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The Marygold Companies Reports Financial Results for 2023 Third Fiscal Quarter

-Company Continues to Post Profitable Operating Results, with Strong Balance Sheet and Cash Position-

The Marygold Companies, Inc. (“TMC,” or the “Company”) (NYSE American: MGLD), a diversified global holding firm, today reported financial results for the third fiscal quarter and nine-months ended March 31, 2023.

Net revenue for the three months ended March 31, 2023 was $8.3 million, versus $8.9 million for the comparable prior year period. The Company achieved net income of $153,294 for the current third fiscal quarter, equal to breakeven per diluted share, compared with $870,134 for the quarter ended March 31, 2022, or $0.02 per diluted share.

For the first nine months of the current fiscal year, net revenue was $15.7 million, versus $17.2 million in the comparable period last year. Net income for the nine months ended March 31, 2023 increased to $832,256, equal to $0.02 per diluted share, compared with $12,476, or breakeven per diluted share, in the same period a year ago. Net income for last year’s nine-month period was impacted by a $2.5 million legal settlement.

The Company maintained its strong balance sheet at March 31, 2023, with no debt. Cash and cash equivalents amounted to $9.9 million at the quarter’s end, compared with $12.9 million at June 30, 2022, with the decrease primarily reflecting continued investments in the development of the Company’s new fintech app by its subsidiary Marygold & Co. Total stockholders’ equity at March 31, 2023 rose to $29.9 million, from $29.0 million at June 30, 2022. Total assets were $34.7 million at the close of the 2023 third fiscal quarter, compared with $35.3 million at June 30, 2022.

“The Company again achieved profitable operations for the third fiscal quarter, as we continued to invest in the final stages of development of our Marygold mobile fintech app,” said David Neibert, Chief Operations Officer of The Marygold Companies. “Net income and revenue also were impacted by lower assets under management (AUM) at USCF Investments, which is our largest subsidiary. Average AUM at USCF Investments was approximately $3.7 billion in the 2023 third quarter, compared with $4.4 billion last year, with resulting lower management fees. The lower AUM is attributed to the uncertain, and sometimes volatile, nature of the commodities market in general and not an indication of any USCF operating deficiencies.”

“Our non-financial operations – Food Products, Security Systems and Beauty Products – were profitable overall for the third quarter, with slightly increased revenues as a group. Inflationary pressures again had an impact on margins at these business units, and initiatives are progressing that are intended to enhance the performance of these businesses through product mix changes and entrance into new sales channels,” Neibert added.

Nicholas Gerber, TMC’s Chief Executive Officer, said, “Notwithstanding the uncertain economic environment and turbulence in the commercial banking and financial sector, TMC is performing well and is on target to meet our objectives. We are optimistic about the prospects for each of our operating units and particularly excited by the early results of beta testing for our Marygold mobile fintech app. Marygold has about 11,000 individuals on a wait list who, during May and June, we intend to invite to download and use the app. We expect a formal marketing campaign and open commercial launch of the app in the near future. The entirety of the Marygold app development has been accomplished by the use of internal funds derived from existing profitable consolidated operations. We are extremely proud of that accomplishment and that TMC remains debt-free and without dilutive equity capital raises.”

Business Units

The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in December 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 12 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.

Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in August 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pat’s Pantry and Ponsonby Pies. Acquired by Gourmet Foods in July 2020, Printstock Products Limited https://www.printstocknz.com/, is a printer of specialized food wrappers and is located in Napier, New Zealand. Its operations are consolidated with those of Gourmet Foods.

Brigadier Security Systems, www.brigadiersecurity.com, acquired in June 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province under the brands Brigadier Security Systems in Saskatoon and Elite Security in Regina, Canada.

Acquired at the end of 2017, San Clemente, Calif.-based Original Sprout, www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a “reef safe” sun screen, in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Mexico, South America, Singapore, Hong Kong, Malaysia, New Zealand, Australia and Canada among other areas.

Marygold & Co., formed in the U.S. during 2019 and operating from offices in Denver, CO, together with its wholly owned subsidiary, Marygold & Co. Advisory Services, LLC, was established to explore opportunities in the financial technology sector. The company continues in the development stage as it works toward introduction of a fintech mobile banking app. https://marygoldandco.com/.

Marygold & Co. (UK) Limited, formed in the U.K. during August 2021, operates through its recently acquired subsidiary, Tiger Financial & Asset Management Limited (“Tiger”), a U.K. based investment adviser. Tiger’s core business is managing clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles. http://www.tfam.co.uk/

About The Marygold Companies, Inc.

The Marygold Companies, Inc., which changed its name from Concierge Technologies, Inc. in March 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to, a formal marketing campaign and open commercial launch of the app in the near future, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 28, 2022, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

March 31, 2023

 

June 30, 2022

(1)

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

9,858,277

 

 

$

12,915,620

 

Accounts receivable, net

 

 

1,089,286

 

 

 

959,350

 

Accounts receivable - related parties

 

 

1,745,159

 

 

 

2,230,874

 

Inventories

 

 

2,386,259

 

 

 

2,200,742

 

Prepaid income tax and tax receivable

 

 

1,034,746

 

 

 

1,166,318

 

Investments, at fair value

 

 

8,703,490

 

 

 

5,065,931

 

Other current assets

 

 

1,138,291

 

 

 

699,547

 

Total current assets

 

 

25,955,508

 

 

 

25,238,382

 

 

 

 

 

 

 

 

Restricted cash

 

 

417,467

 

 

 

1,013,279

 

Property, plant and equipment, net

 

 

1,288,421

 

 

 

1,391,894

 

Operating lease right-of-use asset

 

 

1,040,356

 

 

 

1,357,686

 

Goodwill

 

 

2,307,202

 

 

 

2,307,202

 

Intangible assets, net

 

 

2,420,029

 

 

 

2,708,896

 

Deferred tax assets, net - United States

 

 

753,078

 

 

 

753,078

 

Other assets, long - term

 

 

552,660

 

 

 

540,160

 

Total assets

 

$

34,734,721

 

 

$

35,310,577

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,414,628

 

 

$

2,805,790

 

Expense waivers – related parties

 

 

28,970

 

 

 

70,199

 

Operating lease liabilities, current portion

 

 

578,030

 

 

 

660,957

 

Purchase consideration payable

 

 

604,990

 

 

 

1,237,207

 

Loans - property and equipment, current portion

 

 

33,307

 

 

 

33,496

 

Total current liabilities

 

 

3,659,925

 

 

 

4,807,649

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

Loans - property and equipment, net of current portion

 

 

417,694

 

 

 

459,178

 

Operating lease liabilities, net of current portion

 

 

488,424

 

 

 

743,923

 

Deferred tax liabilities, net-foreign

 

 

260,553

 

 

 

260,553

 

Total long-term liabilities

 

 

1,166,671

 

 

 

1,463,654

 

Total liabilities

 

 

4,826,596

 

 

 

6,271,303

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Preferred stock, $0.001 par value; 50,000,000 shares authorized

 

 

 

 

 

 

Series B: 49,360 shares issued and outstanding at March 31, 2023 and at June 30, 2022

 

 

49

 

 

 

49

 

Common stock, $0.001 par value; 900,000,000 shares authorized; 39,383,459 shares issued and outstanding at March 31, 2023 and at June 30, 2022

 

 

39,384

 

 

 

39,384

 

Additional paid-in capital

 

 

12,359,500

 

 

 

12,313,205

 

Accumulated other comprehensive loss

 

 

(244,490

)

 

 

(234,790

)

Retained earnings

 

 

17,753,682

 

 

 

16,921,426

 

Total stockholders' equity

 

 

29,908,125

 

 

 

29,039,274

 

Total liabilities and stockholders' equity

 

$

34,734,721

 

 

$

35,310,577

 

 

(1) Derived from audited financial statements

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

Three Months

Ended March 31,

2023

 

Three Months

Ended March 31,

2022

 

Nine Months

Ended March 31,

2023

 

Nine Months

Ended March 31,

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

 

 

 

 

 

 

 

 

 

 

 

Fund management - related party

 

$

5,022,398

 

 

$

5,868,558

 

 

$

15,708,004

 

 

 

17,226,969

 

Food products

 

 

1,824,789

 

 

 

1,667,345

 

 

 

5,701,714

 

 

 

6,131,791

 

Security systems

 

 

576,248

 

 

 

555,006

 

 

 

1,870,986

 

 

 

1,888,362

 

Beauty products

 

 

745,468

 

 

 

702,779

 

 

 

2,334,009

 

 

 

2,716,702

 

Financial services

 

 

129,868

 

 

 

-

 

 

 

387,811

 

 

 

-

 

Net revenue

 

 

8,298,771

 

 

 

8,793,688

 

 

 

26,002,524

 

 

 

27,963,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

2,194,762

 

 

 

2,065,422

 

 

 

6,449,457

 

 

 

7,132,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

6,104,009

 

 

 

6,728,266

 

 

 

19,553,067

 

 

 

20,831,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and compensation

 

 

2,354,903

 

 

 

1,969,998

 

 

 

7,530,000

 

 

 

6,677,378

 

General and administrative expense

 

 

1,750,148

 

 

 

1,651,057

 

 

 

5,268,952

 

 

 

4,973,337

 

Fund operations

 

 

1,080,834

 

 

 

1,171,282

 

 

 

3,333,666

 

 

 

3,375,135

 

Marketing and advertising

 

 

612,333

 

 

 

755,403

 

 

 

1,936,504

 

 

 

2,160,180

 

Depreciation and amortization

 

 

139,656

 

 

 

136,909

 

 

 

436,685

 

 

 

424,727

 

Legal settlement

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,500,000

 

Total operating expenses

 

 

5,937,874

 

 

 

5,684,649

 

 

 

18,505,807

 

 

 

20,110,757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

166,135

 

 

 

1,043,617

 

 

 

1,047,260

 

 

 

720,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

 

58,690

 

 

 

5,546

 

 

 

173,875

 

 

 

19,030

 

Interest expense

 

 

(4,887

)

 

 

(9,856

)

 

 

(16,315

)

 

 

(30,142

)

Other income (expense)

 

 

(96,390

)

 

 

251,767

 

 

 

(67,644

)

 

 

46,398

 

Total other income (expense), net

 

 

(42,587

)

 

 

247,457

 

 

 

89,916

 

 

 

35,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

123,548

 

 

 

1,291,074

 

 

 

1,137,176

 

 

 

756,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit (provision) of income taxes

 

 

29,746

 

 

 

(420,940

)

 

 

(304,920

)

 

 

(743,628

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

153,294

 

 

$

870,134

 

 

$

832,256

 

 

$

12,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

40,370,659

 

 

 

38,831,576

 

 

 

40,370,659

 

 

 

38,561,536

 

Diluted

 

 

40,438,348

 

 

 

38,831,576

 

 

 

40,401,952

 

 

 

38,561,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.00

 

 

$

0.02

 

 

$

0.02

 

 

$

0.00

 

Diluted

 

$

0.00

 

 

$

0.02

 

 

$

0.02

 

 

$

0.00

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

 

Three Months

Ended March 31,

2023

 

Three Months

Ended March 31,

2022

 

Nine Months

Ended March 31,

2023

 

Nine Months

Ended March 31,

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

153,294

 

 

$

870,134

 

$

832,256

 

 

$

12,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

 

(29,890

)

 

 

79,394

 

 

(9,700

)

 

 

(21,216

)

Comprehensive income (loss)

 

$

123,404

 

 

$

949,528

 

$

822,556

 

 

$

(8,740

)

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THE THREE AND NINE MONTH PERIODS ENDED MARCH 31, 2023 AND MARCH 31, 2022

(UNAUDITED)

 

Period Ending March 31, 2023

 

Preferred Stock (Series B)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

of

Shares

 

Amount

 

Number of

Shares

 

Par

Value

 

Additional

Paid - in

Capital

 

Accumulated

Other

Comprehensive

(Loss) Income

 

Retained

Earnings

 

Total

Stockholders'

Equity

Balance at July 1, 2022

 

 

49,360

 

$

49

 

 

39,383,459

 

$

39,384

 

$

12,313,205

 

$

(234,790

)

 

$

16,921,426

 

$

29,039,274

 

Loss on currency translation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(313,759

)

 

 

-

 

 

(313,759

)

Stock-based compensation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

6,700

 

 

-

 

 

 

-

 

 

6,700

 

Net income

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

497,168

 

 

497,168

 

Balance at September 30, 2022

 

 

49,360

 

$

49

 

 

39,383,459

 

$

39,384

 

$

12,319,905

 

$

(548,549

)

 

$

17,418,594

 

$

29,229,383

 

Gain on currency translation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

333,949

 

 

 

-

 

 

333,949

 

Stock-based compensation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

9,704

 

 

-

 

 

 

-

 

 

9,704

 

Net income

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

181,794

 

 

181,794

 

Balance at December 31, 2022

 

 

49,360

 

$

49

 

 

39,383,459

 

$

39,384

 

$

12,329,609

 

$

(214,600

)

 

$

17,600,388

 

$

29,754,830

 

Loss on currency translation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(29,890

)

 

 

-

 

 

(29,890

)

Stock-based compensation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

29,891

 

 

-

 

 

 

-

 

 

29,891

 

Net income

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

153,294

 

 

153,294

 

Balance at March 31, 2023

 

 

49,360

 

$

49

 

 

39,383,459

 

$

39,384

 

$

12,359,500

 

$

(244,490

)

 

$

17,753,682

 

$

29,908,125

 

Period Ending March 31, 2022

 

Preferred Stock (Series B)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

of

Shares

 

Amount

 

Number of

Shares

 

Par

Value

 

Additional

Paid - in

Capital

 

Accumulated

Other

Comprehensive

Income (Loss)

 

Retained

Earnings

 

Total

Stockholders'

Equity

Balance at July 1, 2021

 

 

49,360

 

$

49

 

 

37,485,959

 

$

37,486

 

$

9,330,843

 

$

142,581

 

 

$

15,775,705

 

 

$

25,286,664

 

Loss on currency translation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(86,168

)

 

 

-

 

 

 

(86,168

)

Net loss

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(1,880,993

)

 

 

(1,880,993

)

Balance at September 30, 2021

 

 

49,360

 

$

49

 

 

37,485,959

 

$

37,486

 

$

9,330,843

 

$

56,413

 

 

$

13,894,712

 

 

$

23,319,503

 

Loss on currency translation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(14,442

)

 

 

-

 

 

 

(14,442

)

Net income

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

1,023,335

 

 

 

1,023,335

 

Balance at December 31, 2021

 

 

49,360

 

$

49

 

 

37,485,959

 

$

37,486

 

$

9,330,843

 

$

41,971

 

 

$

14,918,047

 

 

$

24,328,396

 

Gain on currency translation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

79,394

 

 

 

-

 

 

 

79,394

 

Issuance of common stock in public offering, net of issuance costs of $545,090

 

 

-

 

 

-

 

 

1,897,500

 

 

1,897

 

 

2,982,363

 

 

-

 

 

 

-

 

 

 

2,984,260

 

Net income

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

870,134

 

 

 

870,134

 

Balance at March 31, 2022

 

 

49,360

 

$

49

 

 

39,383,459

 

$

39,383

 

$

12,313,206

 

$

121,365

 

 

$

15,788,181

 

 

$

28,262,184

 

 

 

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

For the Nine Month Period Ended

 

 

March 31,

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

832,256

 

 

$

12,476

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

436,685

 

 

 

424,727

 

Bad debt expense

 

 

1,378

 

 

 

3,175

 

Impairment of inventory value

 

 

2,698

 

 

 

3,478

 

Stock-based compensation

 

 

46,295

 

 

 

-

 

Unrealized loss (gain) on investments

 

 

76,604

 

 

 

(116,148

)

Loss on disposal of equipment

 

 

-

 

 

 

37,189

 

Operating lease right-of-use asset - non-cash lease cost

 

 

432,089

 

 

 

494,375

 

 

 

 

 

 

 

 

Decrease (increase) in current assets:

 

 

 

 

 

 

Accounts receivable, net

 

 

(143,455

)

 

 

57,416

 

Accounts receivable - related party

 

 

485,715

 

 

 

(308,514

)

Prepaid income taxes and tax receivable

 

 

130,860

 

 

 

43,440

 

Inventories

 

 

(187,849

)

 

 

(341,966

)

Other current assets

 

 

(437,582

)

 

 

(551,815

)

(Decrease) increase in current liabilities:

 

 

 

 

 

 

Accounts payable, accrued expenses and legal settlement

 

 

(382,048

)

 

 

(979,332

)

Operating lease liabilities

 

 

(433,306

)

 

 

(500,857

)

Expense waivers - related party

 

 

(41,229

)

 

 

(51,891

)

Net cash provided by (used in) operating activities

 

 

819,111

 

 

 

(1,774,247

)

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(73,982

)

 

 

(5,224

)

Purchase consideration payable

 

 

(616,180

)

 

 

-

 

Proceeds from sale of investments

 

 

4,276,765

 

 

 

506,492

 

Purchase of investments

 

 

(7,983,971

)

 

 

(1,501,980

)

Net cash (used in) investing activities

 

 

(4,397,368

)

 

 

(1,000,712

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Repayment of property and equipment loans

 

 

(10,737

)

 

 

(11,159

)

Principal payments of finance lease liability

 

 

(5,573

)

 

 

(4,167

)

Payment of issuance cost of common stock

 

 

-

 

 

 

(545,090

)

Proceeds from issuance of common stock, net of underwriter discounts

 

 

-

 

 

 

3,529,350

 

Net cash (used in) provided by financing activities

 

 

(16,310

)

 

 

2,968,934

 

 

 

 

 

 

 

 

Effect of exchange rate change on cash and cash equivalents

 

 

(58,588

)

 

 

(86,305

)

 

 

 

 

 

 

 

NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(3,653,155

)

 

 

107,670

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE

 

 

13,928,899

 

 

 

16,086,944

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE

 

$

10,275,744

 

 

$

16,194,614

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

9,858,277

 

 

 

15,181,335

 

Restricted cash

 

 

417,467

 

 

 

1,013,279

 

Total cash, cash equivalents and restricted cash shown in statement of cash flows

 

$

10,275,744

 

 

$

16,194,614

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

Interest paid

 

$

11,687

 

 

$

12,264

 

Income taxes paid, net

 

$

195,439

 

 

$

833,901

 

NON CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

Fair value of warrants of common stock issued to underwriters

 

$

-

 

 

$

132,000

 

Acquisition of operating right-of-use assets through operating lease liability

 

$

103,609

 

 

$

995,805

 

Acquisition of equipment through finance lease liability

 

$

-

 

 

$

150,625

 

 

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

 

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