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Last Post: 10/9/2017 2:17:40 PM - Followers: 6 - Board type: Free - Posts Today: 0

Sino Green Land Corporation (OTCBB:SGLA), a leading distributor of high-end fruits and vegetables in China....

Mr. Anson Fong, Chairman of Sino Green Land, commented, "Our success was evident in our financial results for the quarter, in which we more than doubled sales versus the same period last year. This strong performance was a direct result of our strategic marketing initiatives and scalable business model. We have expanded our co-operative relationships with farmers across China, which enable us to lock in guaranteed supply by providing farmers an outlet for their produce. In turn, we work closely with these farmers to enhance their productivity, such as providing them with advanced technology that will increase their crop yields. As a result of these relationships, we are able to sell the highest quality food at very attractive prices. Moreover, as sales increased, we gained meaningful operating leverage as reflected by the sharp increase in both our operating and net profit margins."

China has experienced a surge in demand for healthy "green foods" that are both safe and environmentally responsible. In China, the recent attention to issues of unsafe and unhealthy food has led to increasing demand among a growing middle class for higher-end foods from trusted, environmentally-friendly producers. Over the past five years, green food consumption has increased at a 40% compound annual growth rate, an impressive surge that shows no sign of slowing. High-end "green foods" benefit from a 20% to 30% premium over conventional produce.

Mr. Fong continued, "Sino Green Land is well-positioned to take advantage of the growing demand for healthy foods. We are well underway constructing the China Green Food Distribution Hub, an enormous marketplace and the first of its kind to centralize distribution of green foods in China. The new distribution hub will be open to retailers and wholesalers beginning in the second half of 2010. The China Green Food Distribution Hub will span 20 thousand square meters in Guangzhou, one of the most populated regions of China, where it will serve the Pearl River Delta, Hong Kong and Macao."

Mr. Fong concluded, "We are excited about our plans to officially open the China Green Food Distribution Hub later this year. We feel confident that this will be an excellent opportunity to bring high-end green foods directly to China's large and upwardly-mobile middle class. We are extremely well positioned due to the support we have received for our agricultural and green foods initiatives from the Chinese government, as well as support from the China Green Food Development Center and China Green Food Association, plus our ability to utilize the procurement network of the China Green Food Association and its more than 6,000 members."

SINO GREEN LAND CORPORATION AND SUBSIDIARIES
(FORMALLY, ORGANIC REGION GROUP LTD. AND SUBSIDIARIES)
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2010 AND DECEMBER 31, 2009
(UNAUDITED)

		MARCH 31		DECEMBER 31
		2010		2009
ASSETS
Current Assets
Cash and cash equivalents	$	1,815,756	$	1,987,616
Accounts receivable, net		257,031		171,143
Due from related parties		-		1,006
Inventories		-		9,934
Advances-current portion		302,503		256,225
Other current assets		83,995		343,169
Total Current Assets		2,459,286		2,769,093
				-
Property and Equipment, net		528,696		547,727
				-
Deposit		365,706		365,647
				-
Advances		5,136,372		4,355,829
				-
Long-term Prepayments		22,033,960		18,961,869
				-
Total Assets	$	30,524,020	$	27,000,165

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Accounts payable and accrued expenses	$	1,306,145	$	1,186,923
Advances from customers		48,697		48,690
Due to related parties		89,771		3,364
Total Liabilities		1,444,613		1,238,977

Commitment

Shareholders' Equity
Preferred stock, par value $0.001 per share, 20,000,000 shares authorized; 1,650,000 shares designated as series A convertible preferred stock, 1,606,000 and 1,650,000 shares of series A preferred stock outstanding at March 31, 2010 and December 31,2009		1,606		1,650
Common stock, $0.001 par value, 780,000,000 shares authorized, 111,943,670 and 104,943,337 issued and outstanding as of March 31, 2010 and December 31,2009		111,944		104,944
Additional Paid-in capital		11,540,555		10,119,540
Preferred stock to be issued		350,000		-
Other comprehensive income		758,775		762,504
Retained earnings		16,316,528		14,772,550
Total shareholders' equity		29,079,407		25,761,188
				-
Total Liabilities and Stockholders' Equity	$	30,524,020	$	27,000,165

The accompanying notes are an integral part of these unaudited consolidated financial statements.

SINO GREEN LAND CORP AND SUBSIDIARIES
(FORMALLY, ORGANIC REGION GROUP LTD. AND SUBSIDIARIES)
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
(UNAUDITED)

		MARCH 31
		2010			2009
Net sales	$	33,555,804		$	18,530,563

Cost of goods sold		29,919,804			16,582,429
Gross profit		3,635,999			1,948,134
Operating expenses
Selling expenses		792,180			224,205
General and administrative expenses		654,758			936,952
Total operating expenses		1,446,938			1,161,157

Operating income		2,189,061			786,977
Other income(expense)
Interest expenses (income)		1,606			(22,500	)
Beneficial conversion feature expense		-			(125,000	)
Other expense		(2,370	)		(284,248	)
Total other expense		(765	)		(431,748	)
					-
Net Income		2,188,297			355,229

Deemed preferred stock dividend		(644,318	)		-

Net income available to common shareholders		1,543,978			355,229
Other comprehensive income (loss)
Foreign currency translation loss		(3,729	)		(26,941	)
Comprehensive income	$	1,540,249		$	328,228

Net income per share

Basic	$	0.01		$	0.00
Diluted	$	0.01		$	0.00

Weighted average number of shares outstanding

Basic		109,193,511			83,314,851
Diluted		144,961,005			83,866,207

The accompanying notes are an integral part of these unaudited consolidated financial statements.

SINO GREEN LAND CORP AND SUBSIDIARIES (FORMALLY, ORGANIC REGION GROUP LTD. AND SUBSIDIARIES) CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009 (UNAUDITED)

	MARCH 31,
		2010			2009
Cash flows from operating activities
Net income	$	2,188,297		$	355,229
Adjustments to reconcile net income to net cash provided by (used in) operating activities

Depreciation		20,638			21,010
Amortization		222,312			174,850
Stock award to director		3,613			-
Decrease / (Increase) in current assets
Accounts receivable		(85,861	)		12,679
Inventories		9,935			10,168
Other current assets		706,326			(288,803	)
Advances to suppliers		(1,273,256	)		11,652
Increase (Decrease) in current liabilities
Accounts payable & accrued expense		(43,310	)		(477,268	)
Tax payables		690			509
Other payables		155,729			(55,344	)

Net cash provided by (used in) operating activities		1,905,113			(235,318	)

Cash flows from investing activities
Acquisition of plant, property, and equipment		(1,520	)		(1,736	)
Long-term prepayments		(3,291,384	)		(950,916	)
Net cash used in investing activities		(3,292,904	)		(952,652	)

Cash flows from financing activities
Proceeds from issuance of preferred stock		350,000			-
Proceeds from issuance of common stock		780,040			-
Due to related parties		(14,180	)		975,603
Convertible debenture		-			147,500
Net cash provided by financing activities		1,115,860			1,123,103
					-
Effect of exchange rate change on cash and cash equivalents		100,071			(854	)

Net decrease cash and cash equivalents		(171,860	)		(65,721	)
Cash and cash equivalents, beginning balance		1,987,616			544,860
Cash and cash equivalents, ending balance	$	1,815,756		$	479,139

Supplement disclosure of cash flow information
Interest expense paid	$	-		$	-
Income taxes paid	$	-		$	-

The accompanying notes are an integral part of these unaudited consolidated financial statements.

SINO GREEN LAND CORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2009 AND 2008

		2009		2008
ASSETS
Current Assets
Cash and cash equivalents	$	1,987,616	$	544,860
Accounts receivable, net		171,143		200,731
Due from related parties		1,006		352,799
Inventories		9,934		16,931
Advances-current portion		256,225		-
Other current assets		343,169		58,045
Total Current Assets		2,769,093		1,173,366
Property and Equipment, net		547,727		139,765
Deposit		365,647		-
Advances		4,355,829		497,568
Long-term Prepayments		18,961,869		16,258,707
Total Assets	$	27,000,165	$	18,069,406
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses	$	1,186,923	$	1,529,786
Advances from customers		48,690		56,443
Due to related parties		3,364		129,444
Convertible debenture		-		313,627
Total Current Liabilities		1,238,977		2,029,300
Commitment		-		-
Shareholders' Equity
Preferred stock, $0.001 par value, 20,000,000 shares authorized, 1,650,000 and 0 share issued and outstanding as of December 31, 2009 and 2008		1,650		-
Common stock, $0.001 par value, 780,000,000 shares authorized, 104,943,337 and 81,648,554 issued and outstanding as of December 31, 2009 and 2008		104,944		81,649
Additional Paid-in capital		10,119,540		5,419,351
Other comprehensive income		762,504		1,075,973
Retained earnings		14,772,550		9,463,133
Total shareholders' equity		25,761,188		16,040,106
Total Liabilities and Stockholders' Equity	$	27,000,165	$	18,069,406

SINO GREEN LAND CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

		2009			2008

Net sales	$	108,045,437		$	73,562,759
Cost of goods sold		96,308,289			65,825,333
Gross profit		11,737,148			7,737,426

Operating expenses
Selling expenses		2,581,330			1,630,781
General and administrative expenses		2,249,364			1,040,452
Total operating expenses		4,830,694			2,671,333

Operating income		6,906,454			5,066,193
Other income(expense)
Interest expenses, net		(353,973	)		(133,650	)
Beneficial conversion feature expense		(153,425	)		(393,345	)
Change in derivative liability		-			46,770
Others, net		154,404			15,399
Total other income (expense)		(352,994	)		(464,826	)
Net income		6,553,460			4,601,367
Dividend required for preferred stockholders		(1,244,043	)		-
Net income available to common shareholders		5,309,417			4,601,367
Other comprehensive income (loss)
Foreign currency translation gain (loss)		(313,469	)		777,795
Comprehensive income	$	4,995,948		$	5,379,162
Net income per share
Basic	$	0.07		$	0.06
Diluted	$	0.06		$	0.06
Weighted average number of shares outstanding
Basic		89,772,302			81,648,554
Diluted		117,579,469			81,648,554

SINO GREEN LAND CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
		2009			2008
Cash flows from operating activities
Net income	$	6,553,460		$	4,601,367
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		79,178			83,694
Amortization		627,304			508,713
Warrant expense		290,091			-
Beneficial conversion feature		153,425			393,345
Gain from debt forgiveness		(162,949	)		-
Change in derivative liability		–			(46,770	)
Debt discount (part of interest expense)		–			71,266
Decrease / (Increase) in current assets
Accounts receivable		29,140			5,893
Inventories		6,957			23,992
Other current assets		(285,095	)		(8,160	)
Deposit		(365,450	)		–
Advances		(4,113,619	)		(23,745	)
Long-term prepaid expense		(3,363,950	)		(7,209,225	)
Increase in current liabilities
Accounts payable & accrued expense		(367,118	)		1,190,819
Advances from customer		(7,629	)		(26,579	)
Tax payables		156			68
Other payables		128,410			558,905
Net cash provided by operating activities		(797,689	)		123,583
Cash flows from investing activities
Acquisition of plant, property, and equipment		(487,221	)		(4,276	)
Cash flows from financing activities
Proceeds from (payment to) issuance of convertible notes		(502,684	)		500,000
Proceeds from issuance of preferred stock and warrants		1,555,000			–
Proceeds from issuance of common stock and warrants		1,636,000			–
Proceeds from (payments to) related parties		226,405			(603,970	)
Net cash provided by (used in) financing activities		2,914,721			(103,970	)
Effect of exchange rate change on cash and cash equivalents		(187,055	)		86,477
Net increase in cash and cash equivalents		1,442,756			101,814
Cash and cash equivalents, beginning balance		544,860			443,046
Cash and cash equivalents, ending balance	$	1,987,616		$	544,860

Supplement disclosure of cash flow information
Interest expense paid	$	104,800		$	–
Income taxes paid	$	–		$	–

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Sino Green Land Corp (SGLA)

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