General Steel Files 2011 Annual Report on Form 10-K
Company Expects to Regain Compliance with NYSE Annual Report Listing Requirements
Receives Unqualified Opinion from Auditor
BEIJING, Feb. 15, 2013 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), one of China's leading non-state-owned producers of steel products and aggregators of domestic steel companies, today announced that it has filed its Annual Report on Form 10-K for the year ended December 31, 2011 with the U.S. Securities and Exchange Commission (the "SEC"). The Company's independent registered public accounting firm, Friedman LLP has expressed an unqualified audit opinion on the Company's annual financial statement for the 12 months ended December 31, 2011.
With the filing of this Annual Report on Form 10-K, the Company believes it has met the New York Stock Exchange's ("NYSE") extended deadline and expects to regain compliance with the NYSE's continued listing requirement for annual report filings under Section 802.01E of the NYSE Listed Company Manual.
"The filing of our 2011 Annual Report demonstrates our commitment to proper financial reporting, and is the result of a concerted effort by our finance team and audit firm partners. Although the review and audit process for our 2011 financial statements took much longer than originally anticipated, we are pleased that we will regain compliance with the NYSE's Annual Report listing requirements," said Henry Yu, Chairman and Chief Executive Officer of General Steel. "Moving ahead, we will continue to focus on our business while we work diligently to prepare our 2012 financial statements and bring General Steel fully current in its SEC filing obligations. Again, I would like to thank our team for their tremendous work and dedication to completing this process, as well as our shareholders for their ongoing support of the Company."
Full Year 2011 Financial Review
- Total crude steel production capacity under management was 7.0 million metric tons per annum as of December 31, 2011.
- Total sales increased 89.4% year-over-year to $3.6 billion, from $1.9 billion in 2010. The increase was attributable to both higher sales volume and increased average selling prices.
- Sales volume for the year totaled 6.2 million metric tons, an increase of 2.3 million metric tons, or 58.1%, compared to 3.9 million metric tons in 2010, with an average selling price for rebar of $635 per ton in 2011, compared to $526 per ton in 2010.
- Gross loss was $(88.2) million, representing a gross margin of (2.5)%, compared with gross profit of $31.4 million, or a gross margin of 1.7% in 2010. The gross loss in 2011 was mainly attributable to a sharp increase in the cost of iron ore and coke, the Company's primary raw materials, in the fourth quarter.
- Selling, general and administrative expenses totaled $91.8 million, compared with $52.6 million in 2010. This increase was mainly related to operational expansion and an increase in production and shipping volume, which led to an increase in transportation and sales agent charges.
- Loss from operations totaled $(180.0) million, compared with a loss from operations of $(21.2) million in 2010.
- Finance expenses for the year ended December 31, 2011 increased to $115.0 million, compared with $51.3 million in the year-ago period. The increase was primarily due to $27.7 million of non-cash capital financing costs, and a $36.0 million increase in interest expense from increased bank borrowings.
- Net loss attributable to the Company was $(177.2) million, or $(3.24) per diluted share, compared with a net loss of $(30.0) million, or $(0.56) per diluted share in 2010. The year-over-year increase in net loss was primarily related to the negative gross margin resulting from the fourth quarter raw material price increases, an increase of $36.4 million in inventory impairment, an increase of $39.3 million in operating expenses from expanded operations and higher production and shipping volume, as well as an increase of $63.7 million in finance expenses from increased capital lease and interest expense on bank borrowings. In addition, the Company determined that the net operating loss carryforward may not have been fully realizable in the second quarter of 2011 and provided 100% allowance charges of $15.4 of deferred tax assets carried over from 2010.
Fourth Quarter 2011 Financial Review
- Total sales increased 69.9% year-over-year to $793.5 million, compared with $467.2 million in the fourth quarter of 2010. The increase was attributable to both higher sales volume and increased average selling prices.
- Sales volume for the fourth quarter of 2011 totaled 1.6 million metric tons, an increase of 0.7 million metric tons, or 77.8%, compared to 0.9 million metric tons in the fourth quarter of 2010.
- Gross loss was $(150.7) million, representing a gross margin loss of (19.0)%, compared with gross profit of $4.7 million, or a gross margin of 1.0% in the fourth quarter of 2010. The gross loss in the fourth quarter of 2011 was mainly attributable to a year-over-year increase in the cost of iron ore and coke, the Company's primary raw materials, that exceeded the increase in the average selling price of the Company's products.
- Selling, general and administrative expenses totaled $26.0 million, compared with $17.2 million in the fourth quarter of 2010. This increase was mainly related to operational expansion and increased production and shipping volume, which led to an increase in transportation and sales agent charges.
- Loss from operations totaled $(176.6) million, compared with a loss from operations of $(12.5) million in the fourth quarter of 2010.
- Finance expenses for the quarter ended December 31, 2011 increased to $42.6 million, compared with $13.7 million in the year-ago period. The increase was primarily related to $18.6 million of non-cash capital financing costs, and a $10.4 million increase in interest expense from increased bank borrowings.
- Net loss attributable to the Company was $(131.5) million, or $(2.38) per diluted share, compared with a net loss of $(18.6) million, or $(0.34) per diluted share in the fourth quarter of 2010. The year-over-year increase in net loss was primarily related to the negative gross margin resulting from raw material price increases, as well as an increase of $36.4 million in inventory impairment, an increase of $8.8 million in operating expenses from expanded operations and higher production and shipping volume and an increase of $29.0 million in finance expenses from increased capital lease and interest expense on bank borrowings.
Balance Sheet
As of December 31, 2011, General Steel had cash and restricted cash of approximately $518.2 million, compared to $263.1 million as of December 31, 2010. The Company had an inventory balance of approximately $297.7 million as of December 31, 2011, compared to $453.6 million as of December 31, 2010. As of December 31, 2011, the Company had total liabilities of approximately $3.2 billion, compared to $1.7 billion as of December 31, 2010.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., (NYSE: GSI), headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. With 7 million metric tons of crude steel production capacity under management, its subsidiaries serve various industries and produce a variety of steel products including rebar, high-speed wire and spiral-weld pipe. General Steel Holdings, Inc. has steel operations in Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality. For more information, please visit www.gshi-steel.com.
To be added to the General Steel email list to receive Company news, or to request a hard copy of the Company's Annual Report on Form 10-K, please send your request to [email protected].
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political and social trends and assumptions it has made based on information currently available to it. The Company cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. These risks and uncertainties are set forth in the Company's filings under the Securities Act of 1933 and the Securities Exchange Act of 1934 under "Risk Factors" and elsewhere, and include: (a) those risks and uncertainties related to general economic conditions in China, including regulatory factors that may affect such economic conditions; (b) whether the Company is able to manage its planned growth efficiently and operate profitable operations, including whether its management will be able to identify, hire, train, retain, motivate and manage required personnel or that management will be able to successfully manage and exploit existing and potential market opportunities; (c) whether the Company is able to generate sufficient revenues or obtain financing to sustain and grow its operations; (d) whether the Company is able to successfully fulfill its primary requirements for cash; and (e) other risks, including those disclosed in the Company's Form 10-K, filed with the SEC. Forward-looking statements contained herein speak only as of the date of this release. The Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.
| Contact Us |
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| General Steel Holdings, Inc. |
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| In China: |
In the US: |
| Jenny Wang |
Joyce Sung |
| Tel: +86-10-5775-7691 |
Tel: +1-347-534-1435 |
| Email: [email protected] |
Email: [email protected] |
| The Piacente Group, Inc. |
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| Investor Relations |
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| Brandi Floberg or Lee Roth |
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| Tel: +1-212-481-2050 |
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| Email: [email protected] |
| GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS |
|||||||
| (In thousands) |
|||||||
| ASSETS |
As of December 31, |
||||||
| 2011 |
2010 |
||||||
| CURRENT ASSETS: |
|||||||
| Cash |
$ |
120,016 |
$ |
65,271 |
|||
| Restricted cash |
398,216 |
197,797 |
|||||
| Notes receivable |
92,910 |
49,147 |
|||||
| Restricted notes receivable |
584,241 |
240,298 |
|||||
| Accounts receivable, net |
12,601 |
18,500 |
|||||
| Accounts receivable - related parties |
20,593 |
4,160 |
|||||
| Other receivables, net |
22,411 |
11,150 |
|||||
| Other receivables - related parties |
87,679 |
10,938 |
|||||
| Inventories |
297,729 |
453,636 |
|||||
| Advances on inventory purchase |
63,585 |
24,577 |
|||||
| Advances on inventory purchase - related parties |
20,244 |
6,187 |
|||||
| Prepaid expense |
364 |
5,018 |
|||||
| Prepaid value added tax |
24,189 |
37,323 |
|||||
| Short-term investment |
2,906 |
- |
|||||
| Deferred tax assets |
167 |
15,301 |
|||||
| TOTAL CURRENT ASSETS |
1,747,851 |
1,139,303 |
|||||
| PLANT AND EQUIPMENT, net |
1,257,236 |
602,612 |
|||||
| OTHER ASSETS: |
|||||||
| Advances on equipment purchase |
10,420 |
14,898 |
|||||
| Investment in unconsolidated entities |
12,840 |
17,456 |
|||||
| Long-term deferred expense |
631 |
1,439 |
|||||
| Intangible assets, net of accumulated amortization |
25,143 |
23,672 |
|||||
| TOTAL OTHER ASSETS |
49,034 |
57,465 |
|||||
| TOTAL ASSETS |
$ |
3,054,121 |
$ |
1,799,380 |
|||
| LIABILITIES AND EQUITY |
|||||||
| CURRENT LIABILITIES: |
|||||||
| Short term notes payable |
$ |
1,113,504 |
$ |
480,152 |
|||
| Accounts payable |
413,345 |
241,367 |
|||||
| Accounts payable - related parties |
121,828 |
79,694 |
|||||
| Short term loans - bank |
253,954 |
285,198 |
|||||
| Short term loans - others |
246,657 |
127,712 |
|||||
| Short term loans - related parties |
15,710 |
14,548 |
|||||
| Other payables and accrued liabilities |
49,538 |
30,087 |
|||||
| Other payable - related parties |
28,873 |
18,214 |
|||||
| Customer deposit |
90,556 |
133,464 |
|||||
| Customer deposit - related parties |
68,277 |
54,922 |
|||||
| Deposit due to sales representatives |
22,890 |
51,624 |
|||||
| Deposit due to sales representatives - related parties |
943 |
455 |
|||||
| Taxes payable |
11,374 |
6,237 |
|||||
| Deferred lease income, current |
2,099 |
1,971 |
|||||
| Capital lease obligations, current |
25,607 |
- |
|||||
| TOTAL CURRENT LIABILITIES |
2,465,155 |
1,525,645 |
|||||
| NON-CURRENT LIABILITIES: |
|||||||
| Long-term loans - related party |
92,035 |
91,020 |
|||||
| Deferred lease income, noncurrent |
76,425 |
55,620 |
|||||
| Capital lease obligations, noncurrent |
280,743 |
- |
|||||
| Profit sharing liability, noncurrent |
303,233 |
- |
|||||
| TOTAL NON-CURRENT LIABILITIES |
752,436 |
146,640 |
|||||
| DERIVATIVE LIABILITIES |
10 |
5,573 |
|||||
| TOTAL LIABILITIES |
3,217,601 |
1,677,858 |
|||||
| COMMITMENT AND CONTINGENCIES |
|||||||
| EQUITY: |
|||||||
| Preferred stock, $0.001 par value, 50,000,000 shares authorized, 3,092,899 shares |
3 |
3 |
|||||
| Common Stock, $0.001 par value, 200,000,000 shares authorized, 56,601,988 and |
56 |
55 |
|||||
| Treasury stock, at cost, 1,090,978 and 316,760 shares as of |
|||||||
| December 31, 2011 and 2010, respectively |
(2,795) |
(871) |
|||||
| Paid-in-capital |
107,940 |
104,970 |
|||||
| Statutory reserves |
6,388 |
6,202 |
|||||
| Accumulated deficits |
(229,083) |
(51,793) |
|||||
| Accumulated other comprehensive income |
10,200 |
10,987 |
|||||
| TOTAL GENERAL STEEL HOLDINGS, INC. EQUITY |
(107,291) |
69,553 |
|||||
| NONCONTROLLING INTERESTS |
(56,189) |
51,969 |
|||||
| TOTAL EQUITY |
(163,480) |
121,522 |
|||||
| TOTAL LIABILITIES AND EQUITY |
$ |
3,054,121 |
$ |
1,799,380 |
|||
| GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 (In thousands, except per share data)
|
|||||
| For the Year Ended December 31, |
|||||
| 2011 |
2010 |
||||
| SALES |
$ |
2,452,127 |
$ |
1,392,770 |
|
| SALES - RELATED PARTIES |
1,111,769 |
489,370 |
|||
| TOTAL SALES |
3,563,896 |
1,882,140 |
|||
| COST OF GOODS SOLD |
2,519,183 |
1,369,523 |
|||
| COST OF GOODS SOLD - RELATED PARTIES |
1,132,927 |
481,202 |
|||
| TOTAL COST OF GOODS SOLD |
3,652,110 |
1,850,725 |
|||
| GROSS PROFIT (LOSS) |
(88,214) |
31,415 |
|||
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
91,827 |
52,577 |
|||
| INCOME (LOSS) FROM OPERATIONS |
(180,041) |
(21,162) |
|||
| OTHER INCOME (EXPENSE) |
|||||
| Interest income |
7,892 |
6,154 |
|||
| Finance/interest expense |
(114,949) |
(51,283) |
|||
| Change in fair value of derivative liabilities |
5,563 |
15,055 |
|||
| Gain on debt settlement |
3,430 |
- |
|||
| Gain (loss) on disposal of equipment |
693 |
(9,447) |
|||
| Realized income from future contracts |
415 |
1,424 |
|||
| Income from equity investments |
5,302 |
6,383 |
|||
| Foreign currency transaction gain |
3,424 |
- |
|||
| Lease income |
2,008 |
943 |
|||
| Other non-operating income (expense), net |
(1,442) |
(3,120) |
|||
| Other expense, net |
(87,664) |
(33,891) |
|||
| LOSS BEFORE PROVISION FOR INCOME TAXES AND |
(267,705) |
(55,053) |
|||
| PROVISION FOR INCOME TAXES |
|||||
| Current |
175 |
1,267 |
|||
| Deferred |
15,419 |
(10,049) |
|||
| Provision (benefit) for income taxes |
15,594 |
(8,782) |
|||
| NET LOSS |
(283,299) |
(46,271) |
|||
| Less: Net loss attributable to noncontrolling interest |
(106,112) |
(16,265) |
|||
| NET LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. |
$ |
(177,187) |
$ |
(30,006) |
|
| NET LOSS |
$ |
(283,299) |
$ |
(46,271) |
|
| OTHER COMPREHENSIVE LOSS |
|||||
| Foreign currency translation adjustments |
(587) |
4,623 |
|||
| COMPREHENSIVE LOSS |
(283,886) |
(41,648) |
|||
| Less: Comprehensive loss attributable to noncontrolling interest |
(105,912) |
(14,511) |
|||
| COMPREHENSIVE LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. |
$ |
(177,974) |
$ |
(27,137) |
|
| WEIGHTED AVERAGE NUMBER OF SHARES |
|||||
| Basic and Diluted |
54,750 |
53,113 |
|||
| LOSS PER SHARE |
|||||
| Basic and Diluted |
$ |
(3.24) |
$ |
(0.56) |
|
| GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES |
||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS |
||||
| FOR THE THREE MONTHS ENDED DECEMBER 31, 2011 AND 2010 |
||||
| (UNAUDITED) (In thousands, except per share data) |
||||
| For the Three Months Ended December 31, |
||||
| 2011 |
2010 |
|||
| SALES |
$ |
473,612 |
$ |
351,266 |
| SALES - RELATED PARTIES |
319,928 |
115,895 |
||
| TOTAL SALES |
793,540 |
467,161 |
||
| COST OF GOODS SOLD |
588,731 |
347,671 |
||
| COST OF GOODS SOLD - RELATED PARTIES |
355,462 |
114,774 |
||
| TOTAL COST OF GOODS SOLD |
944,193 |
462,445 |
||
| GROSS PROFIT (LOSS) |
(150,653) |
4,716 |
||
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
25,984 |
17,204 |
||
| LOSS FROM OPERATIONS |
(176,637) |
(12,488) |
||
| OTHER INCOME (EXPENSE) |
||||
| Interest income |
4,812 |
2,678 |
||
| Finance/interest expense |
(42,632) |
(13,666) |
||
| Change in fair value of derivative liabilities |
37 |
1,476 |
||
| Gain on debt settlement |
- |
- |
||
| Gain (loss) on disposal of equipment |
14 |
(6,323) |
||
| Realized income from future contracts |
415 |
1,424 |
||
| Income from equity investments |
1,001 |
2,316 |
||
| Foreign currency transaction gain |
504 |
- |
||
| Lease income |
519 |
345 |
||
| Other non-operating expense, net |
(245) |
(6,655) |
||
| Other expense, net |
(35,575) |
(18,405) |
||
| LOSS BEFORE PROVISION FOR INCOME TAXES |
||||
| AND NONCONTROLLING INTEREST |
(212,212) |
(30,893) |
||
| PROVISION FOR INCOME TAXES |
||||
| Current |
(442) |
407 |
||
| Deferred |
35 |
(4,105) |
||
| Provision (benefit) for income taxes |
(407) |
(3,698) |
||
| NET LOSS |
(211,805) |
(27,195) |
||
| Less: Net loss attributable to noncontrolling interest |
(80,280) |
(8,589) |
||
| NET LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. |
$ |
(131,525) |
$ |
(18,606) |
| NET LOSS |
$ |
(211,805) |
$ |
(27,195) |
| OTHER COMPREHENSIVE LOSS |
||||
| Foreign currency translation adjustments |
(2,986) |
1,177 |
||
| COMPREHENSIVE LOSS |
(214,791) |
(26,018) |
||
| Less: Comprehensive loss attributable to noncontrolling interest |
(80,395) |
(8,032) |
||
| COMPREHENSIVE LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. |
$ |
(134,396) |
$ |
(17,986) |
| WEIGHTED AVERAGE NUMBER OF SHARES |
||||
| Basic and Diluted |
55,352 |
54,698 |
||
| LOSS PER SHARE |
||||
| Basic and Diluted |
$ |
(2.38) |
$ |
(0.34) |
| GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES |
|||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
| FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 |
|||||||
| (In thousands) |
|||||||
| For the Year Ended December 31, |
|||||||
| 2011 |
2,010 |
||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||||
| Net loss |
$ |
(283,299) |
$ |
(46,271) |
|||
| Adjustments to reconcile net loss to cash provided by (used in) |
|||||||
| operating activities: |
|||||||
| Depreciation, amortization and depletion |
58,331 |
41,153 |
|||||
| Impairment of plant and equipment |
5,424 |
1,747 |
|||||
| Change in fair value of derivative liabilities |
(5,563) |
(15,055) |
|||||
| Gain on debt settlement |
(3,430) |
- |
|||||
| (Gain) loss on disposal of equipment |
(693) |
8,257 |
|||||
| Bad debt allowance |
3,529 |
326 |
|||||
| Inventory written-off |
37,512 |
1,061 |
|||||
| Stock issued for services and compensation |
1,530 |
2,479 |
|||||
| Income from compensation |
- |
(1,377) |
|||||
| Make whole shares interest expense on notes conversion |
- |
1,130 |
|||||
| Amortization of deferred note issuance cost and discount on convertible notes |
- |
17 |
|||||
| Amortization of deferred financing cost on capital lease |
27,704 |
- |
|||||
| Income from equity investments |
(5,302) |
(6,383) |
|||||
| Deferred tax assets |
15,419 |
(10,058) |
|||||
| Deferred lease income |
4,782 |
5,549 |
|||||
| Foreign currency transaction gain |
(3,424) |
- |
|||||
| Changes in operating assets and liabilities |
|||||||
| Notes receivable |
(41,318) |
(18,498) |
|||||
| Notes receivable - restricted |
(329,839) |
(234,342) |
|||||
| Accounts receivable |
4,761 |
(8,647) |
|||||
| Accounts receivable - related parties |
(16,015) |
14,065 |
|||||
| Other receivables |
(12,638) |
(3,210) |
|||||
| Other receivables - related parties |
(50,562) |
(2,968) |
|||||
| Inventories |
131,695 |
(270,046) |
|||||
| Advances on inventory purchases |
(37,674) |
4,681 |
|||||
| Advances on inventory purchases - related parties |
(13,608) |
13,782 |
|||||
| Prepaid expense |
4,753 |
- |
|||||
| Long-term deferred expense |
845 |
- |
|||||
| Prepaid value added tax |
14,223 |
- |
|||||
| Accounts payable |
160,657 |
76,003 |
|||||
| Accounts payable - related parties |
38,647 |
45,480 |
|||||
| Other payables and accrued liabilities |
18,076 |
(1,527) |
|||||
| Other payables - related parties |
9,845 |
30,618 |
|||||
| Customer deposits |
(46,870) |
(24,433) |
|||||
| Customer deposits - related parties |
11,211 |
18,855 |
|||||
| Taxes payable |
4,834 |
(19,543) |
|||||
| Net cash used in operating activities |
(296,457) |
(397,155) |
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||||
| Restricted cash |
(190,178) |
741 |
|||||
| Acquired long term investment |
- |
(2,021) |
|||||
| Cash proceeds from disposal of long-term investment |
- |
8,137 |
|||||
| Cash made to short term investment |
(2,858) |
- |
|||||
| Cash proceeds from sales of equipment |
1,306 |
1,828 |
|||||
| Advance on equipment purchases |
- |
(7,106) |
|||||
| Equipment purchase and intangible assets |
(110,939) |
(89,916) |
|||||
| Net cash used in investing activities |
(302,669) |
(88,337) |
|||||
| CASH FLOWS FINANCING ACTIVITIES: |
|||||||
| Payments made to dividend distribution |
- |
(2,855) |
|||||
| Payments made for treasury stock acquired |
(1,923) |
(870) |
|||||
| Capital contributed by noncontrolling interest |
- |
1,184 |
|||||
| Borrowings on short term loans - bank |
563,007 |
327,807 |
|||||
| Payments on short term loans - bank |
(600,294) |
(199,905) |
|||||
| Borrowings on short term loan - others |
330,037 |
152,517 |
|||||
| Payments on short term loans - others |
(212,661) |
(174,913) |
|||||
| Borrowings on short term loan - related parties |
15,450 |
71,714 |
|||||
| Payments on short term loans - related parties |
(14,817) |
(11,850) |
|||||
| Borrowings on short term notes payable |
1,655,741 |
905,124 |
|||||
| Payments on short term notes payable |
(1,049,680) |
(693,633) |
|||||
| Deposits due to sales representatives |
(30,066) |
987 |
|||||
| Deposit due to sales representatives - related parties |
464 |
444 |
|||||
| Borrowings on long term loan - related parties |
14,677 |
91,020 |
|||||
| Payments on long term loan - related parties |
(16,865) |
- |
|||||
| Net cash provided by financing activities |
653,070 |
466,771 |
|||||
| EFFECTS OF EXCHANGE RATE CHANGE IN CASH |
801 |
1,874 |
|||||
| INCREASE (DECREASE) IN CASH |
54,745 |
(16,847) |
|||||
| CASH, beginning of year |
65,271 |
82,118 |
|||||
| CASH, end of year |
$ |
120,016 |
$ |
65,271 |
|||
SOURCE General Steel Holdings, Inc.
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