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Sino-Global Shipping America (SINO)

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SINO-GLOBAL SHIPPING AMERICA
        2001   38
        Founded   Employees


IndustryMisc. TransportationLocation
Sino Global Shipping America Ltd
36-09 Main Street
Suite 9C-2
Flushing
New York11354
United States
USA
Phone+1 (718) 888-1814Fax+1 (718) 888-1148Websitehttp://www.sino-global.com/

 
Sino-Global Shipping America, Ltd. is a shipping agency service provider in People's Republic of China. The Company has offices in the United States in Flushing, New York; L.A,; Canada; Perth, Australia and Hong Kong. Through these offices, the Company coordinates its clients' shipping needs, including preparing documents, husbanding vessels, working through customs issues, coordinating matters with port authorities, overseeing and settling cargo claims, tracking shipments, recommending trucking, warehousing and complementary services. Its principal geographic market is in the People's Republic of China. 
 

Directors & officers

  Name Title Compensation   Officer
since
 
           LeiCao
Chief Executive Officer and Director
      181.32k USD
  
         2001


Mr. Lei Cao is Chief Executive Officer and Director of Sino-Global Shipping America, Ltd. Mr. Cao founded Sino-Global Shipping Agency Ltd. ("Sino-China") in 2001 and has been the Chief Executive Officer since that time. Mr. Cao has been Chief Executive officer of company since its formation. Prior to founding Sino-China, Mr. Cao was a Chief Representative of Wagenborg-Lagenduk Scheepvaart BV, Holland, from 1992 - 1993, Director of the Penavico-Beijing's shipping agency from 1987 through 1992, and a seaman for Cosco-Hong Kong from 1984 through 1987. Mr. Cao received his EMBA degree in 2009 from Shanghai Jiao Tong University. Mr. Cao was chosen as a director because he is the founder of the company.


 
 
Tuo Pan
Chief Financial Officer, Director
110.79k USD
 
         
 
 
Zhi KangHuang
Chief Operating Officer
 
 
         
 
 
Tieliang Liu
Independent Director
--
 
         
 
 
Ming Zhu
Independent Director
--
 
         
 
 
JingWang
Independent Director
--
 
         
 
Officers and Directors data as of August 1, 2017




           SHARE STRUCTURE
 
Average volume 117.6K
 

Shares outstanding
10.1m

Free float
5.57m

P/E (TTM)
8.86

Market cap
29.9m USD

EPS (TTM)
$.35 USD
Fiscal Year 2017 Third Quarter Operating and Financial Highlights (all comparisons to the prior year period)
• Total revenues increased 134.1% to approximately $2.75 million, as compared to $1.17 million for the prior year. The increase was primarily the result of a shift in the Company’s business mix towards less cost services. 
• Gross profit increased to $1.6 million as compared to $553,227 for the prior year period.   • Net income for the third quarter of fiscal year 2017 was $1.3 million compared to net loss of $854,876.   • During the quarter, the Company entered into a joint venture agreement with Jetta Global Logistics Inc. to begin providing short haul trucking transportation and logistics services to customers located in the New York and New Jersey areas. 
• The Company signed a strategic cooperation agreement with China Ocean Shipping Agency Qingdao Co. Ltd. which will utilize the Company’s full-service logistics platform to arrange the transport of its container shipments into U.S. ports.  
• In February 2017, the Company completed a registered direct offering and sale of the Company’s common stock for net proceeds of approximately $4.3 million.   • As of March 31, 2017, the Company had cash and cash equivalents of $8.8 million, working capital of $13.0 million and shareholder equity of $18.5 million; compared to $1.4 million, $6.2 million, and $11.4 million, respectively, as of June 30, 2016. 
 
Management Comments Mr. Lei Cao, Chief Executive Officer of Sino-Global, stated, “We had a strong quarter and nine-month period marked by significant increases in revenue and a substantial reduction in our operating expenses. We continued to make progress on the initiatives we first implemented last year with the wind down of our Shipping Agency and Ship Management services as well as the discontinuation of our shipping and charter business. The shift in business mix towards lower-cost services has resulted in profit margins for the three-month period of 58.8% as compared to 47.1% for the prior year. 
 
We entered several agreements over the quarter and are confident that these agreements will further solidify our efforts to grow our business and strengthen our service offerings. During the quarter, we also continued to work with our current customers to improve timely payments for outstanding receivables. Sino-Global’s capital position is strong and we completed a registered direct financing during the three-month period. We intend to use the capital raised to further grow the Company and invest in the long-term future of Sino-Global.”  


                      Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
 
 
   
                                                                                                                    For 3 Months Ended 03/31                           For 9 Months Ended 03/31

                                                                                                                                2017               2016                                          2017              2016
Net revenues - third parties                                                                                $ 1,984,834     $ 616,821                           $ 4,591,381     $ 3,553,428  
Net revenues - related party                                                                                     762,777        556,948                             2,229,180         1,916,510  
Total revenues                                                                                                    2,747,611       1,173,769                            6,820,561          5,469,938  
Cost of revenues                                                                                                 (1,132,213 )     (620,542 )                         (1,789,348 )     (2,568,345 )
Gross profit                                                                                                             1,615,398       553,227                               5,031,213       2,901,593                                    

General and administrative expenses                                                                (612,441 )     (1,190,614 )                           (2,248,639 )     (4,084,858 )
Selling expenses                                                                                                    (41,245 )     (23,353 )                                (153,429 )         (67,478 )
Total operating expenses                                                                                  (653,686 )     (1,213,967 )                         (2,402,068 )     (4,152,336 )                                  

Operating income (loss)                                                                                       961,712       (660,740 )                             2,629,145      (1,250,743 )                                  

Financial income (expense), net                                                                                    34,167       61,183                                 (57,737 )     (251,800 )
Other income, net                                                                                                                             10,402                                                           5,781  
Total other income (expense)                                                                                        34,167       71,585                                  (57,737 )     (246,019 )                                  

Net income (loss) before provision for income taxes                                          995,879       (589,155 )                          2,571,408     (1,496,762 )                                  

Income tax benefit (expense)                                                                                     303,196       (265,721 )                             158,184       (839,076 )                                  

Net income (loss)                                                                                                     1,299,075       (854,876 )                        2,729,592      (2,335,838 )                                  

Net income (loss) attributable to non-controlling interest                                                4,021       (116,667 )                           (104,083 )     (282,688 )                                  

Net income (loss) attributable to Sino-Global Shipping America, Ltd.          $ 1,295,054     $ (738,209 )                  $ 2,833,675     $ (2,053,150 )  
                                
Comprehensive income (loss)                                
Net income (loss)                                                                                                   $ 1,299,075     $ (854,876 )                  $ 2,729,592     $ (2,335,838 )
Other comprehensive income (loss) - foreign currency translation gain (loss)               4,871       (7,740 )                              (114,011 )     (46,058 )
Comprehensive income (loss)                                                                                  1,303,946       (862,616 )                        2,615,581       (2,381,896 )
Less: Comprehensive income (loss) attributable to non-controlling interest               (19,419 )     (141,532 )                                   4,702       (142,401 ) 
                                 
Comprehensive income (loss) attributable to
Sino-Global Shipping America Ltd.
                                                                  $ 1,323,365     $ (721,084 )                    $ 2,610,879     $ (2,239,495 )                                  

Earnings (loss) per share                                
-Basic                                                                                                                              $ 0.14           $ (0.09 )                                    $ 0.33     $ (0.25 )
-Diluted                                                                                                                            $ 0.14           $ (0.09 )                                    $ 0.33     $ (0.25 )                                  

Weighted average number of common shares used in computation                                
-Basic                                                                                                                         8,994,146       8,337,325                           8,514,080       8,364,296  
-Diluted                                                                                                                       9,028,928       8,337,325                           8,534,701       8,364,296


_______________________________________________________________________________________________________________________________________________________________



                                                                                                                   Condensed Consolidated Balance Sheet

                                                                                                                                                                                      March 31, 2017      June 30, 2016                                                          Assets                
Current assets                
Cash and cash equivalents                                                                                                                                                 $ 8,840,189           $ 1,385,994  
Accounts receivable, less allowance for doubtful accounts of $97,111
and $207,028 as of March 31, 2017 and June 30, 2016, respectively                                                                                  1,883,119              2,333,024  
Other receivables, less allowance for doubtful accounts of $145,235
and $145,186 as of March 31, 2017 and June 30, 2016, respectively                                                                                     103,325                  290,907  
Advances to suppliers                                                                                                                                                            1,325,272               2,192,910  
Prepaid expenses and other current assets                                                                                                                              355,442                 826,631  
Due from related parties                                                                                                                                                         4,406,186               1,622,519
Total Current Assets                                                                                                                                                          16,913,533               8,651,985 

Property and equipment, net                                                                                                                                                     196,845                  176,367  
Prepaid expenses                                                                                                                                                                        49,699                  178,982  
Other long-term assets                                                                                                                                                                60,481                   46,810  
Deferred tax assets                                                                                                                                                                    387,900                            -                    
Total Assets                                                                                                                                                                      $ 17,608,458            $ 9,054,144
                    
Liabilities and Equity                                  

Current Liabilities                
Advances from customers                                                                                                                                                       $ 344,470                 $ 24,373  
Accounts payable                                                                                                                                                                       784,411                  489,490  
Taxes payable                                                                                                                                                                         1,792,099               1,637,197  
Due to related parties                                                                                                                                                                 156,841                      -  
Accrued expenses/other current liabilities                                                                                                                                  800,916                  286,322                    
Total Current Liabilities                                                                                                                                                        3,878,737                 2,437,382  
                  
Total Liabilities                                                                                                                                                                      3,878,737                 2,437,382

Commitments and Contingencies                                                                                                                                                    -                              -    

 Equity                
Preferred stock, 2,000,000 shares authorized, no par value, none issued.     -       -   Common stock, 50,000,000 shares authorized, no par value;
10,105,535 and 8,456,032 shares issued as of March 31, 2017 and June 30, 2016; 9,930,038 and 8,280,535 outstanding as of
March 31, 2017 and June 30, 2016, respectively                                                                                                                 20,535,379               15,500,391  
Additional paid-in capital                                                                                                                                                            603,352                 1,140,962  
Treasury stock, at cost, 175,497 shares as of March 31, 2017 and June 30, 2016                                                                (417,538 )                (417,538 )
Accumulated deficit                                                                                                                                                              (1,685,124 )             (4,518,799 )
Accumulated other comprehensive loss                                                                                                                                 (503,703 )                (280,907 ) 

Total Sino-Global Shipping America Ltd. Stockholders' Equity                                                                                     18,532,366               11,424,109

 Non-controlling Interest                                                                                                                                                    (4,802,645 )             (4,807,347 )      

 Total Equity                                                                                                                                                                         13,729,721                 6,616,762

Total Liabilities and Equity                                                                                                                                              $ 17,608,458              $ 9,054,144

___________________________________________________________________________________________________________________________________________________________________  
 
 
              Condensed Consolidated Statements Of Cash Flows
   
                                                                                                                                                                                   For the nine months ended March 31,      
                                                                                                                                                                                               2017                               2016  
Operating Activities                                  
Net income (loss)                                                                                                                                                               $ 2,729,592               $ (2,335,838 )
Adjustment to reconcile net income (loss) to net cash provided by operating activities:                
Amortization of stock-based compensation to consultants                                                                                                      547,138                        922,542  
Amortization of stock option expense                                                                                                                                        77,320                         -  
Depreciation and amortization                                                                                                                                                   36,432                          44,017  
Provision for (recovery of) doubtful accounts                                                                                                                        (107,608 )                         73,746  
Provision for doubtful accounts on related party receivable                                                                                                                                         174,604  
Deferred tax provision (benefit)                                                                                                                                              (387,900 )                      280,600  
Changes in assets and liabilities
Decrease in accounts receivable                                                                                                                                              517,463                    1,145,529  
Decrease (increase) in other receivables                                                                                                                                  184,753                    (124,631 )
Decrease in advances to suppliers                                                                                                                                            816,715                         44,768  
Decrease in prepaid expenses                                                                                                                                                    82,210                       310,824  
Increase in other current assets                                                                                                                                               (16,931 )                      (32,453 )
Increase in other long-term assets                                                                                                                                           (14,185 )                           (644 )
(Increase) decrease in due from related parties                                                                                                                  (2,843,131 )                    1,721,904  
Increase (decrease) in advances from customers                                                                                                                     324,476                     (101,825 )
Increase (decrease) in accounts payable                                                                                                                                  312,883                     (379,579 )
Increase in taxes payable                                                                                                                                                          201,259                       743,580  
Increase in due to related parties                                                                                                                                               156,841                       -  
Increase (decrease) in accrued expenses and other current liabilities                                                                                       514,445                        (16,144 )                  

Net cash provided by operating activities                                                                                                                           3,131,772                      2,471,000

 Investing Activities                
Acquisition of property and equipment                                                                                                                                      (55,474 )                        (18,662 )
Cash collected from the termination of vessel acquisition                                                                                                              -                                327,570                    

Net cash provided by (used in) investing activities                                                                                                              (55,474 )                       308,908                    

Financing Activities                
Proceeds from issuance of common stock, net                                                                                                                        4,319,988                       691,600  
Proceeds from exercise of stock options                                                                                                                                       82,500                         -  
Repurchase of common stock                                                                                                                                                          -                             (43,451 )                  

Net cash provided by financing activities                                                                                                                             4,402,488                      648,149                    

Effect of exchange rate fluctuations on cash and cash equivalents                                                                                             (24,591 )                     (82,272 )                  

Net increase in cash and cash equivalents                                                                                                                           7,454,195                    3,345,785                    

Cash and cash equivalents at beginning of period                                                                                                                     1,385,994                      730,322                    

Cash and cash equivalents at end of period                                                                                                                            $ 8,840,189                 $ 4,076,107                    

Supplemental information                
Income taxes paid                                                                                                                                                                         $ 89,324                     -  
Non-cash investing and financing activities:                
Common stock issued for vessel acquisition                                                                                                                                       -                       $ 2,220,000  
Return of common stock issued for vessel acquisition                                                                                                                        -                    $ (2,220,000 )
Issuance of common stock to pay for professional services                                                                                                       $ 632,500                   $ 255,000  
 
       
 
       
       
       
       
       
       
       
       
       
       
       
       
       
 
       
       
       
       
       
       
       
       
       
       
       
       
 
       
       
       
       
       
       
       
       
       
       






 
 
       
 
       
 
       
       
       
       
       
       
       
       
 
       
       
       
       
       
       
       
       
       
 
       
       
       
       
       
       
       
 
       
       
 
       
       
 
       
       
 
       
       
       
       
       
       
       





 
 
 
       
 
       
       
       
       
       
       
       
 
       
       
       
 
       
       
       
       
       
 
       
       
       
       
 
       
       
       








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SINO News: Statement of Changes in Beneficial Ownership (4) 07/12/2017 04:32:08 PM
SINO News: Statement of Changes in Beneficial Ownership (4) 07/11/2017 04:32:05 PM
SINO News: Statement of Changes in Beneficial Ownership (4) 07/07/2017 04:32:08 PM
SINO News: Statement of Changes in Beneficial Ownership (4) 06/29/2017 06:12:56 PM
SINO News: Current Report Filing (8-k) 06/29/2017 07:01:17 AM
PostSubject
#2887  Sticky Note For anyone new to the board, here's the value1008 08/01/17 03:45:10 PM
#2480  Sticky Note SINO valuation & PE/EPS comparison: 14 cents EPS ash111 05/30/17 10:31:33 AM
#3150   One can listen in for free to the value1008 09/20/17 06:30:57 PM
#3149   We all know that IR and lack of value1008 09/20/17 06:15:06 PM
#3148   A secretary who would not put me Giovanni 09/20/17 05:11:11 PM
#3147   I find it interesting that if they report vintagesake 09/20/17 04:55:52 PM
#3146   Hey Vintage, it's a full-year report with a value1008 09/20/17 03:37:21 PM
#3145   Lol, well, u must admit the mojo has vintagesake 09/20/17 03:34:51 PM
#3144   Thanks, Giovanni. Do you know who you spoke value1008 09/20/17 03:29:43 PM
#3143   So the 28th date is in play. That's Lion33 09/20/17 01:31:47 PM
#3142   Spoke to Sino Giovanni 09/20/17 01:26:01 PM
#3141   I am hoping the 22nd before markets open. MaineMan5 09/20/17 01:25:32 PM
#3140   There 22nd would be great. f7455dm 09/20/17 01:09:18 PM
#3139   Well, we'll see. If it comes out on Lion33 09/20/17 12:52:47 PM
#3138   I am sure you saw the 28th however, f7455dm 09/20/17 12:38:02 PM
#3137   As long as they're wrong to the upside :)) Lion33 09/20/17 12:36:01 PM
#3136   Literaly guys, the RH guess/ estimate is about riverterracekrew 09/20/17 12:29:19 PM
#3135   Yesterday I swear it said 9/22 so either Lion33 09/20/17 12:22:44 PM
#3134   exactly. these sites that provide projected filing dates Atlanta1 09/20/17 12:04:15 PM
#3133   Could broker give link? All I see is f7455dm 09/20/17 12:00:31 PM
#3132   So would I Lion33 09/20/17 11:49:09 AM
#3131   RH is wrong a lot, I think they rnoutlaw21 09/20/17 11:48:04 AM
#3130   My source is the broker, I go through Lion33 09/20/17 11:42:24 AM
#3129   What's your source? If it's not from the rnoutlaw21 09/20/17 11:35:16 AM
#3128   added more on the morning dip - this Atlanta1 09/20/17 11:26:32 AM
#3127   Getting a little miffed here. At first it Lion33 09/20/17 11:18:29 AM
#3126   Last post from yahoo f7455dm 09/20/17 08:56:57 AM
#3125   If you are looking to invest in Sino-Global f7455dm 09/20/17 08:45:16 AM
#3124   When is the 10 OUT? f7455dm 09/20/17 08:20:29 AM
#3123   Value, thank you for clarifying the tax loss MaineMan5 09/19/17 05:10:56 PM
#3122   That's my thought, too, Monolith! value1008 09/19/17 03:40:38 PM
#3121   Global synchronicity of growth is going to have TheMonolith 09/19/17 03:35:29 PM
#3120   Here's a good article from S.Alpha by shipping value1008 09/19/17 03:30:35 PM
#3119   MaineMan5, this is from Note 13 of the value1008 09/19/17 02:54:29 PM
#3118   JJ, my man! How are you buddy? salgovernale69 09/19/17 02:48:34 PM
#3117   Here's the recovery. Hopefully can settle the TheMonolith 09/19/17 02:35:42 PM
#3116   From the 5-15-17 10Q page F-15: MaineMan5 09/19/17 02:28:50 PM
#3115   added some sub $3.35 - may have been Atlanta1 09/19/17 02:05:28 PM
#3114   Would prefer to see SINO now stay at TheMonolith 09/19/17 01:48:34 PM
#3113   I have no idea-- I'm only speculating and value1008 09/19/17 12:22:25 PM
#3112   What factors do you think would bring it rnoutlaw21 09/19/17 12:17:51 PM
#3111   Yes, that would be fantastic, creating a trailing value1008 09/19/17 12:16:12 PM
#3110   I think .16 - .17 is a little rnoutlaw21 09/19/17 10:52:33 AM
#3109   Sal, How are things? Jumpinjackas 09/19/17 10:33:44 AM
#3108   Sold trading portion yesterday, buying it back in TheMonolith 09/19/17 09:56:02 AM
#3107   I hope it's .27 but I think it's MaineMan5 09/19/17 09:47:56 AM
#3106   Dropping like a rock. majaman 09/19/17 09:43:51 AM
#3105   Well, if they were to do a non-gaap riverterracekrew 09/18/17 09:36:08 PM
#3104   I believe that yes, the payment was included riverterracekrew 09/18/17 08:54:41 PM
#3103   River, when you mention "Huge one time ga value1008 09/18/17 06:43:33 PM
#3102   Thanks for those insights, River. So Q3's EPS value1008 09/18/17 06:40:34 PM
#3101   Payment to Chen was already recognized as expense(income riverterracekrew 09/18/17 06:14:56 PM
PostSubject