$YHGJ
YUNHONG GREEN CTI LTD.

2015 Q2 Form 10-Q Financial Statement

#000114420415049637 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $13.62M $13.16M
YoY Change 3.51% 0.96%
Cost Of Revenue $10.10M $10.13M
YoY Change -0.32% -3.97%
Gross Profit $3.520M $3.026M
YoY Change 16.33% 21.91%
Gross Profit Margin 25.84% 23.0%
Selling, General & Admin $2.600M $2.533M
YoY Change 2.65% 38.54%
% of Gross Profit 73.86% 83.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $470.0K $530.0K
YoY Change -11.32% 12.77%
% of Gross Profit 13.35% 17.51%
Operating Expenses $3.270M $3.082M
YoY Change 6.11% 40.66%
Operating Profit $250.2K -$55.70K
YoY Change -549.17% -119.13%
Interest Expense $308.0K $212.4K
YoY Change 45.06% 3.2%
% of Operating Profit 123.13%
Other Income/Expense, Net -$281.5K -$202.3K
YoY Change 39.16% -45.48%
Pretax Income -$31.31K -$258.0K
YoY Change -87.86% 222.77%
Income Tax $52.17K -$83.73K
% Of Pretax Income
Net Earnings $51.68K -$122.5K
YoY Change -142.19% 118.82%
Net Earnings / Revenue 0.38% -0.93%
Basic Earnings Per Share $0.02 -$0.04
Diluted Earnings Per Share $0.01 -$0.04
COMMON SHARES
Basic Shares Outstanding 3.301M shares 3.301M shares
Diluted Shares Outstanding 3.448M shares 3.453M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.0K $280.0K
YoY Change -28.57% -39.13%
Cash & Equivalents $200.0K $277.6K
Short-Term Investments
Other Short-Term Assets $2.830M $3.210M
YoY Change -11.84% 426.51%
Inventory $17.96M $16.65M
Prepaid Expenses
Receivables $9.210M $10.07M
Other Receivables $0.00 $0.00
Total Short-Term Assets $30.20M $30.21M
YoY Change -0.03% 15.19%
LONG-TERM ASSETS
Property, Plant & Equipment $6.924M $8.310M
YoY Change -16.67% -2.8%
Goodwill $1.473M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $177.6K $1.250M
YoY Change -85.79% 746.9%
Total Long-Term Assets $9.750M $11.05M
YoY Change -11.77% 4.33%
TOTAL ASSETS
Total Short-Term Assets $30.20M $30.21M
Total Long-Term Assets $9.750M $11.05M
Total Assets $39.95M $41.26M
YoY Change -3.18% 12.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.219M $6.280M
YoY Change -16.9% 20.79%
Accrued Expenses $1.969M $2.480M
YoY Change -20.6% -10.41%
Deferred Revenue
YoY Change
Short-Term Debt $10.07M $8.800M
YoY Change 14.43% 49.66%
Long-Term Debt Due $620.0K $380.0K
YoY Change 63.16% -2.56%
Total Short-Term Liabilities $18.45M $18.78M
YoY Change -1.77% 27.89%
LONG-TERM LIABILITIES
Long-Term Debt $8.388M $8.920M
YoY Change -5.97% -1.4%
Other Long-Term Liabilities $510.0K $640.0K
YoY Change -20.31% -8.57%
Total Long-Term Liabilities $8.893M $9.560M
YoY Change -6.97% -1.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.45M $18.78M
Total Long-Term Liabilities $8.893M $9.560M
Total Liabilities $27.34M $28.35M
YoY Change -3.56% 16.04%
SHAREHOLDERS EQUITY
Retained Earnings $778.7K
YoY Change
Common Stock $15.34M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $160.8K
YoY Change
Treasury Stock Shares 75.63K shares 75.63K shares
Shareholders Equity $12.59M $12.90M
YoY Change
Total Liabilities & Shareholders Equity $39.95M $41.26M
YoY Change -3.18% 12.06%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $51.68K -$122.5K
YoY Change -142.19% 118.82%
Depreciation, Depletion And Amortization $470.0K $530.0K
YoY Change -11.32% 12.77%
Cash From Operating Activities $1.890M -$2.010M
YoY Change -194.03% -231.37%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$320.0K
YoY Change -68.75% -36.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$100.0K -$320.0K
YoY Change -68.75% -36.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.790M 2.160M
YoY Change -182.87% -313.86%
NET CHANGE
Cash From Operating Activities 1.890M -2.010M
Cash From Investing Activities -100.0K -320.0K
Cash From Financing Activities -1.790M 2.160M
Net Change In Cash 0.000 -170.0K
YoY Change -100.0% -950.0%
FREE CASH FLOW
Cash From Operating Activities $1.890M -$2.010M
Capital Expenditures -$100.0K -$320.0K
Free Cash Flow $1.990M -$1.690M
YoY Change -217.75% -183.25%

Facts In Submission

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SalesRevenueGoodsNet
13620833 USD
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
147233 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
152101 shares
CY2014Q2 ctib Shares To Be Issued Upon Exercise Of Options And Warrant
SharesToBeIssuedUponExerciseOfOptionsAndWarrant
368548 shares
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
25000 USD
CY2015Q2 us-gaap Marketing And Advertising Expense
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CY2015Q2 us-gaap Gross Profit
GrossProfit
3520262 USD
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-135156 USD
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-26695 USD
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3448349 shares
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1182774 USD
us-gaap Increase Decrease In Accounts Receivable
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-1869983 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1187929 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
619376 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
49417 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-417673 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2655129 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
876183 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-520139 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
10502 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
3479798 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
114870 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-865442 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
26868 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-2085958 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
262841 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
262800 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
55960 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4473 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
16000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
10000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
199362 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3224971 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
19916 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-6856 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-389054 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
53707 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
666616 USD
CY2014Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
277562 USD
us-gaap Interest Paid
InterestPaid
571491 USD
us-gaap Interest Paid
InterestPaid
630202 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
55466 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
300000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-194264 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-618834 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
21000 USD
CY2014Q2 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
21000 USD
CY2014Q2 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
36000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
72000 USD
CY2015Q2 ctib Warrant Liability
WarrantLiability
506000 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
0 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
3000 USD
us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
0 USD
us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
42000 USD
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
38786747 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
38818011 USD
CY2015Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
97000 USD
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
230000 USD
CY2015Q2 us-gaap Due From Related Parties Noncurrent
DueFromRelatedPartiesNoncurrent
46000 USD
CY2014Q4 us-gaap Due From Related Parties Noncurrent
DueFromRelatedPartiesNoncurrent
47000 USD
CY2015Q2 ctib Discount On Notes Payable Current
DiscountOnNotesPayableCurrent
158000 USD
CY2015Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
13751927 USD
CY2014Q4 ctib Allowance For Excess Quantities Of Inventories
AllowanceForExcessQuantitiesOfInventories
644690 USD
us-gaap Legal Fees
LegalFees
92000 USD
us-gaap Legal Fees
LegalFees
51000 USD
CY2014Q4 ctib Discount On Notes Payable Current
DiscountOnNotesPayableCurrent
146000 USD
CY2015Q2 ctib Discount On Notes Payable Long Term
DiscountOnNotesPayableLongTerm
201000 USD
CY2014Q4 ctib Discount On Notes Payable Long Term
DiscountOnNotesPayableLongTerm
284000 USD
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000 shares
ctib Deferred Financing Costs
DeferredFinancingCosts
5244 USD
ctib Deferred Financing Costs
DeferredFinancingCosts
0 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
0 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
19495 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
147404 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
156388 shares
CY2014Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Type
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsType
Interest Rate Contracts
CY2015Q2 us-gaap Description Of Location Of Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments In Financial Statements
DescriptionOfLocationOfGainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInFinancialStatements
Interest Expense
CY2014Q2 us-gaap Description Of Location Of Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments In Financial Statements
DescriptionOfLocationOfGainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInFinancialStatements
Interest Expense
CY2015Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
0 USD
CY2014Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
1000 USD
CY2015Q2 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
0 USD
us-gaap Description Of Location Of Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments In Financial Statements
DescriptionOfLocationOfGainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInFinancialStatements
Interest Expense
us-gaap Description Of Location Of Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments In Financial Statements
DescriptionOfLocationOfGainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInFinancialStatements
Interest Expense
us-gaap Derivative Instruments Not Designated As Hedging Instruments Type
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsType
Interest Rate Contracts
CY2014Q2 us-gaap Legal Fees
LegalFees
26000 USD
CY2015Q2 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
36000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
72000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
174500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-2901212 USD
CY2015Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-3363724 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
78000 USD
CY2015Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
506000 USD
CY2014Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
525000 USD
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
174500 shares
us-gaap Use Of Estimates
UseOfEstimates
<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" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Use of estimates:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" 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; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">In preparing condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenue and expenses during the reporting period in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates. The Company&#8217;s significant estimates include reserves for doubtful accounts, reserves for the lower of cost or market of inventory, reserves for deferred tax assets and recovery value of goodwill.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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