$ENFY
Enlightify Inc.

2016 Q1 Form 10-Q Financial Statement

#000114420416101866 Filed on May 13, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q2 2015 Q1
Revenue $78.60M $78.51M $79.49M
YoY Change -1.12% 8.79% 13.08%
Cost Of Revenue $53.90M $50.30M $51.30M
YoY Change 5.08% 3.71% 16.23%
Gross Profit $24.70M $28.18M $28.19M
YoY Change -12.38% 18.83% 7.76%
Gross Profit Margin 31.42% 35.89% 35.47%
Selling, General & Admin $14.40M $17.00M $4.661M
YoY Change 208.96% 25.0% 6.03%
% of Gross Profit 58.3% 60.32% 16.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.800M $11.81M $12.02M
YoY Change -18.48% 18.81% 58.29%
% of Gross Profit 39.67% 41.91% 42.64%
Operating Expenses $14.43M $17.00M $15.27M
YoY Change -5.49% 25.0% -6.02%
Operating Profit $10.31M $11.22M $12.93M
YoY Change -20.26% 70.26% 30.33%
Interest Expense $100.0K -$500.0K -$200.0K
YoY Change -150.0% 66.67% -142.36%
% of Operating Profit 0.97% -4.46% -1.55%
Other Income/Expense, Net $49.56K -$458.7K -$191.7K
YoY Change -125.86% -36.84% -48.05%
Pretax Income $10.36M $10.80M $12.73M
YoY Change -18.67% 83.05% 33.36%
Income Tax $2.105M $2.500M $2.817M
% Of Pretax Income 20.32% 23.15% 22.12%
Net Earnings $8.252M $8.214M $9.916M
YoY Change -16.78% 93.22% 37.55%
Net Earnings / Revenue 10.5% 10.46% 12.48%
Basic Earnings Per Share $0.22 $0.23 $0.29
Diluted Earnings Per Share $0.22 $0.23 $0.29
COMMON SHARES
Basic Shares Outstanding 36.96M shares 34.78M shares
Diluted Shares Outstanding 36.96M shares 34.78M shares

Balance Sheet

Concept 2016 Q1 2015 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.50M $93.00M $74.80M
YoY Change 20.99% 245.72% 212.97%
Cash & Equivalents $90.50M $92.98M $74.79M
Short-Term Investments
Other Short-Term Assets $37.80M $41.40M $16.80M
YoY Change 125.0% 25.08% -47.17%
Inventory $108.5M $101.3M $123.6M
Prepaid Expenses
Receivables $74.70M $68.53M $71.83M
Other Receivables $600.0K $0.00 $4.634M
Total Short-Term Assets $312.1M $304.2M $291.6M
YoY Change 7.01% 33.29% 35.42%
LONG-TERM ASSETS
Property, Plant & Equipment $39.60M $44.63M $45.61M
YoY Change -13.17% -7.13% -38.57%
Goodwill $5.246M $5.236M
YoY Change 0.8%
Intangibles $23.81M $24.17M
YoY Change -5.63%
Long-Term Investments
YoY Change
Other Assets $21.80M $185.5K $215.1K
YoY Change 10035.15% 89.23% -99.64%
Total Long-Term Assets $87.80M $125.4M $137.0M
YoY Change -35.9% -23.95% -16.71%
TOTAL ASSETS
Total Short-Term Assets $312.1M $304.2M $291.6M
Total Long-Term Assets $87.80M $125.4M $137.0M
Total Assets $399.9M $429.6M $428.6M
YoY Change -6.7% 9.28% 12.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.800M $2.372M $4.340M
YoY Change 10.6% -29.78% -5.66%
Accrued Expenses $4.059M $3.555M $3.458M
YoY Change 17.38% 20.55% 19.18%
Deferred Revenue
YoY Change
Short-Term Debt $4.800M $23.61M $21.44M
YoY Change -77.61% -1.65% -25.82%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.20M $56.63M $67.12M
YoY Change -63.95% -7.27% 25.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $24.20M $56.63M $67.12M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $24.20M $56.60M $67.10M
YoY Change -63.93% -7.36% 24.95%
SHAREHOLDERS EQUITY
Retained Earnings $198.8M $191.0M
YoY Change 15.58%
Common Stock $123.4M $120.9M
YoY Change 7.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $375.7M $372.9M $361.5M
YoY Change
Total Liabilities & Shareholders Equity $399.9M $429.6M $428.6M
YoY Change -6.7% 9.28% 12.85%

Cashflow Statement

Concept 2016 Q1 2015 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $8.252M $8.214M $9.916M
YoY Change -16.78% 93.22% 37.55%
Depreciation, Depletion And Amortization $9.800M $11.81M $12.02M
YoY Change -18.48% 18.81% 58.29%
Cash From Operating Activities $4.200M $9.610M $19.01M
YoY Change -77.91% -37.31% 2110.47%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$30.00K -$40.00K
YoY Change -100.0% -93.62% -63.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.610M -$10.00K
YoY Change -100.0% -164.93% -90.91%
Cash From Investing Activities $0.00 $4.590M -$40.00K
YoY Change -100.0% -160.63% -81.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.21M 3.820M -3.830M
YoY Change 271.02% -181.28% -140.83%
NET CHANGE
Cash From Operating Activities 4.200M 9.610M 19.01M
Cash From Investing Activities 0.000 4.590M -40.00K
Cash From Financing Activities -14.21M 3.820M -3.830M
Net Change In Cash -10.01M 18.02M 15.14M
YoY Change -166.12% 488.89% 51.1%
FREE CASH FLOW
Cash From Operating Activities $4.200M $9.610M $19.01M
Capital Expenditures $0.00 -$30.00K -$40.00K
Free Cash Flow $4.200M $9.640M $19.05M
YoY Change -77.95% -38.99% 1863.92%

Facts In Submission

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CY2016Q1 us-gaap Depreciation Depletion And Amortization
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CY2015Q2 us-gaap Common Stock Shares Outstanding
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us-gaap Payments Of Dividends
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us-gaap Nature Of Operations
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">NOTE 1 &#150; ORGANIZATION AND DESCRIPTION OF BUSINESS</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">China Green Agriculture, Inc. (the &#8220;Company&#8221;, &#8220;Parent Company&#8221; or &#8220;Green Nevada&#8221;), through its subsidiaries, is engaged in the research, development, production, distribution and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly-concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production and distribution of agricultural products, such as top-grade fruits, vegetables, flowers and colored seedlings.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Unless the context indicates otherwise, as used in the notes to the financial statements of the Company, the following are the references herein of all the subsidiaries of the Company (i) Green Agriculture Holding Corporation (&#8220;Green New Jersey&#8221;), a wholly-owned subsidiary of Green Nevada incorporated in the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (&#8220;Jinong&#8221;), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi&#8217;an Hu County Yuxing Agriculture Technology Development Co., Ltd. (&#8220;Yuxing&#8221;), a Variable Interest Entity (&#8220;VIE&#8221;) in the PRC controlled by Jinong through contractual agreements; (iv) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (&#8220;Gufeng&#8221;), and (v) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng&#8217;s wholly-owned subsidiary in the PRC (&#8220;Tianjuyuan&#8221;).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company&#8217;s corporate structure as of March 31, 2016 is set forth in the diagram below:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The unaudited consolidated financial statements were prepared by Company pursuant to the rules and regulations of the Securities Exchange Commission (&#8220;SEC&#8221;). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;) were omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company&#8217;s Annual Report on Form 10-K. The results for the nine months ended March 31, 2016, are not necessarily indicative of the results to be expected for the year ending June 30, 2016.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Reclassification</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2015 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
cga Amortization Of Deferred Assets
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CY2016Q1 us-gaap Deposits
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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us-gaap Net Income Loss Attributable To Parent Diluted
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us-gaap Net Income Loss Attributable To Parent Diluted
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cga Actual Tax Expenses Percentage
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0.233 pure
us-gaap Revenue From Related Parties
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613452 USD

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