VANCOUVER, Feb. 8, 2018 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (SVM.TO) (NYSE American: SVM) reported its financial and operating results for the third quarter ended December 31, 2017. All amounts are expressed in US Dollars.
VANCOUVER, Feb. 8, 2018 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (SVM.TO) (NYSE American: SVM) reported its financial and operating results for the third quarter ended December 31, 2017. All amounts are expressed in US Dollars.
This document contains the Ekiti State of Nigeria Statement of Financial Position as at 31st of December, 2017. Report of the Accountant-General of Ekiti State for the year ended 31st of December, 2017
Abengoa's 2014 economic and financial reportAbengoa
Abengoa has published its third annual financial and economic report, which contains information about its consolidated annual accounts, as well as its management.
Question 5The financial statements of The Hershey Company and .docxteofilapeerless
Question 5
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010
299,269
299,195
Class B Common Stock.
This document contains the Ekiti State of Nigeria Statement of Financial Position as at 31st of December, 2017. Report of the Accountant-General of Ekiti State for the year ended 31st of December, 2017
Abengoa's 2014 economic and financial reportAbengoa
Abengoa has published its third annual financial and economic report, which contains information about its consolidated annual accounts, as well as its management.
Question 5The financial statements of The Hershey Company and .docxteofilapeerless
Question 5
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010
299,269
299,195
Class B Common Stock.
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.docxvickeryr87
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
2
Broadening Your Perspective 8-1
The financial statements of
Tootsie Roll
are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRE.
Consolidated Statements of OperConsolidated Statements of Operatio.docxdonnajames55
Consolidated Statements of OperConsolidated Statements of Operations - USD ($) shares in Millions, $ in Millions12 Months EndedFeb. 03, 2018Jan. 28, 2017Jan. 30, 2016Income Statement [Abstract]Sales$ 71,879$ 69,495$ 73,785Cost of sales (a)[1]51,12549,14552,241Gross margin20,75420,35021,544Selling, general and administrative expenses14,24813,35614,665Depreciation and amortization (exclusive of depreciation included in cost of sales)[1]2,1942,0251,969Gain on sale00(620)Earnings from continuing operations before interest expense and income taxes4,3124,9695,530Net interest expense6661,004607Earnings from continuing operations before income taxes3,6463,9654,923Provision for income taxes7181,2961,602Net earnings from continuing operations2,9282,6693,321Discontinued operations, net of tax66842Net earnings$ 2,934$ 2,737$ 3,3634.1%3.9%4.6%Basic earnings per shareContinuing operations (in dollars per share)$ 5.35$ 4.62$ 5.29Discontinued operations (in dollars per share)0.010.120.07Net earnings/(loss) per share (in dollars per share)5.364.745.35Diluted earnings per shareContinuing operations (in dollars per share)5.324.585.25Discontinued operations (in dollars per share)0.010.120.07Net earnings/(loss) per share (in dollars per share)$ 5.33$ 4.70$ 5.31Weighted average common shares outstandingBasic (in shares)546.8577.6627.7Dilutive effect of share-based awards (in shares)3.54.95.2Diluted (in shares)550.3582.5632.9Antidilutive shares (in shares)4.10.10Dividends declared per share (in dollars per share)$ 2.46$ 2.36$ 2.20
Consolidated Statements of FinaConsolidated Statements of Financial Position - USD ($) $ in MillionsFeb. 03, 2018Jan. 28, 2017AssetsCash and cash equivalents$ 2,643$ 2,512Inventory8,6578,309 Inventory as % of Total Assets22.2%22.2%Other current assets1,2641,169Total current assets12,56411,990Property and equipmentLand6,0956,106Buildings and improvements28,39627,611Fixtures and equipment5,6235,503Computer hardware and software2,6452,651Construction-in-progress440200 Total Property and Equipment Cost43,19942,071Accumulated depreciation(18,181)(17,413)Property and equipment, net25,01824,658 P&E as % of Total Assets64.2%65.9%Other noncurrent assets1,417783Total assets38,99937,431Liabilities and shareholders' investmentAccounts payable8,6777,252Accrued and other current liabilities4,2543,737Current portion of long-term debt and other borrowings2701,718Total current liabilities13,20112,707Long-term debt and other borrowings11,31711,031Deferred income taxes713861Other noncurrent liabilities2,0591,879Total noncurrent liabilities14,08913,771Shareholders' investmentCommon stock4546Additional paid-in capital5,8585,661Retained earnings6,5535,884Accumulated other comprehensive loss(747)(638)Total shareholders' investment11,70910,953Total liabilities and shareholders' investment$ 38,999$ 37,431Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 541,681,670 shares issued and outstanding at February 3, 2018; 556,156,228 shares issued a.
i just need the 4 questions answered. please helpBroad.docxkedsliemichal
i just need the 4 questions answered. please help
Broadening Your Perspective 6-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 20.
FS-3FORD MOTOR COMPANY AND SUBSIDIARIESCONSOLIDATED INCO.docxericbrooks84875
FS-3
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(in millions, except per share amounts)
For the years ended December 31,
2016 2017 2018
Revenues
Automotive $ 141,546 $ 145,653 $ 148,294
Ford Credit 10,253 11,113 12,018
Mobility 1 10 26
Total revenues (Note 4) 151,800 156,776 160,338
Costs and expenses
Cost of sales 126,195 131,321 136,269
Selling, administrative, and other expenses 10,972 11,527 11,403
Ford Credit interest, operating, and other expenses 8,847 9,047 9,463
Total costs and expenses 146,014 151,895 157,135
Interest expense on Automotive debt 894 1,133 1,171
Interest expense on Other debt 57 57 57
Other income/(loss), net (Note 5) 169 3,267 2,247
Equity in net income of affiliated companies 1,780 1,201 123
Income before income taxes 6,784 8,159 4,345
Provision for/(Benefit from) income taxes (Note 7) 2,184 402 650
Net income 4,600 7,757 3,695
Less: Income/(Loss) attributable to noncontrolling interests 11 26 18
Net income attributable to Ford Motor Company $ 4,589 $ 7,731 $ 3,677
EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 8)
Basic income $ 1.16 $ 1.94 $ 0.93
Diluted income 1.15 1.93 0.92
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions)
For the years ended December 31,
2016 2017 2018
Net income $ 4,600 $ 7,757 $ 3,695
Other comprehensive income/(loss), net of tax (Note 21)
Foreign currency translation (1,024) 314 (523)
Marketable securities (8) (34) (11)
Derivative instruments 219 (265) 183
Pension and other postretirement benefits 56 37 (56)
Total other comprehensive income/(loss), net of tax (757) 52 (407)
Comprehensive income 3,843 7,809 3,288
Less: Comprehensive income/(loss) attributable to noncontrolling interests 10 24 18
Comprehensive income attributable to Ford Motor Company $ 3,833 $ 7,785 $ 3,270
The accompanying notes are part of the consolidated financial statements.
FS-4
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
December 31,
2017
December 31,
2018
ASSETS
Cash and cash equivalents (Note 9) $ 18,492 $ 16,718
Marketable securities (Note 9) 20,435 17,233
Ford Credit finance receivables, net (Note 10) 52,210 54,353
Trade and other receivables, less allowances of $412 and $94 10,599 11,195
Inventories (Note 12) 11,176 11,220
Other assets 3,889 3,930
Total current assets 116,801 114,649
Ford Credit finance receivables, net (Note 10) 56,182 55,544
Net investment in operating leases (Note 13) 28,235 29,119
Net property (Note 14) 35,327 36,178
Equity in net assets of affiliated companies (Note 15) 3,085 2,709
Deferred income taxes (Note 7) 10,762 10,412
Other assets 8,104 7,929
Total assets $ 258,496 $ 256,540
LIABILITIES
Payables $ 23,282 $ 21,520
Other liabilities and deferred revenue (Note 16) 19,697 20,556
Automotive debt payable within one year (Note 18) 3,356 2,314
Ford Credit debt payable within one year (Note 18) 48,265 51,179
Total current liabilities 94,600 95,56.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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1. TABLE A-1
NON-GAAP NON-GAAP NON-GAAP NON-GAAP
GAAP Adjustments Adjusted GAAP Adjustments Adjusted
Revenue $ 20,532,796 - $ 20,532,796 $ 24,225,744 - $ 24,225,744
Cost of revenue 15,860,629 - 15,860,629 19,005,270 - 19,005,270
Gross profit 4,672,167 - 4,672,167 5,220,474 - 5,220,474
Operating expenses
Selling, general and administrative expenses 2,446,955 (5,784) 2,441,171 2,592,059 - 2,592,059
Research and development expenses 855,164 - 855,164 748,571 - 748,571
Depreciation and amortization 870,981 - 870,981 842,454 - 842,454
Disposal of property, plant and equipment gain (15,413) - (15,413) - - -
Total operating expenses 4,157,687 (5,784) 4,151,903 4,183,084 - 4,183,084
Income fromoperations 514,480 5,784 520,264 1,037,390 - 1,037,390
Other expense
Foreign currency (gain) loss 7,472 - 7,472 (2,837) - (2,837)
Change in derivative warrant liabilities 341,199 (341,199) - (959,200) 959,200 -
Change in contingent consideration obligation - - - 57,282 (57,282) -
Interest expense - amortization of debt discount 33,100 (33,100) - 381,660 (381,660) -
Interest expense - convertible debt and other 383,894 - 383,894 295,042 - 295,042
Income (loss) before income taxes (251,185) 380,083 128,898 1,265,443 (520,258) 745,185
Provision for income taxes 148,702 - 148,702 106,485 171,324 277,809
Net income (loss) $ (399,887) 380,083 $ (19,804) $ 1,158,958 (691,582) $ 467,376
Net income (loss) per common share:
Basic $ (0.02) $ (0.00) $ 0.07 $ 0.03
Diluted $ (0.02) $ (0.00) $ 0.01 $ 0.03
Weighted average number of common shares outstanding:
Basic 21,130,960 21,130,960 17,821,547 17,821,547
Diluted 21,130,960 21,130,960 17,996,221 17,996,221
2017 2016
S&W SEED COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended Three Months Ended
December 31, December 31,
2. TABLE A-2
NON-GAAP NON-GAAP NON-GAAP NON-GAAP
GAAP Adjustments Adjusted GAAP Adjustments Adjusted
Revenue $ 31,244,512 - $ 31,244,512 $ 36,475,317 - $ 36,475,317
Cost of revenue 24,236,757 - 24,236,757 29,311,580 - 29,311,580
Gross profit 7,007,755 - 7,007,755 7,163,737 - 7,163,737
Operating expenses
Selling, general and administrative expenses 5,361,035 (34,947) 5,326,088 5,047,263 - 5,047,263
Research and development expenses 1,597,081 - 1,597,081 1,490,113 - 1,490,113
Depreciation and amortization 1,759,233 - 1,759,233 1,677,151 - 1,677,151
Disposal of property, plant and equipment gain (81,776) - (81,776) - - -
Total operating expenses 8,635,573 (34,947) 8,600,626 8,214,527 - 8,214,527
Income (loss) fromfromoperations (1,627,818) 34,947 (1,592,871) (1,050,790) - (1,050,790)
Other expense
Foreign currency (gain) loss 22,030 - 22,030 (6,483) - (6,483)
Change in derivative warrant liabilities (431,300) 431,300 - 168,500 (168,500) -
Change in contingent consideration obligation - - - 164,363 (164,363) -
Loss on equity method investment - - - 49,249 (49,249) -
Interest expense - amortization of debt discount 67,099 (67,099) - 981,118 (981,118) -
Interest expense - convertible debt and other 731,623 - 731,623 647,584 - 647,584
Income (loss) before income taxes (2,017,270) (329,254) (2,346,524) (3,055,121) 1,363,230 (1,691,891)
Provision (benefit) for income taxes 200,123 - 200,123 (996,923) 415,420 (581,503)
Net income (loss) $ (2,217,393) (329,254) $ (2,546,647) $ (2,058,198) 947,810 $ (1,110,388)
Net loss per common share:
Basic $ (0.11) $ (0.12) $ (0.12) $ (0.06)
Diluted $ (0.11) $ (0.12) $ (0.12) $ (0.06)
Weighted average number of common shares outstanding:
Basic 20,643,973 20,643,973 17,467,370 17,467,370
Diluted 20,643,973 20,643,973 17,467,370 17,467,370
2017 2016
S&W SEED COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Six Months Ended, Six Months Ended,
December 31, December 31,
3. TABLE B
2017 2016 2017 2016
Net income (loss) $ (399,887) $ 1,158,958 $ (2,217,393) $ (2,058,198)
Non-recurring transaction costs 5,784 - 34,947 -
Non-cash stock based compensation 193,572 296,235 451,033 578,659
Depreciation and amortization 870,981 842,454 1,759,233 1,677,151
Foreign currency (gain) loss 7,472 (2,837) 22,030 (6,483)
Change in derivative warrant liabilities 341,199 (959,200) (431,300) 168,500
Change in contingent consideration liabilities - 57,282 - 164,363
Loss on equity method investment - - - 49,249
Interest expense - amortization of debt discount 33,100 381,660 67,099 981,118
Interest expense - convertible debt and other 383,894 295,042 731,623 647,584
Provision (benefit) for income taxes 148,702 106,485 200,123 (996,923)
Non-GAAP Adjusted EBITDA $ 1,584,817 $ 2,176,079 $ 617,395 $ 1,205,020
December 31, December 31,
S&W SEED COMPANY
ITEMIZED RECONCILIATION BETWEEN NET INCOME(LOSS) AND NON-GAAP ADJUSTED EBITDA
(unaudited)
Three Months Ended Six Months Ended
4. December 31, June 30,
2017 2017
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 5,454,694 $ 745,001
Accounts receivable, net 25,250,475 23,239,325
Inventories, net 70,486,985 31,489,945
Prepaid expenses and other current assets 1,500,066 1,249,921
TOTAL CURRENT ASSETS 102,692,220 56,724,192
Property, plant and equipment, net 13,630,123 13,581,576
Intangibles, net 33,810,687 34,939,079
Goodwill 10,292,265 10,292,265
Other assets 1,568,286 1,563,176
TOTAL ASSETS $ 161,993,581 $ 117,100,288
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 32,831,640 $ 7,157,745
Accounts payable - related parties 117,164 331,694
Deferred revenue 55,442 880,326
Accrued expenses and other current liabilities 2,671,495 2,733,718
Lines of credit, net 27,592,603 27,399,784
Current portion of contingent consideration obligation - 2,500,000
Current portion of long-term debt, net 358,864 10,309,664
TOTAL CURRENT LIABILITIES 63,627,208 51,312,931
Long-term debt, net, less current portion 13,203,191 1,096,155
Derivative warrant liabilities - 2,836,600
Other non-current liabilities 781,629 632,947
TOTAL LIABILITIES 77,612,028 55,878,633
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value; 5,000,000 shares authorized;
no shares issued and outstanding - -
Common stock, $0.001 par value; 50,000,000 shares authorized;
24,353,300 issued and 24,328,300 outstanding at December 31, 2017;
18,004,681 issued and 17,979,681 outstanding at June 30, 2017; 24,353 18,004
Treasury stock, at cost, 25,000 shares (134,196) (134,196)
Additional paid-in capital 108,568,030 83,312,518
Accumulated deficit (18,653,679) (16,436,286)
Accumulated other comprehensive loss (5,422,955) (5,538,385)
TOTAL STOCKHOLDERS' EQUITY 84,381,553 61,221,655
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 161,993,581 $ 117,100,288
S&W SEED COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
5. 2017 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (2,217,393) $ (2,058,198)
Adjustments to reconcile net loss from operating activities to net
cash used in operating activities
Stock-based compensation 451,033 578,659
Bad debt expense 20,547 -
Depreciation and amortization 1,759,233 1,677,151
Gain on disposal of property, plant and equipment (81,776) -
Change in deferred tax asset - (1,034,439)
Change in foreign exchange contracts 100,864 234,286
Change in derivative warrant liabilities (431,300) 168,500
Change in contingent consideration obligation - 164,363
Amortization of debt discount 67,099 981,118
Loss on equity method investment - 49,249
Changes in:
Accounts receivable (1,960,907) 1,820,501
Inventories (38,850,545) (20,836,483)
Prepaid expenses and other current assets (377,920) 72,841
Other non-current asset (4,963) -
Accounts payable 25,606,471 10,098,122
Accounts payable - related parties (216,112) 3,462,649
Deferred revenue (614,523) (151,463)
Accrued expenses and other current liabilities (67,000) (1,150,794)
Other non-current liabilities 148,147 (61,677)
Net cash used in operating activities (16,669,045) (5,985,615)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment (815,063) (1,264,395)
Proceeds from disposal of property, plant and equipment 46,218 -
Additions to internal use software - (118,389)
Net cash used in investing activities (768,845) (1,382,784)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from sale of common stock 22,519,216 -
Net proceeds from exercise of common stock options - 602,083
Taxes paid related to net share settlements of stock-based compensation awards (113,688) (75,083)
Borrowings and repayments on lines of credit, net 38,574 5,646,664
Repayment of contingent consideration obligation (2,500,000) -
Borrowings of long-term debt 12,500,000 88,150
Debt issuance costs (257,964) -
Repayments of long-term debt (10,113,415) (169,598)
Repayments of convertible debt - (3,427,837)
Net cash provided by financing activities 22,072,723 2,664,379
EFFECT OF EXCHANGE RATE CHANGES ON CASH 74,860 (92,185)
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS 4,709,693 (4,796,205)
CASH AND CASH EQUIVALENTS, beginning of the period 745,001 6,904,500
CASH AND CASH EQUIVALENTS, end of period $ 5,454,694 $ 2,108,295
Six Months Ended
December 31,
S&W SEED COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)