$HCIL
Hongchang International Co., Ltd

2011 Q4 Form 10-K Financial Statement

#000154812313000110 Filed on April 01, 2013

View on sec.gov

Income Statement

Concept 2011 Q4 2011 2010 Q4
Revenue $360.0K $1.702M $370.0K
YoY Change -2.7% -80.14% -95.48%
Cost Of Revenue $40.00K $170.6K $0.00
YoY Change -51.61% -100.0%
Gross Profit $320.0K $1.531M $370.0K
YoY Change -13.51% -81.36% -95.43%
Gross Profit Margin 88.89% 89.98% 100.0%
Selling, General & Admin $1.230M $2.944M $1.360M
YoY Change -9.56% -59.6% -76.95%
% of Gross Profit 384.38% 192.31% 367.57%
Research & Development $90.00K $235.3K $70.00K
YoY Change 28.57% -39.05% -50.0%
% of Gross Profit 28.13% 15.37% 18.92%
Depreciation & Amortization $10.00K $38.06K -$20.00K
YoY Change -150.0% -1.65% 0.0%
% of Gross Profit 3.13% 2.49% -5.41%
Operating Expenses $1.330M $3.218M $1.430M
YoY Change -6.99% -58.27% -76.36%
Operating Profit -$1.010M -$1.687M -$1.060M
YoY Change -4.72% -434.26% -151.96%
Interest Expense -$10.00K -$23.18K -$20.00K
YoY Change -50.0% -64.24%
% of Operating Profit
Other Income/Expense, Net $10.00K -$5.365K $10.00K
YoY Change 0.0% -89.14% -200.0%
Pretax Income -$1.000M -$1.692M -$1.040M
YoY Change -3.85% -471.73% -165.41%
Income Tax -$440.0K -$691.9K -$340.0K
% Of Pretax Income
Net Earnings -$560.0K -$1.000M -$700.0K
YoY Change -20.0% -2236.61% -120.29%
Net Earnings / Revenue -155.56% -58.78% -189.19%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$52.14K -$0.02 -$65.12K
COMMON SHARES
Basic Shares Outstanding 49.71M
Diluted Shares Outstanding 49.71M

Balance Sheet

Concept 2011 Q4 2011 2010 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.280M $1.280M $3.450M
YoY Change -62.9% -69.52% 131.54%
Cash & Equivalents $1.284M $1.280M $3.450M
Short-Term Investments
Other Short-Term Assets $10.00K $10.00K $500.0K
YoY Change -98.0% -98.0% -60.0%
Inventory $398.6K $400.0K $11.30K
Prepaid Expenses
Receivables $89.97K $90.00K $918.9K
Other Receivables $1.960M $1.960M $0.00
Total Short-Term Assets $3.743M $3.740M $4.880M
YoY Change -23.3% -33.57% 52.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.815M $1.820M $1.851M
YoY Change -1.93% -1.62% -2.05%
Goodwill $1.946M $1.946M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $820.0K $820.0K $750.0K
YoY Change 9.33%
Other Assets $2.370M $2.370M $1.890M
YoY Change 25.4% 25.4% -47.21%
Total Long-Term Assets $6.952M $6.950M $6.440M
YoY Change 7.95% 22.14% -13.21%
TOTAL ASSETS
Total Short-Term Assets $3.743M $3.740M $4.880M
Total Long-Term Assets $6.952M $6.950M $6.440M
Total Assets $10.69M $10.69M $11.32M
YoY Change -5.52% -5.57% 6.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $151.1K $150.0K $142.4K
YoY Change 6.16% 7.14% -76.27%
Accrued Expenses $655.2K $200.0K $317.8K
YoY Change 106.18% 25.0% 86.92%
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 $972.5K $970.0K $627.5K
YoY Change 54.97% 53.97% -60.03%
LONG-TERM LIABILITIES
Long-Term Debt $1.030M $1.030M $1.000M
YoY Change 3.0% 3.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.030M $1.030M $1.000M
YoY Change 3.0% 3.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $972.5K $970.0K $627.5K
Total Long-Term Liabilities $1.030M $1.030M $1.000M
Total Liabilities $2.002M $2.000M $1.628M
YoY Change 23.04% 22.7% 3.66%
SHAREHOLDERS EQUITY
Retained Earnings -$9.427M -$8.427M
YoY Change 11.87%
Common Stock $18.12M $18.12M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.692M $8.690M $9.693M
YoY Change
Total Liabilities & Shareholders Equity $10.69M $10.69M $11.32M
YoY Change -5.52% -5.57% 6.59%

Cashflow Statement

Concept 2011 Q4 2011 2010 Q4
OPERATING ACTIVITIES
Net Income -$560.0K -$1.000M -$700.0K
YoY Change -20.0% -2236.61% -120.29%
Depreciation, Depletion And Amortization $10.00K $38.06K -$20.00K
YoY Change -150.0% -1.65% 0.0%
Cash From Operating Activities -$330.0K -$150.5K $90.00K
YoY Change -466.67% -109.05% -90.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $2.250K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$1.540M -$2.020M -$250.0K
YoY Change 516.0%
Cash From Investing Activities -$1.550M -$2.046M -$250.0K
YoY Change 520.0% 172.74% -76.42%
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 $30.00K 0.000
YoY Change -97.13% -100.0%
NET CHANGE
Cash From Operating Activities -330.0K -$150.5K 90.00K
Cash From Investing Activities -1.550M -$2.046M -250.0K
Cash From Financing Activities 30.00K $30.00K 0.000
Net Change In Cash -1.850M -$2.166M -160.0K
YoY Change 1056.25% -210.58% 60.0%
FREE CASH FLOW
Cash From Operating Activities -$330.0K -$150.5K $90.00K
Capital Expenditures $0.00 $2.250K $0.00
Free Cash Flow -$330.0K -$152.7K $90.00K
YoY Change -466.67% -109.18% -96.76%

Facts In Submission

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CY2012 us-gaap Interest Paid
InterestPaid
1115 USD
CY2011 us-gaap Interest Paid
InterestPaid
USD
CY2011Q4 us-gaap Interest Payable Current
InterestPayableCurrent
134822 USD
CY2012Q4 us-gaap Interest Payable Current
InterestPayableCurrent
209328 USD
CY2011Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
14528 USD
CY2012Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
23958 USD
CY2011Q4 us-gaap Inventory Net
InventoryNet
398620 USD
CY2012Q4 us-gaap Inventory Net
InventoryNet
377972 USD
CY2012Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
1166627 USD
CY2012Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
5
CY2012 us-gaap Legal Fees
LegalFees
257537 USD
CY2011Q4 us-gaap Liabilities
Liabilities
2002452 USD
CY2012Q4 us-gaap Liabilities
Liabilities
2100370 USD
CY2011Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
10694935 USD
CY2012Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9981363 USD
CY2011Q4 us-gaap Liabilities Current
LiabilitiesCurrent
972452 USD
CY2012Q4 us-gaap Liabilities Current
LiabilitiesCurrent
933743 USD
CY2011Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1030000 USD
CY2012Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1166627 USD
CY2012Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
95000 USD
CY2012 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
15000 USD
CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
16627 USD
CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 USD
CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 USD
CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1000000 USD
CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
150000 USD
CY2011Q4 us-gaap Long Term Investments
LongTermInvestments
228814 USD
CY2012Q4 us-gaap Long Term Investments
LongTermInvestments
208717 USD
CY2011Q4 us-gaap Long Term Investments
LongTermInvestments
250000 USD
CY2012Q2 us-gaap Long Term Investments
LongTermInvestments
30000 USD
CY2012Q4 us-gaap Loss Contingency Range Of Possible Loss Maximum
LossContingencyRangeOfPossibleLossMaximum
400000 USD
CY2012 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-285749 USD
CY2011 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
136627 USD
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30000 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1358300 USD
CY2011 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2045530 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1122695 USD
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-150461 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-811490 USD
CY2011 us-gaap Net Income Loss
NetIncomeLoss
-1000169 USD
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-242056 USD
CY2011 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5365 USD
CY2011Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
1950000 USD
CY2012Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
750000 USD
CY2011Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
250000 USD
CY2012Q2 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
1200000 USD
CY2012 us-gaap Operating Expenses
OperatingExpenses
2009324 USD
CY2011 us-gaap Operating Expenses
OperatingExpenses
3217794 USD
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-1149698 USD
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
-1686704 USD
CY2012Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
5963500 USD
CY2012 us-gaap Operating Loss Carryforwards Expiration Dates
OperatingLossCarryforwardsExpirationDates
2013-2032
CY2011Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
95122 USD
CY2012Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
95245 USD
CY2012 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
13700 USD
CY2011 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
39000 USD
CY2012 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
536 USD
CY2011 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
USD
CY2012 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
25000 USD
CY2011 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
593280 USD
CY2012 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
64500 USD
CY2011 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
250000 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10000000
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
8692483 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
7880993 USD
CY2012 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
800000 USD
CY2011 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
1950000 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2200 USD
CY2011 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2250 USD
CY2011Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6142 USD
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6142 USD
CY2012 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
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CY2012 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
2000000 USD
CY2011 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
USD
CY2012Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
500000 USD
CY2012Q2 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1200000 USD
CY2012Q4 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
300000 USD
CY2012 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
150000 USD
CY2011 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
30000 USD
CY2012 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
250000 USD
CY2011 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
750000 USD
CY2011Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1922857 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1925057 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1815486 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1781383 USD
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
216661 USD
CY2011 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
150000 USD
CY2011Q3 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0.15
CY2012Q1 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0.18
CY2012Q2 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0.04
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
9692652 USD
CY2012Q4 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0.18
CY2012 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
13373 USD
CY2011 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
USD
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
231275 USD
CY2011 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
235348 USD
CY2011Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
359872 USD
CY2012Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
507854 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-9426946 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10238436 USD
CY2012 us-gaap Revenues
Revenues
1082381 USD
CY2011 us-gaap Revenues
Revenues
1701657 USD
CY2012 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
146494 USD
CY2011 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
USD
CY2012 us-gaap Selling Expense
SellingExpense
104439 USD
CY2012 us-gaap Subsequent Event Amount
SubsequentEventAmount
400000 USD
CY2011Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
92654 USD
CY2012Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
92654 USD
CY2012 us-gaap Technology Services Revenue
TechnologyServicesRevenue
935887 USD
CY2011 us-gaap Technology Services Revenue
TechnologyServicesRevenue
1701657 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
6719 USD
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<!--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"><u>Use of Estimates</u></p> <p style="MARGIN: 0px; FONT-SIZE: 11pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. &nbsp;Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. &nbsp;Significant estimates include the allowance for doubtful accounts, impairment assessments of goodwill, valuation of deferred tax assets, rebilling collections and certain accrued liabilities such as contingent liabilities.</p> <!--EndFragment--></div> </div>
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49713895
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49713895
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49713895
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49713895

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