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    SORL Auto Parts Announces Third Quarter Record High Sales in 2019
    Published:2019-11-19  [Back]

    ZHEJIANG, China, November 14, 2019 -- SORL Auto Parts, Inc. (NASDAQ: SORL) ("SORL" or the "Company"), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, announced today its unaudited financial results for the third quarter and nine-month periods ended September 30, 2019.

     

    Third Quarter 2019 Financial Highlights

     

     

    ·

    Net sales increased by 3.4% to a third quarter record high of $112.2 million compared to $108.6 million in the third quarter of 2018;

     

     

    ·

    Sales from China's domestic aftermarket increased 25.3% year-over-year to $45.6 million from $36.4 million in the third quarter of 2018;

     

     

    ·

    Net income attributable to stockholders was $4.2 million and basic and diluted income per share were $0.22 in the third quarter of 2019; Due to the impact of US tax reform, net loss attributable to stockholders was $5.6 million and basic and diluted loss per share were $0.29 in the third quarter of 2018. Excluding the impact of the one-time accrued taxes related to U.S. tax reform, net income attributable to stockholders for the third quarter of 2018 would have been $5.4 million, or $0.28 per basic and diluted share.

     

     

    Mr. Xiaoping Zhang, SORL's Chairman and Chief Executive Officer, stated, “2019 remains a challenging market environment for the Chinese automotive sector as the Chinese economy is experiencing deceleration along with the intensified trade war.  During the quarter, our strong product portfolio and balanced sales channels between OEM and aftermarket enabled us to weather the economic slowdown in China. While our domestic OEM business was affected by the slow commercial vehicle sales in the third quarter of 2019, the growing regionally tiered sales network continued to pace the market share expansion of our aftermarket business. We continued to maintain a high gross margin as our technology content remains strong.”   

     

    Third Quarter 2019 Financial Performance

     

    Net sales for the third quarter of 2019 were $112.2 million, the highest sales for any third quarter in the Company’s history, compared with $108.6 million in the third quarter of 2018. Revenues from the Company's domestic OEM customers were $48.6 million compared with $50.3 million in the third quarter of 2018. Sales from China's domestic aftermarket increased 25.3% year-over-year to $45.6 million from $36.4 million in the third quarter of 2018.  The continuing expiration of OEM warranties from prior years’ new vehicle sales in China drove the Company’s aftermarket business. Revenues from international markets were $18.1 million from $21.8 million in the third quarter of 2018. The softer demand for the commercial vehicles from many international markets negatively affected our international sales.  

     

    SORL’s commercial vehicle brake sales increased 6.6% year-over-year to $94.9 million and represented 84.6% of total sales in the third quarter of 2019. The sales of passenger vehicle auto parts decreased by 11.6% year-over-year, to $17.3 million, which accounted for 15.4% of the total sales for the third quarter of 2019.

     

    Gross profit for the third quarter of 2019 rose by 17.5% to $30.9 million from $26.3 million for the third quarter of 2018. Gross margin for the third quarter of 2019 was 27.6%, compared with a gross margin of 24.3% in the same quarter of 2018. The increase in gross margin was primarily due to higher sales of the high margin, electronically controlled products during the third quarter of 2019. 

     

    Operating expenses increased by 19.3% to $27.1 million in the third quarter of 2019, from $22.7 million in the third quarter of 2018. As a percentage of revenue, operating expenses were 24.1% in the third quarter of 2019, compared with 20.9% in the third quarter of 2018. The increase in operating expenses was due to higher selling and distribution, general and administrative, and research and development expenses.

     

     

    ·

    Selling and distribution expenses rose to $13.9 million from $13.2 million in the same quarter of 2018. As a percentage of revenue, selling and distribution expenses were 12.3% compared with 12.1% of quarterly revenues in the same quarter of 2018.

     

     

    ·

    General and administrative ("G&A") expenses for the third quarter of 2019 were $8.2 million, or 7.3% of revenue, compared with $5.1 million, or 4.7% in the third quarter of 2018. The increase in G&A expenses was mainly due to an increase in employee salaries and professional fees.

     

     

    ·

    Research and development ("R&D") expenses were $5.0 million in the third quarter of 2019 compared with $4.5 million in the third quarter of 2018. As a percentage of revenue, R&D was
    4.5% in the third quarter of 2019, compared with 4.1% of revenue in the third quarter of 2018. The Company continues to develop new, higher-margin, electronically controlled products, and upgrade the performance and quality of the Company's traditional brake products, to capture greater market share.

     

    Interest expenses were $3.0 million in the third quarter of 2019 compared to $3.3 million in the third quarter of 2018. Decreased interest expenses were mainly due to decreased rates on lower loans outstanding during the third quarter of 2019 compared to the third quarter of 2018.

     

    Income before provision for income taxes was $5.0 million for the third quarter of 2019 as compared with $7.1 million for the third quarter of 2018. The decrease in income before taxes was primarily due to lower government grants and higher operating expenses. Pretax income margin was 4.5% in the third quarter of 2019, compared with 6.6% in the third quarter of 2018. 

     

    The provision for income taxes was $0.4 million in the third quarter of 2019 compared with $12.1 million in the third quarter of 2018. The significantly lower taxes in the third quarter of 2019 compared with the third quarter in 2018, were mainly due to one-time accrued taxes of $11.0 million in the third quarter of 2018 associated with the U.S. tax reform related to the planned dividend distribution from China (PRC) subsidiaries in order to fulfill the payment of one-time accrued taxes.

     

    Net income attributable to stockholders for the third quarter of 2019 was $4.2 million, or $0.22 per basic and diluted share, compared with net loss attributable to stockholders of $5.6 million, or $0.29 per basic and diluted share, in the third quarter of 2018.

     

    Excluding the impact of the one-time accrued taxes related to U.S. tax reform, net income attributable to stockholders for the third quarter of 2018 would have been $5.4 million, or $0.28 per basic and diluted share.

     

    Nine-Month 2018 Financial Performance

     

    Net sales for the first nine months of 2019 increased 12.5% year-over-year to $387.8 million from $344.8 million for the first nine months of 2018. Revenues from the Company's China OEM customers increased by 17.0% to $192.7 million from $164.7 million in the same period in 2018.  Revenues from China's domestic aftermarket increased 15.5% to $135.5 million from $117.3 million in the first nine months of 2018. Revenues from international markets decreased 4.8% to $59.7 million from $62.7 million in the first nine months of 2018.

     

    SORL’s commercial vehicle brake sales increased 6.6% year-over-year to $319.6 million and represented 82.4% of total sales in the first nine months of 2019. The sales of passenger vehicle auto parts were $68.3 million, similar to last year’s same period, and accounted for 17.6% of the total sales for the first nine months of 2019.

     

    Gross profit for the first nine months of 2019 increased 14.0% to $103.7 million from $91.0 million in the same period in 2018. Gross margin for the first nine months of 2019 increased to 26.7% from 26.4% for the first nine months of 2018. The Company’s gross margin increased due to higher sales.  

     

    Income from operations for the first nine months of 2019 was $26.6 million with an operating margin of 6.9%.  

     

    Net income attributable to stockholders for the first nine months of 2019 was $18.8 million, or $0.97 per basic and diluted share, compared with $9.4 million, or $0.49 per basic and diluted share, in the same period in 2018.

     

    Excluding the impact of U.S. tax reform, net income attributable to stockholders for the first nine months of 2018 would have been $20.4 million, or $1.06 per basic and diluted share.

     

    Balance Sheet

     

    As of September 30, 2019, the Company’s cash and cash equivalents were $16.5 million. Total stockholders' equity was $189.1 million at September 30, 2019.  The Company had working capital of $34.2 million on September 30, 2019. During the third quarter of 2019, the Company received over $36 million in repayments of advances to related parties.

     

    Business Outlook

     

    Management has reiterated its fiscal year 2019 guidance for net sales of approximately $515 million and net income attributable to common stockholders of approximately $22 million. These targets are based on the Company's current views on the operating and market conditions, which are subject to change.

     

    Conference Call

     

    Management will host a conference call on Wednesday, November 14, 2019, at 7:00 P.M. EST/ 8:00 A.M. Beijing Time on November 15, 2019 to discuss its 2019 third quarter results.  Listeners may access the call by dialing U.S. toll free number +1-877-407-0778 and +1-201-689-8565 for international callers, and Mainland China toll free +86 400-120-2840. A live web cast of the conference call will also be available at http://www.tnscbaby.com.

     

    A replay of the call will be available shortly after the conference call through 7:00 P.M. EST on December 14, 2019 or 8:00 A.M. Beijing Time on December 15, 2019. The replay dial-in numbers are: U.S. toll free number +1-877-481-4010 or the international number +1-919-882-2331; using Conference ID “56753” to access the replay.

     

    About SORL Auto Parts, Inc.

     

    As a global tier one supplier of brake and control systems to the commercial vehicle industry, SORL Auto Parts, Inc. is the market leader for commercial vehicles brake systems, such as trucks and buses in China. The Company distributes products both within China and internationally under the SORL trademark. SORL is listed among the top 100 auto component suppliers in China, with a product range that includes 65 categories with over 2000 specifications in brake systems and others. The Company has four authorized international sales centers in UAE, India, the United States and Europe. SORL is working to establish a broader global sales network. For more information, please visit http://www.tnscbaby.com.

     

     

    Safe Harbor Statement

     

    This press release may include certain statements that are not descriptions of historical facts but are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "anticipates," "believes," "targets," "goals," "projects," "intends," "plans," "seeks," "estimates," "may," "will," "should" or similar expressions. For example, when the Company describes the evaluation of the preliminary non-binding proposal letter, it is using forward-looking statements. These forward-looking statements may also include statements about the Company's proposed discussions related to its business or growth strategy, which are subject to change. Such information is based upon expectations of the Company's management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond the Company's control and upon assumptions with respect to future business decisions, which are subject to change. The Company does not undertake to update the forward-looking statements contained in this press release. These risks and uncertainties may include, but are not limited to general political, economic and business conditions which may impact the demand for commercial vehicles or passenger vehicles in China and the other significant markets where the Company's products are sold, uncertainty regarding such political, economic and business conditions, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible recessions, natural disasters, the political stability of China and the impact of any of those events on demand for commercial or passenger vehicles, changes in consumer confidence, new product development and introduction, competitive products and pricing, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier's inability to fulfill the Company's orders, cost of labor and raw materials, the loss of or curtailed sales to significant customers, the Company's dependence on key employees and officers, the ability to secure and protect trademarks, patents and other intellectual property rights, potential effects of competition in the Company's business, the dependency of the Company upon the normal operation of its sole manufacturing facility, potential effect of the economic and currency instability in China and countries to which the Company sold its products, the ability of the Company to successfully manage its expenses on a continuing basis, the continued availability to the Company of financing and credit on favorable terms, business disruptions, disease, general risks associated with doing business in China or other countries including, without limitation, foreign trade policies, import duties, tariffs, quotas, political and economic stability, and the other factors discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. For additional information regarding known material factors that could cause the Company's results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov.

     

     

    Contact Information

     

    Phyllis Huang
    +86-151-6770-5972
    +86-577-6581-7721
    phyllis@sorl.com.cn

     

    Kevin Theiss

    Investor Relations

    Awaken Advisors

    212-521-4050
    kevin.theiss@awakenlab.com

     

    -tables follow –

     

     

     

     

     

     

     

     SORL Auto Parts, Inc. and Subsidiaries

    Consolidated Balance Sheets

    September 30, 2019 and December 31, 2018

     

     

    Assets

     

     

     

     

    Current Assets

     

     

     

     

    Cash and cash equivalents

    US$

     16,485,401

    US$

     73,588,229

    Accounts receivable, net, including $310,143 and $261,889 from related parties as of September 30, 2019 and December 31, 2018, respectively

     

     158,188,600

     

     150,047,797

    Bank acceptance notes from customers

     

     65,007,965

     

     62,052,225

    Inventories, net

     

     191,178,724

     

     204,285,427

    Prepayments, current, including $3,283,579 and $3,670,573 to related party at September 30, 2019 and December 31, 2018, respectively

     

    16,258,454

     

     7,776,591

    Restricted cash, current

     

     13,780,187

     

     19,307,003

    Advances to related party

     

     24,433,792

     

     79,739,417

    Deposits on loan agreements, current

     

     4,948,465

     

     -   

    Other current assets, net

     

     13,610,953

     

     15,697,448

    Total Current Assets

     

    503,892,541

     

     612,494,137

     

     

     

     

     

        Property, plant and equipment, net

     

     119,103,291

     

     96,053,386

    Land use rights, net

     

     36,213,965

     

     21,124,455

    Intangible assets, net

     

     -   

     

     220,232

    Deposits on loan agreements, non-current

     

     6,362,312

     

     10,199,324

    Prepayments, non-current

     

     15,253,670

     

     31,575,238

    Other assets, non-current

     

     1,463,985

     

     563,542

    Restricted cash, non-current

     

     16,683,397

     

     18,067,374

    Deferred tax assets

     

     3,578,925

     

     4,073,838

          Total Non-current Assets

     

    198,659,545

     

     181,877,389

      Total Assets

    US$

     702,552,086

    US$

     794,371,526

     

     

     

     

     

    Liabilities and Equity

     

     

     

     

    Current Liabilities

     

     

     

     

    Accounts payable and bank acceptance notes to vendors, including
    $16,438,264 and $23,805,200 due to related parties at
    September 30, 2019 and December 31, 2018, respectively



    US$



    159,184,839



    US$



    236,433,718

    Deposits received from customers

     

     47,433,293

     

     51,529,795

    Short term bank loans

     

     201,749,179

     

     217,940,471

    Current portion of long term loans, net of unamortized debt issuance costs

     

     22,199,252

     

     21,141,029

    Income tax payable, current

     

     3,132,430

     

     3,421,486

    Accrued expenses

     

     23,085,329

     

     24,045,902

    Due to related party

     

     8,083,574

     

     5,959,752

    Deferred income

     

     745,200

     

     1,453,282

    Other current liabilities

     

     4,041,457

     

     3,288,344

       Total Current Liabilities

     

     469,654,553

     

     565,213,779

     

     

     

     

     

        Long term loans, less current portion and net of unamortized debt issuance costs

     

     4,630,198

     

     14,429,404

        Operating lease liabilities, non-current

     

     628,873

     

     -   

        Income tax payable, non-current

     

     8,377,468

     

     9,259,307

          Total Non-current Liabilities

     

     13,636,539

     

     23,688,711

          Total Liabilities

     

     483,291,092

     

     588,902,490

     

     

     

     

     

    Equity

     

     

     

     

    Preferred stock - no par value; 1,000,000 authorized; none issued and outstanding as of September 30, 2019 and December 31, 2018

     

     -   

     

     -   

    Common stock - $0.002 par value; 50,000,000 authorized,

     

     

     

     

    19,304,921 issued and outstanding as of

     

     

     

     

    September 30, 2019 and December 31, 2018

     

     38,609

     

     38,609

    Additional paid-in capital

     

     (28,582,654)

     

     (28,582,654)

    Reserves

     

     21,902,103

     

     20,007,007

    Accumulated other comprehensive income

     

     259,271

     

     6,655,803

    Retained earnings

     

     195,433,836

     

     178,535,378

      Total SORL Auto Parts, Inc. Stockholders' Equity

     

     189,051,165

     

     176,654,143

      Noncontrolling Interest In Subsidiaries

     

     30,209,829

     

     28,814,893

      Total Equity

     

     219,260,994

     

     205,469,036

      Total Liabilities and Equity

    US$

    702,552,086

    US$

     794,371,526

     

     

     

     

    SORL Auto Parts, Inc. and Subsidiaries

    Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

    For the Three and Nine Months ended September 30, 2019 and 2018 (Unaudited)

     

     

     

    Three months ended
    September 30,

     

    Nine months ended September 30,

     

     

    2019

     

    2018

     

    2019

     

    2018

     

     

     

     

     

     

     

     

     

    Sales

    US$

     112,227,452

    US$

     108,584,331

    US$

     387,820,858

    US$

     344,815,965

    Include: sales to related parties

     

    6,859,689

     

     9,333,959

     

     25,478,367

     

     22,997,540

    Cost of sales

     

     81,294,783

     

     82,249,456

     

     284,098,257

     

    253,851,334

    Gross profit

     

     30,932,669

     

     26,334,875

     

     103,722,601

     

     90,964,631

    Expenses:

     

     

     

     

     

     

     

     

    Selling and distribution expenses

     

     13,850,387

     

     13,160,875

     

     43,198,784

     

     37,154,745

    General and administrative expenses

     

     8,207,550

     

     5,051,684

     

     24,803,869

     

     17,519,873

    Research and development expenses

     

     5,001,354

     

     4,478,298

     

     16,934,141

     

     13,400,656

    Total operating expenses

     

     27,059,291

     

     22,690,857

     

     84,936,794

     

     68,075,274

    Other operating income, net

     

     2,840,617

     

     2,959,269

     

     7,798,787

     

     7,535,820

    Income from operations

     

     6,713,995

     

     6,603,287

     

     26,584,594

     

     30,425,177

    Interest income

     

     966,855

     

     547,455

     

     4,183,471

     

     2,847,299

    Government grants

     

     70,785

     

     2,239,250

     

     3,570,630

     

     2,982,775

    Other income

     

     35,884

     

     229,520

     

     130,913

     

     432,213

    Interest expenses

     

     (3,010,304)

     

     (3,331,554)

     

    (10,155,849)

     

    (10,214,68)

    Exchange differences

     

     773,420

     

     906,538

     

     250,290

     

     1,396,460

    Other expenses

     

     (508,302)

     

     (55,835)

     

     (1,076,993)

     

     (1,200,920)

    Income before income taxes provision

     

     5,042,333

     

     7,138,661

     

     23,487,056

     

     26,668,323

    Provision for income taxes

     

     389,109

     

     12,130,789

     

     2,587,840

     

     14,974,982

    Net income (loss)

    US$

     4,653,224

    US$

     (4,992,128)

    US$

     20,899,216

    US$

     11,693,341

     

     

     

     

     

     

     

     

     

    Net income attributable to noncontrolling interest in subsidiaries

     

     468,322

     

     613,086

     

     2,105,662

     

     2,281,633

    Net income (loss) attributable to common stockholders

    US$

     4,184,902

    US$

     (5,605,214)

    US$

     18,793,554

    US$

     9,411,708

    Comprehensive income (loss):

     

     

     

     

     

     

     

     

    Net income (loss)

    US$

     4,653,224

    US$

     (4,992,128)

    US$

     20,899,216

    US$

     11,693,341

    Foreign currency translation adjustments

     

     (6,586,436)

     

     (8,307,355)

     

     (7,107,258)

     

    (11,275,895

    Comprehensive income (loss)

     

     (1,933,212)

     

     (13,299,483)

     

     13,791,958

     

     417,446

    Comprehensive income (loss) attributable to noncontrolling interest in subsidiaries

     

     (190,322)

     

     (217,650)

     

     1,394,936

     

     1,154,043

    Comprehensive income (loss) attributable to common stockholders

    US$

     (1,742,890)

    US$

     (13,081,833)

    US$

     12,397,022

    US$

     (736,597)

    Weighted average common share - basic

     

     19,304,921

     

     19,304,921

     

     19,304,921

     

     19,304,921

    Weighted average common share - diluted

     

     19,304,921

     

     19,304,921

     

     19,304,921

     

     19,304,921

    EPS - basic

    US$

     0.22

    US$

     (0.29)

    US$

     0.97

    US$

     0.49

    EPS - diluted

    US$

     0.22

    US$

     (0.29)

    US$

     0.97

    US$

     0.49

     

     

     

     

    SORL Auto Parts, Inc. and Subsidiaries

    Consolidated Statements of Cash Flows

    For the Nine Months ended September 30, 2019 and 2018 (Unaudited)

      

     

     

     

     Nine months ended September 30,

     

     

     

    2019

     

    2018

    Cash Flows From Operating Activities

     

     

     

     

     

    Net income

     

    US$

     20,899,216

    US$

     11,693,341

    Adjustments to reconcile net income to net cash provided

    by (used in) operation activities:

     

     

     

     

     

    Allowance for doubtful accounts

     

     

     2,365,714

     

     179,744

    Depreciation and amortization

     

     

     10,528,373

     

     8,926,695

    Deferred income tax

     

     

     368,700

     

     966,547

    Gain on disposal of property and equipment

     

     

     (30,562)

     

     (73,809)

    Amortization of debt issuance costs

     

     

     441,236

     

     520,741

    Changes in assets and liabilities:

     

     

     

     

     

    Accounts receivable

     

     

     (15,844,424)

     

     (38,780,246)

    Bank acceptance notes from customers

     

     

    1,258,843

     

     68,016,837

    Inventories, net

     

     

    7,669,607

     

     (9,983,968)

    Prepayments

     

     

     (9,348,404)

     

     (52,611,953)

    Other current assets, net

     

     

     (699,009)

     

     (19,823,567)

    Accounts payable and bank acceptance notes to vendors

     

     

     (72,638,392)

     

     86,724,938

    Deposits received from customers

     

     

     (2,393,750)

     

     7,432,808

    Income tax payable

     

     

     (1,125,335)

     

     24,058,536

    Deferred income

     

     

     (683,529)

     

     (382,627)

    Other current liabilities and accrued expenses

     

     

     301,057

     

     (5,671,820)

    Net Cash Flows Provided By (Used in) Operating Activities

     

     

     (58,930,659)

     

     81,192,197

     

     

     

     

     

     

    Cash Flows From Investing Activities

     

     

     

     

     

    Acquisition of property, equipment, plant and land use rights

     

     

     (36,495,784)

     

     (40,142,267)

    Acquisition of intangible assets

     

     

    -

     

     (367,931)

    Advances to related parties

     

     

    -

     

    (214,800,362)

    Repayment of advances to related parties

     

     

    57,010,144

     

     222,337,244

    Proceeds from disposal of property and equipment

     

     

    42,451

     

     -   

    Net Cash Flows Provided By (Used In) Investing Activities

     

     

    20,556,811

     

     (32,973,316)

     

     

     

     

     

     

    Cash Flows From Financing Activities

     

     

     

     

     

    Proceeds from short term bank  loans

     

     

     238,649,409

     

     353,441,949

    Repayment of short term bank loans

     

     

    (248,358,539)

     

     (325,651,416)

    Proceeds from related parties

     

     

     1,843,951

     

     311,692,664

    Repayments to related parties

     

     

     -   

     

     (328,624,110)

    Repayments of long term loans

     

     

     (16,998,572)

     

     (18,957,775)

    Payment of debt issuance costs

     

     

    (108,222)

     

    -

    Net Cash Flows Used In Financing Activities

     

     

     (24,971,973)

     

     (8,098,688)

    Effects on changes in foreign exchange rate

     

     

     (667,800)

     

     (4,557,219)

    Net change in cash, cash equivalents and restricted cash

     

     

     (64,013,621)

     

     35,562,974

    Cash, cash equivalents, and restricted cash - beginning of the period

     

     

     110,962,606

     

     4,598,176

    Cash, cash equivalents, and restricted cash - end of the period

     

    US$

     46,948,985

    US$

     40,161,150

    Supplemental Cash Flow Disclosures:

     

     

     

     

     

    Interest paid

     

    US$

    8,655,097

    US$

     7,849,753

    Income taxes paid

     

    US$

     3,339,144

    US$

     5,157,755

    Non-cash Investing and Financing Transactions

     

     

     

     

     

    Loans from related party in the form of bank acceptance notes

     

    US$

     -   

    US$

     5,846,083

    Repayments to related party in the form of bank acceptance notes

     

    US$

     -   

    US$

     33,721,267

    Repayments from related party in the form of bank acceptance notes

     

    US$

     -   

    US$

     26,771,056

    Liabilities assumed in connection with acquisition of property, plant and equipment

     

    US$

    1,274,693

    US$

     -   

    Property, plant and equipment and land use rights transferred from prepayments

     

    US$

    19,995,442

    US$

    -

    Proceeds from long term loans in the form of bank acceptance notes

     

    US$

    7,169,692

    US$

    -

    Deposits on loan agreements deducted from proceeds from long term loans

     

    US$

    1,433,938

    US$

    -

    Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets

     

     

     

     

     

    Cash and cash equivalents

     

    US$

     16,485,401

    US$

     17,609,594

    Restricted cash, current

     

     

     13,780,187

     

     19,062,778

    Restricted cash, non-current

     

     

     16,683,397

     

     3,488,778

    Total cash, cash equivalents, and restricted cash

     

    US$

     46,948,985

    US$

     40,161,150

     

     

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