$HCIL
Hongchang International Co., Ltd

2011 Form 10-K Financial Statement

#000154812312000019 Filed on May 08, 2012

View on sec.gov

Income Statement

Concept 2011 2010 Q4 2010
Revenue $1.702M $370.0K $8.570M
YoY Change -80.14% -95.48% -71.26%
Cost Of Revenue $170.6K $0.00 $352.5K
YoY Change -51.61% -100.0% 17.5%
Gross Profit $1.531M $370.0K $8.216M
YoY Change -81.36% -95.43% -72.16%
Gross Profit Margin 89.98% 100.0% 95.87%
Selling, General & Admin $2.944M $1.360M $7.288M
YoY Change -59.6% -76.95% -71.26%
% of Gross Profit 192.31% 367.57% 88.7%
Research & Development $235.3K $70.00K $386.2K
YoY Change -39.05% -50.0% -8.06%
% of Gross Profit 15.37% 18.92% 4.7%
Depreciation & Amortization $38.06K -$20.00K $38.70K
YoY Change -1.65% 0.0% -3.26%
% of Gross Profit 2.49% -5.41% 0.47%
Operating Expenses $3.218M $1.430M $7.712M
YoY Change -58.27% -76.36% -70.13%
Operating Profit -$1.687M -$1.060M $504.6K
YoY Change -434.26% -151.96% -86.33%
Interest Expense -$23.18K -$20.00K -$64.82K
YoY Change -64.24%
% of Operating Profit -12.85%
Other Income/Expense, Net -$5.365K $10.00K -$49.42K
YoY Change -89.14% -200.0% -112.05%
Pretax Income -$1.692M -$1.040M $455.2K
YoY Change -471.73% -165.41% -87.56%
Income Tax -$691.9K -$340.0K $395.0K
% Of Pretax Income 86.78%
Net Earnings -$1.000M -$700.0K $46.81K
YoY Change -2236.61% -120.29% -99.03%
Net Earnings / Revenue -58.78% -189.19% 0.55%
Basic Earnings Per Share -$0.02 $0.00
Diluted Earnings Per Share -$0.02 -$65.12K $0.00
COMMON SHARES
Basic Shares Outstanding 49.71M 46.82M
Diluted Shares Outstanding 49.71M 46.82M

Balance Sheet

Concept 2011 2010 Q4 2010
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.280M $3.450M $4.200M
YoY Change -69.52% 131.54% 181.88%
Cash & Equivalents $1.280M $3.450M $4.200M
Short-Term Investments
Other Short-Term Assets $10.00K $500.0K $500.0K
YoY Change -98.0% -60.0% -80.62%
Inventory $400.0K $11.30K $10.00K
Prepaid Expenses
Receivables $90.00K $918.9K $920.0K
Other Receivables $1.960M $0.00 $0.00
Total Short-Term Assets $3.740M $4.880M $5.630M
YoY Change -33.57% 52.5% 30.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.820M $1.851M $1.850M
YoY Change -1.62% -2.05% -4.64%
Goodwill $1.946M
YoY Change
Intangibles
YoY Change
Long-Term Investments $820.0K $750.0K
YoY Change
Other Assets $2.370M $1.890M $1.890M
YoY Change 25.4% -47.21% -14.09%
Total Long-Term Assets $6.950M $6.440M $5.690M
YoY Change 22.14% -13.21% 0.89%
TOTAL ASSETS
Total Short-Term Assets $3.740M $4.880M $5.630M
Total Long-Term Assets $6.950M $6.440M $5.690M
Total Assets $10.69M $11.32M $11.32M
YoY Change -5.57% 6.59% 13.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.0K $142.4K $140.0K
YoY Change 7.14% -76.27% -54.84%
Accrued Expenses $200.0K $317.8K $160.0K
YoY Change 25.0% 86.92% 166.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $970.0K $627.5K $630.0K
YoY Change 53.97% -60.03% 36.96%
LONG-TERM LIABILITIES
Long-Term Debt $1.030M $1.000M $1.000M
YoY Change 3.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.030M $1.000M $1.000M
YoY Change 3.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $970.0K $627.5K $630.0K
Total Long-Term Liabilities $1.030M $1.000M $1.000M
Total Liabilities $2.000M $1.628M $1.630M
YoY Change 22.7% 3.66% 254.35%
SHAREHOLDERS EQUITY
Retained Earnings -$8.427M
YoY Change
Common Stock $18.12M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.690M $9.693M $9.690M
YoY Change
Total Liabilities & Shareholders Equity $10.69M $11.32M $11.32M
YoY Change -5.57% 6.59% 13.54%

Cashflow Statement

Concept 2011 2010 Q4 2010
OPERATING ACTIVITIES
Net Income -$1.000M -$700.0K $46.81K
YoY Change -2236.61% -120.29% -99.03%
Depreciation, Depletion And Amortization $38.06K -$20.00K $38.70K
YoY Change -1.65% 0.0% -3.26%
Cash From Operating Activities -$150.5K $90.00K $1.663M
YoY Change -109.05% -90.53% -62.47%
INVESTING ACTIVITIES
Capital Expenditures $2.250K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$2.020M -$250.0K
YoY Change
Cash From Investing Activities -$2.046M -$250.0K -$750.0K
YoY Change 172.74% -76.42% -77.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $30.00K 0.000 $1.046M
YoY Change -97.13% -100.0% 10360.0%
NET CHANGE
Cash From Operating Activities -$150.5K 90.00K $1.663M
Cash From Investing Activities -$2.046M -250.0K -$750.0K
Cash From Financing Activities $30.00K 0.000 $1.046M
Net Change In Cash -$2.166M -160.0K $1.959M
YoY Change -210.58% 60.0% 74.89%
FREE CASH FLOW
Cash From Operating Activities -$150.5K $90.00K $1.663M
Capital Expenditures $2.250K $0.00
Free Cash Flow -$152.7K $90.00K $1.663M
YoY Change -109.18% -96.76% -73.69%

Facts In Submission

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CY2011 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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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 style="WIDTH: 681px"><!--StartFragment--> <p style="MARGIN: 0px; FONT-SIZE: 11pt">NOTE 10 - RECENT ACCOUNTING PRONOUNCEMENTS</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px; FONT-SIZE: 11pt"><strong>ASU 2010-13, Compensation - Stock Compensation (Topic 718) - Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades - a consensus of the FASB Emerging Issues Task Force</strong></p> <p style="MARGIN: 0px; FONT-SIZE: 11pt">This ASU clarifies that an employee share-based payment award with an exercise price denominated in the currency of a market in which a substantial portion of the entity&#39;s equity securities trades should not be considered to contain a condition that is not a market, performance, or service condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity.&nbsp; This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2010. &nbsp;As of December 31, 2010, this ASU has been adopted by the Company and has resulted in no significant impact.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px; FONT-SIZE: 11pt"><strong>ASU 2010-28, Intangibles - Goodwill and Other (Topic 350) - When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts - a consensus of the FASB Emerging Issues Task Force</strong></p> <p style="MARGIN: 0px; FONT-SIZE: 11pt">This ASU modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. &nbsp;F1or those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. &nbsp;In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist. &nbsp;For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. &nbsp;As of December 31, 2010, this ASU has been adopted by the Company and has resulted in no significant impact.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px; FONT-SIZE: 11pt"><strong>ASU 2011-02, Receivables (Topic 310) - A Creditor&#39;s Determination of Whether a Restructuring is a Troubled Debt Restructuring</strong></p> <p style="MARGIN: 0px; FONT-SIZE: 11pt">This ASU sets forth guidance to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring, both for purposes of recording an impairment and for disclosure of troubled debt restructurings. &nbsp;For public entities, the amendments are effective for the first interim or annual period beginning on or after June 15, 2011, and should be applied retrospectively to the beginning of the annual period of adoption. &nbsp;For purposes of measuring impairment of those receivables, an entity should apply the amendments prospectively for the first interim or annual period beginning on or after June 15, 2011. &nbsp;The disclosures required by FASB ASC paragraphs 310-10-50-33 through 50-34, which were deferred by ASU 2011-01 are effective for interim and annual periods beginning on or after June 15, 2011.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px; FONT-SIZE: 11pt"><strong>ASU 2011-08, Intangibles - Goodwill and Other (Topic 350): Testing Goodwill for Impairment</strong></p> <p style="MARGIN: 0px; FONT-SIZE: 11pt">This ASU gives an entity the option in its annual goodwill impairment test to first assess revised qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.</p> <!--EndFragment--></div> </div>
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CY2011Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
359872 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8426777 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-9426946 USD
CY2011 us-gaap Selling Expense
SellingExpense
13936 USD
CY2010 us-gaap Selling Expense
SellingExpense
942226 USD
CY2009Q4 us-gaap Stockholders Equity
StockholdersEquity
9047337 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
9692652 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
8692483 USD
CY2010 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
415000 USD
CY2010 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
46000 USD
CY2011 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
USD
CY2010 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
137504 USD
CY2011 us-gaap Technology Services Revenue
TechnologyServicesRevenue
1701657 USD
CY2010 us-gaap Technology Services Revenue
TechnologyServicesRevenue
8568635 USD
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49713895
CY2010 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46819046
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49713895
CY2010 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46819046

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