Fuling Global Inc. Reports Third Quarter 2015 Financial Results

Company to Host Earnings Conference Call on Tuesday, November 17, 8:00 am ET

Nov 16, 2015, 16:30 ET from Fuling Global Inc.

ALLENTOWN, Pa. and TAIZHOU, China, Nov. 16, 2015 / PRNewswire/ -- Fuling Global Inc. (NASDAQ: FORK) ("Fuling Global" or the "Company"), a specialized producer and distributor of environmentally-friendly plastic serviceware, with precision manufacturing facilities in both the U.S. and China, today announced its financial results for the third quarter ended September 30, 2015.

Mr. Xinfu Hu, Chief Executive Officer of Fuling Global, commented, "We are excited to share our first quarterly earnings results following our listing on NASDAQ earlier this month. We are particularly pleased to report that our net income in the third fiscal quarter of 2015 increased by 17% compared with the same quarter in 2014. In our industry, revenues and expenses are heavily tied to the cost of raw materials, in our case plastic. As a result, when plastic prices dropped significantly from the nine months ended September 30, 2014 to the nine months ended September 30, 2015, with the average monthly price for polypropylene ("PP"), general purpose polystyrene ("GPPS"), and high impact polystyrene ("HIPS") down 26%, 31%, and 29%, respectively, the decreases of our revenues (down 3%) and expenses (down 8%) similarly reflect such decreases, even in a strong quarter where we sold 5% more products by weight than we sold in 2014. We are encouraged by this quarter's results, which show improved gross and operating margins, net income and sales volume."

Mrs. Guilan Jiang, Chairwoman of Fuling Global, added, "Our IPO on NASDAQ is an important step toward becoming a significant player in the global plastic serviceware market. We expect the increased publicity and name recognition that come with being a NASDAQ-listed company, combined with our access to new sources for capital, position us well for growth. Our current growth initiatives focus on increasing our penetration in selected markets and expanding our production capacity."

Third Quarter 2015 Financial Highlights

For the Three Months Ended September 30,

($ millions, expect per share data)

2015

2014

% Change

Revenues

$22.4

$23.1

-2.9%

Gross profit

$8.5

$7.9

7.8%

Gross margin

38.1%

34.3%

3.8%

Operating margin

12.1%

11.4%

0.7%

Net income attributable to Fuling Global

$2.7

$2.5

9.8%

Diluted earnings per share

$0.23

$0.21

9.8%

  • Fuling Global completed its IPO of 4 million ordinary shares for $5.00 per share on November 2, 2015, and the shares began trading on the NASDAQ Capital Market on November 4, 2015 under the ticker symbol "FORK". On November 12, 2015, we announced the partial exercise of the oversubscription option and, with it, the closing of the IPO. In such exercise we sold 38,423 ordinary shares, also at the IPO price of $5.00 per share. These shares immediately began trading on the NASDAQ Capital Market.
  • Net income attributable to Fuling Global increased by 10% to $2.7 million. As a result, diluted earnings per share increased from $0.21 to $0.23.
  • Gross profit increased by 8% to $8.5 million. Gross margin increased by 3.8 percentage points to 38.1% as a result of lower material costs and improved production efficiency.
  • Revenues decreased by 3% to $22.4 million. The decrease was driven by a 7% decrease in average selling price ("ASP") and partially offset by a 5% increase in sale volume.
  • We commenced production of straws at our Allentown facility on June 30, 2015.

Third Quarter 2015 Financial Results

Revenues

For the third quarter of 2015, total revenues decreased by $0.7 million, or 3%, to $22.4 million from $23.1 million for the same period of last year. The decrease in total revenues was mainly driven by 7% decrease in blended ASP for our products sold as a result of lower plastic prices and partially offset by 5% increase in overall shipment volume. Blended ASP per kilogram was $2.37 for the third quarter of 2015, compared to $2.56 for the same period of last year. Sales volume was 9,445 tons for the third quarter of 2015, compared to 8,996 tons for the same period of last year.

For the Three Months Ended September 30,

2015

2014

Revenues ($'000)

COGS ($'000)

Gross Margin (%)

Revenues ($'000)

COGS ($'000)

Gross Margin (%)

Cutlery

$ 11,920

$ 7,692

35%

$ 13,934

$ 8,981

36%

Straws

3,839

2,874

25%

3,148

2,468

22%

Cups and plates

5,433

2,654

51%

5,527

3,327

40%

Others products

1,217

561

54%

459

257

44%

Tax

92

118

Total

$ 22,409

$ 13,873

38.1%

$ 23,068

$ 15,151

34.3%

Revenues from cutlery decreased by $2.0 million, or 14%, to $11.9 million for the third quarter of 2015 from $13.9 million for the same period of last year. The decrease in revenues from cutlery was primarily driven by 8% decrease in ASP as well as 7% decrease in sales volume. The decrease in cutlery volume was primarily related to temporary decrease in orders from two U.S.-based customers that reduced inventory levels during the third quarter of 2015. Revenues from straws increased by $0.7 million, or 22%, to $3.8 million for the third quarter of 2015 from $3.1 million for the same period of last year. This increase was primarily driven by 29% increase in sales volume and partially offset by 5% decrease in ASP. We commenced production of straws at our Allentown facility on June 30, 2015. Revenues from cups and plates decreased by $0.1 million, or 2%, to $5.4 million for the third quarter of 2015 from $5.5 million for the same period of last year. Volume of cups and plates increased by 17% while ASP of cups and plates decreased by 16% for the third quarter of 2015. Revenues from other products, including products for family use, party and other entertainment purposes, increased by approximately $0.8 million, or 165%, to $1.2 million for the third quarter of 2015 from $0.5 million for the same period of last year. This increase was mainly due to sales of measuring cups, which we introduced to the market in 2015. Volume of other products increased by 187% while ASP of other products decreased by 8% for the third quarter of 2015.

On a geographic basis, sales in the U.S., Europe, Australia, Canada, Central and South America, Middle East, and China, grew by -6%, 45%, -61%, -36%, 190%, 32%, and 1,729%, to $19.3 million, $2.0 million, $0.1 million, $0.3 million, $0.3 million, $0.3 million, and $0.1 million, and accounted for 85.9%, 9.1%, 0.5%, 1.4%, 1.2%, 1.4%, and 0.6% of total revenues, respectively, for the third quarter of 2015.

For the Three Months Ended September 30,

2015

2014

Y/Y Change

Revenues ($'000)

% of Total

Revenues ($'000)

% of Total

Amount($'000)

%

U.S.

$19,258

85.9%

$20,584

89.2%

($1,326)

-6%

Europe

$2,034

9.1%

$1,398

6.1%

$636

45%

Australia

$104

0.5%

$267

1.2%

($163)

-61%

Canada

$315

1.4%

$489

2.1%

($174)

-36%

Central and South America

$261

1.2%

$90

0.4%

$171

190%

Middle East

$308

1.4%

$233

1.0%

$75

32%

China

$128

0.6%

$7

0.0%

$121

1729%

Total

$22,408

100.0%

$23,068

100.0%

($660)

-3%

Gross profit

Total cost of goods sold decreased by $1.3 million, or 8%, to $13.9 million for the third quarter of 2015 from $15.2 million for the same period of last year. Gross profit increased by $0.6 million, or 8%, to $8.5 million for the third quarter of 2015 from $7.9 million for the same period of last year. Gross margin was 38.1% for the third quarter of 2015, compared to 34.3% for the same period of last year. The increase in gross margin was related to lower material costs as well as improved production efficiency, particularly for our cups and plates and other products. Gross margins for cutlery, straws, cups and plates, and other products were 35%, 25%, 51%, and 54%, respectively, for the third quarter of 2015, compared to 36%, 22%, 40%, and 44%, respectively, for the same period of last year.

Operating income

Selling expenses increased by $0.5 million, or 14%, to $4.0 million for the third quarter of 2015 from $3.5 million for the same period of last year. General and administrative expense increased by 5% to $1.12 million for the third quarter of 2015 from $1.07 million for the same period of last year. Research and development expense increased by 1% to approximately $0.7 million for the third quarter of 2015 from $0.6 million for the same period of last year. As a result, total operating expenses increased by $0.5 million, or 10%, to $5.8 million for the third quarter of 2015 from $5.3 million for the same period of last year.

Operating income increased by $0.1 million, or 3%, to $2.7 million for the third quarter of 2015 from $2.6 million for the same period of last year. Operating margin was 12.1% for the third quarter of 2015, compared to 11.4% for the same period of last year.

Net income

Net income increased by $0.4 million, or 17%, to $2.7 million for the third quarter of 2015 from $2.3 million for the same period of last year. After deduction of non-controlling interest, net income attributable to Fuling Global was $2.7 million, or $0.23 per diluted share, for the third quarter of 2015, compared to $2.5 million, or $0.21 per diluted share, for the same period of last year.

Nine Months Ended September 30, 2015 Financial Results

For the Nine Months Ended September 30,

($ millions, expect per share data)

2015

2014

% Change

Revenues

$68.2

$61.0

11.8%

Gross profit

$24.6

$20.5

20.1%

Gross margin

36.1%

33.6%

2.5%

Operating margin

11.8%

11.7%

0.1%

Net income attributable to Fuling Global

$7.0

$5.8

19.2%

Diluted earnings per share

$0.60

$0.50

19.2%

Revenues

For the nine months ended September 30, 2015, total revenues increased by $7.2 million, or 12%, to $68.2 million from $61.0 million for the same period of last year. The increase in total revenues was mainly driven by higher volume and partially offset by lower ASP of products sold.

For the Nine Months Ended September 30,

2015

2014

Revenues ($'000)

COGS ($'000)

Gross Margin (%)

Revenues ($'000)

COGS ($'000)

Gross Margin (%)

Cutlery

$ 39,355

$ 25,533

35%

$ 36,555

$ 23,933

35%

Straws

9,280

7,236

22%

7,493

6,043

19%

Cups and plates

16,535

8,899

46%

15,325

9,334

39%

Other products

2,985

1,644

45%

1,610

1,034

36%

Tax

234

147

Total

$ 68,154

$ 43,546

36.1%

$ 60,983

$ 40,491

33.6%

Revenues from cutlery, straws, cups and plates, and other products increased by $2.8 million, $1.8 million, $1.2 million, and $1.4 million, or 8%, 24%, 8%, and 85%, to $39.4 million, $9.3 million, $16.5 million, and $3.0 million, respectively, for the nine months ended September 30, 2015.

On a geographical basis, sales in the U.S., Europe, Australia, Canada, Central and South America, Middle East, and China, grew by 11%, 40%, -43%, -18%, 93%, 8%, and 364%, to $62.9 million, $3.0 million, $0.4 million, $0.8 million, $0.3 million, $0.3 million, and $0.4 million, and accounted for 92.3%, 4.3%, 0.6%, 1.2%, 0.4%, 0.5%, and 0.6% of total revenues, respectively, for the nine months ended September 30, 2015.

For the Nine Months Ended September 30,

2015

2014

Y/Y Change

Revenues ($'000)

% of Total

Revenues ($'000)

% of Total

Amount($'000)

%

U.S.

$62,916

92.3%

$56,600

92.8%

$6,316

11%

Europe

$2,962

4.3%

$2,110

3.5%

$852

40%

Australia

$429

0.6%

$753

1.2%

($324)

-43%

Canada

$784

1.2%

$957

1.6%

($173)

-18%

Central and South America

$296

0.4%

$153

0.3%

$143

93%

Middle East

$345

0.5%

$319

0.5%

$26

8%

China

$422

0.6%

$91

0.1%

$331

364%

Total

$68,154

100.0%

$60,983

100.0%

$7,171

12%

Gross profit

Total cost of goods sold increased by $3.1 million, or 8%, to $43.5 million for the nine months ended September 30, 2015 from $40.5 million for the same period of last year. Gross profit increased by $4.1 million, or 20%, to $24.6 million for the nine months ended September 30, 2015 from $20.5 million for the same period of last year. Gross margin was 36.1% for the nine months ended September 30, 2015, compared to 33.6% for the same period of last year. The increase in gross margin was related to lower material costs and improved production efficiency, particularly for our cups and plates products. Gross margins for cutlery, straws, cups and plates, and other products were 35%, 22%, 46%, and 45%, respectively, for the nine months ended September 30, 2015, compared to 35%, 19%, 39%, and 36%, respectively, for the same period of last year.

Operating income

Selling expenses increased by $2.2 million, or 24%, to $11.2 million for the nine months ended September 30, 2015 from $9.0 million for the same period of last year. The increase in selling expenses was due to increases of $1.5 million in ocean freight charges, $0.2 million in warehouse and shipping related expense, and $0.2 million in commission. General and administrative expenses increased by $1.2 million, or 46%, to $3.8 million for the nine months ended September 30, 2015 from $2.6 million for the same period of last year. The increase in general and administrative expenses was due to increases of $0.1 million for IPO related expenses, $0.5 million related to our business expansion, especially in the U.S., and $0.4 million in rent expense in our Allentown facility. Research and development expenses decreased by $0.2 million, or 10%, to $1.6 million for the nine months ended September 30, 2015 from $1.8 million for the same period of last year. As a result, total operating expenses increased by $3.2 million, or 24%, to $16.6 million for the nine months ended September 30, 2015 from $13.4 million for the same period of last year.

Operating income increased by $0.9 million, or 13%, to $8.0 million for the nine months ended September 30, 2015 from $7.1 million for the same period of last year. Operating margin was 11.8% for the nine months ended September 30, 2015, compared to 11.7% for the same period of last year.

Net income

Net income increased by $1.1 million, or 19%, to $7.0 million for the nine months ended September 30, 2015 from $5.9 million for the same period of last year. After deduction of non-controlling interest, net income attributable to Fuling Global was $7.0 million, or $0.60 per diluted share, for the nine months ended September 30, 2015, compared to $5.8 million, or $0.50 per diluted share, for the same period of last year.

Financial Condition

As of September 30, 2015, the Company had cash and cash equivalents, restricted cash, short-term borrowing, and bank notes payable of $2.4 million, $2.2 million, $19.6 million, and $2.5 million, respectively, compared to $1.4 million, $3.7 million, $19.5 million, and $3.2 million, respectively, at the end of 2014. Net cash provided by operating activities was $3.0 million for the nine months ended September 30, 2015, compared to $2.2 million for the same period of last year. Net cash used in investing activities was $3.3 million for the nine months ended September 30, 2015, compared to $3.2 million for the same period of last year. Net cash provided by financing activities was $1.5 million for the nine months ended September 30, 2015, compared to net cash used in financing activities of $0.5 million for the same period of last year. We paid a cash dividend of $10.3 million to shareholders and those shareholders subsequently made capital contribution of $7.5 million to the Company in the nine months ended September 30, 2014.

Recent Updates

On October 30, 2015, the Company announced the pricing of its initial public offering ("IPO") of 4 million ordinary shares at price of $5.00 per share. The base IPO was closed on November 2, 2015 and the Company's ordinary shares commenced trading on the NASDAQ Capital Market on November 4, 2015 under the ticker symbol "FORK". On November 12, 2015, the Company announced that the underwriters of its previously announced IPO of ordinary stock have exercised their over-subscription option to purchase an additional 38,423 shares at the IPO price of $5.00 per share. As a result, the Company has raised $20,192,115 in gross proceeds through the issuance of a total of 4,038,423 ordinary shares in the IPO, with all shares being offered by the Company, and the IPO and oversubscription period have ended, effective November 12, 2015. Lead underwriter and book-running manager Burnham Securities Inc. and co-underwriter and co-manager Network 1 Financial Securities, Inc. conducted the offering on a "best efforts" basis.

Earnings Conference Call

The Company will host its third quarter 2015 financial results conference call at 8:00 am Eastern Time (5:00 am Pacific Time/9:00 pm Beijing Time) on Tuesday, November 17, 2015. To attend the call, please use the information below for either dial-in access or webcast access. When prompted on dial-in, ask for "Fuling Global Inc./ FORK".

Conference Call

Date:

Tuesday, November 17, 2015

Time:

8:00 am ET, U.S.

International Toll Free:

United States: +1 888-346-8982

Mainland China: 400-120-1203

Hong Kong: 800-905-945

International: +1 412-902-4272

Conference ID:

Fuling Global Inc./FORK

Please dial in at least fifteen minutes before the call to ensure timely participation. For those unable to participate, an audio replay of the conference call will be available beginning approximately one hour after the end of the live call through November 24, 2015. The audio replay can be accessed by dialing +1-877-344-7529 within the United States or +1-412-317-0088 internationally, and entering access code No. 10076129.

About Fuling Global Inc.

Fuling Global Inc. ("Fuling Global" or the "Company") is a specialized producer and distributor of environmentally-friendly plastic serviceware, with precision manufacturing facilities in both the U.S. and China. The Company's plastic serviceware products include disposable cutlery, drinking straws, cups, plates and other plastic products and are used by more than one hundred customers primarily from the U.S. and Europe, including Subway, Wendy's, Burger King, KFC (China only), Walmart, McKesson, and Woolworths. More information about the Company can be found at: http://ir.fulingglobal.com/.

Forward-Looking Statements

This press release contains information about Fuling Global's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of software and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Fuling Global encourages you to review other factors that may affect its future results in Fuling Global's registration statement and in its other filings with the Securities and Exchange Commission.

For more information, please contact:

At the Company: Gilbert Lee, CFO Email: ir@fulingplasticusa.com Phone: +1-610-366-8070x1835 Web: http://ir.fulingglobal.com/

Investor Relations: Tina Xiao Weitian Group LLC Email: fork@weitian-ir.com Phone: +1-917-609-0333

FULING GLOBAL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

September 30,

December 31,

2015

2014

ASSETS

Current Assets:

Cash and cash equivalents

$

2,409,517

$

1,399,714

Restricted cash

2,222,422

3,700,886

Accounts receivable, net

12,381,510

13,018,702

Advance to supplier, net

1,785,793

739,002

Inventories, net

15,456,525

14,935,076

Prepaid expenses and other current assets

158,443

906,705

Total Current Assets

34,414,210

34,700,085

Property, plant and equipment, net

21,130,548

20,517,240

Intangible assets, net

1,828,080

1,650,037

Other non-current assets

459,856

356,425

Total Assets

$

57,832,694

$

57,223,787

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

Short term borrowings

$

19,584,412

$

19,524,207

Bank notes payable

2,522,034

3,244,333

Advances from customers

590,632

695,873

Accounts payable

9,856,358

14,194,154

Accrued and other liabilities

1,037,214

1,316,921

Taxes payable

381,635

560,253

Loan from third parties

188,567

195,249

Due to related parties

-

38,273

Total Current Liabilities

34,160,852

39,769,263

Total Liabilities

34,160,852

39,769,263

Commitments and contingencies

Shareholders' Equity

Common stock: $0.001 par value, 70,000,000 shares authorized, 11,666,667 shares issued and outstanding as of September 30, 2015 and December 31, 2014

11,667

11,667

Additional paid in capital

11,108,133

11,108,133

Statutory reserve

2,548,745

1,862,365

Retained earnings

9,419,555

3,147,151

Accumulated other comprehensive income

312,539

1,094,617

Total Fuling Global Inc.'s equity

23,400,639

17,223,933

Noncontrolling interest

271,203

230,591

Total Shareholders' Equity

23,671,842

17,454,524

Total Liabilities and Shareholders' Equity

$

57,832,694

$

57,223,787

FULING GLOBAL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

(UNAUDITED)

For the three months ended September 30,

For the nine months ended September 30,

2015

2014

2015

2014

Revenues

$

22,408,759

$

23,068,486

$

68,154,114

$

60,983,218

Cost of goods sold

13,872,937

15,151,098

43,546,039

40,491,242

Gross Profit

8,535,822

7,917,388

24,608,075

20,491,976

Operating Expenses

Selling expenses

4,046,228

3,561,213

11,188,964

8,993,957

General and administrative expenses

1,120,577

1,072,143

3,798,716

2,603,560

Research and development expenses

650,570

643,353

1,583,449

1,763,688

Total operating expenses

5,817,375

5,276,709

16,571,129

13,361,205

Income from Operations

2,718,447

2,640,679

8,036,946

7,130,771

Other Income (Expense):

Interest income

30,337

11,253

49,298

27,362

Interest expense

(268,890)

(320,580)

(906,794)

(925,618)

Subsidy income

213,357

248,260

367,779

421,594

Other income, net

402,933

90,448

607,691

147,857

Total other income (expense), net

377,737

29,381

117,974

(328,805)

Income Before Income Taxes

3,096,184

2,670,060

8,154,920

6,801,966

Provision for Income Taxes

410,456

375,066

1,155,524

934,106

Net Income

$

2,685,728

$

2,294,994

$

6,999,396

$

5,867,860

Less: net (loss) income attributable to noncontrolling interest

(44,826)

(192,074)

40,612

32,137

Net income attributable to Fuling Global Inc.

2,730,554

2,487,068

6,958,784

5,835,723

Other Comprehensive Income

Foreign currency translation loss

(782,876)

744

(782,078)

(234,986)

Comprehensive Income

$

1,947,678

$

2,487,812

$

6,176,706

$

5,600,737

Earning per share

Basic and diluted

$

0.23

$

0.21

$

0.60

$

0.50

Weighted average number of shares

Basic and diluted

11,666,667

11,666,667

11,666,667

11,666,667

Cash dividends per share

Basic and diluted

$

-

$

-

$

-

$

0.88

FULING GLOBAL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the nine months ended September 30,

2015

2014

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

6,999,396

$

5,867,860

Adjustments to reconcile net income to net cash

provided by operating activities:

Deferred tax expense

-

155,647

Depreciation and amortization

1,650,944

1,290,357

Bad debt provisions

57,193

33,229

Gain on disposal of fixed assets

-

28,680

Changes in operating assets:

Accounts receivable

778,619

4,348,240

Advances to suppliers

(1,101,282)

147,561

Inventories

(714,486)

(2,599,261)

Other assets

543,807

(1,993,485)

Changes in operating liabilities:

Accounts payable

(4,967,288)

(13,719,900)

Advance from customers

(85,926)

7,357,666

Taxes payable

42,374

726,989

Accrued and other liabilities

(250,549)

576,299

Net cash provided by operating activities

2,952,802

2,219,882

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment

(2,002,241)

(3,076,672)

Proceeds from disposal of property and equipment

-

4,875

Advance payments on equipment purchase

(1,049,349)

(117,865)

Purchase of intangible assets

(266,947)

-

Net cash used in investing activities

(3,318,537)

(3,189,662)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from short-term borrowings

36,160,712

19,185,771

Repayments of short-term borrowings

(35,409,841)

(18,952,719)

Proceeds from bank notes payable

4,084,697

4,719,523

Repayments of bank notes payable

(4,714,801)

(3,266,107)

Repayments of loans from related parties

(38,102)

(221,881)

Change of restricted cash

1,393,471

696,028

Capital contribution

-

7,530,000

Dividends paid to shareholders

-

(10,300,136)

Net cash provided by (used in) financing activities

1,476,136

(609,521)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(100,598)

13,777

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

1,009,803

(1,565,524)

CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD

1,399,714

2,698,795

CASH AND CASH EQUIVALENTS, ENDING OF THE PERIOD

$

2,409,517

$

1,133,271

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid during the period for:

Interest paid

$

967,248

$

830,399

Income tax paid

$

1,168,820

$

753,399

Non-cash investing activities:

Transfer from construction in progress to fixed assets

$

1,129,339

$

-

Transfer from advance payments to fixed assets

$

918,858

$

680,251

SOURCE Fuling Global Inc.