Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Sino Agro Food, Inc. | v361329_8k.htm |
| EX-99.1 - EX-99.1 - Sino Agro Food, Inc. | v361329_ex99-1.htm |
Sino Agro Food, Inc. Files 10-Q/A
GUANGZHOU, China, Nov. 22, 2013 /PRNewswire/ -- Sino Agro Food, Inc. (OTCBB: SIAF), is an emerging integrated, diversified agriculture technology and organic food company ("the Company") with principal operations in the People's Republic of China ("PRC").
Sino Agro Food, Inc. has amended its Q3 10-Q to add a line item inadvertently omitted from its Consolidated Balance Sheet; specifically, Bonds Payable for $975,000 under Non-current Liabilities.
This adjustment had no effect on the Company's Q3 Consolidated Statement of Income or the consolidated statement of cash flows.
An amended version of the Press Release for Q3 2013 is available for download on the company website, following the link: http://sinoagrofood.investorroom.com/news-releases.
The adjustment is highlighted in bold in the amended Consolidated Balance Sheet below.
Sino Agro Food, Inc. Consolidated Balance Sheets
| September 30, 2013 | December 31, 2012 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 9,588,415 | $ | 8,424,265 | ||||
| Accounts receivable, net of allowance for doubtful accounts | 59,690,624 | 52,948,350 | ||||||
| Inventories | 17,933,503 | 17,114,755 | ||||||
| Cost and estimated earnings in excess of billings on uncompleted contracts | 1,759,821 | 2,336,880 | ||||||
| Deposits and prepaid expenses | 84,856,620 | 47,308,857 | ||||||
| Other receivables | 9,617,650 | 5,954,248 | ||||||
| Total current assets | 183,446,633 | 134,087,355 | ||||||
| Property and equipment | ||||||||
| Property and equipment, net of accumulated depreciation | 37,984,694 | 19,946,302 | ||||||
| Construction in progress | 41,579,898 | 24,492,510 | ||||||
| Land use rights, net of accumulated amortization | 56,253,797 | 55,733,246 | ||||||
| Total property and equipment | 135,818,389 | 100,172,058 | ||||||
| Other assets | ||||||||
| Goodwill | 724,940 | 724,940 | ||||||
| Proprietary technologies, net of accumulated amortization | 7,813,958 | 8,114,624 | ||||||
| License rights | 1 | 1 | ||||||
| Total other assets | 8,538,899 | 8,839,565 | ||||||
| Total assets | $ | 327,803,921 | $ | 243,098,978 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 8,231,077 | $ | 5,762,643 | ||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 2,413,455 | 2,790,084 | ||||||
| Due to a director | 4,989,134 | 3,345,803 | ||||||
| Dividends payable | 0 | 951,308 | ||||||
| Other payables | 10,824,617 | 6,654,478 | ||||||
| Short term bank loan | 2,439,818 | 3,181,927 | ||||||
| 28,898,101 | 22,686,243 | |||||||
| Non-current liabilities | ||||||||
| Deferred dividends payable | 3,146,987 | 3,146,987 | ||||||
| Bonds payable | 975,000 | 0 | ||||||
| Long term debts | 178,920 | 175,006 | ||||||
| $ | 4,300,907 | $ | 3,321,993 | |||||
| Commitments and contingencies | 0 | 0 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock: $0.001 par value | ||||||||
| (10,000,000 shares authorized, 0 share issued and outstanding | ||||||||
| as of September 30, 2013 and December 31, 2012, respectively) | ||||||||
| Series A preferred stock: $0.001 par value | 0 | 0 | ||||||
| (100 shares designated, 100 shares issued and outstanding | ||||||||
| as of September 30, 2013 and December 31, 2012, respectively) | ||||||||
| Series B convertible preferred stock: $0.001 par value) | 7,000 | 10,000 | ||||||
| (10,000,000 shares designated, 7,000,000 and 10,000,000 shares issued | ||||||||
| and outstanding) | ||||||||
| as of September 30, 2013 and December 31, 2012, respectively) | ||||||||
| Series F Non-convertible preferred stock: $0.001 par value) | ||||||||
| (1,000,000 shares designated, 0 shares issued and outstanding) | 0 | 0 | ||||||
| as of September 30, 2013 and December 31, 2012, respectively) | ||||||||
| Common stock: $0.001 par value | 128,564 | 100,005 | ||||||
| (130,000,000 shares authorized, 128,563,766 and 100,004,850 shares issued | ||||||||
| and outstanding | ||||||||
| as of September 30, 2013 and December 31, 2012, respectively) | ||||||||
| Additional paid - in capital | 103,906,407 | 91,216,428 | ||||||
| Retained earnings | 153,326,794 | 103,864,308 | ||||||
| Accumulated other comprehensive income | 5,795,406 | 3,868,274 | ||||||
| Treasury stock | -1,250,000 | -1,250,000 | ||||||
| Total Sino Agro Food, Inc. and subsidiaries stockholders' equity | 261,914,171 | 197,809,015 | ||||||
| Non - controlling interest | 32,690,742 | 19,281,727 | ||||||
| Total stockholders' equity | 294,604,913 | 217,090,742 | ||||||
| Total liabilities and stockholders' equity | $ | 327,803,921 | $ | 243,098,978 | ||||
The accompanying notes are an integral part of these consolidated financial statements
About Sino Agro Food, Inc.
Sino Agro Food, Inc. ("SIAF") ( http://www.sinoagrofood.com) is an integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the Peoples Republic of China. The Company addresses the increasing demand of China's rising middle class for gourmet and high-quality food items. Current lines of business include the manufacture and distribution of beef and lamb products, fish products, bioorganic fertilizer, stock feed and cash crops.
Keep abreast of company developments by "liking" our Facebook page: https://www.facebook.com/SinoAgroFoodInc
Not a Broker/Dealer or Financial Advisor
Sino Agro Food, Inc. is not a Registered Broker/Dealer or a Financial Advisor, nor does it hold itself out to be a Registered Broker/Dealer or Financial Advisor. All material presented in this press release, on the Company's website or other media is not to be regarded as investment advice and is only for informative purposes. Readers should verify all claims and conduct their own due diligence before investing in Sino Agro Food, Inc.
Investing in small-cap, micro cap and penny stock securities is speculative and carries a high degree of risk.
No Offer of Securities
None of the information featured in this press release constitutes an offer or solicitation to purchase or to sell any securities of Sino Agro Food, Inc.
Forward Looking Statements
This release contains certain "forward-looking statements" relating to the business of SIAF and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on SIAF's current expectations and beliefs concerning future developments and their potential effects on SIAF. There can be no assurance that future developments affecting SIAF will be those anticipated by SIAF. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. SIAF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
CONTACT: Sino Agro Food, Inc., CEO Mr. Solomon Lee, 86-20-22057860, or Peter Grossman, Investor Relations (US and Europe): info@sinoagrofood.com