$HFFG
HF Foods Group Inc.

2019 Q1 Form 10-K Financial Statement

#000143774919006198 Filed on April 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q3 2017 Q4
Revenue $74.80M $70.36M $0.00
YoY Change 0.3%
Cost Of Revenue $62.09M $57.80M
YoY Change -0.61%
Gross Profit $12.71M $12.56M
YoY Change 4.98%
Gross Profit Margin 16.99% 17.85%
Selling, General & Admin $10.37M $10.39M $100.0K
YoY Change 2.9% 10285.56%
% of Gross Profit 81.57% 82.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $872.1K $537.4K
YoY Change 75.8%
% of Gross Profit 6.86% 4.28%
Operating Expenses $10.37M $10.39M $0.00
YoY Change 2.9% 10285.56%
Operating Profit $2.342M $2.177M
YoY Change 15.27%
Interest Expense -$200.0K $100.0K $100.0K
YoY Change -300.0% 0.0%
% of Operating Profit -8.54% 4.59%
Other Income/Expense, Net $99.53K $433.7K
YoY Change -170.34%
Pretax Income $2.441M $2.611M $100.0K
YoY Change 29.17%
Income Tax $647.6K $840.1K
% Of Pretax Income 26.53% 32.18%
Net Earnings $1.673M $1.667M $100.0K
YoY Change 24.1%
Net Earnings / Revenue 2.24% 2.37%
Basic Earnings Per Share $0.05
Diluted Earnings Per Share $81.08K $84.11K $50.00K
COMMON SHARES
Basic Shares Outstanding 22.17M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.900M $7.800M $600.0K
YoY Change 1625.0% 1014.29%
Cash & Equivalents $6.897M $7.791M $6.086M
Short-Term Investments
Other Short-Term Assets $681.8K $3.100M $554.9K
YoY Change 581.77%
Inventory $23.68M $24.10M $22.67M
Prepaid Expenses
Receivables $15.38M $14.40M $14.70M
Other Receivables $1.700M $3.400M
Total Short-Term Assets $51.84M $52.80M $49.89M
YoY Change 10268.56% 7442.86%
LONG-TERM ASSETS
Property, Plant & Equipment $24.58M $22.65M $21.71M
YoY Change 8.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $198.1K $200.0K $1.436M
YoY Change -99.56% -99.56%
Total Long-Term Assets $35.84M $31.00M $30.77M
YoY Change -21.06% -31.42%
TOTAL ASSETS
Total Short-Term Assets $51.84M $52.80M $49.89M
Total Long-Term Assets $35.84M $31.00M $30.77M
Total Assets $87.68M $83.80M $80.66M
YoY Change 91.03% 82.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.74M $20.50M $17.28M
YoY Change
Accrued Expenses $2.273M $2.900M $991.4K
YoY Change 106.64%
Deferred Revenue $119.9K $1.350M
YoY Change
Short-Term Debt $7.100M $12.50M $0.00
YoY Change
Long-Term Debt Due $1.707M $1.600M $1.372M
YoY Change
Total Short-Term Liabilities $34.40M $38.20M $38.96M
YoY Change 2767.03% 38100.0%
LONG-TERM LIABILITIES
Long-Term Debt $14.41M $13.40M $14.25M
YoY Change
Other Long-Term Liabilities $100.0K $1.100M
YoY Change
Total Long-Term Liabilities $14.41M $13.40M $14.25M
YoY Change 1118.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.40M $38.20M $38.96M
Total Long-Term Liabilities $14.41M $13.40M $14.25M
Total Liabilities $51.43M $52.60M $53.76M
YoY Change 4185.5% 4283.33%
SHAREHOLDERS EQUITY
Retained Earnings $12.11M $4.255M
YoY Change
Common Stock $2.217K $1.997K
YoY Change 1636.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.03M $31.10M $25.81M
YoY Change
Total Liabilities & Shareholders Equity $87.68M $83.80M $80.66M
YoY Change 91.03% 82.57%

Cashflow Statement

Concept 2019 Q1 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $1.673M $1.667M $100.0K
YoY Change 24.1%
Depreciation, Depletion And Amortization $872.1K $537.4K
YoY Change 75.8%
Cash From Operating Activities $2.521M $8.720M -$130.0K
YoY Change -29.94% -87300.0%
INVESTING ACTIVITIES
Capital Expenditures $1.345M -$2.190M
YoY Change -0.38%
Acquisitions
YoY Change
Other Investing Activities -$40.00K -$2.840M $0.00
YoY Change -96.4% -93.71%
Cash From Investing Activities -$1.380M -$5.040M $0.00
YoY Change -43.79% -88.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $595.0K
YoY Change -48.59%
Cash From Financing Activities 267.1K -1.780M 0.000
YoY Change -119.57% -103.89%
NET CHANGE
Cash From Operating Activities 2.521M 8.720M -130.0K
Cash From Investing Activities -1.380M -5.040M 0.000
Cash From Financing Activities 267.1K -1.780M 0.000
Net Change In Cash 1.408M 1.900M -130.0K
YoY Change -734.91% 192.31%
FREE CASH FLOW
Cash From Operating Activities $2.521M $8.720M -$130.0K
Capital Expenditures $1.345M -$2.190M
Free Cash Flow $1.177M $10.91M
YoY Change -47.68%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: justify; margin-left: 9pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentrations and </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">C</div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">redit </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">R</div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">isk</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:Infinity%;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: justify; margin-left: 9pt;"><div style="display: inline; font-style: italic;">Credit risk</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:Infinity%;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: justify; margin-left: 9pt;">Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company&#x2019;s assessment of its customers&#x2019; creditworthiness and its ongoing monitoring of outstanding balances.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:Infinity%;margin-right:Infinity%;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: justify; margin-left: 9pt;"><div style="display: inline; font-style: italic;">Concentration risk</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:Infinity%;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: justify; margin-left: 9pt;">There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> receivables from any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> customer representing more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of the Company&#x2019;s consolidated gross accounts receivable at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:Infinity%;margin-right:Infinity%;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: justify; margin-left: 9pt;">For the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> supplier accounted for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of the total cost of revenue. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> </div>suppliers accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> of total advance payments outstanding and these <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> </div>suppliers accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div> of advance payments to related parties, respectively. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> </div>supplier accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69%</div> of total advance payments outstanding and this supplier accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92%</div> of advance payments to related parties.</div></div></div></div></div></div></div></div>
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291006698
CY2017 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
295549980
CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
41039438
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32924877
CY2018Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
10000
CY2018 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1371120
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
33356804
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
25806913
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
34461482
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
26898112
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
24358220
CY2018Q4 us-gaap Supplies
Supplies
280267
CY2017Q4 us-gaap Supplies
Supplies
1042554
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
512415
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: justify; margin-left: 9pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Uses of </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">E</div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">stimates</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:Infinity%;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: justify; margin-left: 9pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company&#x2019;s consolidated financial statements include the allowances for doubtful accounts, estimated useful lives and fair value in connection with the impairment of property and equipment.</div></div></div></div></div></div></div></div>
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20991004
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19969831

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