Exhibit 99.1
JINXUAN COKING COAL LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in US$, except shares)
As of June 30, 2018 | ||||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 2,193,660 | ||
Accounts receivable | 395,478 | |||
Other receivables | 817,690 | |||
Prepayments and other current assets | 29,217 | |||
Inventories | 2,248,643 | |||
Total Current Assets | 5,684,688 | |||
Non-current assets | ||||
Property and equipment, net | 332,168 | |||
Total Assets | $ | 6,016,856 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Current liabilities | ||||
Accounts payable | $ | 2,385,225 | ||
Advance from customer | 78,482 | |||
Other payable and accrued expenses | 491,798 | |||
Loan from third parties | 2,342,334 | |||
Income taxes payable | 56,556 | |||
Amount due to related parties | 422,901 | |||
Total Current Liabilities | $ | 5,777,296 | ||
Commitments | ||||
Shareholders’ equity | ||||
Common Stock (0.001 par value, 100,000,000 shares authorized, 13,333,334 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively) | 13,333 | |||
Additional paid-in capital | 783,207 | |||
Statutory reserve | 74,956 | |||
Retained earnings | (598,269 | ) | ||
Accumulated other comprehensive loss | (33,667 | ) | ||
Total Shareholders’ Equity | 239,560 | |||
Total Liabilities and Shareholders’ Equity | $ | 6,016,856 |
JINXUAN COKING COAL LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATION AND COMPREHENSIVE LOSS
(Amounts in US$, except shares)
Six Months Ended June 30, 2018 | ||||
Revenue | ||||
- Product sales to third parties | $ | 432,543 | ||
- Agent fee from third parties | 19,274 | |||
Total revenue | 451,817 | |||
Cost of revenue | ||||
- Product sales to third parties | 405,154 | |||
Total cost of revenue | 405,154 | |||
Gross profit | 46,663 | |||
Operating expenses | ||||
Selling and marketing expenses | 62,111 | |||
General and administrative expenses | 421,610 | |||
Total operating expenses | 483,721 | |||
Loss from operations | (437,058 | ) | ||
Other income (expenses) | ||||
Interest income | 1,034 | |||
Interest expense | (78,213 | ) | ||
Other income | 16 | |||
Other expenses | - | |||
Total other expenses net | (77,163 | ) | ||
Loss before income tax | (514,221 | ) | ||
Income tax expenses/(benefit) | - | |||
Net loss | $ | (514,221 | ) | |
Other comprehensive gain | ||||
Foreign currency translation gain | 7,355 | |||
Comprehensive loss | $ | (506,866 | ) | |
Weighted average number of shares, basic and diluted | 13,333,334 | |||
Basic and diluted loss per share | $ | (0.039 | ) |