil prices started to decrease from the middle of 2018 and decreased oil prices led to decreased unit price of raw materials in 2018.

 

Gross profit increased by $3.62 million, or 13.8%, to $29.75 million for the year of 2018 from $26.13 million for the prior year. Gross margin was 21.5% the year of 2018, compared to 21.0% for the prior year. The increase in gross margin was primarily attributable to decreased unit cost of raw materials and higher average selling price, partially offset by increased labor cost in 2018. Gross margin for cutlery, straws, cups and plates and other products were 16.5%, 16.8%, 33.1%, and 25.4%, respectively, in the year of 2018, compared to 15.8%, 15.9%, 33.3%, and 26.6%, respectively, in the prior year.

 

Operating income

 

Selling expenses increased by $1.00 million, or 14.6%, to $7.83 million for the year of 2018 from $6.83 million for the prior year. As a percentage of sales, selling expenses were 5.6% in the year of 2018, compared to 5.5% in the prior year. The increase in selling expenses was consistent with the increase in revenues. General and administrative expenses increased by $1.07 million, or 14.7%, to $8.32 million for the year of 2018 from $7.25 million for the prior year. As a percentage of sales, general and administrative expenses were 6.0% in the year of 2018, compared to 5.8% in the prior year. Research and development expenses increased by $0.48 million, or 16.2%, to $3.43 million for the year of 2018 from $2.95 million for the prior year. As a percentage of sales, research and development expenses were 2.5% in the year of 2018, compared to 2.4% in the prior year. We expect to increase our R&D expenditures proportionate to our revenue increase, as we continue to conduct research and development activities, especially seeking to increase the use of environmentally-friendly materials, develop biodegradable materials and reduce reliance on fossil-based raw materials. 

 

As a result, total operating expenses increased by $2.54 million, or 14.9%, to $19.58 million for the year of 2018 from $17.04 million for the prior year.

 

Operating income increased by $1.08 million, or 11.8%, to $10.17 million for the year of 2018 from $9.09 million for the prior year. Operating margin was 7.3% for the year of 2018, compared to 7.3% for the prior year. The operating margin was unchanged mainly because the increase in gross margin was partially offset by increase in operating expenses as a percentage of sales.

 

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Income before income taxes

 

Total net other income, which includes interest income and expenses, subsidy income and other non-operating income and expenses, was $0.81 million for the year of 2018, compared to total net other expense of $0.04 million for the prior year. The difference was mainly due to increased subsidy income and other income and partially offset by increased interest expense in the year of 2018.

 

Income before income taxes increased by $1.92 million, or 21.2%, to $10.97 million for the year of 2018 from $9.05 million for the prior year.

 

Provision for income taxes was $1.13 million for the year of 2018, compared to $0.79 million for the prior year.

 

Net income

 

Net income from continuing operations increased by $1.58 million, or 19.1%, to $9.85 million for the year of 2018 from $8.27 million for the prior year. Net loss from discontinued operations was $0.09 million for the year of 2018, compared to $1.97 million for the prior year. As a result, net income increased by $3.47 million, or 55.1%, to $9.76 million for the year of 2018 from $6.29 million for the prior year. After deduction of non-controlling interest, net income attributable to Fuling Global increased by $3.59 million, or 57.1%, to $9.86 million for the year of 2018 from $6.28 million for the prior year.

 

Basic and diluted earnings per share were $0.62 for the year of 2018, compared to $0.40 for the same period of last year. Basic and diluted earnings per share from continuing operations were $0.62 for the year of 2018, compared to $0.52 for the prior year.

 

Financial Condition

 

As of December 31, 2018, the Company had cash and cash equivalents and restricted cash of $4.40 million and $2.40 million, respectively, compared to $4.10 million and $3.77 million, respectively, at the end of 2017. Short-term borrowing and bank notes payable were $19.89 million and $2.89 million, respectively, as of December 31, 2018, compared to $27.42 million and $4.44 million, respectively, at the end of 2017. Long-term borrowing was $7.20 million as of December 31, 2018, compared to $1.80 million at the end of 2017.

 

Net cash provided by operating activities was $11.58 million for the year of 2018, compared to $2.47 million for the prior year. Net cash used in investing activities was $8.73 million for the year of 2018, compared to $14.35 million for the prior year. Net cash used in financing activities was $2.77 million for the year of 2018, compared to net cash provided by financing activities of $13.84 million for the prior year.

 

About Fuling Global Inc.

 

Fuling Global Inc. (“Fuling Global”) is a specialized producer and distributor of plastic and paper serviceware, with precision manufacturing facilities in both the U.S., Mexico and China. The Company’s plastic and paper serviceware products include disposable cutlery, drinking straws, cups, plates and other plastic products and are used by more than one hundred customers primarily from the U.S. and Europe, including Subway, Wendy’s, Burger King, Taco Bell, KFC (China only), Walmart, and McKesson. More information about the Company can be found at: http://ir.fulingglobal.com/.

 

Forward-Looking Statements

 

This press release contains information about Fuling Global’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of software and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Fuling Global encourages you to review other factors that may affect its future results in Fuling Global’s annual report and in its other filings with the Securities and Exchange Commission.

 

For more information, please contact:

 

At the Company:
Gilbert Lee, CFO
Email: glee@fulingusa.com
Phone: +1-610-366-8070 x1835
Web: http://ir.fulingglobal.com/

 

Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692

 

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FULING GLOBAL INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

   December 31,   December 31, 
   2018   2017 
         
ASSETS        
Current Assets:        
Cash and cash equivalents  $4,400,402   $4,103,797 
Restricted cash   2,396,993    3,767,081 
Certificates of deposit   -    105,707 
Accounts receivable, net   27,760,956    22,935,245 
Advances to supplier, net   1,255,420    509,770 
Inventories, net   22,274,613    19,320,066 
Security deposits for sale leaseback   -    771,814 
Prepaid expenses and other current assets   1,394,234    2,185,961 
Current assets from discontinued operation   37,761    3,313,681 
Total Current Assets   59,520,379    57,013,122 
           
Property, plant and equipment, net   51,836,633    43,680,372 
Intangible assets, net   8,157,916    8,797,581 
Prepayments for construction and equipment purchases   1,222,888    527,568 
Security deposits for sale leaseback - long term   1,590,671    543,996 
Other assets   297,906    282,195 
Non-current assets from discontinued operations   13,697    5,884,799 
Total Assets  $122,640,090   $116,729,633 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Current Liabilities:          
Short term borrowings  $19,890,641   $27,417,082 
Bank notes payable   2,888,053    4,436,680 
Advances from customers   393,749    543,675 
Accounts payable   18,186,400    12,797,853 
Accounts Payable-related party   82,014    - 
Accrued and other liabilities   2,121,304    2,794,584 
Other payable - sale leaseback   2,847,859    2,755,931 
Taxes payable   247,635    262,828 
Deferred gains   291,170    87,605 
Due to Related party   12,200    - 
Current liabilities from discontinued operation   528,263    4,466,481 
Total Current Liabilities   47,489,288    55,562,719 
           
Deferred tax liability   577,826    - 
Long term payable - sale leaseback   2,635,567    1,371,359 
Long term borrowings   7,203,357    1,801,887 
Total Liabilities   57,906,038    58,735,965 
           
Commitments and contingencies          
           
Shareholders’ Equity          
Common stock: $0.001 par value, 70,000,000 shares authorized, 15,795,910 and 15,780,205 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively   15,797    15,781 
Additional paid in capital   30,009,545    29,904,285 
Statutory reserve   5,532,945    4,617,039 
Retained earnings   31,602,434    22,654,848 
Accumulated other comprehensive income   (2,472,254)   651,597 
Total Fuling Global Inc.’s equity   64,688,467    57,843,550 
           
Non-controlling interest   45,585    150,118 
Total Shareholders’ Equity   64,734,052    57,993,668 
           
Total Liabilities and Shareholders’ Equity  $122,640,090   $116,729,633 

 

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FULING GLOBAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

   For the Years Ended December 31, 
   2018   2017   2016 
             
Revenues  $138,664,272   $124,208,506   $102,320,689 
Cost of goods sold   108,914,256    98,077,100    77,129,454 
Gross Profit   29,750,016    26,131,406    25,191,235 
                
Operating Expenses               
Selling expenses   7,830,280    6,834,645    5,955,391 
General and administrative expenses   8,323,207    7,254,270    6,277,018 
Research and development expenses   3,430,529    2,953,477    2,355,449 
Total operating expenses   19,584,016    17,042,392    14,587,858 
                
Income from Operations   10,166,000    9,089,014    10,603,377 
                
Other Income (Expense):               
Interest income   32,810    57,477    27,870 
Interest expense   (1,768,434)   (981,061)   (589,758)
Subsidy income   1,705,956    1,012,128    1,646,774 
Investment loss   (8,667)   -    - 
Foreign currency transaction gain (loss)   780,406    (175,271)   56,970 
Other income, net   65,926    51,607    65,260 
Total other income (expense), net   807,997    (35,120)   1,207,116 
                
Income Before Income Taxes   10,973,997    9,053,894    11,810,493 
                
Provision for Income Taxes   1,126,736    788,370    1,561,404 
                
Net income from continuing operations  $9,847,261   $8,265,524   $10,249,089 
                
Discontinued operation:               
Net loss from discontinued operations, net of tax   (88,302)   (1,974,852)   (2,306,036)
Net income   9,758,959    6,290,672    7,943,053 
                
Less: net income (loss) attributable to non-controlling interest from continuing operations   (104,533)   12,875    20 
                
Net income attributable to Fuling Global Inc.  $9,863,492   $6,277,797   $7,943,033 
                
Other Comprehensive Income               
Foreign currency translation income (loss)   (3,123,851)   2,172,347    (1,913,200)
Comprehensive income attributable to Fuling Global Inc.  $6,739,641   $8,450,144   $6,029,833 
                
Earnings per share - Basic and diluted               
Continuing operations  $0.62   $0.52   $0.65 
Discontinued operations  $(0.01)  $(0.13)  $(0.15)
                
Weighted average number of shares - Basic and diluted               
Continuing operations and discontinued operations   15,782,055    15,759,293    15,735,588 

 

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FULING GLOBAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   For the Years Ended December 31, 
   2018   2017   2016 
             
CASH FLOWS FROM OPERATING ACTIVITIES            
Net income  $9,758,959   $6,290,672   $7,943,053 
Net (loss) from discontinued operations   (88,302)   (1,974,852)   (2,306,036)
Net income from continuing operations   9,847,261    8,265,524    10,249,089 
Adjustments to reconcile net income to net cash provided by operating activities:               
Stock based compensation   105,276    58,867    123,339 
Deferred tax expense   -    -    319,252 
Depreciation and amortization   4,406,888    3,611,510    2,354,193 
Bad debt provisions (recovery)   (3,372)   154,051    (1,645)
Unrealized (gains) losses   (4,849)   34,417    (60,225)
Inventory reserve   38,716    22,818    23,932 
(Gain) loss on disposal of fixed assets   (30,981)   43,172    (12,687)
Changes in operating assets:   -    -    - 
Accounts receivable   (5,547,070)   (2,414,707)   (6,742,328)
Advances to suppliers   (733,643)   (40,504)   (251,704)
Inventories   (3,805,026)   (3,408,394)   (3,262,302)
Other assets   704,459    (1,969,564)   (5,159,033)
Security deposit for sale leaseback   (359,340)   (523,839)   (755,934)
Changes in operating liabilities:   -    -    - 
Accounts payable   5,195,799    (2,285,276)   5,525,688 
Accounts Payable-related party   85,253    -    - 
Advance from customers   (301,971)   (43,339)   34,729 
Deferred gains   216,506    (583,978)   679,774 
Deferred tax liability   600,646    -    - 
Taxes payable   (40,248)   (258,589)   (558,864)
Accrued and other liabilities   (566,821)   1,270,299    1,446,220 
Net cash provided by operating activities from continuing operations   9,807,483    1,932,468    3,951,494 
Net cash provided by operating activities from discontinuing operations   1,770,101    542,170    1,193,663 
Net cash provided by operating activities   11,577,584    2,474,638    5,145,157 
                
CASH FLOWS FROM INVESTING ACTIVITIES               
Purchase of property and equipment   (4,171,367)   (6,388,069)   (3,838,709)
Additions to construction in progress   (9,878,241)   (10,231,413)   (12,679,337)
Cash receipts from disposal property and equipment   272,055    13,352    19,296 
Cash increase in certificates of deposit   103,967    1,479,874    1,505,061 
Payments of construction and equipment purchase   (752,299)   (480,689)   (1,996,510)
Repayments of deposit and prepayments for construction and equipment purchase   -    1,358,566    1,354,585 
Purchase of intangible assets   (6,589)   (2,602)   (8,298,564)
Cash from discontinued business   (18,684)   64,208    435,085 
Net cash (used in) investing activities from continuing operations   (14,451,158)   (14,186,773)   (23,499,093)
Net cash provided by (used in) investing activities from discontinuing operations   5,719,074    (159,086)   (149,403)
Net cash (used in) investing activities   (8,732,084)   (14,345,859)   (23,648,496)
                
CASH FLOWS FROM FINANCING ACTIVITIES               
Proceeds from short-term borrowings   33,213,599    31,239,350    23,677,701 
Repayments of short-term borrowings   (39,629,404)   (20,342,692)   (18,538,408)
Proceeds from long-term borrowings   5,631,163    1,048,749    836,471 
Proceeds from bank notes payable   5,947,885    7,002,823    5,255,076 
Repayments of bank notes payable   (7,309,428)   (4,871,021)   (5,431,761)
Repayment of third party borrowing   -    -    (180,611)
Proceeds from loans from related parties   -    -    55,484 
Repayments of loans from related parties   (24,930)   (57,148)   - 
Proceeds from other payable - sales lease back   5,784,874    2,906,977    3,941,746 
Repayments of other payable - sales lease back   (4,144,246)   (2,638,787)   (172,154)
Net cash provided by (used in) financing activities from continuing operations   (530,487)   14,288,251    9,443,544 
Net cash (used in) financing activities from discontinuing operations   (2,241,606)   (450,272)   (1,463,718)
Net cash provided by (used in) financing activities   (2,772,093)   13,837,979    7,979,826 
                
EFFECT OF EXCHANGE RATES CHANGES ON CASH AND CASH EQUIVALENTS   (1,146,890)   (356,466)   (400,727)
                
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH   (1,073,483)   1,610,292    (10,924,240)
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR   7,870,878    6,260,586    17,184,826 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR  $6,797,395   $7,870,878   $6,260,586 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR  $6,797,395   $7,870,878   $6,260,586 
LESS: RESTRICTED CASH   2,396,993    3,767,081    2,333,608 
CASH AND CASH EQUIVALENTS, END OF YEAR  $4,400,402   $4,103,797   $3,926,978 
                
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:               
Cash paid during the year for:               
Interest paid  $1,329,377   $836,401   $762,868 
Income tax paid  $331,997   $1,433,998   $2,331,173 
Non-cash investing activities:               
Transfer from construction in progress to fixed assets  $9,918,862   $15,545,784   $1,209,221 
Transfer from accounts payable to fixed assets  $851,966   $1,162,202   $- 
Transfer from advance payments to fixed assets  $170,281   $191,868   $296,853 

 

 

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