Longhai Steel, Inc. (fka LGHS)

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ASSETS

Current Assets


Cash and cash equivalents
$ 2,922,723 $ 293,445

Accounts receivable, net
- 908,327

Inventory, net
7,674,554 8,500,770

Advance to suppliers
38,047,966 36,690,325

Tax receivable
3,790,732 276,638

Prepaid expenses
42,817 10,465

Notes receivable
11,846,926 226,867

Other current assets
2,217,522 6,350,750

Current deferred tax assets
64,264 74,976

Due from related parties
3,958,874 -

Total current assets
70,566,378 53,332,563


Property, plant and equipment, net
23,657,441 24,648,690

Construction in progress
40,163 -
TOTAL ASSETS $ 94,263,982 $ 77,981,253

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities


Accounts payable
$ 18,263,060 $ 8,355,457

Advance from customers
20,074,953 15,692,067

Income tax payable
4,760,850 5,701,872

Accrued liabilities
1,770,804 2,209,976

Due to related party
- 1,531,755

Total current liabilities
44,869,667 33,491,127


Non-current deferred tax liabilities
161,211 170,686

TOTAL LIABILITIES 45,030,878 33,661,813