x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
|
Nevada
|
36-3526027
|
(State
or other jurisdiction of
|
(IRS
Employer
|
incorporation
or organization)
|
Identification
No.)
|
Large accelerated
filer o
|
Accelerated filer x
|
Non-accelerated filer o
(Do not check if a smaller
reporting company)
|
Smaller reporting
company o
|
PART
I
|
FINANCIAL INFORMATION |
Page
|
||
Item
1.
|
Financial Statements. | 3 | ||
Consolidated Balance Sheets | 4 | |||
As of September 30, 2010 (Unaudited) and June 30, 2010 | ||||
Consolidated Statements of Income and Comprehensive Income | 5 | |||
For the Three Months Ended September 30, 2010 and 2009 (Unaudited) | ||||
Consolidated Statements of Cash Flows | 6 | |||
For the Three Months Ended September 30, 2010 and 2009 | ||||
(Unaudited) | ||||
Notes to Consolidated Financial Statements | 7 | |||
As of September 30, 2010 (Unaudited) | ||||
Item
2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 29 | ||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
38 | ||
Item
4.
|
Controls and Procedures | 39 | ||
PART
II
|
OTHER INFORMATION | |||
Item
1.
|
Legal
Proceedings
|
40 | ||
Item
1A.
|
Risk
Factors
|
40 | ||
Item
5.
|
Other
Information
|
40 | ||
Item
6.
|
Exhibits
|
41 | ||
Signatures
|
42 | |||
Exhibits/Certifications
|
43 |
Item
1.
|
Financial
Statements
|
CHINA
GREEN AGRICULTURE INC. AND SUBSIDIARIES
|
||||
CONSOLIDATED
BALANCE SHEETS
|
||||
AS
OF SEPTEMBER 30, 2010 AND JUNE 30, 2010
|
||||
(UNAUDITED)
|
ASSETS
|
||||||||
September
30, 2010
|
June
30, 2010
|
|||||||
Current
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 53,947,094 | $ | 62,335,437 | ||||
Accounts
receivable, net
|
16,482,643 | 15,571,888 | ||||||
Inventories
|
27,248,954 | 11,262,647 | ||||||
Other
assets
|
369,733 | 86,824 | ||||||
Related
party receivables
|
68,668 | - | ||||||
Advances
to suppliers
|
14,616,112 | 221,280 | ||||||
Total
Current Assets
|
112,733,204 | 90,414,167 | ||||||
Plant,
Property and Equipment, Net
|
46,277,708 | 29,368,515 | ||||||
Construction
In Progress
|
1,179,818 | 257,077 | ||||||
Other
Assets - Non Current
|
3,181,561 | 1,098,704 | ||||||
Intangible
Assets, Net
|
27,302,650 | 11,585,570 | ||||||
Goodwill
|
448,146 | - | ||||||
Total
Assets
|
$ | 191,123,087 | $ | 131,787,942 | ||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
Current
Liabilities
|
||||||||
Accounts
payable
|
$ | 2,251,015 | $ | 328,124 | ||||
Unearned
revenue
|
22,851,799 | 41,645 | ||||||
Accrued
expenses and other payables
|
1,565,979 | 507,705 | ||||||
Advances
from other unrelated companies
|
923,599 | - | ||||||
Amount
due to related parties
|
444,877 | 68,164 | ||||||
Taxes
payable
|
4,119,590 | 2,304,382 | ||||||
Short
term loans
|
6,227,481 | - | ||||||
Other
short-term liability
|
2,894,987 | - | ||||||
Total
Current Liabilities
|
41,279,327 | 3,250,020 | ||||||
Commitments
and Contingencies
|
||||||||
Stockholders'
Equity
|
||||||||
Preferred
Stock, $.001 par value, 20,000,000 shares authorized, Zero shares
issued and outstanding
|
||||||||
Common
stock, $.001 par value, 115,197,165 shares
authorized, 26,848,260 and 24,572,328 shares
issued, and 25,937,887 and 24,572,328,shares outstanding as of September
30, 2010 and June 30, 2010, respectively)
|
25,938 | 24,573 | ||||||
Additional
paid-in capital
|
87,978,324 | 75,755,682 | ||||||
Statuary
reserve
|
6,632,554 | 5,864,648 | ||||||
Retained
earnings
|
50,556,287 | 43,536,408 | ||||||
Accumulated
other comprehensive income
|
4,650,657 | 3,356,611 | ||||||
Total
Stockholders' Equity
|
149,843,760 | 128,537,922 | ||||||
Total
Liabilities and Stockholders' Equity
|
$ | 191,123,087 | $ | 131,787,942 |
CHINA
GREEN AGRICULTURE INC. AND SUBSIDIARIES
|
||||
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
||||
FOR
THE THREE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009
|
||||
(UNAUDITED)
|
For
the Three Months Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
Sales
|
||||||||
Jinong
|
$ | 16,571,293 | $ | 10,178,649 | ||||
Gufeng
|
21,801,034 | - | ||||||
Jintai
|
1,110,594 | 1,098,171 | ||||||
Net
sales
|
$ | 39,482,921 | $ | 11,276,820 | ||||
Cost
of goods sold
|
||||||||
Jinong
|
6,853,787 | 3,735,364 | ||||||
Gufeng
|
18,900,513 | - | ||||||
Jintai
|
589,294 | 582,497 | ||||||
Cost
of goods sold
|
26,343,594 | 4,317,862 | ||||||
Gross
profit
|
13,139,327 | 6,958,958 | ||||||
Operating
expenses
|
||||||||
Selling
expenses
|
1,415,985 | 215,672 | ||||||
General
and administrative expenses
|
2,098,187 | 534,179 | ||||||
Total
operating expenses
|
3,514,172 | 749,850 | ||||||
Income
from operations
|
9,625,155 | 6,209,108 | ||||||
Other
income (expense)
|
||||||||
Other
income (expense)
|
(11,943 | ) | 966 | |||||
Interest
income
|
64,991 | 29,266 | ||||||
Interest
expense
|
(176,675 | ) | (61,309 | ) | ||||
Total
other income (expense)
|
(123,627 | ) | (31,077 | ) | ||||
Income
before income taxes
|
9,501,528 | 6,178,031 | ||||||
Provision
for income taxes
|
1,713,743 | 930,757 | ||||||
Net
income
|
7,787,785 | 5,247,274 | ||||||
Other
comprehensive income
|
||||||||
Foreign
currency translation gain/(loss)
|
1,294,047 | (24,930 | ) | |||||
Comprehensive
income
|
$ | 9,081,832 | $ | 5,222,344 | ||||
Basic
weighted average shares outstanding
|
25,922,880 | 21,632,488 | ||||||
Basic
net earnings per share
|
$ | 0.30 | $ | 0.24 | ||||
Diluted
weighted average shares outstanding
|
26,035,426 | 21,650,546 | ||||||
Diluted
net earnings per share
|
0.30 | 0.24 |
The
accompanying notes are an integral part of these consolidated financial
statements.
|
CHINA
GREEN AGRICULTURE INC. AND SUBSIDIARIES
|
STATEMENTS
OF CASH FLOWS
|
FOR
THE THREE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009
|
(UNAUDITED)
|
2010
|
2009
|
|||||||
Cash
flows from operating activities
|
||||||||
Net
income
|
$ | 7,787,785 | $ | 5,247,274 | ||||
Adjustments
to reconcile net income to net cash
|
||||||||
provided
by operating activities
|
||||||||
Issuance
of equity for compensation
|
644,075 | - | ||||||
Depreciation
|
852,693 | 444,215 | ||||||
Amortization
|
81,143 | 43,185 | ||||||
Decrease
/ (Increase) in current assets, net of effects from
acquisitions:
|
||||||||
Accounts
receivable
|
(383,146 | ) | (3,532,758 | ) | ||||
Other
receivables
|
16,653 | (30,915 | ) | |||||
Inventories
|
2,345,622 | (974,125 | ) | |||||
Advances
to suppliers
|
(15,847,463 | ) | 17,933 | |||||
Other
assets
|
(296,554 | ) | 2,171 | |||||
(Decrease)
/ Increase in current liabilities, net of effects from
acquisitions:
|
||||||||
Accounts
payable
|
(3,972,787 | ) | (332,626 | ) | ||||
Unearned
revenue
|
3,347,743 | 43,432 | ||||||
Tax
payables
|
1,750,338 | 2,653,822 | ||||||
Other
payables and accrued expenses
|
(23,333 | ) | 709,662 | |||||
Net
cash (used in) / provided by operating activities
|
(3,697,231 | ) | 4,291,270 | |||||
Cash
flows from investing activities
|
||||||||
Acquisition
of plant, property, and equipment
|
(776,669 | ) | (2,437,738 | ) | ||||
Acquisition
of intangible assets
|
- | (10,703,302 | ) | |||||
Acquisition
of Gufeng, net of cash acquired
|
(6,720,539 | ) | - | |||||
Amounts
increase in construction in progress
|
(141,985 | ) | - | |||||
Net
cash used in investing activities
|
(7,639,193 | ) | (13,141,040 | ) | ||||
Cash
flows from financing activities
|
||||||||
Repayment
of loan
|
- | (979,876 | ) | |||||
Proceeds
from loan
|
2,240,468 | - | ||||||
Proceeds
from issuance of shares
|
- | 27,143,338 | ||||||
Restricted
cash
|
- | 24,766 | ||||||
Net
cash provided by financing activities
|
2,240,468 | 26,188,228 | ||||||
Effect
of exchange rate change on cash and cash equivalents
|
707,613 | 23,057 | ||||||
Net
(decrease) increase in cash and cash equivalents
|
(8,388,343 | ) | 17,361,515 | |||||
Cash
and cash equivalents, beginning balance
|
62,335,437 | 17,795,447 | ||||||
Cash
and cash equivalents, ending balance
|
$ | 53,947,094 | $ | 35,156,962 | ||||
Supplement
disclosure of cash flow information
|
||||||||
Interest
paid
|
$ | 179,941 | $ | 61,309 | ||||
Income
taxes paid
|
$ | 11,738 | $ | - |
Estimated
Useful Life
|
|
Building
|
10-25
years
|
Agricultural
assets
|
8
years
|
Machinery
and equipment
|
5-15
years
|
Vehicles
|
3-5
years
|
2010
|
2009
|
|||||||
Net
Income for Basic Earnings Per Share
|
$
|
7,787,785
|
$
|
5,247,274
|
||||
Basic
Weighted Average Number of Shares
|
25,922,880
|
21,632,488
|
||||||
Net
Income per Share – Basic
|
0.30
|
0.24
|
||||||
Net
Income for Diluted Earnings Per Share
|
7,787,785
|
5,247,274
|
||||||
Diluted
Weighted Average Number of Shares
|
26,035,426
|
21,650,546
|
||||||
Net
Income per Share – Diluted
|
$
|
0.30
|
$
|
0.24
|
($
in millions)
|
||||
Purchase
Price
|
$ | 23.3 | ||
Fair
Value of Assets Acquired:
|
||||
Current
assets
|
25.1 | |||
Fixed
assets
|
17.3 | |||
Intangible
assets
|
15.8 | |||
Other
assets
|
- | |||
Total
Assets Acquired
|
$ | 58.2 | ||
Fair
Value of Liabilities Assumed:
|
||||
Current
liabilities
|
$ | 15.9 | ||
Deferred
revenue
|
19.4 | |||
Deferred
tax liabilities, net
|
- | |||
Total
Liabilities Assumed
|
$ | 35.3 | ||
Goodwill
(1)
|
$ | 0.4 |
Gufeng
at July 2, 2010
|
||||||||
($
in millions)
|
Fair
Value
|
Estimated
useful life
(in
years)
|
||||||
Amortizable
intangible assets:
|
||||||||
Customer
relationships
|
$ | 8.4 | 10 | |||||
Indefinite-lived
intangibles:
|
||||||||
Trademarks
|
$ | 7.4 | ||||||
Total
intangible assets acquired
|
$ | 15.8 | ||||||
For
the Three Months Ended September 30,
|
||||
($
in millions, except per share data)
|
2009
|
|||
Net
Sales
|
$ | 28.8 | ||
Net
Income
|
$ | 6.8 | ||
Basic
earnings per share
|
$ | 0.30 | ||
Diluted
earnings per share
|
$ | 0.29 |
September 30,
2010 |
June 30,
2010 |
|||||||
Raw
materials
|
$ | 5,829,268 | $ | 314,268 | ||||
Supplies
and packing materials
|
657,819 | 113,146 | ||||||
Work
in progress
|
2,203,926 | 10,686,325 | ||||||
Finished
goods
|
18,557,941 | 148,909 | ||||||
Total
|
$ | 27,248,954 | $ | 11,262,647 |
September 30,
2010 |
June 30,
2010 |
|||||||
Advancement
|
$ | 65,630 | $ | 41,875 | ||||
Promotion
material
|
304,103 | 44,949 | ||||||
Total
|
$ | 369,733 | $ | 86,824 |
September 30,
2010 |
June, 30,
2010 |
|||||||
Building
and improvements
|
$ | 32,277,792 | $ | 11,719,363 | ||||
Auto
|
961,775 | 117,295 | ||||||
Machinery
and equipment
|
21,398,234 | 21,628,525 | ||||||
Agriculture
assets
|
1,365,316 | 1,528,898 | ||||||
Total
property, plant and equipment
|
56,003,117 | 34,994,081 | ||||||
Less:
accumulated depreciation
|
(9,725,409 | ) | (5,625,566 | ) | ||||
Total
property, plant and equipment, net
|
$ | 46,277,708 | $ | 29,368,515 |
September 30,
2010 |
June 30,
2010 |
|||||||
Land
use right, net
|
$ | 11,708,070 | $ | 11,495,059 | ||||
Technology
patent, net
|
69,790 | 90,512 | ||||||
Customer
relationships, net
|
8,159,802 | - | ||||||
Trademarks
|
7,364,988 | - | ||||||
Total
|
$ | 27,302,650 | $ | 11,585,570 |
September 30,
2010 |
June 30,
2010 |
|||||||
Land
use rights
|
$ | 12,183,834 | $ | 11,866,105 | ||||
Less:
accumulated amortization
|
(475,764 | ) | (371,047 | ) | ||||
Total
Land use rights, net
|
$ | 11,708,070 | $ | 11,495,059 |
September 30,
2010 |
June 30,
2010 |
|||||||
Technology
know-how
|
$ | 878,121 | $ | 866,338 | ||||
Less:
accumulated amortization
|
(808,331 | ) | (775,826 | ) | ||||
Total
Technology know-how, net
|
$ | 69,790 | $ | 90,512 |
September 30,
2010 |
June 30,
2010 |
|||||||
Customer
relationships
|
$ | 8,369,028 | $ | - | ||||
Less:
accumulated amortization
|
(209,226 | ) | - | |||||
Total
Customer relationships, net
|
$ | 8,159,802 | $ | - |
September
30, 2011
|
$ | 1,150,369 | ||
September
30, 2012
|
1,080,579 | |||
September
30, 2013
|
1,080,579 | |||
September
30, 2014
|
1,080,579 | |||
September
30, 2015
|
1,080,579 |
September 30,
2010 |
June 30,
2010 |
|||||||
Payroll
payable
|
$ | 211,050 | $ | 8,848 | ||||
Welfare
payable
|
319,010 | 164,051 | ||||||
Accrued
expenses
|
888,773 | 334,806 | ||||||
Other
levy payable
|
147,146 | - | ||||||
Total
|
$ | 1,565,979 | $ | 507,705 |
September 30,
2010 |
June 30,
2010 |
|||||||
Short
term loans payable:
|
$ | 6,227,481 | $ | - | ||||
Total
|
$ | 6,227,481 | $ | - |
September 30,
2010 |
June 30,
2010 |
|||||||
VAT
provision (credit)
|
$ | 40,718 | (24,655 | ) | ||||
Income
tax payable
|
3,766,933 | 2,020,253 | ||||||
Other
levies
|
311,939 | 308,784 | ||||||
Total
|
$ | 4,119,590 | 2,304,382 |
2010
|
2009
|
|||||||
Current
Tax
|
$ | 1,713,743 | $ | 930,757 | ||||
Deferred
Tax
|
- | - | ||||||
Total
|
$ | 1,713,743 | $ | 930,757 |
September
30, 2010
|
China
|
United
States
|
||||||||||||||||||
15%
- 25%
|
34%
|
Total
|
||||||||||||||||||
Pretax
income (loss)
|
10,702,296 | (1,200,768 | ) | 9,501,528 | ||||||||||||||||
Expected
income tax expense (benefit)
|
2,636,058 | 9.50 | % | (408,261 | ) | 34.00 | % | |||||||||||||
High-tech
income benefits on Jinong
|
(858,273 | ) | -3.09 | % | ||||||||||||||||
Income
tax benefit of nontaxable income
on Jintai
|
(109,368 | ) | -0.39 | % | ||||||||||||||||
Income
tax benefit of nontaxable income on Yuxing
|
45,326 | 0.16 | % | |||||||||||||||||
Change
in valuation allowance on deferred tax asset from US tax
benefit
|
408,261 | -34.00 | % | |||||||||||||||||
Actual
tax expense
|
1,713,743 | 6.17 | % | - | 0.00 | % | 18.04 | % |
September
30, 2009
|
China
|
United
States
|
||||||||||||||||||
15%
|
34%
|
Total
|
||||||||||||||||||
Pretax
income (loss)
|
6,513,257 | (335,226 | ) | 6,178,031 | ||||||||||||||||
Expected
income tax expense (benefit)
|
993,774 | 15.00 | % | (113,977 | ) | 34.00 | % | |||||||||||||
Income
tax benefit of nontaxable income
on Jintai
|
(65,694 | ) | -2.02 | % | ||||||||||||||||
Income
tax benefit of nontaxable income on Yuxing
|
2,677 | -0.16 | % | |||||||||||||||||
Change
in valuation allowance on deferred tax asset from US tax
benefit
|
113,977 | -34.00 | % | |||||||||||||||||
Actual
tax expense
|
930,757 | 3.35 | % | - | 0.00 | % | 15.07 | % |
Exercise
Prices
|
Total
Options
Outstanding
|
Weighted
Average
Remaining
Life
(Years)
|
Total
Weighted
Average
Exercise
Price
|
Options
Exercisable
|
Aggregate
Intrinsic Value
|
||||||
$14.02-14.70
|
195,291
|
1.56
|
$14.67
|
65,100
|
-
|
Options
Outstanding
|
||||
Outstanding,
July 1, 2008
|
121,500 | |||
Granted
|
28,000 | |||
Forfeited/Canceled
|
(28,000 | ) | ||
Exercised
|
- | |||
Outstanding,
June 30, 2009
|
121,500 | |||
Granted
|
205,291 | |||
Forfeited/Canceled
|
(22,000 | ) | ||
Exercised
|
(109,500 | ) | ||
Outstanding,
June 30, 2010
|
195,291 | |||
Outstanding,
September 30, 2010
|
195,291 |
For
the three months ended September 30,
|
||||||||
2010
|
2009
|
|||||||
Revenues
from unaffiliated customers:
|
||||||||
Jinong
|
$ | 16,571,293 | $ | 10,178,649 | ||||
Gufeng
|
21,801,034 | - | ||||||
Jintai
|
1,110,594 | 1,098,171 | ||||||
Yuxing
|
- | - | ||||||
Consolidated
|
$ | 39,482,921 | $ | 11,276,820 | ||||
Operating
income :
|
||||||||
Jinong
|
$ | 8,519,558 | $ | 6,124,274 | ||||
Gufeng
|
1,922,981 | - | ||||||
Jintai
|
437,446 | 437,906 | ||||||
Yuxing
|
(54,062 | ) | (17,846 | ) | ||||
Reconciling
item (1)
|
- | - | ||||||
Reconciling
item (2)
|
(556,693 | ) | (335,226 | ) | ||||
Reconciling
item (2)--stock compensation
|
(644,075 | ) | - | |||||
Consolidated
|
$ | 9,625,155 | $ | 6,209,108 | ||||
Net
income:
|
||||||||
Jinong
|
$ | 7,295,318 | $ | 5,159,879 | ||||
Gufeng
|
1,307,706 | - | ||||||
Jintai
|
437,473 | 437,956 | ||||||
Yuxing
|
(53,731 | ) | (17,846 | ) | ||||
Reconciling
item (1)
|
1,787 | 2,512 | ||||||
Reconciling
item (2)
|
(1,200,768 | ) | (335,226 | ) | ||||
Consolidated
|
$ | 7,787,785 | $ | 5,247,274 | ||||
Depreciation
and Amortization:
|
||||||||
Jinong
|
$ | 578,765 | $ | 444,215 | ||||
Gufeng
|
268,613 | - | ||||||
Jintai
|
31,374 | 25,346 | ||||||
Yuxing
|
55,084 | 17,839 | ||||||
Consolidated
|
$ | 933,836 | $ | 487,400 | ||||
Interest
expense:
|
||||||||
Jinong
|
$ | - | $ | 61,309 | ||||
Gufeng
|
176,675 | - | ||||||
Consolidated
|
$ | 176,675 | $ | 61,309 | ||||
Capital
Expenditure:
|
||||||||
Jinong
|
$ | 553,899 | $ | 2,437,738 | ||||
Gufeng
|
209,432 | - | ||||||
Jintai
|
- | - | ||||||
Yuxing
|
13,338 | 10,703,302 | ||||||
Consolidated
|
$ | 776,669 | $ | 13,141,040 | ||||
Identifiable
assets:
|
As
of 09/30/10
|
As
of 06/30/10
|
||||||
Jinong
|
$ | 95,724,716 | $ | 103,519,520 | ||||
Gufeng
|
64,428,315 | - | ||||||
Jintai
|
13,144,736 | 12,198,845 | ||||||
Yuxing
|
15,077,316 | 12,748,003 | ||||||
Reconciling
item (1)
|
2,753,409 | 3,311,943 | ||||||
Reconciling
item (2)
|
(5,405 | ) | (9,631 | ) | ||||
Consolidated
|
$ | 191,123,087 | $ | 131,787,942 |
September
30, 2011
|
$
|
33,611
|
||
September
30, 2012
|
28,824
|
|||
September
30, 2013
|
14,464
|
|||
September
30, 2014
|
14,464
|
|||
September
30, 2015
|
14,464
|
|||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
Three
months ended
|
Three
months ended
|
|||||||
September 30, 2010
|
September 30, 2009
|
|||||||
Net
Sales
|
$ | 39,482,921 | $ | 11,276,820 | ||||
Jinong
|
16,571,293 | 10,178,649 | ||||||
Gufeng
|
21,801,034 | n/a | ||||||
Jintai
|
1,110,594 | 1,098,171 | ||||||
Cost
of Goods Sold
|
26,343,594 | 4,317,862 | ||||||
Jinong
|
6,853,787 | 3,735,364 | ||||||
Gufeng
|
18,900,513 | n/a | ||||||
Jintai
|
589,294 | 582,497 | ||||||
Gross
Profit
|
13,139,327 | 6,958,958 | ||||||
Selling
Expenses
|
1,415,985 | 215,672 | ||||||
General
and Administrative Expenses
|
2,098,187 | 534,179 | ||||||
Income
from Operations
|
9,625,155 | 6,209,108 | ||||||
Total
Other Income (expense)
|
(123,627 | ) | (31,077 | ) | ||||
Income
Before Income Taxes
|
9,501,528 | 6,178,031 | ||||||
Provision
for Income Taxes
|
1,713,743 | 930,757 | ||||||
Net
Income
|
7,787,785 | 5,247,274 | ||||||
Net
Income Per Share (Basic and Fully Diluted)
|
0.30 | 0.24 | ||||||
Basic
Weighted Average Shares Outstanding
|
25,922,880 | 21,632,488 | ||||||
Diluted
Weighted Average Shares Outstanding
|
26,035,426 | 21,650,546 |
Three
Months Ended
September
30
|
||||||||
2010
|
2009
|
|||||||
Net
cash provided by / (used in) operating activities
|
$ | (3,697,231 | ) | $ | 4,291,270 | |||
Net
cash used in investing activities
|
(7,639,193 | ) | (13,141,040 | ) | ||||
Net
cash provided by financing activities
|
2,240,468 | 26,188,228 | ||||||
Effect
of exchange rate change on cash and cash equivalents
|
707,613 | 23,057 | ||||||
Net
increase in cash and cash equivalents
|
(8,388,343 | ) | 17,361,515 | |||||
Cash
and cash equivalents, beginning balance
|
62,335,437 | 17,795,447 | ||||||
Cash
and cash equivalents, ending balance
|
$ | 53,947,094 | $ | 35,156,962 |
Item
3.
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
Item
4.
|
Controls
and Procedures
|
Item
1.
|
Legal
Proceedings
|
Item
1A.
|
Risk
Factors
|
Item
5.
|
Other
Information
|
Item
6.
|
Exhibits
|
CHINA
GREEN AGRICULTURE, INC.
|
|||
Date: November
12, 2010
|
By:
|
/s/ Tao Li | |
Name: Tao Li | |||
Title: President and Chief Executive Officer | |||
(principal executive officer) |
Date: November
12, 2010
|
By:
|
/s/ Ken Ren | |
Name: Ken Ren | |||
Title: Chief Financial Officer | |||
(principal financial officer and principal accounting officer) |
No.
|
Description
|
10.1
|
Project
Construction Contract dated August 10, 2010 between Xi’an Hu County Yuxing
Agriculture Science & Technology Co., Ltd. and Xi’an Kingtone
Information Technology Co., Ltd.
|
10.2
|
Lease
Agreement dated September 30, 2010 between Shaanxi TechTeam Jinong Humid
Acid Product Co., Ltd. and Xi’an Kingtone Information Technology Co.,
Ltd.
|
14.1
|
Amended
and Restated Code of Ethics of China Green Agriculture,
Inc.
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
32.1
|
Certification
of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
|
32.2
|
Certification
of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
|