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 Tracking 1219 U.S. listed China Stocks and Counting...
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 Hubei Minkang (PINK:HBMK)

Thursday, August 15, 2013
Comments & Business Outlook
 Consolidated Statements of Operations and Comprehensive Income
 
   
For the Six Months
   
For the Three Months
   
For the Six Months
   
For the Three Months
 
   
Ended
   
Ended
   
Ended
   
Ended
 
   
June 30, 2013
   
June 30, 2013
   
June 30, 2012
   
June 30, 2012
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
 
                         
 Net Revenues
  $ 6,676,692     $ 3,945,140     $ 5,786,181     $ 3,098,242  
                                 
 Cost of Goods Sold
    -                          
 Cost of goods sold
    3,693,278       2,075,432       2,827,456       1,363,152  
 Inventory obsolescence
    367,786       367,786       -       -  
                                 
 Cost of Goods Sold
    4,061,064       2,443,218       2,827,456       1,363,152  
                                 
 Gross Margin
    2,615,628       1,501,922       2,958,725       1,735,090  
                                 
 Operating Expenses
                               
 Selling expenses
    1,285,717       722,191       879,966       524,587  
 Professional fees
    107,667       63,458       91,385       25,536  
 Research and development
    21,466       10,153       29,471       20,140  
 General and administrative expenses
    1,486,829       742,085       1,407,049       751,697  
                                 
 Total operating expenses
    2,901,679       1,537,887       2,407,871       1,321,960  
                                 
 Income(Loss) from Operations
    (286,051 )     (35,965 )     550,854       413,130  
                                 
 OTHER (INCOME) EXPENSE:
                               
 Government grants - energy conservation
    (26,884 )     (13,541 )     (12,532 )     (7,267 )
 Interest income
    (14,451 )     (7,404 )     (8,321 )     (4,085 )
 Interest expense
    110,789       54,176       114,484       58,676  
 Forgiveness of debt
    (180,000 )     (180,000 )     -       -  
 Other (income) expense
    362       432       (7,394 )     (12,642 )
                                 
 Other (income) expense, net
    (110,184 )     (146,337 )     86,237       34,682  
                                 
 Income (Loss) before Income Tax Provision
    (175,867 )     110,372       464,617       378,448  
                                 
 Income Tax Provison
    (119,476 )     (119,476 )     (38,619 )     (91,364 )
                                 
 Net Income (Loss)
    (56,391 )     229,848       503,236       469,812  
                                 
 Other Comprehensive Income
                               
 Foreign currency translation gain (loss)
    219,142       164,135       55,591       4,496  
                                 
 Total other comprehensive income
    219,142       164,135       55,591       4,496  
                                 
 Comprehensive Income (Loss)
  $ 162,751     $ 393,983     $ 558,827     $ 474,308  
                                 
 Net Income (Loss) Per Common Share - Basic and Diluted
  $ (0.00 )   $ 0.00     $ 0.01     $ 0.01  
                                 
 Weighted average common shares outstanding:
                               
 - basic and diluted
    52,189,045       52,189,045       43,332,842       43,618,514  

Thursday, August 1, 2013
Deal Flow

Item 1.01 Entry into a Material Definitive Agreement

On May 2, 2013, our indirect wholly-owned subsidiary, Hubei Minkang Pharmaceutical Co., Ltd. ("Hubei Minkang PRC"), and Bank of Communications Co., Ltd., Yichang Branch, ("Bank of Communications") executed a Liquid Capital Loan Contract (the "Loan Contract"), where Hubei Minkang PRC arranged to loan RMB 10,000,000 (the "Loan") to be used for purchasing medical materials and paying for utilities, which funds were withdrawn by Hubei Minkang PRC on May 17, 2013. The Loan has a term of one year and is due on May 17, 2014 having an interest rate of 6.6% per annum, which is calculated and paid on the 20th of each month.

The foregoing description of Loan Contract does not purport to be complete and is qualified in its entirety by reference to the Loan Contract, which is filed as Exhibit 10.1 hereto, and is incorporated by reference herein.

The Loan Contract is secured maximum mortgage agreement No. A101430249 ("Maximum Mortgage Agreement #1") and maximum mortgage agreement No. DA101L130249-1 ("Maximum Mortgage Agreement #2"), both dated May 2, 2013, between Hubei Minkang PRC and Bank of Communications. Under the Maximum Mortgage Agreement #1, the Loan Contract is collateralized by certain of Hubei Minkang PRC's land use rights. Under the Maximum Mortgage Agreement #2, the Loan Contract is collateralized by certain of Hubei Minkang PRC's buildings.

The foregoing descriptions of Maximum Mortgage Agreement #1 and Maximum Mortgage Agreement #2 do not purport to be complete and are qualified in their entirety by reference to the Maximum Mortgage Agreement #1, which is filed as Exhibit 10.2 hereto and the Maximum Mortgage Agreement #2, which is filed as Exhibit 10.3 hereto, both of which are incorporated by reference herein.


Monday, June 24, 2013
CFO Trail

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Effective June 19, 2013, the board of directors of Hubei Minkang Pharmaceutical Ltd. (the "Company") accepted the resignations of Loke Hip Meng as the Chief Financial Officer of the Company and Johnny Lian Tian Yong as a director of the Company. Also effective on June 19, 2013, the board of directors of the Company accepted the consent to act as Chief Financial Officer of the Company of Lee Tong Tai.


Monday, November 19, 2012
Comments & Business Outlook
 
 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, 2012
   
September 30, 2012
   
September 30, 2011
   
September 30, 2011
 
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
   
(Unaudited)
 
                                 
Net Revenues
 
 $
               9,126,006
   
 $
               3,339,825
   
 $
               8,305,281
   
 $
               3,181,496
 
                                 
Cost of Goods Sold
   
               4,511,482
     
               1,684,026
     
               4,253,671
     
               1,559,938
 
                                 
Gross Margin
   
               4,614,524
     
               1,655,799
     
               4,051,610
     
               1,621,558
 
                                 
Operating Expenses
                               
Advertising expenses
   
                    47,192
     
                      3,825
     
                      9,071
     
                      2,266
 
Selling expenses
   
               1,430,843
     
                  594,244
     
               1,449,980
     
                  628,409
 
Professional fees
   
                  103,341
     
                    11,956
     
                  260,436
     
                  260,436
 
Research and development
   
                    35,221
     
                      5,750
     
                    31,416
     
                    20,386
 
General and administrative expenses
   
               2,194,175
     
                  787,126
     
               1,552,153
     
                  534,888
 
                                 
Total operating expenses
   
               3,810,772
     
               1,402,901
     
               3,303,056
     
               1,446,385
 
                                 
Income from Operations
   
                  803,752
     
                  252,898
     
                  748,554
     
                  175,173
 
                                 
OTHER (INCOME) EXPENSE:
                               
Government grants - energy conservation
   
                  (25,177)
     
                  (12,645)
     
                    (2,254)
     
                    (2,254)
 
Interest income
   
                  (15,272)
     
                    (6,951)
     
                    (6,064)
     
                    13,814
 
Interest expense
   
                  175,843
     
                    61,359
     
                  118,873
     
                    50,135
 
Stamp tax on Minkang change of ownership
   
                             -
     
                             -
     
                  504,298
     
                  504,298
 
Forgiveness of debt
   
                (130,634)
     
                (130,634)
     
                             -
     
                             -
 
Other (income) expense
   
                      5,430
     
                    12,824
     
                    14,422
     
                    19,086
 
                                 
Other (income) expense, net
   
                    10,190
     
                  (76,047)
     
                  629,275
     
                  585,079
 
                                 
Income (Loss) before Income Tax Provision
   
                  793,562
 
 
 
                  328,945
     
                  119,279
 
 
 
                (409,906)
 
                                 
Income Tax Provision (Benefit)
   
                    47,123
     
                    85,742
     
                    53,466
     
                  (68,204)
 
                                 
Net Income (Loss)
   
                  746,439
 
 
 
                  243,203
     
                    65,813
 
 
 
                (341,702)
 
                                 
Other Comprehensive Income
                               
Foreign currency translation gain (loss)
   
                    37,964
     
                  (17,627)
     
                  269,950
     
                    93,631
 
                                 
Total other comprehensive income
   
                    37,964
     
                  (17,627)
     
                  269,950
     
                    93,631
 
                                 
Comprehensive Income (Loss)
 
 $
                  784,403
   
 $
                  225,576
   
 $
                  335,763
   
 $
                (248,071)
 
                                 
Net Income (Loss) Per Common Share - Basic and Diluted
 
 $
0.02
   
 $
0.01
   
 $
0.00
   
 $
(0.01)
 
                                 
Weighted average common shares outstanding:- basic and diluted    
             43,616,373
     
             44,177,439
     
             33,816,011
     
             34,444,215
 

Sunday, May 20, 2012
Deal Flow
On May 7, 2012, our indirect wholly-owned subsidiary, Hubei Minkang Pharmaceutical Co., Ltd. ("Hubei Minkang PRC"), and Bank of Communications Co., Ltd., Yichang Branch, ("Bank of Communications") executed a loan contract (the "Loan Contract"), where Hubei Minkang PRC loaned RMB 10,000,000 to be used as liquidity, with a loan period from May 7, 2012 to May 7, 2013 and having an interest rate of 7.872% per annum, which is calculated and paid on the 20th of each month, with principal due May 7, 2013.

Friday, May 18, 2012
Comments & Business Outlook

 

Hubei Minkang Pharmaceutical Ltd.

 

Consolidated Statements of Income and Comprehensive Income

 

    For the Three Months     For the Three Months  
    Ended     Ended  
    March 31, 2012     March 31, 2011  
    (Unaudited)     (Unaudited)  
             
Net Revenues   $ 2,687,939     $ 2,818,413  
                 
Cost of Goods Sold     1,464,304       1,537,929