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Seems wierd. But I like it. I have 65k shares @ .025 average. So many of these just stop trading- never to be heard of again. So I’m glad they are paying out some money- hope it happens. Unlike $CXCJ that we are both in - that just went dark, due to some filing error, and fell into the abyss -100% loss.
Minority shareholders of JPAK Group, Inc. (JPAK) will receive $0.20/share in connection with the merger with Guo Xin Ltd. according to the terms and conditions of the merger agreement.
.20 per share? if so, that works for me.
It means they merged out of Nevada SOS. Now it seems they merged with a Chinese company and shareholders will receive .2 per share. http://otce.finra.org/DailyList
what does merge out mean?
merged out http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=o2%252fraP0AUlc5G%252fljzn65tw%253d%253d&CorpName=JPAK+GROUP%2c+INC.
ATTN: LUCY F. LEI DENTONS
Lucy Lei is an associate in Dentons' Corporate practice group. She represents public and private companies in domestic and cross-border transactions involving mergers, acquisitions and general corporate counseling. Lucy also has experience representing both borrowers and lenders in corporate financings. In addition to her general corporate background, Lucy assists clients with brand protection and trademark filings with the US Patent and Trademark Office.
https://www.dentons.com/en/lucy-lei
JPAK.. $0.30 Earnings..
JPAK GROUP, INC.
PART I – FINANCIAL INFORMATION
Consolidated Balance Sheets
September 30, June 30,
2010 2010
Assets (Unaudited)
Current assets:
Cash and cash equivalents $ 2,829,020 $ 6,221,273
Restricted cash 3,855,884 4,744,084
Accounts receivable, net of allowance for doubtful accounts of $1,305,286 11,727,252 10,915,611
and $1,284,360 at September 30, 2010 and June 30, 2010, respectively
Inventory 8,952,276 8,298,177
Trade notes receivable 399,207 515,150
Other receivables 1,237,519 484,003
Advance payments 3,521,081 3,670,469
Prepaid expenses and other current assets 598,988 299,713
Total current assets 33,121,227 35,148,480
Property and equipment, net 12,109,509 11,201,241
Other noncurrent assets:
Intangible assets, net 3,079,635 -
Deferred loss on sales of assets 1,884,896 1,899,277
Prepaid expenses 902,022 952,676
Total assets $ 51,097,289 $ 49,201,674
Liabilities
Current liabilities:
Accounts payable and accrued expenses $ 3,915,947 $ 2,401,560
Trade notes payable 3,251,977 4,659,370
Short-term bank loans 2,994,000 2,946,000
Current portion of long-term debt 2,631,599 2,589,409
Income tax payable 189,718 127,169
Other current liabilities 164,765 167,728
Total current liabilities 13,148,006 12,891,236
Long-term debt 3,189,543 3,049,115
Total liabilities 16,337,549 15,940,351
Equity
Stockholders’ equity:
Series A convertible preferred stock, $0.0001 par value, 5,608,564
shares authorized, issued and outstanding 561 561
Series B convertible preferred stock, $0.0001 par value, 5,000,000
shares authorized, issued and outstanding 500 500
Series C convertible preferred stock, $0.0001 par value, 12,000,000
shares authorized, issued and outstanding 1,200 1,200
Common stock, $0.001 par value, 300,000,000 shares authorized,
36,368,334 shares issued and outstanding at September 30, 2010
and June 30, 2010, respectively 36,368 36,368
Series A preferred stock 2,484,226 2,484,226
Series B preferred stock 1,390,853 1,390,853
Additional paid-in capital 23,184,206 23,184,206
Retained earnings 2,753,328 1,776,028
Statutory reserves 1,551,089 1,551,089
Accumulated other comprehensive income 3,250,489 2,731,043
Total stockholders’ equity 34,652,820 33,156,074
Noncontrolling interest 106,920 105,249
Total equity 24,759,740 33,261,323
Total liabilities and equity $ 51,097,289 $ 49,201,674
The accompanying notes are an integral part of these consolidated financial statements.
3
--------------------------------------------------------------------------------
JPAK GROUP, INC.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
For the Three Months Ended
September 30,
2010 2009
Sales $ 16,185,647 $ 16,561,920
Cost of sales 12,625,157 11,837,612
Gross profit 3,560,490 4,724,308
Operating expenses
Selling, general and administrative 2,232,495 2,888,343
Income from operations 1,327,995 1,835,965
Other income (expenses):
Interest expense, net (150,736 ) (97,051 )
Non-operating expense, net (12,567 ) (3,512 )
Total other income (expenses) (163,303 ) (100,563 )
Income before provision for income taxes 1,164,692 1,735,402
Provision for income taxes 187,436 242,838
Net income 977,256 1,492,564
Less: Net income attributable to noncontrolling interest (44 ) (56 )
Net income attributable to Jpak Group, Inc. 977,300 1,492,620
Undistributed income attributable to preferred stockholders 453,987 654,946
Net income attributable to common stockholders 523,313 837,674
Other comprehensive income
Foreign currency translation adjustment 519,446 32,030
Comprehensive income $ 1,496,746 $ 1,524,650
Basic earnings per common share $ 0.01 $ 0.03
Diluted earnings per common share $ 0.01 $ 0.03
Weighted average number of common shares outstanding
Basic 36,368,334 25,005,000
Diluted 67,918,795 44,555,461
JPAK..$0.32.. Surprise earnings..
Comprehensive income $ 3,589,336 $35,317
Basic earnings per common share $ 0.06 $ 0.00
Diluted earnings per common share $ 0.06 $ 0.00
Weighted average number of common shares outstanding
Basic 31,329,384 24,852,671
Diluted 58,737,379 44,403,132
JPAK GROUP, INC. I gave up on this one Month's ago and now realize why I bought it.. These are BLOWOUT Numbers,, hank
Consolidated Balance Sheets
June 30, June 30,
2010 2009
Assets
Current assets
Cash and cash equivalents $ 6,221,273 $ 2,969,699
Restricted cash 4,744,084 3,403,868
Accounts receivable, net of allowance for doubtful accounts of $1,284,360 10,915,611 9,063,973
and $1,496,723 at June 30, 2010 and 2009, respectively
Inventory 8,298,177 5,353,193
Trade notes receivable 515,150 -
Other receivables 1,496,219 1,205,983
Advance payments 3,670,469 503,143
Prepaid expenses and other current assets 53,918 246,344
Prepaid other taxes 72,879 266,664
Total current assets 35,987,780 23,012,867
Property and equipment, net 11,201,241 13,107,216
Deferred loss on sale of assets 1,899,277 -
Other noncurrent assets 113,376 -
Total assets $ 49,201,674 $ 36,120,083
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses $ 2,401,560 $ 3,277,973
Trade notes payable 4,659,370 3,212,704
Advance payments from customers 132,650 327,898
Short-term bank loans 2,946,000 2,344,000
Current portion of long-term debt 2,589,409 951,811
Income tax payable 127,169 167,429
Other current liabilities 35,078 97,827
Total current liabilities 12,891,236 10,379,642
Long-term debt 3,049,115 1,985,075
Total liabilities 15,940,351 12,364,717
Stockholders’ equity
Series A convertible preferred stock, $0.0001 par value, 5,608,564
shares authorized, issued and outstanding 561 561
Series B convertible preferred stock, $0.0001 par value, 5,000,000
shares authorized, issued and outstanding 500 500
Series C convertible preferred stock, $0.0001 par value, 12,000,000
shares authorized, issued and outstanding 1,200 -
Common stock, $0.001 par value, 300,000,000 shares authorized,
36,368,334 and 25,005,000 shares issued and outstanding at
June 30, 2010 and 2009, respectively 36,368 25,005
Series A preferred stock 2,484,226 2,484,226
Series B preferred stock 1,390,853 1,390,853
Additional paid-in capital 23,184,206 17,280,269
Retained earnings (Accumulated deficit) 1,776,028 (1,106,478 )
Statutory reserves 1,551,089 1,010,026
Accumulated other comprehensive income 2,731,043 2,565,276
Total stockholders’ equity 33,156,074 23,650,238
Noncontrolling interest 105,249 105,128
Total equity 33,261,323 23,755,366
Total liabilities and equity $ 49,201,674 $ 36,120,083
Consolidated Statements of Operations and Comprehensive Income
For the Years Ended June 30,
2010 2009
Sales $ 56,141,659 $ 40,409,375
Cost of sales 42,948,118 30,259,650
Gross profit 13,193,541 10,149,725
Operating expenses
Selling, general and administrative 8,785,252 9,382,754
Income from operations 4,408,289 766,971
Other income (expenses):
Non-operating income 316,785 30,073
Interest Income 152,844 161,169
Interest expense (610,461 ) (410,001 )
Non-operating expense (7,058 ) (124,139 )
Total other income (expenses) (147,890 ) (342,898 )
Income before provision for income taxes 4,260,399 424,073
Provision for income taxes 837,281 307,500
Net income before noncontrolling interest 3,423,118 116,573
Less: Noncontrolling interest (451 ) (996 )
Net income 3,423,569 117,569
Undistributed income attributable to preferred stockholders 1,603,576 51,765
Net income applicable to common stockholders 1,819,993 65,804
Other comprehensive income
Foreign currency translation adjustment 165,767 (82,252 )
.1 Comprehensive income $ 3,589,336 $ 35,317
Basic earnings per common share $ 0.06 $ 0.00
Diluted earnings per common share $ 0.06 $ 0.00
Weighted average number of common shares outstanding
Basic 31,329,384 24,852,671
Diluted 58,737,379 44,403,132
No one knew about JPAK.. Look at the growth,, top and bottom line.. I have the Q posted on thei-box info board..hank
http://investorshub.advfn.com/boards/board.aspx?board_id=17543
Whats the secret?
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JPAK GROUP, INC...
Overview
We are engaged primarily in the development, manufacture, and distribution of aseptic liquid food and beverage cartons for milk, fruit juices, soy milk, yogurt drinks, iced tea, wine, sauces and other liquid foods and beverages in China. Since 2004, we have focused on research and development and we believe we are the largest and leading domestic supplier of aseptic liquid food and beverage cartons in China. Our business is primarily in China, but we have recently begun contract manufacturing products for export to several other countries.
Company History
Qingdao Renmin commenced operations in China in 1958 as a state-owned, traditional printing and packaging company. Management completed the buyout of 88.23% of the state-owned equity interest in 2004, and in the same year started the development of aseptic liquid food and beverage cartons which was launched in the China market in 2005.
On June, 22, 2006, Jpak was incorporated in the Cayman Islands as Winner Dragon Limited. Winner Dragon Limited and was renamed Jpak Group Co., Ltd. on September 18, 2006. Additionally, during September 2006, Jpak completed the acquisition of 88.23% of the equity interest in Qingdao Renmin through Grand International, the 100% owned subsidiary of Jpak. Currently, substantially, all of our operations are conducted in China through Qingdao Renmin.
In July 2007, Grand International completed the acquisition of the remaining 11.77% of the state-owned equity interest and now owns 100% of the equity interest of Qingdao Renmin.
Competitive environment
The market for packaging products is competitive. Our operations may be affected by technological advances of competitors, industry consolidation, competitive combination products and new information of marketed products or post-marketing surveillance. In addition, the recent milk scandal has brought significant downward pressure on the industry.
As a result of Chinas new anti-monopoly laws, some of our larger competitors have decreased the amount of bundled products that they offer. Although this may cause such competitors to lower their price points, we believe it may actually allow us to be more competitive with them as we continue to offer bundled material and equipment which still maintains a large market share.
Milk scandal and its continuous effect on Jpak
In September 2008, the Chinese health ministry announced that over the previous months several babies had died and thousands were sickened by contaminated milk formula powder. The authorities later confirmed that the tainted powder was laced with melamine, an industrial chemical sometimes used to make plastics and fertiliser. Adding the chemical to the milk made the formula test at higher concentrations of protein.
The tainted milk powder was traced to the Sanlu Group, one of China's biggest dairy producers, which operates as a joint venture with a New Zealand-based dairy conglomerate, Fonterra. Further investigation revealed that milk formula powders produced by dozens of other dairy producers were also contaminated. After this scandal, the Chinese government began strengthening its supervision of both the milk and beverage industries. As a result, some smaller plants have been stopped their production and other larger companies within the industry are still working to recovery from the damage caused by the scandal.
In recent years and prior to the milk scandal, we began focusing more efforts in the dairy packaged segment as it typically had higher margins than the fruit juice market. Due to the scandal, our previously developed relationship with Sanlu has been terminated and all orders were cancelled. Additionally, orders from Taizinai, one of our other customers in the diary sector, have also fallen sharply.
Management continues to monitor both the short and long-term impact that the milk scandal will continue to have on our operations. Although Management believes that we are currently taking every possible action to minimize the impact, we may still experience some negative short term impact on our operating results. For example, our short term revenue has been adversely impacted by scandals negative impact on medium and small size companies that constitute most of our customers. Additionally, we have reduced our average sales price by nearly 10% as a result of more competitive environment brought by this scandal. However, management's efforts to realign our marketing focus on the post-scandal market place are beginning to show positive results. Our orders of the fiscal year 2009 increased by 27% compared to fiscal year 2008 in terms of volume. Currently packages for dairy and tea drink account for a largely percentage of our products and 50% and 30% of our revenue respectively.
December 31, | June 30, | |||||||
2009 | 2009 | |||||||
Assets | (Unaudited) | |||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 7,203,020 | $ | 2,969,699 | ||||
Restricted cash | 4,180,409 | 3,403,868 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $1,498,405 | ||||||||
and $1,496,723 at December 31, 2009 and June 30, 2009, respectively | 9,271,365 | 9,063,973 | ||||||
Inventory | 7,160,336 | 5,353,193 | ||||||
Trade notes receivable | 448,701 | - | ||||||
Other receivables | 1,253,636 | 1,205,983 | ||||||
Loan receivable | 132,030 | 175,800 | ||||||
Advance payments | 5,103,265 | 503,143 | ||||||
Prepaid expenses and other current assets | 139,109 | 70,544 | ||||||
Prepaid other taxes | - | 266,664 | ||||||
Total current assets | 34,891,871 | 23,012,867 | ||||||
Property and equipment, net | 12,971,713 | 13,107,216 | ||||||
Other assets | 112,697 | - | ||||||
Total assets | $ | 47,976,281 | $ | 36,120,083 | ||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 2,771,724 | $ | 3,277,973 | ||||
Trade notes payable | 4,362,115 | 3,212,704 | ||||||
Advance payments from customers | 298,928 | 327,898 | ||||||
Short-term bank loans | 2,347,200 | 2,344,000 | ||||||
Current portion of long-term debt | 764,307 | 951,811 | ||||||
Income tax payable | 324,607 | 167,429 | ||||||
Other current liabilities | 192,894 | 97,827 | ||||||
Total current liabilities | 11,061,775 | 10,379,642 | ||||||
Long-term debt | 4,724,812 | 1,985,075 | ||||||
Total liabilities | 15,786,587 | 12,364,717 | ||||||
Equity | ||||||||
Stockholders’ equity | ||||||||
Series A convertible preferred stock, $0.0001 par value, 5,608,564 | ||||||||
shares authorized, issued and outstanding | 561 | 561 | ||||||
Series B convertible preferred stock, $0.0001 par value, 5,000,000 | ||||||||
shares authorized, issued and outstanding | 500 | 500 | ||||||
Series C convertible preferred stock, $0.0001 par value, 12,000,000 | ||||||||
shares authorized, issued and outstanding | 1,200 | - | ||||||
Common stock, $0.001 par value, 300,000,000 shares authorized, | ||||||||
36,368,334 and 25,005,000 shares issued and outstanding at December | ||||||||
31, 2009 and June 30, 2009, respectively | 36,368 | 25,005 | ||||||
Series A preferred shares | 2,484,226 | 2,484,226 | ||||||
Series B preferred shares | 1,390,853 | 1,390,853 | ||||||
Warrants | - | 4,634,678 | ||||||
Placement agent warrants | 1,172,487 | 1,172,487 | ||||||
Additional paid-in capital | 22,011,719 | 11,473,104 | ||||||
Retained earnings (deficit) | 1,386,164 | (1,106,478 | ) | |||||
Statutory reserves | 1,010,026 | 1,010,026 | ||||||
Accumulated other comprehensive income | 2,590,464 | 2,565,276 | ||||||
Total stockholders’ equity | 32,084,568 | 23,650,238 | ||||||
Noncontrolling interest | 105,126 | 105,128 | ||||||
Total equity | 32,189,694 | 23,755,366 | ||||||
Total liabilities and equity | $ | 47,976,281 | $ | 36,120,083 |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Sales | $ | 13,166,264 | $ | 6,108,787 | $ | 29,728,184 | $ | 15,539,117 | ||||||||
Cost of sales | 10,031,204 | 5,206,666 | 21,868,816 | 12,202,568 | ||||||||||||
Gross profit | 3,135,060 | 902,121 | 7,859,368 | 3,336,549 | ||||||||||||
Operating expenses | ||||||||||||||||
Selling, general and administrative | 1,805,476 | 1,517,427 | 4,693,819 | 3,625,088 | ||||||||||||
Income (loss) from operations | 1,329,584 | (615,306 | ) | 3,165,549 | (288,539 | ) | ||||||||||
Other income (expenses): | ||||||||||||||||
Interest expense, net | (95,005 | ) | (99,092 | ) | (192,056 | ) | (107,617 | ) | ||||||||
Non-operating income, net | 89,878 | 1,134 | 86,366 | 13,770 | ||||||||||||
Total other income (expenses) | (5,127 | ) | (97,958 | ) | (105,690 | ) | (93,847 | ) | ||||||||
Income (loss) before provision for income taxes | 1,324,457 | (713,264 | ) | 3,059,859 | (382,386 | ) | ||||||||||
Provision for income taxes | 324,524 | - | 567,362 | - | ||||||||||||
Net income (loss) | 999,933 | (713,264 | ) | 2,492,497 | (382,386 | ) | ||||||||||
Less: net (loss) attributable to noncontrolling interest | (89 | ) | (67 | ) | (145 | ) | (559 | ) | ||||||||
Net income (loss) attributable to Jpak | 1,000,022 | (713,197 | ) | 2,492,642 | (381,827 | ) | ||||||||||
Undistributed income attributable to preferred | ||||||||||||||||
stockholders | 491,161 | - | 1,165,971 | - | ||||||||||||
Net income (loss) applicable to common | ||||||||||||||||
stockholders | 508,861 | (713,197 | ) | 1,326,671 | (381,827 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation adjustment | (6,842 | ) | (375 | ) | 25,188 | (39,283 | ) | |||||||||
Comprehensive income (loss) | $ | 993,180 | $ | (713,572 | ) | $ | 2,517,830 | $ | (421,110 | ) | ||||||
Basic earnings (loss) per common share | $ | 0.02 | $ | (0.03 | ) | $ | 0.05 | $ | (0.02 | ) | ||||||
Diluted earnings (loss) per common share | $ | 0.02 | $ | (0.03 | ) | $ | 0.05 | $ | (0.02 | ) | ||||||
Weighted average number of common shares | ||||||||||||||||
outstanding | ||||||||||||||||
Basic | 28,092,863 | 24,805,000 | 26,548,931 | 24,805,000 | ||||||||||||
Diluted | 56,295,779 | 24,805,000 | 49,882,001 | 24,805,000 |
For the Six Months Ended | ||||||||
December 31, | ||||||||
2009 | 2008 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 2,492,642 | $ | (381,827 | ) | |||
Adjustments to reconcile net income to net cash | ||||||||
provided by (used in) operating activities: | ||||||||
Noncontrolling interest | (145 | ) | (559 | ) | ||||
Depreciation | 770,427 | 598,024 | ||||||
Share-based payment | - | 303,750 | ||||||
Loss (gain) on disposal of fixed assets | 2,355 | (332 | ) | |||||
Provision for bad debts | (361 | ) | 150,823 | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (194,577 | ) | 1,192,350 | |||||
Inventory | (1,799,098 | ) | 1,607,080 | |||||
Trade notes receivable | (448,518 | ) | - | |||||
Other receivables | (45,987 | ) | (157,372 | ) | ||||
Advance payments | (3,172,068 | ) | (1,666,470 | ) | ||||
Prepaid expenses and other current assets | (68,477 | ) | 36,782 | |||||
Other assets | (112,651 | ) | - | |||||
Accounts payable and accrued expenses | (510,297 | ) | (1,592,945 | ) | ||||
Advance payments from customers | (29,406 | ) | - | |||||
Prepaid other taxes | 266,919 | - | ||||||
Income tax payable | 156,885 | - | ||||||
Other current liabilities | 94,896 | 83,046 | ||||||
Total adjustments | (5,090,103 | ) | 554,177 | |||||
Net cash provided by (used in) operating activities | (2,597,461 | ) | 172,350 | |||||
Cash flows from investing activities: | ||||||||
Advance payments for fixed assets | (1,425,485 | ) | - | |||||
Additions to property and equipment | (619,447 | ) | (763,260 | ) | ||||
Proceeds from disposal of fixed assets | - | 48,345 | ||||||
Change in loan receivable | 43,992 | - | ||||||
Net cash used in investing activities | (2,000,940 | ) | (714,915 | ) | ||||
Cash flows from financing activities: | ||||||||
Issuance of trade notes payable | 1,144,557 | (337,645 | ) | |||||
Proceeds from (repayment of) long-term debt | 2,547,183 | (211,591 | ) | |||||
Additional paid-in capital | 5,916,500 | - | ||||||
Net cash provided by (used in) financing activities | 9,608,240 | (549,236 | ) | |||||
Effect of foreign currency translation on cash | 23 | (128,910 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 5,009,862 | (1,220,711 | ) | |||||
Cash and cash equivalents and restricted cash – beginning | 6,373,567 | 7,218,904 | ||||||
Cash and cash equivalents and restricted cash – ending | $ | 11,383,429 | $ | 5,998,193 |
December 31, 2009 | June 30, 2009 | |||||||
Finished goods | $ | 2,326,472 | $ | 939,428 | ||||
Raw materials | 4,263,303 | 3,912,953 | ||||||
Parts and supplies | 206,097 | 84,806 | ||||||
Work in process | 364,464 | 416,006 | ||||||
Total | $ | 7,160,336 | $ | 5,353,193 |
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