• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

China Carbon Graphite Group Reports Fiscal Year 2013 Results


News provided by

China Carbon Graphite Group Inc.

Apr 24, 2014, 09:00 ET

Share this article

Share this article


XINGHE COUNTY, Inner Mongolia, China, April 24, 2014 /PRNewswire/ -- China Carbon Graphite Group, Inc. (CHGI) ("China Carbon" or the "Company"), the largest wholesale supplier of fine-grain and high-purity graphite in China and one of the nation's top manufacturers of carbon and graphite products, today announced its financial results for the fiscal year ended December 31, 2013.

"We have experienced the most difficult year in history, a 69.7%, or $21,956,143, decrease in sales compared to that of 2012," Mr. Donghai Yu, Chief Executive Officer of China Carbon commented.

Mr. Yu continued, "Over-capacity of low grade graphite products is the primary reason of this storm in China which has wiped out most of the small producers, leaving such potential markets to the surviving competitive players, including China Carbon. Given the numerous varieties of the applications of high grade graphite, such as super high efficiency bipolar graphite plate, including solar, wind power, automobile and electronics, we believe the demand will return sooner or later, and China Carbon is fully prepared for it.  With the acquisition in December 2013 of Golden Ivy Ltd., including its subsidiary Royal Elite New Energy Science & Technology (Shanghai) Co., Limited (www.roycarbon.com), one of few companies in the world capable of producing graphene products and running an integrated E-commerce graphite platform, China Carbon has positioned itself to be a pioneer in the high-end graphite markets and the trading field."

Sales.

During the year ended December 31, 2013, we had sales of $9,526,709, compared to sales of $31,482,852 for the year ended December 31, 2012, a decrease of $21,956,143, or approximately 69.7%. Sales decrease was mainly because the graphite industry experienced low demand during the year ended December 31, 2013 as a result of the struggles of steel companies in China relating to severe oversupply. In particular, the market for fine grain graphite and high purity graphite products has experienced extremely low demand.

Cost of goods sold; gross margin.

Our cost of goods sold consists of the cost of raw materials, utilities, labor, depreciation expenses in our manufacturing facilities, and inventory impairment cost. During the year ended December 31, 2013, our cost of goods sold was $32,689,538, compared to $24,707,625 for the cost of goods sold for the year ended December 31, 2012, an increase of $7,981,913, or approximately 32.3%.  The increase in the cost of sales for the year ended December 31, 2013 compared to the same period 2012 was mainly due to $21,089,248 impairment loss of inventory charged to cost of goods sold, and due to decrease in sales volume and due to decreased average raw material cost.

Our gross margin decreased from 21.5% for the year ended December 31, 2012 to gross loss of (243.1)% for the year ended December 31, 2013. Our sales did not offset the costs we incurred during this period for raw materials, utilities, labor, depreciation, and inventory impairment cost. Sales of our higher margin products decreased significantly during the year ended December 31, 2013 due to decreased demand and strong competition. The decrease of gross profit margin is also due to $21,089,248 inventory impairment cost and due to increased allocation of production costs to each unit produced resulting from increased depreciation expenses during the year ended December 31, 2013. There was no inventory impairment cost during the year ended December 31, 2012. The increased allocation is a result of increased property and equipment related to our ongoing expansion for long term development in conjunction with decreased production quantities resulting from decreased sales.

Operating expenses.

Operating expenses totaled $35,377,739 for the year ended December 31, 2013, compared to $7,275,959 for the year ended December 31, 2012, an increase of $28,101,780, or approximately 386.2%.

Selling, general and administrative expenses

Selling expenses decreased from $253,604 for the year ended December 31, 2012 to $59,626 for the year ended December 31, 2013, a decrease of $193,978, or 76.5%. The decrease was mainly due to decreased sales commission and lower shipping and handling expenses during the year ended December 31, 2013 as compared to the year ended December 31, 2012, which resulted from lower sales.

Our general and administrative expenses consist of salaries, office expenses, utilities, business travel, amortization expenses, public company expenses (including legal expenses, accounting expenses and investor relations expenses) and stock compensation. General and administrative expenses were $10,075,818 for the year ended December 31, 2013, compared to $6,785,273 for the year ended December 31, 2012, an increase of $3,290,545, or 48.5%. The increase in general and administrative expenses was mainly due to increased bad debt expenses of $3,372,295 for the year ended December 31, 2013 compared to the year ended December 31, 2012.

Impairment of property and equipment and construction in progress

The Company reviews the carrying value of property, plant, and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition and other economic factors. Based on this assessment, $24,606,208 and $0 of impairment expenses for property, plant, and equipment and construction in progress was recorded during the years ended December 31, 2013 and 2012, respectively.

Depreciation and amortization expenses

Depreciation and amortization expenses totaled $2,897,885 for the year ended December 31, 2013, compared to $3,298,709 for the year ended December 31, 2012, a decrease of $400,824, or approximately 12.2%. For the year ended December 31, 2013, depreciation and amortization was allocated between costs of goods sold and selling, general and administrative expenses in the amounts of $2,161,798 and $636,087, respectively.  For the year ended December 31, 2012, depreciation and amortization was allocated between costs of goods sold and selling, general and administrative expenses in the amounts $3,061,627 and $237,082, respectively. The decrease in depreciation and amortization expenses is due to Company made adjustments for depreciation and amortization expenses in the year ended December 31, 2012.

Loss from operations.

As a result of the factors described above, operating loss was $(58,540,568) for the year ended December 31, 2013, compared to operating loss of $(500,733) for the year ended December 31, 2012, an increased loss of approximately $58,039,835, or 11,591.0%.

Other income and expenses.

Our interest expense was $5,246,606 for the year ended December 31, 2013, compared to $4,618,413 for the year ended December 31, 2012, reflecting increased interest payments on loans from banks. Other income, which consisted of government grants, was $819,970 for the year ended December 31, 2013, compared to $1,651,640 for the year ended December 31, 2012. Income from changes in the fair value of our warrants as a result of adopting ASC 820-10 was $210,895 for the year ended December 31, 2013, compared to $(49,557) for the year ended December 31, 2012.

Income tax.

During the years ended December 31, 2013 and 2012, we benefited from a 100% tax holiday from the PRC enterprise tax. As a result, we had no income tax due for these periods. The enterprise income tax at the statutory rates would have been approximately $0 and $0, respectively, for 2013 and 2012 without consideration of adjustments on taxable income. The tax holiday is from 2008 through 2017.

Net loss.

As a result of the factors described above, our net loss for the year ended December 31, 2013 was $(61,878,880), compared to net loss of $(3,561,515) for the year ended December 31, 2012, an increase of $58,317,365, or 1,637.4% for the reasons stated above.

About China Carbon Graphite Group, Inc.

China Carbon Graphite Group, through its affiliate, Xingyong Carbon Co., Ltd., manufactures graphite and carbon based products in China. The company is the largest wholesale supplier of fine-grain and high-purity graphite in China and one of the nation's top overall producers of carbon and graphite products. Fine grain graphite is widely used in smelting for colored metals and rare earth metal smelting as well as the manufacture of molds. High purity graphite is used in metallurgy, mechanical industry, aviation, electronic, atomic energy, chemical industry, food industry and a variety of other fields. In September 2007, the Company was approved and designated by the Ministry of Science & Technology as a "National Hi-tech Enterprise," a distinction that the Company still holds. Of the more than 400 carbon graphite producers in China, China Carbon Group Inc. is the only non-state-owned company to receive this honor. For more information, please visit http://www.chinacarboninc.com.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors set forth in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q.

Company Contact:
Donghai Yu, CEO
China Carbon Graphite Group Inc.
Email: [email protected]
Website: http://www.chinacarboninc.com

China Carbon Graphite Group, Inc.and subsidiaries

Consolidated Balance Sheets










December 31,

2013



December 31,

2012




(Audited)



(Audited)


ASSETS







Current Assets







Cash and cash equivalents


$

131,545



$

129,746


Restricted cash



35,643,666




22,149,000


Accounts receivable, Net



4,488,310




11,239,002


Advance to suppliers



532,178




1,177,462


Inventories



27,901,417




48,417,875


Prepaid expenses



528,464




280,779


Other receivables, net of allowance of $296,628 and $220,339, respectively



194,988




35,655


Total current assets



69,420,568




83,429,519











Goodwill



494,540




-











Property And Equipment, Net



20,027,083




40,964,363











Construction In Progress



31,747,010




7,324,379











Land Use Rights, Net



9,633,302




9,657,419


Total Assets


$

131,322,503



$

141,375,680











LIABILITIES AND STOCKHOLDERS' EQUITY









Current Liabilities









Accounts payable and accrued expenses


$

2,332,861



$

2,250,745


Advance from customers



2,133,458




1,368,525


Shares to be issued



370,000




-


Short term bank loans



40,636,305




38,680,500


Notes payable



68,553,116




40,606,500


Other payables



2,755,529




630,179


Loan from unrelated parties



268,738




338,002


Dividends payable



55,015




46,816


Total current liabilities



117,105,022




83,921,267











Amount due to related parties



5,157,112




4,795,593


Long Term Bank Loan



22,597,750




4,782,900


Accounts Payable - Long Term



-






Warrant Liabilities



13,467




224,362


Total Liabilities



144,873,351




93,724,122











Redeemable convertible series B preferred stock, $0.001 par value; 3,000,000 shares authorized; 300,000 and 300,000 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively.



270,000




360,000


Stockholders' Equity









Common stock, $0.001 par value; 100,000,000 shares authorized 26,342,518 and 25,077,518 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively



26,342




25,077


Additional paid-in capital



18,551,966




18,223,781


Accumulated other comprehensive income



9,428,149




8,982,925


Retained earnings



(41,827,304)




20,059,775


Total stockholders' equity



(13,820,847)




47,291,558


Total Liabilities and Stockholders' Equity


$

131,322,503



$

141,375,680


Consolidated Statements of Operations and Comprehensive Income

For the Years Ended December 31, 2013 and 2012





Years ended December 31,




2013



2012








Sales



$

9,526,709



$

31,482,852










Cost of Goods Sold



32,689,538




24,707,625










Gross (Loss) Profit



(23,162,829)




6,775,227










Operating Expenses









Selling expenses



59,626




253,604


General and administrative



10,075,818




6,785,273


Impairment of property and equipment and construction in progress



24,606,208




-


Depreciation and amortization



636,087




237,082

     Total operating expenses



35,377,739




7,275,959










Operating Loss Before Other Income (Expense)



(58,540,568)




(500,732)










Other Income (Expense)









Interest expense



(5,246,606)




(4,618,413)


Interest income



877,429




312,617


Other expense



-




(357,070)


Other income (expense), net



819,970




1,651,640


Change in fair value of warrants



210,895




(49,557)

      Total other expense (income), net



3,338,312




(3,060,783)










Loss Before Income Tax Expense



(61,878,880)




(3,561,515)










Income Tax Expense



-




-










Net Loss



(61,878,880)




(3,561,515)










Preferred Stock Dividends



(8,199)




(18,717)










Net Loss Available To Common Shareholders



(61,887,079)




(3,580,232)










Other Comprehensive Income









Foreign currency translation gain



445,224




1,039,383

Total Comprehensive Loss


$

(61,433,655)



$

(2,522,132)










Share Data









Basic (loss) per share


$

(2.39)



$

(0.15)











Diluted (loss) per share


$

(2.39)



$

(0.15)











Weighted average common shares outstanding,









   basic



25,903,011




24,018,450











Weighted average common shares outstanding,









   diluted



25,903,011




24,018,450

China Carbon Graphite Group, Inc and subsidiaries

Consolidated Statements of Cash Flows




Years ended December 31,




2013



2012


Cash Flows from Operating Activities







Net Loss


$

(61,878,880)



$

(3,561,515)


Adjustments to reconcile net cash used in operating activities









Depreciation and Amortization



2,897,885




3,298,709


Related party interest expenses contribution



-




-


Stock compensation



222,650




258,500


Change in fair value of warrants



(210,895)




49,557


Bad debt expenses



4,930,938




1,558,643


Impairment of property and equipment and construction in progress



24,606,208




-


Inventory impairment



21,089,248




-


Changes in operating assets and liabilities









Accounts receivable



4,001,817




1,530,015


Notes receivable



-




(443,800)


Other receivables



(59,001)




481,374


Advance to suppliers



(1,215,623)




3,241,924


Inventory



504,162




(10,122,706)


Prepaid expenses



(222,954)




174,686


Accounts payable and accrued liabilities



(210,099)




1,036,477


Advance from customers



713,792




(19,028)


Loan from unrelated parties



-




333,790


Taxes payable



249,000




(1,118,582)


Other payables



1,840,804




(1,632,950)


Net cash used in operating activities



(2,740,948)




(4,934,906)











Cash flows from investing activities









Acquisition of property, plant and equipment



(65,005)




(65,945)


Cash received in acquisition of business



12,816




-


Increase of land use rights



(116,974)




(15,850)


Addition of construction in progress



(29,015,295)




(5,597,285)


Net cash used in investing activities



(29,184,458)




(5,679,080)











Cash flows from financing activities









Proceeds from issuing common stock



-




762,000


Proceeds from short term loans



40,010,409




42,921,800


Repayments for short term loans



(39,197,190)




(50,529,800)


Proceeds from long term loans



17,890,833




4,723,300


Repayments of long term loans



(487,932)




-


Proceeds from loan from unrelated parties



9,113,242




11,413,937


Repayment of loans to unrelated parties



(9,191,161)




(11,186,898)


Proceeds from loan from related parties



143,215




827,370


Repayments to related parties



(55,948)




(1,673,126)


Proceeds from stock not yet issued



-




(160,000)


Restrict cash



(12,649,805)




(10,096,450)


Proceeds from notes payable



118,404,788




58,011,000


Repayments to notes payable



(92,056,470)




(34,790,750)


 Net cash provided by financing activities



31,923,981




10,222,383











Effect of exchange rate fluctuation



3,224




(101)











Net increase (decrease) in cash



1,799




(391,704)











Cash and cash equivalents at beginning of period



129,746




521,450











Cash and cash equivalents at ending of period


$

131,545



$

129,746











Supplemental disclosure of cash flow information


















Interest paid


$

5,835,427



$

4,199,529


Income taxes paid


$

-



$

-











Non-cash activities:


















Preferred stock conversion to common stock


$

-



$

151











Issuance of common stock for compensation


$

329,450



$

258,500











 Reclassification from construction in progress to property and equipment


$

-



$

5,457,854











Reclassification from notes payable to construction in progress


$

-



$

634,000


SOURCE China Carbon Graphite Group Inc.

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.