SGLA.. $0.30
I-Box Updated.. Growth both top and bottom lines are moving smartly.. Long a bunch but will buy more.. SGLA is an easy 10 bagger from here with these numbers continuing.. hank
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.
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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.
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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.
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