JPAK..$0.32.. Surprise earnings..
Comprehensive income $ 3,589,336 $35,317
Basic earnings per common share $ 0.06 $ 0.00
Diluted earnings per common share $ 0.06 $ 0.00
Weighted average number of common shares outstanding
Basic 31,329,384 24,852,671
Diluted 58,737,379 44,403,132
JPAK GROUP, INC. I gave up on this one Month's ago and now realize why I bought it.. These are BLOWOUT Numbers,, hank
Consolidated Balance Sheets
June 30, June 30,
2010 2009
Assets
Current assets
Cash and cash equivalents $ 6,221,273 $ 2,969,699
Restricted cash 4,744,084 3,403,868
Accounts receivable, net of allowance for doubtful accounts of $1,284,360 10,915,611 9,063,973
and $1,496,723 at June 30, 2010 and 2009, respectively
Inventory 8,298,177 5,353,193
Trade notes receivable 515,150 -
Other receivables 1,496,219 1,205,983
Advance payments 3,670,469 503,143
Prepaid expenses and other current assets 53,918 246,344
Prepaid other taxes 72,879 266,664
Total current assets 35,987,780 23,012,867
Property and equipment, net 11,201,241 13,107,216
Deferred loss on sale of assets 1,899,277 -
Other noncurrent assets 113,376 -
Total assets $ 49,201,674 $ 36,120,083
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses $ 2,401,560 $ 3,277,973
Trade notes payable 4,659,370 3,212,704
Advance payments from customers 132,650 327,898
Short-term bank loans 2,946,000 2,344,000
Current portion of long-term debt 2,589,409 951,811
Income tax payable 127,169 167,429
Other current liabilities 35,078 97,827
Total current liabilities 12,891,236 10,379,642
Long-term debt 3,049,115 1,985,075
Total liabilities 15,940,351 12,364,717
Stockholders’ equity
Series A convertible preferred stock, $0.0001 par value, 5,608,564
shares authorized, issued and outstanding 561 561
Series B convertible preferred stock, $0.0001 par value, 5,000,000
shares authorized, issued and outstanding 500 500
Series C convertible preferred stock, $0.0001 par value, 12,000,000
shares authorized, issued and outstanding 1,200 -
Common stock, $0.001 par value, 300,000,000 shares authorized,
36,368,334 and 25,005,000 shares issued and outstanding at
June 30, 2010 and 2009, respectively 36,368 25,005
Series A preferred stock 2,484,226 2,484,226
Series B preferred stock 1,390,853 1,390,853
Additional paid-in capital 23,184,206 17,280,269
Retained earnings (Accumulated deficit) 1,776,028 (1,106,478 )
Statutory reserves 1,551,089 1,010,026
Accumulated other comprehensive income 2,731,043 2,565,276
Total stockholders’ equity 33,156,074 23,650,238
Noncontrolling interest 105,249 105,128
Total equity 33,261,323 23,755,366
Total liabilities and equity $ 49,201,674 $ 36,120,083
Consolidated Statements of Operations and Comprehensive Income
For the Years Ended June 30,
2010 2009
Sales $ 56,141,659 $ 40,409,375
Cost of sales 42,948,118 30,259,650
Gross profit 13,193,541 10,149,725
Operating expenses
Selling, general and administrative 8,785,252 9,382,754
Income from operations 4,408,289 766,971
Other income (expenses):
Non-operating income 316,785 30,073
Interest Income 152,844 161,169
Interest expense (610,461 ) (410,001 )
Non-operating expense (7,058 ) (124,139 )
Total other income (expenses) (147,890 ) (342,898 )
Income before provision for income taxes 4,260,399 424,073
Provision for income taxes 837,281 307,500
Net income before noncontrolling interest 3,423,118 116,573
Less: Noncontrolling interest (451 ) (996 )
Net income 3,423,569 117,569
Undistributed income attributable to preferred stockholders 1,603,576 51,765
Net income applicable to common stockholders 1,819,993 65,804
Other comprehensive income
Foreign currency translation adjustment 165,767 (82,252 )
.1 Comprehensive income $ 3,589,336 $ 35,317
Basic earnings per common share $ 0.06 $ 0.00
Diluted earnings per common share $ 0.06 $ 0.00
Weighted average number of common shares outstanding
Basic 31,329,384 24,852,671
Diluted 58,737,379 44,403,132
