Hebron Technology Co., Ltd. Reports Fiscal Year 2018 Financial Results

Thursday, May 16, 2019 General News
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For the Years Ended December 31,

2018

2017

2016

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$

(5,144,715)

$

7,136,387

$

5,934,885

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

1,195,161

939,995

517,402

Loss on disposition of property and equipment

283,487

12,179

228,245

Deferred tax expense (benefit)

(1,471,938)

11,526

56,968

Bad debt expense (recovery)

7,913,442

187,715

(227,873)

Changes in operating assets and liabilities:

Contracts receivable

(9,019,036)

(2,992,867)

(5,893,527)

Accounts receivable

(1,383,452)

(950,850)

922,611

Notes receivable

593,674

(378,205)

(85,107)

Retainage receivables

(748,903)

(80,360)

(548,357)

Prepayment and advances to suppliers

93,149

(7,127,018)

(2,861,600)

Inventories

1,177,956

788,000

427,878

Other receivables

(598,764)

(156,074)

(1,535)

Accounts payable

146,546

26,450

(290,717)

Notes Payable

2,148,292

53,272

-

Advances from customers

429,217

(370,964)

528,193

Deferred revenue

-

(1,071,355)

3,161

Taxes payable

2,770,253

(2,365,120)

2,484,264

Accrued expenses and other current liabilities

890,551

240,505

382,410

NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES

(725,080)

(6,096,784)

1,577,301

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisitions of property and equipment

(74,210)

(3,126,777)

(7,667)

Payments for intangible assets

(41,000)

-

-

Payments for construction in progress

-

-

(973,254)

NET CASH (USED IN) INVESTING ACTIVITIES

(115,210)

(3,126,777)

(980,921)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from short-term bank loans

1,995,763

295,954

301,019

Repayment of short-term bank loans

(1,088,667)

-

(795,443)

Proceeds from long-term loans

-

173,873

556,885

Repayment of long-term loans

-

(47,353)

-

Repayment/Proceeds from other loan

(176,427)

582,205

-

Repayment of other loan

-

(21,457)

-

Repayment of (proceeds from) related parties

-

(66,582)

72,009

Proceeds from issuance of shares in IPO

-

-

10,131,690

NET CASH PROVIDED BY FINANCING ACTIVITIES

730,669

916,640

10,266,160

EFFECT OF EXCHANGE RATE CHANGE ON CASH

(94,239)

(292,869)

(104,290)

NET (DECREASE) INCREASE IN CASH

(203,860)

(8,599,790)

10,758,250

CASH AND RESTRICTED CASH-beginning of year

3,276,103

11,875,893

1,117,643

CASH AND RESTRICTED CASH-end of year

$

3,072,243

$

3,276,103

$

11,875,893

SUPPLEMENTAL CASH FLOW DISCLOSURES:

Cash paid for income taxes

$

42,250

$

-

$

-

Cash paid for interest

$

91,917

$

75,704

$

50,705

Non-cash financing activities

Warrants issued to placement agent in connection with the Company's IPO

$

-

$

-

$

488,730

Issuance of shares for consulting services

$

239,500

$

-

$

-

Issuance of shares for equity investment

$

2,885,556

$

-

$

-



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