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IKTO... could pull a SREH imo
IKTO is it the next SREH???? No idea but I'm willing to take the chance... in @ .0032
IKTO is it the next SREH???? No idea but I'm willing to take the chance... in @ .0032
EHYD ^128%
Watching that one, not much volume but looks like it could be a profitable trade... reminds me of that one we played a while back that was pretty illiquid but pretty predictable as well, EXO or something like that?
CNEX ~ Added more on the dip this morning.
CNEX ~ Added more on the dip this morning.
EHYD up 100%
EHYD up 100% and going... another Money Runner
eHydrogen Solutions Files Annual Report: Positioned for Growth With Asset Increase of 1,355%
RENO, NV, Jun 03, 2010 (eTeligis.com via COMTEX) eHydrogen Solutions, Inc. (Pinksheets:EHYD - News) files financial report for the period ending March 31, 2010. $15.9 million in Revenue since inception and 1,360% increase in Assets.
The Company posted revenue of $15.9 million since inception and increased its Assets by 1,360% from the same period last year.
Pursuant to the Company's policy of investor transparency, the Company maintains regular public disclosures and filings with the OTC Disclosure Service. Further disclosures will be filed detailing the company's ongoing activities.
The Company's portfolio possesses of core proprietary On Demand Hydrogen Production (ODHP) technologies that have a preliminary market valuation at least tenfold its acquisition valuation of $6,736,000.
As a result of recent acquisitions and development progress in its core ODHP technolgies, eHydrogen Solutions (eHs) has emerged as a focused Intellectual Property and Technology holding company that specializes in the acquisition and development of ODHP technologies designed to produce hydrogen in the most cost effective, environmentally friendly and sustainable manner possible for integration in to a wide variety of clean energy solutions.
The Company has made important technical and financial resources available to support this strategic paradigm shift in its development strategy. Included are a corporate-wide re-branding and the commencement of its pioneering Development & Demonstration Collaboration program of its proprietary On Demand Hydrogen Production (ODHP) Technologies.
The addition of advanced Photoelectrolysis, artificial Photosynthesis and reactive metal technologies to eHs' core ODHP technologies, particularly its H-Solaris and H2-Reactor Distributed Energy projects, has increased the volume of on-site hydrogen to levels sufficient to meet the fuelling requirements of Combined Heat & Power systems, Distributed Powers solutions, including Hydrogen Fuel Cell Vehicles. This has important potential implications, since hydrogen can be produced on-site, at little cost using no outside energy source, on the sun or reactive metals and water; and does not need to be transported or stored.
As a result of recent acquisitions and development progress in its core ODHP technolgies, eHydrogen Solutions (eHs) has emerged as a focused Intellectual Property and Technology holding company that specializes in the acquisition and development of ODHP technologies designed to produce hydrogen in the most cost effective, environmentally friendly and sustainable manner possible for integration in to a wide variety of clean energy solutions.
The Company encourages collaboration with public, private and institutional partners in all phases of the development cycle; and accepts submissions from both joint venture development partners and inventors on its website at http://www.eHydrogenSolutions.com/.
The Company recently announced it had increased its focus and resources to the critical Technology Development & Demonstration phase of the Innovative Cycle, which includes Prototype, Demonstration and Market Analysis through collaboration. The Company believes its acquisition and growth-oriented business plan will provide stockholders with consistent equity growth and access to the multi-billion dollar alternative energy industry through its licensing and distribution of hydrogen-powered energy systems and solutions.
The Company continues to develop and license a variety of technologies and power systems founded on its core ODHP holdings and will make further announcements on the progress of each of these new initiatives as the various technologies are integrated into its development and partnership programs.
The Company believes its acquisition and growth-oriented business plan will provide stockholders with consistent equity growth and access to the multi-billion dollar alternative energy industry through its licensing and distribution of hydrogen-powered energy systems and solutions.
About eHydrogen SolutionseHydrogen Solutions (eHs) specializes in the development of On Demand Hydrogen Production (ODHP) technologies designed to produce hydrogen in the most cost effective, environmentally friendly and sustainable manner possible for integration in to a number of clean energy Distributed Power solutions. In addition to providing an "on demand" hydrogen technologies for aftermarket hydrogen enhancement applications that increases the efficiency of virtually any combustion process, eHs portfolio of On Demand Hydrogen Production (ODHP) technologies enables the integration with fuel cell applications, advanced battery technologies, Combined Power & Heating systems, Hydrogen Internal Combustion Engines (HICE) and other energy efficient and environmentally friendly power generating devices.
eHs' proprietary ODHP technologies are available to qualified partners in a wide variety of vertical and/or geographic markets worldwide, through joint development/ adaptation, distribution and production agreements.
Safe-HarborThis release contains statements or projections regarding future performance that is forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. The company's filings contain various RISK FACTORS (and are incorporated on the Company's website "Investors" section by reference) and should be read before any investment decision. The company maintains its web site at: http://www.eHydrogenSolutions.com/
Contact:
Investor Relations
Tel: +1 (775)-636-6077
info@eHydrogenSolutions.com
EHYD financial news out:
eHydrogen Solutions Files Annual Report: Positioned for Growth With Asset Increase of 1,355%
RENO, NV, Jun 03, 2010 (eTeligis.com via COMTEX) eHydrogen Solutions, Inc. (Pinksheets:EHYD - News) files financial report for the period ending March 31, 2010. $15.9 million in Revenue since inception and 1,360% increase in Assets.
The Company posted revenue of $15.9 million since inception and increased its Assets by 1,360% from the same period last year.
Pursuant to the Company's policy of investor transparency, the Company maintains regular public disclosures and filings with the OTC Disclosure Service. Further disclosures will be filed detailing the company's ongoing activities.
The Company's portfolio possesses of core proprietary On Demand Hydrogen Production (ODHP) technologies that have a preliminary market valuation at least tenfold its acquisition valuation of $6,736,000.
As a result of recent acquisitions and development progress in its core ODHP technolgies, eHydrogen Solutions (eHs) has emerged as a focused Intellectual Property and Technology holding company that specializes in the acquisition and development of ODHP technologies designed to produce hydrogen in the most cost effective, environmentally friendly and sustainable manner possible for integration in to a wide variety of clean energy solutions.
The Company has made important technical and financial resources available to support this strategic paradigm shift in its development strategy. Included are a corporate-wide re-branding and the commencement of its pioneering Development & Demonstration Collaboration program of its proprietary On Demand Hydrogen Production (ODHP) Technologies.
The addition of advanced Photoelectrolysis, artificial Photosynthesis and reactive metal technologies to eHs' core ODHP technologies, particularly its H-Solaris and H2-Reactor Distributed Energy projects, has increased the volume of on-site hydrogen to levels sufficient to meet the fuelling requirements of Combined Heat & Power systems, Distributed Powers solutions, including Hydrogen Fuel Cell Vehicles. This has important potential implications, since hydrogen can be produced on-site, at little cost using no outside energy source, on the sun or reactive metals and water; and does not need to be transported or stored.
As a result of recent acquisitions and development progress in its core ODHP technolgies, eHydrogen Solutions (eHs) has emerged as a focused Intellectual Property and Technology holding company that specializes in the acquisition and development of ODHP technologies designed to produce hydrogen in the most cost effective, environmentally friendly and sustainable manner possible for integration in to a wide variety of clean energy solutions.
The Company encourages collaboration with public, private and institutional partners in all phases of the development cycle; and accepts submissions from both joint venture development partners and inventors on its website at http://www.eHydrogenSolutions.com/.
The Company recently announced it had increased its focus and resources to the critical Technology Development & Demonstration phase of the Innovative Cycle, which includes Prototype, Demonstration and Market Analysis through collaboration. The Company believes its acquisition and growth-oriented business plan will provide stockholders with consistent equity growth and access to the multi-billion dollar alternative energy industry through its licensing and distribution of hydrogen-powered energy systems and solutions.
The Company continues to develop and license a variety of technologies and power systems founded on its core ODHP holdings and will make further announcements on the progress of each of these new initiatives as the various technologies are integrated into its development and partnership programs.
The Company believes its acquisition and growth-oriented business plan will provide stockholders with consistent equity growth and access to the multi-billion dollar alternative energy industry through its licensing and distribution of hydrogen-powered energy systems and solutions.
About eHydrogen SolutionseHydrogen Solutions (eHs) specializes in the development of On Demand Hydrogen Production (ODHP) technologies designed to produce hydrogen in the most cost effective, environmentally friendly and sustainable manner possible for integration in to a number of clean energy Distributed Power solutions. In addition to providing an "on demand" hydrogen technologies for aftermarket hydrogen enhancement applications that increases the efficiency of virtually any combustion process, eHs portfolio of On Demand Hydrogen Production (ODHP) technologies enables the integration with fuel cell applications, advanced battery technologies, Combined Power & Heating systems, Hydrogen Internal Combustion Engines (HICE) and other energy efficient and environmentally friendly power generating devices.
eHs' proprietary ODHP technologies are available to qualified partners in a wide variety of vertical and/or geographic markets worldwide, through joint development/ adaptation, distribution and production agreements.
Safe-HarborThis release contains statements or projections regarding future performance that is forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. The company's filings contain various RISK FACTORS (and are incorporated on the Company's website "Investors" section by reference) and should be read before any investment decision. The company maintains its web site at: http://www.eHydrogenSolutions.com/
Contact:
Investor Relations
Tel: +1 (775)-636-6077
info@eHydrogenSolutions.com
CHLO .10/.15, financial news out:
China Logistics Group Reports Financial Results for the First Quarter of 2010
SHANGHAI, CHINA, Jun 03, 2010 (MARKETWIRE via COMTEX) -- China Logistics Group, Inc. (OTCBB: CHLO), an international freight forwarder and logistics management company, announced today its financial results for the first quarter of 2010.
Financial Highlights
-1st quarter 2010 revenue increases to $5.4 million, up 69% from $3.2 Million in the 1st quarter of 2009 -1st quarter 2010 Non-GAAP Net Income of $207,000 versus loss of ($409,000) in 1st quarter of 2009
-1st quarter 2010 Non-GAAP basic EPS of $0.01 versus ($0.01) in 1st quarter of 2009 -1st quarter 2010 GAAP net loss of ($28,000) after inclusion of a non-cash charge of ($232,000) for the increase in derivative liability -1st quarter 2010 GAAP basic EPS of $0.00 versus $0.09 in first quarter of 2009
First Quarter 2010 Financial Results
Net revenues for the first quarter of 2010 were $5.4 million, an increase of 69% compared to the $3.2 million recorded in the first quarter of 2009. The increase in revenue is largely attributable to a stronger overall business environment in 2010 as compared to 2009.
Cost of goods sold for the first quarter of 2010 were $5.0 million, as compared to $3.3 million in the first quarter of 2009. Gross profit margin was 7.4% in the first quarter of 2010 as compared to (3.0%) in the first quarter of 2009. The increase in margin in the first quarter of 2010 was mainly due to increased shipping activity in an overall improving economic environment. Operating expenses for the first quarter of 2010 were $209,000, as compared to $320,000 in the first quarter of 2009. The Company's operating expenses are comprised of selling expenses and general and administrative expenses.
On a non-GAAP basis, net income for the first quarter of 2010 was $207,000 as compared to a non-GAAP loss of ($409,000) in the first quarter of 2009. This resulted in non-GAAP basic EPS of $0.01 as compared to non-GAAP basic EPS of ($0.01) in the first quarter of 2009 after deducting all non-cash items including $232,000 related to the increase in the fair market value of outstanding warrants treated as derivative liabilities. On a GAAP basis the Company recorded a net loss of ($28,000) as compared to net income of $3.0 million in the first quarter of 2009 (inclusive of a gain of $3.4 million from the reduction in fair market value of the same warrants). This resulted in GAAP basic EPS of $0.00 as compared to basic GAAP EPS of $0.09 in the first quarter of 2009.
At March 31, 2010 the Company had cash of $1.5 million as compared to $1.7 million at December 31, 2009.
Commenting on China Logistics Group's financial performance, Wei Chen, its CEO and Chairman, stated, "We are pleased with our performance in the first quarter. We increased sales over 69% from the same period in 2009 and were operationally profitable for the first quarter of 2010. Our efforts to cut costs reduced operating expenses as a percentage of revenue and our business climate has significantly improved creating positive momentum for our business as we move into the remainder of 2010. We believe our business will continue to improve as the demand for logistic services in and out of China continues to grow and we intend to work diligently on behalf of our company and its shareholders."
About China Logistics Group, Inc. China Logistics Group, Inc. is a U.S. company doing business in China through its 51% ownership in its subsidiary Shandong Jiajia International Freight & Forwarding Co., Ltd. (Shandong Jiajia). Established in 1999; Shandong Jiajia is an international freight forwarder and logistics manager located in China. Shandong Jiajia acts as an agent for international freight and shipping companies. It sells cargo space and arranges land, maritime, and air international transportation for clients seeking primarily to export goods from China.
Since its formation in 1999, Shandong Jiajia has offered its clients a comprehensive service package which includes receipt of goods, warehousing, transporting shipments, consolidation of freight, customs declaration, inspection declaration, multimodal transport, and combined large-scale logistics.
The Company has established relationships with both domestic and international transportation service providers. Shandong Jiajia has been an agent of world known shipping companies including NYK (Nippon Yusen Kaisha), P&O (Nedlloyd), and RCL (Regional Container Lines). Shandong JiaJia has branch offices in major seaport cities in China including Shanghai, Qingdao, Xiamen, and Lianyungang.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended
March 31,
2010 2009
------------- -------------
(Restated)
Sales $ 5,424,157 $ 3,198,572
Cost of sales 5,013,525 3,289,589
------------- -------------
Gross profit 410,632 (91,017)
------------- -------------
Operating expenses:
Selling, general and
administrative 198,879 316,408
Depreciation and amortization 2,898 2,351
Bad debt expense - 1,244
------------- -------------
Total operating expenses 201,778 320,003
------------- -------------
Income (loss) from operations 208,855 (411,020)
------------- -------------
Other income (expenses):
Other income 1,275
Change in fair value of
derivative liability (232,186) 3,388,993
Interest (expense) income (1,029) 1,021
------------- -------------
Total other (expenses) income (231,940) 3,390,014
------------- -------------
(Loss) income before income taxes (23,085) 2,978,994
------------- -------------
Foreign taxes 5,193 1,826
------------- -------------
Net (loss) income (28,278) 2,977,168
------------- -------------
Less: Net income (loss)
attributable to the
noncontrolling interest 106,818 (144,579)
------------- -------------
Net (loss) income attributable to
China Logistics Group, Inc. (135,096) 3,121,747
------------- -------------
Other comprehensive income (loss):
Foreign currency translation
adjustments 4,101 45,968
------------- -------------
Comprehensive (loss) income $ (130,995) $ 3,032,479
============= =============
Earnings (loss) per common share:
Basic $ (0.00) $ 0.09
============= =============
Diluted $ (0.00) $ 0.08
============= =============
Weighted average number of shares
outstanding:
Basic 34,508,203 34,508,203
============= =============
Diluted 34,508,203 39,008,203
============= =============
CHINA LOGISTICS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
March 31,
2010 2009
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash $ 1,455,436 $ 1,720,838
Accounts receivable, net 2,797,725 2,923,990
Other receivables 1,255,835 1,100,662
Advance to vendors 219,760 146,062
Due from related parties 343,358 447,032
------------- -------------
Total current assets 6,072,114 6,338,584
Property and equipment, net 26,046 39,748
------------- -------------
Total assets $ 6,098,160 $ 6,378,332
============= =============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable - trade 1,965,606 2,733,820
Accrued registration rights penalty 1,597,000 1,597,000
Other accruals and current liabilities 848,375 535,576
Advances from customers 892,974 475,358
Due to related parties 360,815 814,226
Foreign tax payable 17,912 18,784
------------- -------------
Total current liabilities 5,682,682 6,174,764
Derivative Liability 2,767,691 2,535,505
------------- -------------
Total liabilities 8,450,373 8,710,269
------------- -------------
Deficit:
China Logistics Group, Inc. shareholders'
equity
Preferred stock - $0.001 par value,
10,000,000 shares authorized Series B
convertible preferred stock - 450,000 issued
and outstanding at March 31, 2010 and
December 31, 2009 450 450
Common stock, $.001 par value, 500,000,000
shares authorized; 34,508,203 shares issued
and outstanding at March 31, 2010 and
December 31, 2009 34,508 34,508
Additional paid-in capital 17,057,203 17,057,203
Accumulated deficit (19,676,799) (19,541,703)
Accumulated other comprehensive loss (174,407) (178,505)
------------- -------------
Total China Logistics Group, Inc.
shareholders' equity (deficit) (2,759,045) (2,628,047)
------------- -------------
Noncontrolling interest 406,832 296,110
------------- -------------
Total deficit (2,351,213) (2,331,937)
------------- -------------
Total liabilities and deficit $ 6,098,160 $ 6,378,332
============= =============
============= =============
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME
The following table reconciles the calculation of net income per share on a basic and fully diluted basis from the amounts reported in accordance with generally accepted accounting principles ("GAAP") to such amounts before giving effect to the following non-cash items: depreciation and amortization and gain or loss due to the change in fair value of derivative liability. This disclosure is being provided as we believe it is meaningful to our investors and other interested parties to understand our operating performance on a consistent basis without regard to the impact of expenses linked to market fluctuations. The presentation of the non-GAAP information titled "Non-GAAP net income," "Non-GAAP net loss," "Non-GAAP basic EPS" and "Non-GAAP diluted EPS" is not meant to be considered in isolation or as a substitute for net income or diluted income per share prepared in accordance with GAAP.
Three Months Three Months
Ended March Ended March 31,
31, 2010 2009
------------- ----------------
Unaudited Unaudited
------------- ----------------
Restated
GAAP net income $ (28,278) $ 2,977,168
Depreciation and Amortization expense 2,898 2,351
Change in fair value of derivative
liability 232,186 (3,388,993)
------------- ----------------
Non-GAAP net income 206,806 (409,474)
------------- ----------------
Weighted Average Common Shares
Outstanding - basic and diluted 34,508,203 34,508,203
GAAP Earnings applicable to common
stockholders $ (28,278) $ 2,977,168
GAAP Basic EPS (0.00) 0.09
GAAP Diluted EPS (0.00) 0.09
Non-GAAP Earnings applicable to common
stockholders 206,806 (409,474)
Non-GAAP Basic EPS 0.01 (0.01)
Non-GAAP Diluted EPS $ 0.01 $ (0.01)
------------- ----------------
Shares used in basic net income per-share
calculation - GAAP 34,508,203 34,508,203
Shares used in basic net income per-share
calculation - Non-GAAP 34,508,203 34,508,203
Shares used in diluted net income per-
share calculation - GAAP 34,508,203 34,508,203
Shares used in diluted net income per-
share calculation - Non-GAAP 34,508,203 34,508,203
Safe Harbor Statement
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco Metals, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our guidance and expectations regarding revenues, net income and earnings. In addition, any such statements are qualified in their entirety by reference to, and are accompanied by, the following key factors that have a direct bearing on our results of operations:
-- our ability to continue as a going concern;
-- risks from Securities and Exchange Commission litigation;
-- the loss of the services of any of our executive officers or the loss
of services of any of our key persons responsible for the management,
sales, marketing and operations efforts of our subsidiaries;
-- continuing material weaknesses in our disclosure controls and
procedures and internal control over financial reporting which may
lead to additional restatements of our financial statements;
-- our dependence upon advisory services provided by a U.S. company due
to our management's location in the PRC;
-- Our reliance on overseas cargo agents to provide services to us and to
our customers;
-- Significant credit risks in the operation of our business;
-- Difficulties in effecting service of legal process, enforcing foreign
judgments or bringing original actions in China based on United States
or other foreign laws;
-- Fluctuation in the value of the renminbi (rmb);
-- Substantially all of our assets and all of our operations are located
in the PRC and are subject to changes resulting from the political and
economic policies of the Chinese government;
-- The Chinese government exerts substantial influence over the manner in
which we must conduct our business activities;
-- A slowdown in the Chinese economy or an increase in its inflation
rate;
-- Any recurrence of severe acute respiratory syndrome, or SARS, or
another widespread public health problem;
-- Restrictions on currency exchange;
-- Chinese laws and regulations governing our business operations are
sometimes vague and uncertain and the effects of any changes in such
laws and regulations;
-- Our ability to enforce our rights due to policies regarding the
regulation of foreign investments in the PRC;
-- The dilutive effects of an exercise of our outstanding warrants and
the possible conversion of our Series B Convertible Preferred stock;
-- Our lack of various corporate governance measures, in the absence of
which, shareholders may have more limited protections against
interested director transactions, conflicts of interest and similar
matters;
-- The impact of "penny stock" status and lack of liquidity of our stock
which currently trades and is quoted on the OTC bulletin board; and
-- The impact of the cashless exercise provisions of our outstanding
warrants.
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2009.
Contact:
China Logistics Group, Inc.
Lillian Wong
Investor Relations
954-363-7333
ir@chinalogisticsinc.com
CHLO .10/.15, financial news out:
China Logistics Group Reports Financial Results for the First Quarter of 2010
SHANGHAI, CHINA, Jun 03, 2010 (MARKETWIRE via COMTEX) -- China Logistics Group, Inc. (OTCBB: CHLO), an international freight forwarder and logistics management company, announced today its financial results for the first quarter of 2010.
Financial Highlights
-1st quarter 2010 revenue increases to $5.4 million, up 69% from $3.2 Million in the 1st quarter of 2009 -1st quarter 2010 Non-GAAP Net Income of $207,000 versus loss of ($409,000) in 1st quarter of 2009
-1st quarter 2010 Non-GAAP basic EPS of $0.01 versus ($0.01) in 1st quarter of 2009 -1st quarter 2010 GAAP net loss of ($28,000) after inclusion of a non-cash charge of ($232,000) for the increase in derivative liability -1st quarter 2010 GAAP basic EPS of $0.00 versus $0.09 in first quarter of 2009
First Quarter 2010 Financial Results
Net revenues for the first quarter of 2010 were $5.4 million, an increase of 69% compared to the $3.2 million recorded in the first quarter of 2009. The increase in revenue is largely attributable to a stronger overall business environment in 2010 as compared to 2009.
Cost of goods sold for the first quarter of 2010 were $5.0 million, as compared to $3.3 million in the first quarter of 2009. Gross profit margin was 7.4% in the first quarter of 2010 as compared to (3.0%) in the first quarter of 2009. The increase in margin in the first quarter of 2010 was mainly due to increased shipping activity in an overall improving economic environment. Operating expenses for the first quarter of 2010 were $209,000, as compared to $320,000 in the first quarter of 2009. The Company's operating expenses are comprised of selling expenses and general and administrative expenses.
On a non-GAAP basis, net income for the first quarter of 2010 was $207,000 as compared to a non-GAAP loss of ($409,000) in the first quarter of 2009. This resulted in non-GAAP basic EPS of $0.01 as compared to non-GAAP basic EPS of ($0.01) in the first quarter of 2009 after deducting all non-cash items including $232,000 related to the increase in the fair market value of outstanding warrants treated as derivative liabilities. On a GAAP basis the Company recorded a net loss of ($28,000) as compared to net income of $3.0 million in the first quarter of 2009 (inclusive of a gain of $3.4 million from the reduction in fair market value of the same warrants). This resulted in GAAP basic EPS of $0.00 as compared to basic GAAP EPS of $0.09 in the first quarter of 2009.
At March 31, 2010 the Company had cash of $1.5 million as compared to $1.7 million at December 31, 2009.
Commenting on China Logistics Group's financial performance, Wei Chen, its CEO and Chairman, stated, "We are pleased with our performance in the first quarter. We increased sales over 69% from the same period in 2009 and were operationally profitable for the first quarter of 2010. Our efforts to cut costs reduced operating expenses as a percentage of revenue and our business climate has significantly improved creating positive momentum for our business as we move into the remainder of 2010. We believe our business will continue to improve as the demand for logistic services in and out of China continues to grow and we intend to work diligently on behalf of our company and its shareholders."
About China Logistics Group, Inc. China Logistics Group, Inc. is a U.S. company doing business in China through its 51% ownership in its subsidiary Shandong Jiajia International Freight & Forwarding Co., Ltd. (Shandong Jiajia). Established in 1999; Shandong Jiajia is an international freight forwarder and logistics manager located in China. Shandong Jiajia acts as an agent for international freight and shipping companies. It sells cargo space and arranges land, maritime, and air international transportation for clients seeking primarily to export goods from China.
Since its formation in 1999, Shandong Jiajia has offered its clients a comprehensive service package which includes receipt of goods, warehousing, transporting shipments, consolidation of freight, customs declaration, inspection declaration, multimodal transport, and combined large-scale logistics.
The Company has established relationships with both domestic and international transportation service providers. Shandong Jiajia has been an agent of world known shipping companies including NYK (Nippon Yusen Kaisha), P&O (Nedlloyd), and RCL (Regional Container Lines). Shandong JiaJia has branch offices in major seaport cities in China including Shanghai, Qingdao, Xiamen, and Lianyungang.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended
March 31,
2010 2009
------------- -------------
(Restated)
Sales $ 5,424,157 $ 3,198,572
Cost of sales 5,013,525 3,289,589
------------- -------------
Gross profit 410,632 (91,017)
------------- -------------
Operating expenses:
Selling, general and
administrative 198,879 316,408
Depreciation and amortization 2,898 2,351
Bad debt expense - 1,244
------------- -------------
Total operating expenses 201,778 320,003
------------- -------------
Income (loss) from operations 208,855 (411,020)
------------- -------------
Other income (expenses):
Other income 1,275
Change in fair value of
derivative liability (232,186) 3,388,993
Interest (expense) income (1,029) 1,021
------------- -------------
Total other (expenses) income (231,940) 3,390,014
------------- -------------
(Loss) income before income taxes (23,085) 2,978,994
------------- -------------
Foreign taxes 5,193 1,826
------------- -------------
Net (loss) income (28,278) 2,977,168
------------- -------------
Less: Net income (loss)
attributable to the
noncontrolling interest 106,818 (144,579)
------------- -------------
Net (loss) income attributable to
China Logistics Group, Inc. (135,096) 3,121,747
------------- -------------
Other comprehensive income (loss):
Foreign currency translation
adjustments 4,101 45,968
------------- -------------
Comprehensive (loss) income $ (130,995) $ 3,032,479
============= =============
Earnings (loss) per common share:
Basic $ (0.00) $ 0.09
============= =============
Diluted $ (0.00) $ 0.08
============= =============
Weighted average number of shares
outstanding:
Basic 34,508,203 34,508,203
============= =============
Diluted 34,508,203 39,008,203
============= =============
CHINA LOGISTICS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
March 31,
2010 2009
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash $ 1,455,436 $ 1,720,838
Accounts receivable, net 2,797,725 2,923,990
Other receivables 1,255,835 1,100,662
Advance to vendors 219,760 146,062
Due from related parties 343,358 447,032
------------- -------------
Total current assets 6,072,114 6,338,584
Property and equipment, net 26,046 39,748
------------- -------------
Total assets $ 6,098,160 $ 6,378,332
============= =============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable - trade 1,965,606 2,733,820
Accrued registration rights penalty 1,597,000 1,597,000
Other accruals and current liabilities 848,375 535,576
Advances from customers 892,974 475,358
Due to related parties 360,815 814,226
Foreign tax payable 17,912 18,784
------------- -------------
Total current liabilities 5,682,682 6,174,764
Derivative Liability 2,767,691 2,535,505
------------- -------------
Total liabilities 8,450,373 8,710,269
------------- -------------
Deficit:
China Logistics Group, Inc. shareholders'
equity
Preferred stock - $0.001 par value,
10,000,000 shares authorized Series B
convertible preferred stock - 450,000 issued
and outstanding at March 31, 2010 and
December 31, 2009 450 450
Common stock, $.001 par value, 500,000,000
shares authorized; 34,508,203 shares issued
and outstanding at March 31, 2010 and
December 31, 2009 34,508 34,508
Additional paid-in capital 17,057,203 17,057,203
Accumulated deficit (19,676,799) (19,541,703)
Accumulated other comprehensive loss (174,407) (178,505)
------------- -------------
Total China Logistics Group, Inc.
shareholders' equity (deficit) (2,759,045) (2,628,047)
------------- -------------
Noncontrolling interest 406,832 296,110
------------- -------------
Total deficit (2,351,213) (2,331,937)
------------- -------------
Total liabilities and deficit $ 6,098,160 $ 6,378,332
============= =============
============= =============
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME
The following table reconciles the calculation of net income per share on a basic and fully diluted basis from the amounts reported in accordance with generally accepted accounting principles ("GAAP") to such amounts before giving effect to the following non-cash items: depreciation and amortization and gain or loss due to the change in fair value of derivative liability. This disclosure is being provided as we believe it is meaningful to our investors and other interested parties to understand our operating performance on a consistent basis without regard to the impact of expenses linked to market fluctuations. The presentation of the non-GAAP information titled "Non-GAAP net income," "Non-GAAP net loss," "Non-GAAP basic EPS" and "Non-GAAP diluted EPS" is not meant to be considered in isolation or as a substitute for net income or diluted income per share prepared in accordance with GAAP.
Three Months Three Months
Ended March Ended March 31,
31, 2010 2009
------------- ----------------
Unaudited Unaudited
------------- ----------------
Restated
GAAP net income $ (28,278) $ 2,977,168
Depreciation and Amortization expense 2,898 2,351
Change in fair value of derivative
liability 232,186 (3,388,993)
------------- ----------------
Non-GAAP net income 206,806 (409,474)
------------- ----------------
Weighted Average Common Shares
Outstanding - basic and diluted 34,508,203 34,508,203
GAAP Earnings applicable to common
stockholders $ (28,278) $ 2,977,168
GAAP Basic EPS (0.00) 0.09
GAAP Diluted EPS (0.00) 0.09
Non-GAAP Earnings applicable to common
stockholders 206,806 (409,474)
Non-GAAP Basic EPS 0.01 (0.01)
Non-GAAP Diluted EPS $ 0.01 $ (0.01)
------------- ----------------
Shares used in basic net income per-share
calculation - GAAP 34,508,203 34,508,203
Shares used in basic net income per-share
calculation - Non-GAAP 34,508,203 34,508,203
Shares used in diluted net income per-
share calculation - GAAP 34,508,203 34,508,203
Shares used in diluted net income per-
share calculation - Non-GAAP 34,508,203 34,508,203
Safe Harbor Statement
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco Metals, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our guidance and expectations regarding revenues, net income and earnings. In addition, any such statements are qualified in their entirety by reference to, and are accompanied by, the following key factors that have a direct bearing on our results of operations:
-- our ability to continue as a going concern;
-- risks from Securities and Exchange Commission litigation;
-- the loss of the services of any of our executive officers or the loss
of services of any of our key persons responsible for the management,
sales, marketing and operations efforts of our subsidiaries;
-- continuing material weaknesses in our disclosure controls and
procedures and internal control over financial reporting which may
lead to additional restatements of our financial statements;
-- our dependence upon advisory services provided by a U.S. company due
to our management's location in the PRC;
-- Our reliance on overseas cargo agents to provide services to us and to
our customers;
-- Significant credit risks in the operation of our business;
-- Difficulties in effecting service of legal process, enforcing foreign
judgments or bringing original actions in China based on United States
or other foreign laws;
-- Fluctuation in the value of the renminbi (rmb);
-- Substantially all of our assets and all of our operations are located
in the PRC and are subject to changes resulting from the political and
economic policies of the Chinese government;
-- The Chinese government exerts substantial influence over the manner in
which we must conduct our business activities;
-- A slowdown in the Chinese economy or an increase in its inflation
rate;
-- Any recurrence of severe acute respiratory syndrome, or SARS, or
another widespread public health problem;
-- Restrictions on currency exchange;
-- Chinese laws and regulations governing our business operations are
sometimes vague and uncertain and the effects of any changes in such
laws and regulations;
-- Our ability to enforce our rights due to policies regarding the
regulation of foreign investments in the PRC;
-- The dilutive effects of an exercise of our outstanding warrants and
the possible conversion of our Series B Convertible Preferred stock;
-- Our lack of various corporate governance measures, in the absence of
which, shareholders may have more limited protections against
interested director transactions, conflicts of interest and similar
matters;
-- The impact of "penny stock" status and lack of liquidity of our stock
which currently trades and is quoted on the OTC bulletin board; and
-- The impact of the cashless exercise provisions of our outstanding
warrants.
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2009.
Contact:
China Logistics Group, Inc.
Lillian Wong
Investor Relations
954-363-7333
ir@chinalogisticsinc.com
SSWC ~ Grabbed me some today, low profile lotto with a no fluff story.
8k out last week showing a reverse merger is in process.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7284391
MEE ~ beware of deathcross:
http://stockcharts.com/h-sc/ui?s=mee
gap down followed by a green day with a lower high = not good
Getting close to breakout time IMO... Maybe one more retrace from the top channel at most if you ask me
Well seeing as how HDSN is moving to best ask every time the bid gets wiped out I think it's pretty obvious that there are definitely some shares entering the market here... Still adding on this dip as dilution seemed to be absorb all last month and it ran just fine.
Not going to be pretty if news doesn't come out this week IMO
No one can verify it until the T/A does but I personally think HDSN is diluting on ask... not huge dumping though so that's good, looks like it's being absorbed modestly.
Ummm... I can promise you I will be the hell out of here actually, already took a 68% loss on my holding here in my regular account. The ONLY reason I'm not selling the rest is because it is in an IRA so there I can't even take the tax write off... I had 30,000 and I'm down to less than 10k... I know how to take a loss, not like I didn't have enough gains to use a write off against anyways.
SHAKE SHAKE SHAKE SHAKE YOUR BOOTYYYYYYY
.0047 IMHO (20 day sma)... ETMM loading @ .0052, taken on 3 million so far
So if your so adamant about this going to .003's who do you think the guy who just dropped $10,000 on a sub penny is taking advance from? Because it's definitely not you...
Lol 5k whack drops one .0053, duhhh!!! lmao
Watching for those .0053's bids to get pulled. I'd be bidding right above .0047 (20 day sma) for more shares, which I am.. glta, days like these are when it gets really fun
Gap it up to make you think you'll see green and then open it red, gotta hand it to you alls trying to shake shares, you're doing a textbook job on the l2
Except not. Because why would I have shame in bashing a stock that was clearly a scam? I did what I consider my moral duty, what did you do? Guess it just depends on how one was raised. Some are for helping their brothers and sisters while others are for taking their dinner.
GS, looking for more red here as well:
http://stockcharts.com/h-sc/ui?s=gs
Not me, I somehow managed to pick up 20,000,000,000,000,000 shares of this pos @ .00000001 thinking I was going to make a gazillion trillion % on up to the buyout
That's getting announced right???? Hope all the shameless pumpers that were here think about the people who put profits in their pocket.
If MMs want this to run they will trade with each other back and forth upticking as they go
You mean when people like DOMS show up on ask @ .0059 for 6,000,000 shares and then dumps the last 3 mil below the bid.
Oh and then all of them parked @ .0053 and they would have pulled all of them as soon as the first bid hit to create panic. For once retail was out before the MM's on this first run and the MM's are having a hard time getting shares down here because there is simply too much support on this stock right now. Anyone notice ETMM the last week or so? He was a HUGE seller a week or so ago and recently he has been our best support. I have seen him hold a bid on here like it was nothing.
And what was DOMS doing today? Looked like a nice handoff to me. I'm not saying this isn't going through consolidation but one would be crazy to not to buy dips on... after all the trend is your friend
I think someone is late to the party. What if a top dog from K**X wanted in down here, you don't think they'd walk it down for him?
The main thing though in pennies, as ironically is always the case... is that retail players don't panic. MM's make the most money when retail panics. Heck, everybody seems to make the most money when retail investors panic.. cough... march lows, cough cough
UA, so far the gap is holding but I expect a full retrace with the market tomorrow. I love UA long and add to my position anytime it dips under $30 so I'm hoping for more red.
http://stockcharts.com/h-sc/ui?s=ua
What am I? Chopped liver?
Took a starter here today, nice developments with no ihub chatter and stealth volume, me smells front loading in anticipation of a PUMPPPPPPP
don't chase
Amazing what one day can do for a chart, most all indicators have either proven to have 'bottomed out' and given buy signals or buy signals are pending.
1.) MACD bullish crossover today
2.) RSI cross above 50.00
3.) PPO pending bullish signal crossover
4.) ADX starting to converge
5.) Full stochastic above 50.00
6.) Accumulation/Distribution coming off bottom
7.) MFI coming off bottom
8.) Improving Aroon
9.) Low volume green day implying shares are few and far between down here
I can honestly say that I have not ever seen a chart in the pennies looking as bullish as this one heading into the summer season, which is typically a hot couple months in the penny market
Have a good night everyone
pisa
Why isn't the DOW @ 30,000 by now like Robert Zuccaro said it would be way back when??? I want a refund.
Try google to figure that reference out
Level 2 says that we've cleared out alot of weak hands today, and those who flipped the gap are trying like hell to get back in on bid before the close. Looking for another churn day at the outset tomorrow with green to follow IMO. If you're in the red, barring any unforeseen dumping (which I think we would have seen today if we were going to see it) this .006 and under level is a good spot to average down IMHO
One more day of consolidation at the absolute most IMHO. Leading indicators on the daily are looking to close in 'oversold' territory which would be very bullish as this would have proven to be a pullback within an established uptrend and not the start of a reversal.
Alot closer to .006 than we to .0032, lmao
Fine by me whether they do or not, bought .0056-.0058's this morning and have bids stacked from .0055 on down because if it does dip you won't be able to catch it unless your order is already placed. Only thing that can stop this is DOMS
Nope, just reading my chart and my level 2... go back and look at every single post I've made here in regards to the chart and I've called bottoms pretty much to the second... just trying to keep the board informed of how I'm reading things objectively
unlike your post where you fail to realize that the a/d line is already at rock bottom, suggesting that those who bought in May sold smart on the way up and are now supporting the stock price on this pullback along with new traders/investors alike.