PUDA
COAL, INC.
|
||
(Exact
name of small business issuer as specified in its
charter)
|
||
|
|
|
Florida
|
|
65-1129912
|
(State
or other jurisdiction of incorporation or organization)
|
|
(IRS
Employer Identification No.)
|
|
||
426
Xuefu Street, Taiyuan, Shanxi Province, The People's Republic of
China
|
||
(Address
of principal executive offices)
|
||
|
||
011
86 351 228 1300
|
||
(Issuer's
telephone number)
|
||
|
||
____________________________________________________________
(Former
name, former address and former fiscal year, if changed since last
report)
|
Part
I Financial Information
|
|
Item
1 - Financial Statements
|
|
Unaudited
Consolidated Financial Statements
|
|
Note
1 The Company
|
|
Note
15 Options
|
|
Note
16 Condensed Financial Information of Registrant
|
|
Note
17 Restatement
|
|
Item
2 - Management’s Discussion and Analysis or Plan of
Operations
|
|
Restatement
of Financial Statements
|
|
Liquidity
and Capital Resources
|
|
Item
3 - Controls and Procedures
|
|
Part
II Other Information
|
|
Item
6 - Exhibits
|
Page
|
|
PART
I. FINANCIAL INFORMATION
|
|
|
|
Item1.
Financial Statements
|
1
|
|
|
Unaudited
Consolidated Balance Sheet as of June 30, 2006
|
1-2
|
|
|
Unaudited
Consolidated Statements of Operations for the three and
six months ended June 30, 2006 and 2005
|
3-4
|
|
|
Unaudited
Consolidated Statements of Cash Flows for the six months ended June
30,
2006 and 2005 months
ended June 30, 2006 and 2005 months
ended June 30, 2006 and 2005
|
5
|
Notes
to Unaudited Consolidated Financial Statements
|
6-26
|
|
|
Item
2. Management's Discussion and Analysis or Plan of
Operation
|
27-31
|
|
|
Item
3. Controls and Procedures
|
31
|
|
|
PART
II. OTHER INFORMATION
|
|
|
|
Item
1. Legal Proceedings
|
31
|
|
|
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
31-33
|
|
|
Item
3. Defaults upon Senior Securities
|
34
|
|
|
Item
4. Submission of Matters to a Vote of Security Holders
|
34
|
|
|
Item
5. Other Information
|
34
|
|
|
Item
6. Exhibits
|
34
|
|
|
Signatures
|
35
|
|
|
Certifications
|
|
Note(s)
|
June
30, 2006
|
||||||
(Restated
- see
Note
17)
|
|||||||
ASSETS
|
|||||||
CURRENT
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
22,920
|
|||||
Restricted
cash
|
3
|
233
|
|||||
Accounts
receivable, net
|
4,635
|
||||||
Other
receivables
|
|||||||
-
Related parties
|
4
|
15
|
|||||
-
Third parties
|
39
|
||||||
Advances
to suppliers
|
784
|
||||||
Deferred
charges
|
9
|
888
|
|||||
Inventories
|
5
|
6,618
|
|||||
Total
current assets
|
36,132
|
||||||
PROPERTY,
PLANT AND EQUIPMENT, NET
|
6
|
10,350
|
|||||
INTANGIBLE
ASSETS, NET
|
7
|
3,768
|
|||||
TOTAL
ASSETS
|
$
|
50,250
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT
LIABILITIES
|
|||||||
Current
portion of long-term debt
|
|||||||
-
Related party
|
4,
8
|
$
|
1,300
|
||||
Accounts
payable
|
|||||||
-
Related party
|
4
|
192
|
|||||
-
Third parties
|
2,107
|
||||||
Other
payables
|
|||||||
-
Related party
|
4
|
879
|
|||||
-
Third parties
|
1,088
|
||||||
Accrued
expenses
|
500
|
||||||
Income
taxes payable
|
1,454
|
||||||
VAT
payable
|
1,029
|
||||||
Distribution
payable
|
1,002
|
||||||
Penalty
payable
|
9
|
437
|
|||||
Total
current liabilities
|
9,988
|
||||||
LONG-TERM
LIABILITIES
|
|||||||
Long-term
debt
|
|||||||
-
Related party
|
4,
8
|
11,050
|
|||||
Convertible
notes
|
9
|
4,787
|
|||||
Derivative
conversion feature
|
9
|
4,848
|
|||||
Derivative
warrants
|
9
|
13,312
|
|||||
Total
long-term liabilities
|
33,997
|
Note(s)
|
June
30, 2006
|
||||||
(Restated
- see
Note
17)
|
|||||||
TEMPORARY
EQUITY
|
|||||||
Option
to buy-out Shanxi Coal
|
1,
17
|
2,717
|
|||||
STOCKHOLDERS’
EQUITY
|
|||||||
Preferred
stock, authorized 5,000,000 shares, par value
$0.01, issued and outstanding Nil
|
-
|
||||||
Common
stock, authorized 150,000,000 shares, par
value $0.001, issued and outstanding 79,888,274
|
80
|
||||||
Paid-in
capital
|
8,667
|
||||||
8,747
|
|||||||
Less:
reclassified to temporary equity
|
1,
17
|
(2,717
|
)
|
||||
Statutory
surplus reserve fund
|
1,366
|
||||||
Accumulated
deficit
|
(4,229
|
)
|
|||||
Accumulated
other comprehensive income
|
381
|
||||||
Total
stockholders’ equity
|
3,548
|
||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
50,250
|
Note(s)
|
Three
months ended
June
30, 2006
|
Three
months ended
June
30, 2005
|
Six
months ended
June
30, 2006
|
Six
months ended
June
30, 2005
|
||||||||||||
NET
REVENUE
|
$
|
30,943
|
$
|
8,747
|
$
|
51,714
|
$
|
13,019
|
||||||||
COST
OF REVENUE
|
(24,916
|
)
|
(6,878
|
)
|
(41,174
|
)
|
(10,288
|
)
|
||||||||
GROSS
PROFIT
|
6,027
|
1,869
|
10,540
|
2,731
|
||||||||||||
OPERATING
EXPENSES
|
||||||||||||||||
Selling
expenses
|
771
|
152
|
1,047
|
201
|
||||||||||||
General
and administrative expenses
|
557
|
71
|
991
|
135
|
||||||||||||
Other
operating expenses
|
-
|
1
|
1
|
|||||||||||||
TOTAL
OPERATING EXPENSES
|
1,328
|
224
|
2,038
|
337
|
||||||||||||
INCOME
FROM OPERATIONS
|
4,699
|
1,645
|
8,502
|
2,394
|
||||||||||||
GAIN
ON SHORT-TERM INVESTMENTS
|
-
|
-
|
-
|
6
|
||||||||||||
INTEREST
INCOME
|
3
|
1
|
12
|
1
|
||||||||||||
INTEREST
EXPENSE
|
(1,213
|
)
|
-
|
(1,779
|
)
|
-
|
||||||||||
DEBT
FINANCING COSTS
|
10
|
(2,888
|
)
|
-
|
(7,841
|
)
|
-
|
|||||||||
DERIVATIVE
UNREALIZED FAIR VALUE GAIN/(LOSS)
|
11
|
487
|
-
|
(3,013
|
)
|
-
|
||||||||||
INCOME/(LOSS)
BEFORE INCOME TAXES
|
1,088
|
1,646
|
(4,119
|
)
|
2,401
|
|||||||||||
INCOME
TAXES
|
12
|
(1,451
|
)
|
(550
|
)
|
(2,689
|
)
|
(811
|
)
|
|||||||
NET
(LOSS)/INCOME
|
(363
|
)
|
1,096
|
(6,808
|
)
|
1,590
|
||||||||||
OTHER
COMPREHENSIVE INCOME
|
||||||||||||||||
Foreign
currency translation adjustment
|
79
|
-
|
227
|
-
|
||||||||||||
COMPREHENSIVE
(LOSS)/INCOME
|
$
|
(284
|
)
|
$
|
1,096
|
$
|
(6,581
|
)
|
$
|
1,590
|
Note(s)
|
Three
months ended
June
30, 2006
|
Three
months ended
June
30, 2005
|
Six
months ended
June
30, 2006
|
Six
months ended
June
30, 2005
|
||||||||||||
NET
(LOSS)/INCOME
|
(363
|
)
|
1,096
|
(6,808
|
)
|
1,590
|
||||||||||
PRO
FORMA ADJUSTMENT
|
||||||||||||||||
Deemed
preferred dividend
|
-
|
(2,717
|
)
|
-
|
(2,717
|
)
|
||||||||||
PRO
FORMA NET LOSS
|
$
|
(363
|
)
|
$
|
(1,621
|
)
|
$
|
(6,808
|
)
|
$
|
(1,127
|
)
|
||||
(LOSS)/EARNINGS
PER SHARE-BASIC
|
$
|
(0.00
|
)
|
$
|
0.01
|
$
|
(0.09
|
)
|
$
|
0.02
|
||||||
-DILUTED
|
$
|
(0.00
|
)
|
$
|
0.01
|
$
|
(0.09
|
)
|
$
|
0.02
|
||||||
PRO
FORMA LOSS PER SHARE-BASIC
|
$
|
(0.00
|
)
|
$
|
(0.02
|
)
|
$
|
(0.09
|
)
|
$
|
(0.02
|
)
|
||||
-DILUTED
|
$
|
(0.00
|
)
|
$
|
(0.02
|
)
|
$
|
(0.09
|
)
|
$
|
(0.02
|
)
|
||||
WEIGHTED
AVERAGE NUMBER OF SHARES
OUTSTANDING-BASIC
|
13
|
76,733,239
|
73,750,000
|
76,531,046
|
73,750,000
|
|||||||||||
-DILUTED
|
13
|
76,733,239
|
73,792,671
|
76,531,046
|
73,792,671
|
Notes
|
Six
months ended
June
30,
2006
|
Six
months ended
June
30,
2005
|
||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||
Net
(loss)/income
|
$
|
(6,808
|
)
|
$
|
1,590
|
|||||
Adjustments
to reconcile net (loss)/income to net cash provided
by operating activities
|
||||||||||
Amortization
of land-use rights
|
39
|
3
|
||||||||
Depreciation
|
473
|
53
|
||||||||
Provision
for doubtful debts
|
2
|
-
|
||||||||
Amortization
of debt issue costs
|
768
|
-
|
||||||||
Amortization
of discount on convertible notes and warrants
|
6,636
|
-
|
||||||||
Derivative
unrealized fair value loss
|
3,013
|
|||||||||
Discount
on converted shares and exercised warrants
|
947
|
-
|
||||||||
Issue
of common shares for services
|
21
|
-
|
||||||||
Changes
in operating assets and liabilities:
|
||||||||||
Decrease
in short-term investments
|
-
|
117
|
||||||||
Increase
in accounts receivable
|
(413
|
)
|
(525
|
)
|
||||||
Decrease
in notes receivable
|
-
|
638
|
||||||||
(Increase)/decrease
in other receivables
|
(1
|
)
|
17
|
|||||||
Decrease/(increase)
in advances to suppliers
|
2,175
|
(324
|
)
|
|||||||
Decrease/(increase)
in inventories
|
941
|
(711
|
)
|
|||||||
Increase
in accounts payable
|
973
|
354
|
||||||||
Increase
in accrued expenses
|
137
|
47
|
||||||||
Increase
in other payables
|
385
|
68
|
||||||||
Increase
in income tax payable
|
57
|
815
|
||||||||
Increase
in VAT payable
|
712
|
9
|
||||||||
Increase
in penalty payable
|
437
|
-
|
||||||||
Decrease
in restricted cash
|
382
|
-
|
||||||||
Net
cash provided by operating activities
|
10,876
|
2,151
|
||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||
Exercise
of warrants
|
390
|
-
|
||||||||
Repayment
of long-term debt
|
(650
|
)
|
-
|
|||||||
Shareholder
contribution
|
-
|
50
|
||||||||
Distribution
paid to owners
|
-
|
(967
|
)
|
|||||||
Net
cash used in financing activities
|
(260
|
)
|
(917
|
)
|
||||||
Effect
of exchange rate changes on cash
|
237
|
-
|
||||||||
Net
increase in cash and cash equivalents
|
10,853
|
1,234
|
||||||||
Cash
and cash equivalents at beginning of period
|
12,067
|
313
|
||||||||
Cash
and cash equivalents at end of period
|
$
|
22,920
|
$
|
1,547
|
||||||
Supplementary
cash flow information
|
14
|
· |
Puda
Coal, Inc.: Mr. Zhao Ming (approximately 74%); Mr. Zhao Yao (approximately
18%) held directly.
|
·
|
Puda
Investment Holding Limited: Mr. Zhao Ming (approximately 74%); Mr.
Zhao
Yao (approximately 18%) held indirectly through
Puda.
|
·
|
Taiyuan
Putai Business Consulting Co., Ltd: Mr. Zhao Ming (approximately
74%); Mr.
Zhao Yao (approximately 18%) held indirectly through Puda and
BVI.
|
·
|
Shanxi
Puda Coal Group Co., Ltd.: Mr. Zhao Ming (80%); Mr. Zhao Yao (20%)
held
directly.
|
Puda
Coal, Inc.
“Puda”
|
||
|
100%
|
||
Puda
Investment
Holding
Limited
“BVI”
|
Zhao
Ming (80%)
and
Zhao
Yao (20%)
|
|
|
100%
|
|
|
|
Taiyuan
Putai Business Consulting Co., Ltd.
"Putai"
|
Operating
Agreements
Operation
and Control à
ß
Economic Benefits and Risks
|
Shanxi
Puda Coal Group Co., Ltd.
“Shanxi
Coal”
|
Buildings
and facility
|
20
years
|
|||
Machinery
and equipment
|
10
years
|
|||
Motor
vehicles
|
10
years
|
|||
Office
equipment and others
|
10
years
|
June
30, 2006
|
||||
$’000
|
||||
Other
receivable from an owner, Zhao Ming
|
$
|
15
|
||
Accounts
payable to Shanxi Liulin Jucai Coal Industry Co.,
Limited. (“Jucai Coal”), a related company with a common
owner
|
$
|
192
|
||
Other
payable to Shanxi Puda Resources Group Limited (“Resources
Group”), a related company with common owners
|
$
|
679
|
||
Other
payable to an owner, Zhao Yao
|
200
|
|||
$
|
879
|
|||
Loan
payable to Resources Group:
|
||||
-current
portion
|
$
|
1,300
|
||
-non-current
portion
|
11,050
|
|||
$
|
12,350
|
June
30, 2006
|
||||
$’000
|
||||
Raw
materials
|
$
|
4,664
|
||
Finished
goods
|
1,954
|
|||
Total
|
$
|
6,618
|
June
30, 2006
|
||||
$’000
|
||||
.1 Cost:
|
||||
Buildings
and facilities
|
$
|
2,961
|
||
Machinery
equipment
|
8,131
|
|||
Motor
vehicles
|
254
|
|||
Office
equipment and others
|
76
|
|||
11,422
|
||||
.2 Accumulated
depreciation:
|
||||
Buildings
and facility
|
174
|
|||
Machinery
equipment
|
734
|
|||
Motor
vehicles
|
131
|
|||
Office
equipment and others
|
33
|
|||
1,072
|
||||
.3 Carrying
value:
|
||||
Buildings
and facility
|
2,787
|
|||
Machinery
equipment
|
7,397
|
|||
Motor
vehicles
|
123
|
|||
Office
equipment and others
|
43
|
|||
$
|
10,350
|
Land-use
rights
|
||||
June
30, 2006
|
||||
$’000
|
||||
Cost
|
$
|
3,831
|
||
Accumulated
amortization
|
63
|
|||
Carrying
value
|
$
|
3,768
|
June
30, 2006
|
||||
$’000
|
||||
Conveyance
loan
|
$
|
12,350
|
||
Less:
current portion
|
(1,300
|
)
|
||
Long-term
portion
|
$
|
11,050
|
June
30, 2006
|
||||
Year
|
$’000
|
|||
2007
|
$
|
1,300
|
||
2008
|
1,300
|
|||
2009
|
1,300
|
|||
2010
|
1,300
|
|||
2011
|
1,300
|
|||
Thereafter
|
5,850
|
|||
$
|
12,350
|
June
30, 2006
|
||||
$000
|
||||
Convertible
notes:
|
||||
Gross
amount issued
|
$
|
12,500
|
||
Less:
amount converted
|
(2,625
|
)
|
||
Less:
unamortized discount on conversion feature
|
(4,055
|
)
|
||
Less:
unamortized discount on note warrants
|
(1,033
|
)
|
||
$
|
4,787
|
|||
Derivative
conversion feature:
|
||||
Amount
allocated to conversion feature
|
$
|
6,137
|
||
Less:
amount transferred to equity upon conversion
|
(1,289
|
)
|
||
$
|
4,848
|
|||
Derivative
warrants:
|
||||
Amount
allocated to investor warrants
|
$
|
6,363
|
||
Placement
agent warrants
|
5,625
|
|||
Less:
amount transferred to equity upon exercise
|
(989
|
)
|
||
Add:
change in fair value
|
2,313
|
|||
$
|
13,312
|
Three
months ended
June
30, 2006
|
Three
months ended
June
30, 2005
|
Six
months ended
June
30,
2006
|
Six
months ended
June
30, 2005
|
||||||||||
$’000
|
$’000
|
$’000
|
$’000
|
||||||||||
Current
period provision
|
$
|
1,451
|
$
|
550
|
$
|
2,689
|
$
|
811
|
Three
months ended
June
30, 2006
|
Three
months ended
June
30, 2005
|
Six
months ended
June
30,
2006
|
Six
months ended
June
30, 2005
|
||||||||||
$’000
|
$’000
|
$’000
|
$’000
|
||||||||||
Income
before income taxes
|
$
|
1,088
|
$
|
1,646
|
$
|
(4,119
|
)
|
$
|
2,401
|
||||
Income
tax on pretax income at statutory
rate
|
370
|
560
|
(1,400
|
)
|
816
|
||||||||
Tax
effect of expenses that are not deductible
in determining taxable profits
|
939
|
6
|
3,815
|
19
|
|||||||||
Effect
of different tax rates of subsidiary
operating in other
jurisdictions
|
(49
|
)
|
(16
|
)
|
(87
|
)
|
(24
|
)
|
|||||
Valuation
allowance
|
191
|
-
|
361
|
-
|
|||||||||
Income
tax at effective rate
|
$
|
1,451
|
$
|
550
|
$
|
2,689
|
$
|
811
|
June
30, 2006
|
||||
$’000
|
||||
Net
operating loss carryforwards
|
$
|
816
|
||
Less:
Valuation allowance
|
(816
|
)
|
||
Net
|
$
|
-
|
Three
months ended
June
30, 2006
|
Three
months ended
June
30, 2005
|
Six
months ended
June
30,
2006
|
Six
months ended
June
30, 2005
|
||||||||||
$’000
|
$’000
|
$’000
|
$’000
|
||||||||||
Basic
weighted average number of shares
|
76,733,239
|
73,750,000
|
76,531,046
|
73,750,000
|
|||||||||
Options
outstanding, after adjusting for 10 to
1 reverse split
|
-
|
42,671
|
-
|
42,671
|
|||||||||
Diluted
weighted average number of Shares
|
76,733,239
|
73,792,671
|
76,531,046
|
73,792,671
|
Six
months ended June 30,
|
|||||||
2006
|
2005
|
||||||
$’000
|
$’000
|
||||||
Cash
paid during the period for:
|
|||||||
Interest
|
$
|
832
|
$
|
4
|
|||
Income
taxes
|
$
|
2,644
|
$
|
-
|
|||
Major
non-cash transactions:
|
|||||||
Notes
converted into 3,550,000 common shares
|
$
|
1,775
|
$
|
-
|
|||
Issue
of 10,000 common shares for services
|
$
|
21
|
$
|
-
|
|||
Cashless
exercise of 255,834 placement agent warrants
|
|||||||
into
227,787 common shares
|
$
|
-
|
$
|
-
|
Number
of
options
granted
|
After
adjusting for the 10 to 1 reverse stock split
|
Exercise
price
|
Expiry
date
|
Estimated
Fair
value
|
|||||
$’000
|
|||||||||
150,000
|
15,000
(i)
|
$ |
1
|
October
20, 2008
|
45
|
||||
500,000
|
50,000
(ii)
|
$ |
10
|
October
27, 2006
|
0
|
||||
1,000,000
|
100,000
(iii)
|
$ |
10
|
November
5, 2006
|
0
|
(i) |
were
granted in 2003 to former directors/officers in consideration of
services
rendered.
|
(ii) |
were
granted in 2003 to Sanzari Family Trust and TJP Management, Inc.
in
consideration of providing working capital to the
Company.
|
(iii) |
were
granted in 2003 to Gregory A. Nagel in consideration of providing
working
capital to the Company.
|
Number
of options
|
Weighted
average exercise price $
|
||||||
Options
outstanding at December 31, 2004 (after adjusting for the 10 to
1 reverse
stock split)
|
165,000
|
9.2
|
|||||
Granted
|
-
|
-
|
|||||
Exercised
|
-
|
-
|
|||||
Forfeited
|
-
|
-
|
|||||
Expired
|
-
|
-
|
|||||
Options
outstanding at December 31, 2005
|
165,000
|
9.2
|
|||||
Granted
|
-
|
-
|
|||||
Exercised
|
-
|
-
|
|||||
Forfeited
|
-
|
-
|
|||||
Expired
|
-
|
-
|
|||||
Options
outstanding at June 30, 2006
|
165,000
|
9.2
|
June
30, 2006
|
||||
|
(Restated
- see
Note
17)
|
|||
.2 | ||||
.3 ASSETS
|
||||
CURRENT
ASSETS
|
||||
Cash
and cash equivalents
|
$
|
-
|
||
Restricted
cash
|
233
|
|||
Deferred
charges
|
888
|
|||
Total
current assets
|
1,121
|
|||
INVESTMENTS
IN SUBSIDIARIES
|
18,748
|
|||
TOTAL
ASSETS
|
$
|
19,869
|
||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||
CURRENT
LIABILITIES
|
||||
Penalty
payable
|
437
|
|||
Total
current liabilities
|
437
|
|||
LONG-TERM
LIABILITIES
|
||||
Convertible
notes
|
4,787
|
|||
Derivative
conversion feature
|
4,848
|
|||
Derivative
warrants
|
13,312
|
|||
Total
long-term liabilities
|
22,947
|
|||
TEMPORARY
EQUITY
|
||||
Option
to buy-out Shanxi Coal
|
2,717
|
|||
STOCKHOLDERS’
EQUITY
|
||||
Preferred
stock, authorized 5,000,000 shares, par value
$0.01, issued and outstanding Nil
|
-
|
|||
Common
stock, authorized 150,000,000 shares, par value
$0.001, issued and outstanding 79,888,274 shares
|
80
|
|||
Paid-in
capital
|
15,287
|
|||
15,367
|
||||
Less:
reclassified to temporary equity
|
(2,717
|
)
|
||
Accumulated
deficit
|
(18,882
|
)
|
||
Total
stockholders’ equity
|
(6,232
|
)
|
||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
19,869
|
For
the three months ended June 30, 2006
|
For
the six months ended June 30, 2006
|
||||||
Revenue
|
$
|
-
|
$
|
-
|
|||
General
and administrative expenses
|
(343
|
)
|
(616
|
)
|
|||
Loss
from operations
|
(343
|
)
|
(616
|
)
|
|||
Interest
expenses
|
(1,023
|
)
|
(1,394
|
)
|
|||
Debt
financing costs
|
(2,888
|
)
|
(7,841
|
)
|
|||
Derivative
unrealized fair value gain/(loss)
|
487
|
(3,013
|
)
|
||||
Net
loss
|
$
|
(3,767
|
)
|
$
|
(12,864
|
)
|
For
the six
months
ended June 30, 2006
|
||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||
Net
loss
|
$
|
(12,864
|
)
|
|
Adjustments
to reconcile net income to net cash used in operating
activities
|
||||
Amortization
of debt issue costs
|
768
|
|||
Amortization
of discount on convertible notes and warrants
|
6,636
|
|||
Derivative
unrealized fair value loss
|
3,013
|
|||
Discount
on converted shares and exercised warrants
|
947
|
|||
Issue
of common stock for services
|
21
|
|||
Changes
in operating assets and liabilities:
|
||||
Advance
from subsidiaries
|
270
|
|||
Increase
in penalty payable
|
437
|
|||
Decrease
in restricted cash
|
382
|
|||
Net
cash used in operating activities
|
(390
|
)
|
||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||
Exercise
of warrants
|
390
|
|||
Net
cash provided by financing activities
|
390
|
|||
Net
increase in cash and cash equivalents
|
-
|
|||
Cash
and cash equivalents at beginning of period
|
-
|
|||
Cash
and cash equivalents at end of period
|
$
|
-
|
Initial
Filing
|
Restatement
|
Restated
|
||||||||
ASSETS
|
||||||||||
CURRENT
ASSETS
|
||||||||||
Cash
and cash equivalents
|
$
|
22,920
|
$
|
-
|
$
|
22,920
|
||||
Restricted
cash
|
233
|
-
|
233
|
|||||||
Accounts
receivable, net
|
4,635
|
-
|
4,635
|
|||||||
Other
receivables
|
||||||||||
-
Related parties
|
15
|
-
|
15
|
|||||||
-
Third parties
|
39
|
-
|
39
|
|||||||
Advances
to suppliers
|
784
|
-
|
784
|
|||||||
Deferred
charges
|
888
|
-
|
888
|
|||||||
Inventories
|
6,618
|
-
|
6,618
|
|||||||
Total
current assets
|
36,132
|
-
|
36,132
|
|||||||
PROPERTY,
PLANT AND EQUIPMENT, NET
|
10,350
|
-
|
10,350
|
|||||||
INTANGIBLE
ASSETS, NET
|
3,768
|
-
|
3,768
|
|||||||
TOTAL
ASSETS
|
$
|
50,250
|
$
|
-
|
$
|
50,250
|
Initial
Filing
|
Restatement
|
Restated
|
||||||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||||
CURRENT
LIABILITIES
|
||||||||||
Current
portion of long-term debt
|
||||||||||
-
Related party
|
$
|
1,300
|
$
|
-
|
$
|
1,300
|
||||
Accounts
payable
|
||||||||||
-
Related party
|
192
|
-
|
192
|
|||||||
-
Third parties
|
2,107
|
-
|
2,107
|
|||||||
Other
payables
|
||||||||||
-
Related party
|
879
|
-
|
879
|
|||||||
-
Third parties
|
1,088
|
-
|
1,088
|
|||||||
Accrued
expenses
|
500
|
-
|
500
|
|||||||
Income
taxes payable
|
1,454
|
-
|
1,454
|
|||||||
VAT
payable
|
1,029
|
-
|
1,029
|
|||||||
Distribution
payable
|
1,002
|
-
|
1,002
|
|||||||
Penalty
payable
|
437
|
-
|
437
|
|||||||
Total
current liabilities
|
9,988
|
-
|
9,988
|
|||||||
LONG-TERM
LIABILITIES
|
||||||||||
Long-term
debt
|
||||||||||
-
Related party
|
11,050
|
-
|
11,050
|
|||||||
Convertible
notes
|
4,787
|
-
|
4,787
|
|||||||
Derivative
conversion feature
|
4,848
|
-
|
4,848
|
|||||||
Derivative
warrants
|
13,312
|
-
|
13,312
|
|||||||
Total
long-term liabilities
|
33,997
|
-
|
33,997
|
|||||||
TEMPORARY
EQUITY
|
||||||||||
Option
to buy-out Shanxi Coal
|
-
|
2,717
|
2,717
|
|||||||
STOCKHOLDERS’
EQUITY
|
||||||||||
Preferred
stock, authorized 5,000,000 shares, par value
$0.01, issued and outstanding Nil
|
-
|
-
|
-
|
|||||||
Common
stock, authorized 150,000,000 shares, par
value $0.001, issued and outstanding 79,888,274
|
80
|
-
|
80
|
|||||||
Paid-in
capital
|
8,667
|
-
|
8,667
|
|||||||
8,747
|
-
|
8,747
|
||||||||
Less:
reclassified to temporary equity
|
-
|
(2,717
|
)
|
(2,717
|
)
|
|||||
Statutory
surplus reserve fund
|
1,366
|
-
|
1,366
|
|||||||
Retained
earnings
|
(4,229
|
)
|
-
|
(4,229
|
)
|
|||||
Accumulated
other comprehensive income
|
381
|
-
|
381
|
|||||||
Total
stockholders’ equity
|
3,548
|
(2,717
|
)
|
3,548
|
||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
50,250
|
$
|
-
|
$
|
50,250
|
(a)
|
Exhibits
|
|
|
|
|
31.1
|
Certification
of Mr. Zhao Ming pursuant to Rule 13a-14(a) or 15d-14(a) under the
Securities Exchange Act of 1934, as amended.
|
|
|
|
|
31.2
|
Certification
of Ms. Jin Xia pursuant to Rule 13a-14(a) or 15d-14(a) under the
Securities Exchange Act of 1934, as amended.
|
|
|
|
|
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer of Puda Coal,
Inc.
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of
the Sarbanes-Oxley Act of 2002.
|
PUDA
COAL, INC.
|
||
|
|
|
/s/ Zhao Ming | ||
Zhao
Ming
Chief
Executive Officer and President
|