$CPHI
China Pharma Holdings Inc

2012 Q1 Form 10-K Financial Statement

#000101054912000255 Filed on March 14, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q4 2011
Revenue $16.09M $22.46M $81.17M
YoY Change -11.2% -6.3% 9.11%
Cost Of Revenue $10.78M $15.14M $52.18M
YoY Change -4.18% 4.49% 18.3%
Gross Profit $5.300M $7.320M $28.99M
YoY Change -22.85% -22.78% -4.28%
Gross Profit Margin 32.94% 32.59% 35.71%
Selling, General & Admin $1.890M $450.0K $7.156M
YoY Change 23.53% -75.0% 28.19%
% of Gross Profit 35.66% 6.15% 24.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $370.0K $90.00K $1.175M
YoY Change -15.91% -62.5% -21.95%
% of Gross Profit 6.98% 1.23% 4.05%
Operating Expenses $1.890M $440.0K $7.264M
YoY Change 23.53% -75.56% 19.33%
Operating Profit $3.410M $6.880M $22.03M
YoY Change -36.14% -10.42% -10.7%
Interest Expense -$80.00K -$70.00K -$255.2K
YoY Change -112.9% -69.57% 51.67%
% of Operating Profit -2.35% -1.02% -1.16%
Other Income/Expense, Net $0.00 $160.0K $300.0K
YoY Change -36.17%
Pretax Income $3.340M $6.960M $686.3K
YoY Change -43.96% -6.58% -52.21%
Income Tax $530.0K $1.160M -$3.442M
% Of Pretax Income 15.87% 16.67% -501.6%
Net Earnings $2.810M $5.810M $19.27M
YoY Change -44.9% -11.43% -17.7%
Net Earnings / Revenue 17.46% 25.87% 23.74%
Basic Earnings Per Share $0.44
Diluted Earnings Per Share $64.55K $133.5K $0.44
COMMON SHARES
Basic Shares Outstanding 43.53M
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q1 2011 Q4 2011
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.300M $4.100M $4.100M
YoY Change -13.16% 10.81% 10.81%
Cash & Equivalents $3.300M $4.051M $4.100M
Short-Term Investments
Other Short-Term Assets $600.0K $600.0K $600.0K
YoY Change 20.0% 20.0% 20.0%
Inventory $34.30M $30.38M $30.40M
Prepaid Expenses
Receivables $73.50M $69.70M $69.70M
Other Receivables $5.400M $55.04K $5.900M
Total Short-Term Assets $117.1M $110.6M $110.6M
YoY Change 21.22% 20.31% 20.35%
LONG-TERM ASSETS
Property, Plant & Equipment $6.200M $6.335M $6.300M
YoY Change 0.0% -0.59% -1.56%
Goodwill
YoY Change
Intangibles $3.083M
YoY Change -13.11%
Long-Term Investments
YoY Change
Other Assets $37.40M $36.40M $36.40M
YoY Change 695.74% 21.74% 727.27%
Total Long-Term Assets $46.50M $45.78M $45.80M
YoY Change 14.53% 14.98% 14.79%
TOTAL ASSETS
Total Short-Term Assets $117.1M $110.6M $110.6M
Total Long-Term Assets $46.50M $45.78M $45.80M
Total Assets $163.6M $156.4M $156.4M
YoY Change 19.24% 18.7% 18.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.900M $3.112M $3.100M
YoY Change 59.46% -36.97% -36.73%
Accrued Expenses $3.700M $184.0K $3.300M
YoY Change 37.04% 87.38% 32.0%
Deferred Revenue
YoY Change
Short-Term Debt $4.000M $3.900M $3.900M
YoY Change 5.26% 2.63% 2.63%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.30M $13.78M $13.80M
YoY Change 36.22% 7.58% 7.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.30M $13.78M $13.80M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $17.40M $13.91M $13.90M
YoY Change 33.85% 0.68% 0.72%
SHAREHOLDERS EQUITY
Retained Earnings $104.3M
YoY Change 22.67%
Common Stock $43.53K
YoY Change 0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $146.2M $142.5M $142.5M
YoY Change
Total Liabilities & Shareholders Equity $163.6M $156.4M $156.4M
YoY Change 19.24% 18.7% 18.66%

Cashflow Statement

Concept 2012 Q1 2011 Q4 2011
OPERATING ACTIVITIES
Net Income $2.810M $5.810M $19.27M
YoY Change -44.9% -11.43% -17.7%
Depreciation, Depletion And Amortization $370.0K $90.00K $1.175M
YoY Change -15.91% -62.5% -21.95%
Cash From Operating Activities $400.0K -$170.0K $5.237M
YoY Change -71.22% -109.83% -32.73%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$920.0K -$352.4K
YoY Change -12.09% -72.7% 451.84%
Acquisitions
YoY Change
Other Investing Activities -$280.0K $50.00K -$80.00K
YoY Change -40.43%
Cash From Investing Activities -$1.080M -$880.0K -$5.626M
YoY Change -21.74% -73.89% -46.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 250.0K $595.7K
YoY Change -100.0% -65.75% -77.63%
NET CHANGE
Cash From Operating Activities 400.0K -170.0K $5.237M
Cash From Investing Activities -1.080M -880.0K -$5.626M
Cash From Financing Activities 0.000 250.0K $595.7K
Net Change In Cash -680.0K -800.0K $207.1K
YoY Change -950.0% -12.09% -397.94%
FREE CASH FLOW
Cash From Operating Activities $400.0K -$170.0K $5.237M
Capital Expenditures -$800.0K -$920.0K -$352.4K
Free Cash Flow $1.200M $750.0K $5.590M
YoY Change -47.83% -85.29% -28.79%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2011 cphi Inventory Purchased With Bankers Acceptances
InventoryPurchasedWithBankersAcceptances
6102570 USD
CY2010 cphi Inventory Purchased With Bankers Acceptances
InventoryPurchasedWithBankersAcceptances
USD
CY2011 cphi Accounts Receivable Collected With Bankers Acceptances
AccountsReceivableCollectedWithBankersAcceptances
6102570 USD
CY2010 cphi Accounts Receivable Collected With Bankers Acceptances
AccountsReceivableCollectedWithBankersAcceptances
USD
CY2011 cphi Advancesforpurchases
ADVANCESFORPURCHASES
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> NOTE 5 - ADVANCES FOR PURCHASES OF INTANGIBLE ASSSETS AND PROPERTY AND EQUIPMENT</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> In order to expand the number of medicines manufactured and marketed by the Company, the Company has entered into contracts with independent laboratories for the purchase of medical formulas. Although SFDA approval has not been obtained for these medical formulas at the dates of the contracts, the object of the contracts is for the purchase of SFDA-approved medical formulas once the SFDA approval process is completed. Some of the medical formulas currently in the SFDA approval process also come with SFDA-approved patents, and the Company has received the title for one patent and is currently in the transfer process to receive another one. The related patents have not expired.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Prior to entering into the contracts, the laboratories typically have completed all required research and development to determine the medical formula for and the method of production of the generic medicine.&nbsp;&nbsp;Since the laboratories are not eligible to apply for SFDA production approval, they usually collaborate with a production facility (such as the Company) and apply for the production approval in the name of the manufacturer. The Company buys the final products with the production approval from the SFDA and the laboratories have to complete the SFDA process from the point of the contract.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> A typical SFDA approval process for the production of a generic medical product involves a number of steps that generally requires three to five years. If the medical formula is purchased at the point when the generic medical product receives the SFDA&#39;s approval for clinical study, which is very typical for the Company, the clinical study that follows will usually take from 1.5 to three years to complete. After the clinical study is completed, the results are submitted to the SFDA and a production approval application is filed with the SFDA. In most cases, it will take between eight to eighteen months to prepare and submit the production approval application and obtain SFDA approval. Upon approving the generic medical product, the SFDA issues a production certificate and the Company can produce and sell the generic medical product. As a result of this process, SFDA approval is expected to be received in approximately two to five years from the dates of the medical formula contracts.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Under the terms of the contracts, the laboratories are required to obtain production approval (on behalf of the Company) for the medical formulas from the SFDA. Management monitors the status of each medical formula on a regular basis in order to assess whether the laboratories are performing adequately under the contracts. If a medical product is not approved by the SFDA, as evidenced by their issuance of a denial letter, or if the laboratory breaches the contract, the laboratory is required under the contract to provide a refund to the Company of the full amount of the payments made to the laboratory for that formula, or the Company can require the application of those payments to another medical formula with the same laboratory. As a result of the refund right, the Company is purchasing an approved medical product. Accordingly, payments made prior to the issuance of production approval by the SFDA are recorded as advances for purchases of intangible assets.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> To date, no formula has failed to receive SFDA production approval nor has the Company been informed or become aware of any formula that may fail to receive such approval. However, there is no assurance that the medical products will receive production approval and if the Company does not receive such approval, it will enforce its contractual rights to receive the refund from the laboratory or have the payments applied to another medical formula with the same laboratory.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> At December 31, 2011, the Company was obligated to pay laboratories approximately $8,640,000 upon their completion of the various phases of contracts to provide SFDA production approval of medical formulas.</div> <!--EndFragment--></div> </div>
CY2011Q4 cphi Advances For Purchases Of Intangible Assets
AdvancesForPurchasesOfIntangibleAssets
36194494 USD
CY2010Q4 cphi Advances For Purchases Of Intangible Assets
AdvancesForPurchasesOfIntangibleAssets
29781388 USD
CY2011Q4 cphi Advances For Purchases Of Property And Equipment
AdvancesForPurchasesOfPropertyAndEquipment
170323 USD
CY2010Q4 cphi Advances For Purchases Of Property And Equipment
AdvancesForPurchasesOfPropertyAndEquipment
114946 USD
CY2011Q4 cphi Advances To Suppliers
AdvancesToSuppliers
5778841 USD
CY2010Q4 cphi Advances To Suppliers
AdvancesToSuppliers
5311896 USD
CY2011 cphi Derivativewarrantliability
DERIVATIVEWARRANTLIABILITY
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> NOTE 9 - DERIVATIVE WARRANT LIABILITY</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> On May 27, 2008 and on May 30, 2008, the Company issued warrants to purchase 1,250,000 shares of common stock at $2.80 per share and warrants to purchase 300,000 shares of common stock at $2.98 per share, respectively, exercisable for a period of three years. These warrants were never exercised and expired on May 27, 2011. If the Company had issued shares of common stock or common stock equivalents&nbsp;at a price per share less than the exercise price, the exercise price would have been multiplied by a fraction, the numerator of which would have been the number of shares of common stock outstanding immediately prior to such issuance plus the number of shares of common stock which the offering price for such shares of common stock or common stock equivalents would&nbsp;&nbsp;have purchased at the closing price of the common stock on that date, and the denominator of which would have been the sum of the number of shares of common stock outstanding immediately prior to such issuance plus the number of shares of common stock so issued or issuable. Simultaneously with any adjustment to the exercise price, the number of shares of common stock that could have been purchased upon exercise of the warrants was increased or decreased proportionately, so that after such adjustment the aggregate exercise price payable for the adjusted number of shares would have been the same as the aggregate exercise price in effect immediately prior to such adjustment.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> The Company used a Lattice valuation model to measure the fair value of the warrants, and based on the following assumptions, the fair values were as follows:</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> <div style="text-align: center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="75%"> <tr> <td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> <td valign="bottom" width="13%" colspan="2"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> December 31,</div> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> <td valign="bottom" width="13%" colspan="2"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> December 31,</div> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="13%" colspan="2"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2011</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="13%" colspan="2"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2010</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</font> </td> </tr> <tr bgcolor="lightcyan"> <td valign="bottom" width="70%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Risk free interest rate</div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: center" valign="bottom" width="12%">-</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="12%">2.93</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">%</td> </tr> <tr bgcolor="white"> <td valign="bottom" width="70%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Expected life, in years</div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: center" valign="bottom" width="12%">-</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="12%">0.41</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> </tr> <tr bgcolor="lightcyan"> <td valign="bottom" width="70%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Expected dividend rate</div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: center" valign="bottom" width="12%">-</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="12%">0</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">%</td> </tr> <tr bgcolor="white"> <td valign="bottom" width="70%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Volatility</div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: center" valign="bottom" width="12%">-</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="12%">67.21</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">%</td> </tr> <tr bgcolor="lightcyan"> <td valign="bottom" width="70%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Fair value</div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: center" valign="bottom" width="12%">-</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="12%">934,260</td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</font> </td> </tr> </table> </div> <div style="text-align: center">&nbsp;</div> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Changes to the warrant derivative liability are recognized in the results of operations and resulted in derivative gains of $934,260 and $1,588,888 for the years ended December 31, 2011 and 2010, respectively.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div>
CY2011 cphi Government Subsidy Income
GovernmentSubsidyIncome
301672 USD
CY2010 cphi Government Subsidy Income
GovernmentSubsidyIncome
469509 USD
CY2011 cphi Increase Decrease In Advances To Suppliers
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-251171 USD
CY2010 cphi Increase Decrease In Advances To Suppliers
IncreaseDecreaseInAdvancesToSuppliers
-3367119 USD
CY2011 cphi Net Investment In Bankers Acceptances
NetInvestmentInBankersAcceptances
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CY2010 cphi Net Investment In Bankers Acceptances
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USD
CY2011 cphi Notespayable
NOTESPAYABLE
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> NOTE 7 - NOTES PAYABLE</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> On July 2, 2009, the Company entered into a revolving line of credit with a bank, with the related note payable bearing interest at an annual rate of 5.31% and collateralized by certain land use rights, buildings, machinery and equipment. The revolving line of credit was paid in full during the third quarter of fiscal 2010.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> On September 30, 2010, the Company entered into a new revolving line of credit with a bank in the amount of RMB 25,000,000 (approximately $3,800,000), with the related note payable bearing interest at a base rate equal to the PRC&#39;s floating six-month to one year rate of 5.56% plus an additional 10% of the base rate, with a resulting rate of 6.12% at December 31, 2010. Advances on the line of credit are due one year from the date of the advance, with the note payable collateralized by certain land use rights and buildings. On October 26, 2011 the Company renewed the underlying note with the same bank.&nbsp;&nbsp;The new note bears interest at a base rate equal to the PRC&#39;s floating six-month to one year rate of 6.56% plus an additional 15% of the base rate, with a resulting rate of 7.54% at December 31, 2011. Advances on the line of credit are due one year from the date of the advance and collateralized by certain land use rights and buildings. The outstanding balance due under the revolving line of credit was RMB 25,000,000 ($3,931,745) at December 31, 2011. This amount has been classified as short-term notes payable in the accompanying consolidated balance sheet at December 31, 2011.&nbsp;&nbsp;The Company has no additional amounts available to it under the line of credit.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Fair Value of</font> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Notes Payable</font> - Based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities, the carrying amounts of notes payable outstanding at December 31, 2011 and 2010 approximated their fair value because of the immediate or short-term maturity of these financial instruments or because the underlying instruments bear interest rates that approximated current market rates.&nbsp;</div> <!--EndFragment--></div> </div>
CY2011Q4 cphi Other Receivables Allowance For Doubtful Accounts
OtherReceivablesAllowanceForDoubtfulAccounts
38921 USD
CY2010Q4 cphi Other Receivables Allowance For Doubtful Accounts
OtherReceivablesAllowanceForDoubtfulAccounts
15669 USD
CY2011 cphi Payment For Advances Purchases Of Property And Equipment And Intangible Assets
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-5191385 USD
CY2010 cphi Payment For Advances Purchases Of Property And Equipment And Intangible Assets
PaymentForAdvancesPurchasesOfPropertyAndEquipmentAndIntangibleAssets
-10454529 USD
CY2011 cphi Shares Received As Payment Of Exercise Price
SharesReceivedAsPaymentOfExercisePrice
CY2010 cphi Shares Received As Payment Of Exercise Price
SharesReceivedAsPaymentOfExercisePrice
35948
CY2011 dei Amendment Flag
AmendmentFlag
false
CY2011 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2011 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q4
CY2011 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
CY2011 dei Document Period End Date
DocumentPeriodEndDate
2011-12-31
CY2011 dei Document Type
DocumentType
10-K
CY2011 dei Entity Central Index Key
EntityCentralIndexKey
0001106644
CY2012Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
43529557
CY2011 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2011 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
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CY2011 dei Entity Registrant Name
EntityRegistrantName
CHINA PHARMA HOLDINGS, INC.
CY2011 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2011 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
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CY2011 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2010 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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CY2011 us-gaap Capital Expenditures Incurred But Not Yet Paid
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43405 USD
CY2011 us-gaap Comprehensive Income Net Of Tax
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22711997 USD
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26100785 USD
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CY2011 us-gaap Income Taxes Paid Net
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-1928259 USD
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CY2011 us-gaap Loss Contingency Disclosures
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> NOTE 12 - CONTINGENCIES</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Economic environment</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">-</font> Substantially all of the Company&#39;s operations are conducted in the PRC, and therefore the Company is subject to special considerations and significant risks not typically associated with companies operating in the United States of America. These risks include, among others, the political, economic and legal environments and fluctuations in the foreign currency exchange rate. The Company&#39;s results from operations may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. The unfavorable changes in global macroeconomic factors may also adversely affect the Company&#39;s operations.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> In addition, all of the Company&#39;s revenue is denominated in the PRC&#39;s currency of Renminbi (RMB), which must be converted into other currencies before remittance out of the PRC. Both the conversion of RMB into foreign currencies and the remittance of foreign currencies abroad require approval of the PRC government.</div> <!--EndFragment--></div> </div>
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
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-10518381 USD
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7785487 USD
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CY2010 us-gaap Operating Income Loss
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24664742 USD
CY2011 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
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5080098 USD
CY2010 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
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3721462 USD
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CY2010Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
CY2011Q4 us-gaap Preferred Stock Shares Authorized
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CY2010Q4 us-gaap Preferred Stock Shares Authorized
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CY2011Q4 us-gaap Preferred Stock Value
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CY2010Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2011 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
USD
CY2010 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3687996 USD
CY2011 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
595670 USD
CY2010 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
227903 USD
CY2011 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
USD
CY2010 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
2583000 USD
CY2011 us-gaap Profit Loss
ProfitLoss
19269642 USD
CY2010 us-gaap Profit Loss
ProfitLoss
23414347 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6334817 USD
CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6372487 USD
CY2011 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
108085 USD
CY2010 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
505224 USD
CY2011 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
USD
CY2010 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
-3835515 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
104286666 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
85017024 USD
CY2011 us-gaap Revenues
Revenues
81166739 USD
CY2010 us-gaap Revenues
Revenues
74388180 USD
CY2011 us-gaap Selling Expense
SellingExpense
3439522 USD
CY2010 us-gaap Selling Expense
SellingExpense
2542826 USD
CY2011 us-gaap Share Based Compensation
ShareBasedCompensation
196183 USD
CY2010 us-gaap Share Based Compensation
ShareBasedCompensation
345416 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
142483097 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
117937174 USD
CY2009Q4 us-gaap Stockholders Equity
StockholdersEquity
87872949 USD
CY2010 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2583000 USD
CY2011 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
119192 USD
CY2010 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
21000 USD
CY2011Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
3082353 USD
CY2010Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2386019 USD

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cphi-20111231.xml Edgar Link completed
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