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 Hubei Minkang Pha (PINK:HBMK)

Friday, November 14, 2014
Comments & Business Outlook

Hubei Minkang Pharmaceutical Ltd. 

Consolidated Statements of Operations and Comprehensive Income

 

        For the Nine Months     For the Three Months   For the Nine Months     For the Three Months  
        Ended     Ended   Ended     Ended  
        September 30, 2014     September 30, 2014   September 30, 2013     September 30, 2013  
        (Unaudited)     (Unaudited)   (Unaudited)     (Unaudited)  

 

 

 

 

   

 

 

   

 

 

   

 

 

 

Revenue

 

$

6,579,273

   

$

2,012,626

   

$

10,991,479

   

$

4,314,787

 
                                     

Cost of Goods Sold

                               
 

Cost of goods sold

   

3,801,945

     

979,422

     

5,903,356

     

2,210,078

 
 

Inventory obsolescence and markdowns

   

-

     

-

     

369,342

     

1,556

 
                                     

Cost of Goods Sold

   

3,801,945

     

979,422

     

6,272,698

     

2,211,634

 
                                     

Gross Margin

   

2,777,328

     

1,033,204

     

4,718,781

     

2,103,153

 
                                     

Operating Expenses

                               
 

Selling expenses

   

1,202,821

     

273,188

     

2,027,761

     

742,044

 
 

Professional fees

   

85,775

     

20,008

     

134,571

     

26,904

 
 

Research and development

   

426,440

     

396,010

     

48,445

     

26,979

 
 

General and administrative expenses

   

1,768,780

     

363,840

     

2,255,049

     

768,220

 
                                     
   

Total operating expenses

   

3,483,816

     

1,053,046

     

4,465,826

     

1,564,147

 
                                     

Income (Loss) from Operations

   

(706,488

)

   

(19,842

)

   

252,955

     

539,006

 
                                     

Other (Income) Expense:

                               
 

Government grants - energy conservation

   

(41,011

)

   

(13,643

)

   

(40,516

)

   

(13,632

)

 

Interest income

   

(23,175

)

   

(7,521

)

   

(22,631

)

   

(8,180

)

 

Interest expense

   

164,998

     

55,446

     

166,192

     

55,403

 
 

Forgiveness of debt

   

-

     

-

     

(180,000

)

   

-

 
 

Other (income) expense

   

(92,134

)

   

(48,837

)

   

4,130

     

3,768

 
                                     
   

Other (income) expense, net

   

8,678

     

(14,555

)

   

(72,825

)

   

37,359

 
                                     

Income (Loss) before Income Tax Provision

   

(715,166

)

   

(5,287

)

   

325,780

     

501,647

 
                                     

Income Tax Provison

   

17,459

     

(18

)

   

(29,801

)

   

89,675

 
                                     

Net Income (Loss)

   

(732,625

)

   

(5,269

)

   

355,581

     

411,972

 
                                     

Other Comprehensive Income (Loss)

                               
 

Foreign currency translation gain (loss)

   

(78,880

)

   

2,715

     

290,973

     

71,831

 
                                     
   

Total other comprehensive income (loss)

   

(78,880

)

   

2,715

     

290,973

     

71,831

 
                                     

Comprehensive Income (Loss)

 

$

(811,505

)

 

$

(2,554

)

 

$

646,554

   

$

483,803

 
                                     

Net Income (Loss) Per Common Share - Basic and Diluted

 

$

(0.01

)

 

$

(0.00

)

 

$

0.01

   

$

0.01

 
                                     

Weighted average common shares outstanding:

                               
 

- basic and diluted

   

52,189,045

     

52,189,045

     

52,189,045

     

52,189,045

Management Discussion and Analysis

Revenues

We ha