China Xiangtai Food Co., Ltd. Reports Financial Results for Fiscal Year 2020

Rhea-AI Summary

China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) reported fiscal year 2020 results, highlighting revenue of $110.6 million, up 11.6% from $99.1 million in 2019. However, net loss reached $4.9 million, contrasting with a net income of $4.4 million the previous year. Gross profit decreased 17% to $7.2 million, leading to a gross margin of 6.5%. The company faced challenges due to COVID-19 but succeeded in expanding its feed materials business and market share. Cash and equivalents fell to $1.5 million from $3.2 million year-over-year.

Positive

• Revenue increased by $11.5 million, or 11.6%, to $110.6 million.
• Completed acquisition of Chongqing Ji Mao Cang Feed Co., Ltd., enhancing vertical integration.
• 51.1% revenue growth from supermarkets and grocery stores to $5.8 million.

Negative

• Net loss of $4.9 million compared to net income of $4.4 million in fiscal year 2019.
• Gross profit decreased by 17% to $7.2 million.
• General and administrative expenses rose by 226.1% to $4.2 million.

CHONGQING, China, Dec. 21, 2020 /PRNewswire/ -- China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) ("PLIN" or the "Company"), an emerging growth company engaged in the food processing business, today announced its financial results for the fiscal year ended June 30, 2020.

Ms. Zeshu Dai, Chairwoman and Chief Executive Officer of the Company, commented "Our financial results for the fiscal year 2020 reflect the impact brought by the pandemic of the COVID-19, which accordingly led to the full brunt and unpredictability of our business. However, our revenue was still recorded $110.6 million, representing an increase of 11.6% compared to $99.1 million for the fiscal year 2019. Facing the challenging year of 2020, we executed well against our core business initiatives, gained market share in the food industry. completed the acquisition of Chongqing Ji Mao Cang Feed Co., Ltd. in April 2020 and integrated industrial chain. We also explored several opportunities during the year to drive our growth including opening hot pot restaurants, launching new online marketing, expanding hog breeding business in Guangxi Province, etc. We saw very strong signs of recovery in our business from our markets as containment measures of the COVID-19 were eased in China. Besides upgrading and optimizing our current core business, we will also continue to invest in the pillars of our future growth and in capabilities, and various markets that support our expansion and provide the long-term returns to our investors."

 

	For the Years Ended June 30,
($ millions, except per share data)	2020		2019		% Change
Revenues	110.6		99.1		11.6%
Supermarket and grocery stores	5.8		3.9		51.1%
Farmers' market	80.5		95.2		-15.5%
Feed raw material	24.3		-		100.0%
Gross profit	7.2		8.7		-17.0%
Gross margin	6.5%		8.7%		-2.2pp
Income from operations	0.5		6.1		-91.5%
Net (loss) income attributable to the Company	(4.9)		4.4		NM
(Loss) Earnings per share from continuing operations	(0.14)		0.24		NM

 

*Notes: pp represents percentage points

Fiscal Year 2020 Financial Highlights (all comparable to the prior year period):

• Total revenues were $110.6 million, an increase of 11.6% from $99.1 million in fiscal year 2019.
• Gross profit was $7.2 million, a decrease of 17.0% from $8.7 million in fiscal year 2019.
• Gross margin was 6.5%, a decreased of 2.2 percentage points from 8.7% in fiscal year 2019.
• Net loss attributable to the Company was $4.9 million, compared with net income attributable to the Company of $4.4 million in fiscal year 2019.
• Basic and diluted loss per share from continuing operations were $0.14, compared with basic and diluted earnings per share from continuing operations of $0.24 in fiscal year 2019.

Fiscal Year 2020 Financial Results

Revenues

Total revenues increased by $11.5 million, or 11.6%, to $110.6 million in fiscal year 2020, from $99.1 million in fiscal year 2019. The overall increase was primarily attributable to the increase of our feed raw materials revenues as we purchased Chongqing Ji Mao Cang Feed Co., Ltd.("JMC") on April 3, 2020 which offset by the decrease of farmers' market revenues.

 

		For the Years Ended June 30,
		2020						2019
($ millions)		Revenue		Cost of Revenues		Gross Margin		Revenue		Cost of Revenues		Gross Margin
Supermarket and grocery stores		5.8		5.0		14.9%		3.9		3.3		15.6%
Farmers' market		80.5		76.2		5.3%		95.2		87.2		8.5%
Feed raw material		24.3		22.2		8.4%		-		-		-%
Total		110.6		103.4		6.5%		99.1		90.4		8.7%

 

Revenues from supermarket and grocery stores increased by $2.0 million, or 51.1%, to $5.8 million in fiscal year 2020, from $3.9 million in fiscal year 2019. The outbreak of COVID-19 has shadowed China and general population in many aspects. In order to ensure that consumers' basic living needs are met, supermarkets and grocery stores in various places still operated as usual. However, during the Chinese New Year and the COVID-19 outbreak, many food suppliers have raised product prices due to temporary shortage in the supply, so we had to raise our selling prices as well.

Revenues from farmers' market decreased by $14.7 million, or 15.5%, to $80.5 million in fiscal year 2020, from $95.2 million in fiscal year 2019. Due to the outbreak of COVID-19, the total supply of fresh hogs largely decreased. The decrease was offset by the increase of unit selling price.

Revenues from feed raw material were $24.3 million in fiscal year 2020, compared with nil in fiscal year 2019, resulted from our purchase of the 51% equity interest in JMC on April 3, 2020 and we began to engage in raw feed material and formula solution wholesales business.

Cost of Revenues

Cost of revenues consists of cost of direct materials, labor and manufacturing overhead costs. Total cost of revenues increased by $12.9 million, or 14.3%, to $103.4 million in fiscal year 2020, from $90.4 million in fiscal year 2019.

Cost of supermarket and grocery stores increased by $1.7 million, or 52.4%, to $5.0 million in fiscal year 2020, from $3.3 million in fiscal year 2019. The cost of supermarket and grocery store revenues increased which was in line with the increase of supermarket and grocery store revenues as the purchase price of inventories increased. The increase of the cost of supermarket and grocery store revenues was offset by the depreciation of RMB against U.S. dollar of 2.9%.

Cost of farmers' market decreased by $11.0 million, or 12.6%, to $76.2 million in fiscal year 2020, from $87.2 million in fiscal year 2019. The decrease was mainly caused by the decreased volume at farmers' markets, which was primarily attributable to the decreased revenues brought under the influence of the African swine fever and the COVID-19. 

Cost of feed raw material was $22.2 million in fiscal year 2020, compared with nil in fiscal year 2019, resulted from our purchase of the 51% equity interest in JMC on April 3, 2020 and we began to engage in raw feed material and formula solution wholesales business.

Gross Profit

Gross profit decreased by $1.5 million, or 17.0%, to $7.2 million in fiscal year 2020, from $8.7 million in fiscal year 2019. Overall gross margin decreased by 2.2 percentage points to 6.5% in fiscal year 2020, from 8.7% in fiscal year 2019.

Gross margins for supermarket and grocery stores, farmers' market and feed material were 14.9% 5.3% and 8.4%, respectively, in fiscal year 2020. This compared to gross margins for supermarket and grocery stores, farmers' market and feed material of 15.6%, 8.5% and nil, respectively, in fiscal year 2019.

Selling Expenses

Selling expenses increased by $0.2 million, or 44.2%, to $0.8 million in fiscal year 2020, from $0.6 million in fiscal year 2019. The increase in selling expenses was primarily due to the increase of salary expense of approximately $0.1 million and the increase of shipping and stores decoration fees of approximately $0.1 million.

General and Administrative Expenses

General and administrative expenses increased by $2.9 million, or 226.1%, to $4.2 million in fiscal year 2020, from $1.3 million in fiscal year 2019. The increase in general and administrative expenses was primarily due to the increase of salary and insurance expenses of $0.3 million. In addition, the increase also attributable to the increase of business consulting fee of approximately $1.5 million and the promissory note repayment extension penalty of $0.5 million. The increase also attributable to the increase of approximately $0.5 million of legal expense mainly related to our financing and acquisition of JMC activities and the increase of approximately $0.1 million rent expense.

Provision for Doubtful Accounts

Provision for doubtful accounts increased by $26,000, or 3.5%, to $0.8 million in fiscal year 2020, from $0.7 million in fiscal year 2019. The change was due to the fact that we had slightly more accounts receivables aged over 6 months as of June 30, 2020 as compared to June 30, 2019.

Stock Compensation Expenses

We incurred approximately $0.9 million stock compensation expense to pay for certain professional services valued at $650,000 during the year ended June 30, 2020 in connection to the issuance of our ordinary shares in August 2019. We expect this is a one-time expense and we do not expect such expenses will incur in the future period. In addition, we incurred approximately $0.2 million stock compensation expense in relation to the vested portion of the stock options issued to our independent directors. Furthermore, we incurred approximately $67,000 on stock compensation expense in relation to our ordinary shares issued to our business consulting firm for its services performed from March 2020 to June 2020. 

Income from Operations

The income from operations decreased by $5.6 million, or 91.5%, to $0.5 million in fiscal year 2020, from $6.1 million in fiscal year 2019. The decrease was mostly attributable to the decrease of farmers' market sales and the increase of selling expenses, general and administrative expenses and stock compensation expense and offset by the increase in supermarket and grocery store sales and feed raw material sales as the reasons that we mentioned above.

Other Income (Expense), Net

Our other expense, net, consists of interest income, interest expense, other finance expense, other income (expense), net, estimated litigation charges and provision for doubtful accounts – security deposit. Total other expense increased by $2.1 million, or 245.6% to $2.9 million in fiscal year 2020, compared to other expenses of $0.8 million in fiscal year 2019. The increase was mainly due to the increase of interest expense of approximately $0.9 million as we incurred more penalty interest charges for bank loans in default for the year ended June 30, 2020. The increase was also due to the amortization costs of convertible debts of approximately $0.4 million for the year ended June 30, 2020. Additionally, we made an allowance of approximately $0.7 million for the security deposit for a loan during the year ended June 30, 2020. The increased other expense, net of approximately $0.1 million was mainly due to the can food donation we made during the outbreak of COVID-19 during the year ended June 30, 2020.

Provision for Income Taxes

Provision for income tax increased by $10,000, or 4.5%, to $0.2 million in fiscal year 2020, from $0.2 million in fiscal year 2019. Under the Income Tax Laws of the PRC, companies are generally subject to income tax at a rate of 25%. The slight increase in provision for income taxes was mainly to JMC which had taxable income during the year ended June 30, 2020.

Net (Loss) Income

Net loss attributable to the Company was $4.9 million in fiscal year 2020, compared with net income attributable to the Company of $4.4 million in fiscal year 2019. Basic and diluted loss per share from continuing operations were $0.14 in fiscal year 2020, compared with basic and diluted earnings per share from continuing operations of $0.24 in fiscal year 2019.

Financial Condition

As of June 30, 2020, the Company had cash and cash equivalents of $1.5 million, compared to $3.2 million as of June 30, 2019. Net cash used in operating activities was $5.9 million in fiscal year 2020, compared to $5.3 million in fiscal year 2019. Net cash provided by investing activities was $0.2 million in fiscal year 2020, compared to $1.2 million in fiscal year 2019. Net cash provided by financing activities was $4.1 million in fiscal year 2020, compared to $6.7 million in fiscal year 2019.

About China Xiangtai Food Co., Ltd.

Headquartered in Chongqing, China, China Xiangtai Food Co., Ltd, is a food company primarily engaged in pork processing. The Company's operations span key sections of the pork processing value chain, including slaughtering, packing, distribution, and wholesale of a variety of fresh pork meat and parts. Primarily focused on pork products, the Company also offers other fresh and processed products, including beef, lamb and poultries. Through the recent acquisition of Chongqing Ji Mao Cang Feed Co., Ltd, the Company has also expanded into the business of feed raw material and feed formula solutions. Through its core values, the Company is committed to maintaining the highest standards of food safety, product quality, and sustainability to provide high-quality, nutritious, and tasty food in a responsible manner through its portfolio of trusted brands. For more information, please visit http://ir.plinfood.com/.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

Company Contact

China Xiangtai Food Co., Ltd.
Email: ir@cqplinfood.com 

Investor Relations Contact

Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com 

 

CHINA XIANGTAI FOOD CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

		June 30,				June 30,
		2020				2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	1,533,237			$	3,196,990
Accounts receivable, net			40,572,757				39,522,737
Other receivables, net			148,894				238,383
Prepayments, net			7,720,452				213,596
Security deposits, net			237,409				2,352,742
Current assets of discontinued operations			63,185				174,467
Total current assets			50,275,934				45,698,915
OTHER ASSETS
Plant and equipment, net			3,455,993				3,335,229
Intangible assets, net			437,989				462,738
Goodwill			5,185,866				-
Operating lease right-of-use assets			2,725,747				-
Deferred tax assets			648,768				-
Other receivables			39,685				9,597
Other assets of discontinued operations			579,452				1,844,838
Total other assets			13,073,500				5,652,402
Total assets		$	63,349,434			$	51,351,317
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term loans - banks		$	4,359,210			$	4,150,309
Loans from third parties			5,013,117				2,449,048
Short-term loans - related parties			-				329,120
Current maturities of long-term loan - bank			777,558				-
Convertible debenture, net			4,768,312				-
Accounts payable			7,510,432				8,654,056
Customer deposits			1,266,073				704,354
Customer deposits - related party			27,395				29,643
Other payables and accrued liabilities			1,942,014				420,359
Other payables - related parties			2,234,980				1,245,864
Operating lease liabilities			49,171				-
Taxes payable			3,342,127				2,974,059
Current liabilities of discontinued operations			1,445,201				1,872,053
Total current liabilities			32,735,590				22,828,865
OTHER LIABILITIES
Long-term loan - bank			-				866,231
Loans from third parties			2,074,871				3,131,007
Long-term loans - related parties			713,325				-
Operating lease liabilities - noncurrent			581,083				-
Other liabilities of discontinued operations			417,729				-
Total other liabilities			3,787,008				3,997,238
Total liabilities			36,522,598				26,826,103
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Ordinary shares, $0.01 par value, 50,000,000 shares authorized, 23,971,084 and 21,964,027 shares issued and outstanding as of June 30, 2020 and 2019, respectively			239,711				219,640
Additional paid-in capital			15,765,411				11,031,937
Deferred share compensation			(47,708)				-
Statutory reserves			1,670,367				1,496,642
Retained earnings			7,034,899				12,085,566
Accumulated other comprehensive loss			(856,218)				(308,571)
Total China Xiangtai Food Co., Ltd. shareholders' equity			23,806,462				24,525,214
NONCONTROLLING INTERESTS			3,020,374				-
Total equity			26,826,836				24,525,214
Total liabilities and shareholders' equity		$	63,349,434			$	51,351,317

 

CHINA XIANGTAI FOOD CO., LTD. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 

		For the Years Ended June 30,
		2020				2019				2018
REVENUES
Supermarket and grocery store		$	5,827,319			$	3,856,358			$	3,750,904
Farmers' market			80,473,936				95,222,909				97,353,320
Feed raw material			24,250,247				-				-
Total revenues			110,551,502				99,079,267				101,104,224
COST OF REVENUES
Supermarket and grocery store			4,961,552				3,256,439				3,193,830
Farmers' market			76,192,444				87,172,588				88,258,923
Feed raw material			22,219,528				-				-
Total cost of revenues			103,373,524				90,429,027				91,452,753
GROSS PROFIT			7,177,978				8,650,240				9,651,471
OPERATING EXPENSES:
Selling			794,193				550,574				708,531
General and administrative			4,167,587				1,277,820				981,347
Provision for doubtful accounts			770,192				743,986				918,940
Stock compensation expense			930,223				-				-
Total operating expenses			6,662,195				2,572,380				2,608,818
INCOME FROM OPERATIONS			515,783				6,077,860				7,042,653
OTHER INCOME (EXPENSE)
Interest income			3,048				2,163				388,781
Interest expense			(1,673,563)				(730,780)				(1,282,291)
Other finance expenses			(417,549)				(118,394)				(141,284)
Other (expense) income, net			(89,405)				9,012				(18,596)
Provision for doubtful accounts - security deposit			(718,437)				-				-
Provision for doubtful accounts - loan receivable			-				-				(1,506,778)
Total other expense, net			(2,895,906)				(837,999)				(2,560,168)
(LOSS) INCOME BEFORE INCOME TAXES			(2,380,123)				5,239,861				4,482,485
PROVISION FOR INCOME TAXES			223,173				213,649				714,376
NET (LOSS) INCOME FROM CONTINUING OPERATIONS			(2,603,296)				5,026,212				3,768,109
NET LOSS FROM DISCONTINUED OPERATIONS			(1,796,237)				(662,621)				-
NET (LOSS) INCOME			(4,399,533)				4,363,591				3,768,109
Less: Net income attributable to non-controlling interest from continuing operations			477,409				-				-
NET (LOSS) INCOME ATTRIBUTABLE TO CHINA XIANGTAI FOOD CO., LTD.		$	(4,876,942)			$	4,363,591			$	3,768,109
NET (LOSS) INCOME		$	(4,399,533)			$	4,363,591			$	3,768,109
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment			(559,320)				(267,546)				133,553
TOTAL COMPREHENSIVE (LOSS) INCOME			(4,958,853)				4,096,045				3,901,662
Less: Comprehensive income attributable to non-controlling interests from continuing operations			465,736				-				-
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CHINA XIANGTAI FOOD CO., LTD.		$	(5,424,589)			$	4,096,045			$	3,901,662
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
Basic			22,417,524				20,319,723				20,000,000
Diluted			22,417,524				20,944,951				20,083,151
(LOSS) EARNINGS PER SHARE - BASIC
Continuing operations		$	(0.14)			$	0.24			$	0.19
Discontinued operations		$	(0.08)			$	(0.03)			$	-
(LOSS) EARNINGS PER SHARE - DILUTED
Continuing operations		$	(0.14)			$	0.24			$	0.19
Discontinued operations		$	(0.08)			$	(0.03)			$	-

 

CHINA XIANGTAI FOOD CO., LTD. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		For the Years Ended June 30,
		2020				2019				2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income		$	(4,399,533)			$	4,363,591			$	3,768,109
Net loss from discontinued operations			(1,796,237)				(662,621)				-
Net (loss) income from continuing operations			(2,603,296)				5,026,212				3,768,109
Adjustments to reconcile net income to net cash (used in)
provided by operating activities:
Depreciation and amortization			508,354				521,925				542,189
Provision for doubtful accounts			1,488,629				743,986				2,425,718
Stock compensation expense			930,223				-				-
Late payment penalty expense			500,000				-				-
Amortization of operating lease right-of-use assets			73,346				-				-
Amortization of convertible debenture issuance cost and discount			357,853				-				-
Deferred tax (benefit) expense			(166,673)				213,649				(126,936)
Change in operating assets and liabilities
Accounts receivable			2,615,184				(16,864,582)				(12,021,191)
Accounts receivable - related party			-				-				(40,780)
Other receivables			52,333				(157,440)				(88,954)
Inventories			318,478				2,647				291,594
Prepayments			(5,556,930)				93,508				209,777
Security deposits			1,388,179				(1,476,090)				-
Loan receivables - interest			-				727,338				(384,788)
Accounts payable			(4,206,084)				5,852,139				68,175
Customer deposits			(3,329,873)				73,946				554,889
Customer deposits - related party			(1,421)				(723)				32,049
Other payables and accrued liabilities			1,564,210				165,216				245,373
Operating lease liabilities			(45,716)				-				-
Taxes payable			452,831				35,087				929,745
Net cash used in operating activities from continuing operations			(5,660,373)				(5,043,182)				(3,595,031)
Net cash used in operating activities from discontinued operations			(251,646)				(224,079)				-
Net cash used in operating activities			(5,912,019)				(5,267,261)				(3,595,031)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of plant and equipment			(700,399)				(20,635)				(89,351)
Repayments from loan to third party			-				1,171,945				-
Cash received from acquisition of JMC			859,461				-				-
Net cash provided by (used in) investing activities from continuing operations			159,062				1,151,310				(89,351)
Net cash provided by investing activities from discontinued operations			-				42,234				-
Net cash provided by (used in) investing activities			159,062				1,193,544				(89,351)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments from other receivables - related parties, net			-				741				2,736,001
(Repayments of) proceeds from other payables - related parties, net			(2,028,451)				701,245				609,048
Proceeds from issuance of ordinary shares through private placements			-				200,000				-
Proceeds from issuance of ordinary shares through initial public offering, net			-				4,395,634				-
Proceeds from issuance of ordinary shares with redemption rights			-				-				1,800,000
Proceeds from short-term loans - banks			469,288				4,535,428				6,148,734
Repayments of short-term loans - banks			(1,137,574)				(4,755,264)				(11,375,158)
Proceeds from short-term loans - third parties			770,906				1,174,453				11,134,708
Repayments of short-term loans - third parties			(1,638,334)				(322,285)				(6,138,861)
Proceeds from short-term loans - related parties			-				331,075				-
Proceeds from long-term loan - banks			-				923,830				-
Repayments of long-term loan - banks			(64,619)				(1,004,659)				-
Proceeds from long-term loans - third parties			2,040,691				-				-
Repayments of long-term loans - third parties			(2,844)				-				-
Proceeds from long-term loans - related parties			472,132				-				-
Repayments of long-term loans - related parties			(76,793)				-				-
Repayments of notes payable			-				-				(1,537,184)
Proceeds from convertible debentures, net of issuance costs			5,480,000				-				-
Changes in security deposits			(15,069)				648,828				615,426
Net cash provided by financing activities from continuing operations			4,269,333				6,829,026				3,992,714
Net cash used in financing activities from discontinued operations			(192,325)				(178,500)				-
Net cash provided by financing activities			4,077,008				6,650,526				3,992,714
EFFECT OF EXCHANGE RATE ON CASH			(4,296)				320,103				(10,769)
CHANGES IN CASH			(1,680,245)				2,896,912				297,563
CASH AND CASH EQUIVALENTS, beginning of year			3,216,005				319,093				21,530
CASH AND CASH EQUIVALENTS, end of year			1,535,760				3,216,005				319,093
LESS: CASH AND CASH EQUIVALENTS FROM DISCONTINUED OPERATIONS			2,523				19,015				-
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS		$	1,533,237			$	3,196,990			$	319,093
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income tax		$	-			$	-			$	-
Cash paid for interest		$	488,360			$	823,551			$	1,389,533
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES
Other receivable - related party offset with other payable - related party upon execution of the tri-party offset agreement		$	1,195,585			$	439,479			$	50,627
Issuance of ordinary shares with redemption rights of mezzanine equity		$	-			$	1,800,000			$	-
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		$	3,240,920			$	-			$	-
Issuance of ordinary shares for acquisition		$	2,658,909			$	-			$	-
Conversion of convertible debenture into ordinary shares		$	857,165			$	-			$	-

 

View original content:http://www.prnewswire.com/news-releases/china-xiangtai-food-co-ltd-reports-financial-results-for-fiscal-year-2020-301196627.html

SOURCE China Xiangtai Food Co. Ltd.

FAQ

What were the financial results for PLIN in fiscal year 2020?

PLIN reported revenue of $110.6 million, a net loss of $4.9 million, and a gross profit of $7.2 million.

How did COVID-19 impact PLIN's business?

COVID-19 affected PLIN's revenue streams, particularly leading to a decrease in farmers' market sales.

What is PLIN's revenue growth in fiscal year 2020?

PLIN's revenue grew by 11.6% compared to fiscal year 2019.

What was PLIN's loss per share for fiscal year 2020?

The loss per share from continuing operations was $0.14 in fiscal year 2020.