x
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
o
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT
|
PUDA
COAL, INC.
|
||
(Exact
name of registrant as specified in its charter)
|
||
Delaware
|
65-1129912
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|
(State
or other jurisdiction of incorporation or
organization)
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(IRS
Employer Identification No.)
|
|
426
Xuefu Street, Taiyuan, Shanxi Province, The People’s Republic of
China 030006
|
||
(Address
of principal executive
offices) (Zip
Code)
|
||
011
86 351 228 1302
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||
(Registrant’s
telephone number, including area
code)
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Page
|
|
PART
I. FINANCIAL INFORMATION
|
|
Item
1. Financial Statements
|
|
Consolidated
Balance Sheets as of June 30, 2009 (unaudited) and December 31,
2008
|
5—6
|
Unaudited
Consolidated Statements of Operations for the three and six months ended June 30, 2009 and
2008
|
7
|
Unaudited
Consolidated Statements of Cash Flows for the six months ended June 30, 2009 and
2008
|
8
|
Notes
to Unaudited Consolidated Financial Statements
|
9—31
|
Item
2. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
|
32—37
|
Item
3. Quantitative and Qualitative Disclosures about Market
Risk
|
37—38
|
Item
4T. Controls and Procedures
|
38—39
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PART
II. OTHER INFORMATION
|
|
Item
1A. Risk Factors
|
40
|
Item
6. Exhibits
|
40
|
Signatures
|
41
|
Certifications
|
|
Consolidated
Balance Sheets as of June 30, 2009 (unaudited) and December 31,
2008
|
5-6
|
Unaudited
Consolidated Statements of Operations for the three and six months ended
June 30, 2009 and 2008
|
7
|
Unaudited
Consolidated Statements of Cash Flows for the six months ended June 30,
2009 and 2008
|
8
|
Notes
to Unaudited Consolidated Financial Statements
|
9-31
|
Note(s)
|
June
30, 2009
|
December
31, 2008
|
||||||||||
(Unaudited)
|
||||||||||||
ASSETS
|
||||||||||||
CURRENT
ASSETS
|
||||||||||||
Cash
and cash equivalents
|
21 | $ | 16,852 | $ | 39,108 | |||||||
Accounts
receivable, net
|
3 | 28,212 | 14,645 | |||||||||
Other
receivables
|
- | 7 | ||||||||||
Advances
to suppliers
|
||||||||||||
-
Related parties
|
4 | 849 | 879 | |||||||||
-
Third parties
|
3,094 | 5,635 | ||||||||||
Prepayment
|
5 | 8,785 | - | |||||||||
Inventories
|
6 | 26,875 | 21,589 | |||||||||
Total
current assets
|
84,667 | 81,863 | ||||||||||
PROPERTY,
PLANT AND EQUIPMENT, NET
|
7 | 12,531 | 13,370 | |||||||||
INTANGIBLE
ASSETS, NET
|
8 | 3,355 | 3,399 | |||||||||
TOTAL
ASSETS
|
$ | 100,553 | $ | 98,632 | ||||||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||||||
CURRENT
LIABILITIES
|
||||||||||||
Current
portion of long-term debt
|
||||||||||||
-
Related party
|
4,9 | $ | 1,300 | $ | 1,300 | |||||||
Accounts
payable
|
5,644 | 4,272 | ||||||||||
Other
payables
|
||||||||||||
-
Related parties
|
4 | 1,030 | 1,030 | |||||||||
-
Third parties
|
2,397 | 2,714 | ||||||||||
Accrued
expenses
|
1,787 | 1,991 | ||||||||||
Income
taxes payable
|
705 | 1,319 | ||||||||||
VAT
payable
|
212 | 1,726 | ||||||||||
Distribution
payable
|
||||||||||||
-
Related party
|
4 | 117 | 117 | |||||||||
Total
current liabilities
|
13,192 | 14,469 | ||||||||||
LONG-TERM
LIABILITIES
|
||||||||||||
Long-term
debt
|
||||||||||||
-
Related party
|
4, 9 | 7,150 | 7,800 | |||||||||
Derivative
warrants
|
10, 22 | 4,199 | 4,086 | |||||||||
Total
long-term liabilities
|
11,349 | 11,886 |
Note(s)
|
June
30,2009
|
December
31, 2008
|
||||||||||
(Unaudited)
|
||||||||||||
COMMITMENTS
AND CONTINGENCIES
|
11 | |||||||||||
STOCKHOLDERS’
EQUITY
|
||||||||||||
Preferred
stock, authorized 5,000,000 shares, par value
$0.01, issued and outstanding None
|
- | - | ||||||||||
Common
stock, authorized 150,000,000 shares, par
value $0.001, issued and outstanding 15,361,401 (2008:
15,333,680)
|
12 | 15 | 15 | |||||||||
Paid-in
capital
|
12 | 31,733 | 31,647 | |||||||||
Statutory
surplus reserve fund
|
1,366 | 1,366 | ||||||||||
Retained
earnings
|
35,597 | 31,752 | ||||||||||
Accumulated
other comprehensive income
|
7,301 | 7,497 | ||||||||||
Total
stockholders’ equity
|
76,012 | 72,277 | ||||||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 100,553 | $ | 98,632 |
Note(s)
|
Three
months
ended
June
30, 2009
|
Three
months
ended
June
30, 2008
|
Six
months
ended
June
30, 2009
|
Six
months
ended
June
30, 2008
|
||||||||||||||||
NET
REVENUE
|
$ | 47,990 | $ | 53,188 | 97,711 | $ | 103,786 | |||||||||||||
COST
OF REVENUE
|
44,388 | 46,491 | 90,238 | 89,636 | ||||||||||||||||
GROSS
PROFIT
|
3,602 | 6,697 | 7,473 | 14,150 | ||||||||||||||||
OPERATING
EXPENSES
|
||||||||||||||||||||
Selling
expenses
|
533 | 858 | 1,110 | 1,612 | ||||||||||||||||
General
and administrative expenses
|
404 | 626 | 745 | 1,103 | ||||||||||||||||
TOTAL
OPERATING EXPENSES
|
937 | 1,484 | 1,855 | 2,715 | ||||||||||||||||
INCOME
FROM OPERATIONS
|
2,665 | 5,213 | 5,618 | 11,435 | ||||||||||||||||
INTEREST
INCOME
|
23 | 26 | 56 | 53 | ||||||||||||||||
INTEREST
EXPENSE
|
13 | (132 | ) | (196 | ) | (269 | ) | (397 | ) | |||||||||||
DEBT
FINANCING COSTS
|
14 | - | (109 | ) | - | (622 | ) | |||||||||||||
DERIVATIVE
UNREALIZED FAIR VALUE
(LOSS)/GAIN
|
15 | (121 | ) | (144 | ) | (113 | ) | 220 | ||||||||||||
OTHER
EXPENSE
|
16 | - | (719 | ) | - | (719 | ) | |||||||||||||
INCOME
BEFORE INCOME TAXES
|
2,435 | 4,071 | 5,292 | 9,970 | ||||||||||||||||
INCOME
TAXES
|
17 | (706 | ) | (1,208 | ) | (1,447 | ) | (2,812 | ) | |||||||||||
NET
INCOME
|
1,729 | 2,863 | 3,845 | 7,158 | ||||||||||||||||
OTHER
COMPREHENSIVE INCOME
|
||||||||||||||||||||
Foreign
currency translation adjustment
|
(30 | ) | 1,285 | (196 | ) | 3,460 | ||||||||||||||
COMPREHENSIVE
INCOME
|
$ | 1,699 | $ | 4,148 | $ | 3,649 | $ | 10,618 | ||||||||||||
EARNINGS
PER SHARE - BASIC
|
$ | 0.11 | $ | 0.19 | $ | 0.25 | $ | 0.48 | ||||||||||||
-
DILUTED
|
$ | 0.11 | $ | 0.19 | $ | 0.25 | $ | 0.48 | ||||||||||||
WEIGHTED
AVERAGE NUMBER OF SHARES
OUTSTANDING - BASIC
|
18 | 15,353,176 | 15,036,026 | 15,343,482 | 15,036,026 | |||||||||||||||
-
DILUTED
|
18 | 15,370,319 | 15,649,437 | 15,360,625 | 15,649,437 |
Six
months ended June 30,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 3,845 | $ | 7,158 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities
|
||||||||
Amortization
of land-use rights
|
44 | 42 | ||||||
Depreciation
|
839 | 813 | ||||||
Allowance
for doubtful debts
|
41 | 1 | ||||||
Amortization
of discount on convertible notes and warrants
|
- | 243 | ||||||
Derivative
unrealized fair value loss/(gain)
|
113 | (220 | ) | |||||
Stock
compensation
|
33 | 26 | ||||||
Issue
of common stock/warrants to directors
|
86 | - | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Increase
in accounts receivable
|
(13,620 | ) | (280 | ) | ||||
Decrease
in other receivables
|
7 | 8 | ||||||
Decrease/(increase)
in advances to suppliers
|
2,563 | (11,030 | ) | |||||
(Increase)/decrease
in inventories
|
(5,309 | ) | 12,733 | |||||
Increase
in accounts payable
|
1,377 | 1,044 | ||||||
(Decrease)/increase
in accrued expenses
|
(235 | ) | 144 | |||||
Decrease
in other payables
|
(313 | ) | (75 | ) | ||||
Decrease
in income tax payable
|
(612 | ) | (1,110 | ) | ||||
(Decrease)/increase
in VAT payable
|
(1,511 | ) | 326 | |||||
Increase
in penalty payable
|
- | 379 | ||||||
Net
cash (used in)/provided by operating activities
|
(12,652 | ) | 10,202 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Prepayment
for equity purchase of coal mine
|
(8,781 | ) | - | |||||
Net
cash used in investing activities
|
(8,781 | ) | - | |||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Repayment
of long-term debt
|
(650 | ) | (650 | ) | ||||
Net
cash used in financing activities
|
(650 | ) | (650 | ) | ||||
Effect
of exchange rate changes on cash
|
(173 | ) | 1,265 | |||||
Net
(decease)/increase in cash and cash equivalents
|
(22,256 | ) | 10,817 | |||||
Cash
and cash equivalents at beginning of period
|
39,108 | 16,381 | ||||||
Cash
and cash equivalents at end of period
|
$ | 16,852 | $ | 27,198 | ||||
Supplementary
cash flow information
|
||||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | 269 | $ | 397 | ||||
Income
taxes
|
$ | 2,058 | $ | 3,929 |
|
l
|
Puda
Coal, Inc.: Mr. Ming Zhao (approximately 49%); Mr. Yao Zhao (approximately
12%) held directly.
|
|
l
|
Puda
Investment Holding Limited: Mr. Ming Zhao (approximately 49%); Mr. Yao
Zhao (approximately 12%) held indirectly through
Puda.
|
|
l
|
Shanxi
Putai Resources Limited: Mr. Ming Zhao (approximately 49%); Mr. Yao Zhao
(approximately 12%) held indirectly through Puda and
BVI.
|
|
l
|
Shanxi
Puda Coal Group Co., Ltd.: Mr. Ming Zhao (8%); Mr. Yao Zhao (2%) held
directly, Mr. Ming Zhao (approximately 44%); Mr. Yao Zhao (approximately
11%) held indirectly through Puda, BVI and
Putai.
|
20
years
|
|
Machinery
and equipment
|
10
years
|
10
years
|
|
Office
equipment and others
|
10
years
|
June
30,
2009
|
December
31,
2008
|
|||||||
$’000
|
$’000
|
|||||||
Balance,
beginning of period
|
$ | 70 | $ | 48 | ||||
Additions
|
40 | 22 | ||||||
Balance,
end of period
|
$ | 110 | $ | 70 |
June 30,
2009
|
December 31,
2008
|
|||||||
$’000
|
$’000
|
|||||||
Advance
to Shanxi Liulin Jucai Coal Industry Co., Limited (“Jucai
Coal”), a related company with a common owner
|
$ | 849 | $ | 879 | ||||
Other
payable to Shanxi Puda Resources Group Limited (“Resources
Group”), a related company with common owners
|
$ | 795 | $ | 796 | ||||
Other
payable to Yao Zhao, manager and shareholder of Puda
|
235 | 234 | ||||||
$ | 1,030 | $ | 1,030 | |||||
Distribution
payable to Ming Zhao and Yao Zhao
|
$ | 117 | $ | 117 | ||||
Loan
payable to Resources Group
|
||||||||
-current
portion
|
$ | 1,300 | $ | 1,300 | ||||
-long-term
portion
|
7,150 | 7,800 | ||||||
$ | 8,450 | $ | 9,100 |
June
30,
2009
|
December
31,
2008
|
|||||||
$’000
|
$’000
|
|||||||
Raw
materials
|
$ | 11,842 | $ | 7,816 | ||||
Finished
goods
|
15,033 | 13,773 | ||||||
Total
|
$ | 26,875 | $ | 21,589 |
June
30,
2009
|
December
31,
2008
|
|||||||
$’000 | $’000 | |||||||
Cost:
|
||||||||
Buildings
and facilities
|
$ | 3,344 | $ | 3,344 | ||||
Machinery
equipment
|
13,611 | 13,611 | ||||||
Motor
vehicles
|
104 | 104 | ||||||
Office
equipment and others
|
32 | 32 | ||||||
17,091 | 17,091 | |||||||
Accumulated
depreciation:
|
||||||||
Buildings
and facilities
|
515 | 427 | ||||||
Machinery
equipment
|
4,022 | 3,278 | ||||||
Motor
vehicles
|
18 | 13 | ||||||
Office
equipment and others
|
5 | 3 | ||||||
4,560 | 3,721 | |||||||
Carrying
value:
|
||||||||
Buildings
and facilities
|
2,829 | 2,917 | ||||||
Machinery
equipment
|
9,589 | 10,333 | ||||||
Motor
vehicles
|
86 | 91 | ||||||
Office
equipment and others
|
27 | 29 | ||||||
$ | 12,531 | $ | 13,370 |
Land-use
rights
|
||||||||
June
30,
2009
|
December
31,
2008
|
|||||||
$’000 |
$’000
|
|||||||
Cost
|
$ | 3,634 | $ | 3,634 | ||||
Accumulated
amortization
|
279 | 235 | ||||||
Carrying
value
|
$ | 3,355 | $ | 3,399 |
June
30,
2009
|
December
31,
2008
|
|||||||
$’000 | $’000 | |||||||
Conveyance
loan
|
$ | 8,455 | $ | 9,100 | ||||
Less:
current portion
|
(1,300 | ) | (1,300 | ) | ||||
Long-term
portion
|
$ | 7,150 | $ | 7,800 |
June
30, 2009
|
||||
Year
|
$’000
|
|||
2009
(remaining six months)
|
$ | 650 | ||
2010
|
1,300 | |||
2011
|
1,300 | |||
2012
|
1,300 | |||
2013
|
1,300 | |||
Thereafter
|
2,605 | |||
$ | 8,455 |
June
30,
2009
|
December
31,
2008
|
|||||||
$000
|
$000
|
|||||||
Amount
allocated to investor warrants
|
$ | 6,363 | $ | 6,363 | ||||
Placement
agent warrants
|
5,625 | 5,625 | ||||||
Less:
amount transferred to equity upon exercise of note
warrants in
2006
|
(789 | ) | (789 | ) | ||||
Less:
amount transferred to equity upon exercise of placement agent
warrants in 2006
|
(882 | ) | (882 | ) | ||||
Less:
amount transferred to equity upon exercise of note
warrants in
2007
|
(1,527 | ) | (1,527 | ) | ||||
Less:
amount transferred to equity upon exercise of placement agent
warrants in 2007
|
(2,716 | ) | (2,716 | ) | ||||
Less:
change in fair value in 2005
|
(700 | ) | (700 | ) | ||||
Less:
change in fair value in 2006
|
(1,237 | ) | (1,237 | ) | ||||
Add:
change in fair value in 2007
|
343 | 343 | ||||||
Less:
change in fair value in 2008
|
(394 | ) | (394 | ) | ||||
Add:
change in fair value in 2009
|
113 | - | ||||||
$ | 4,199 | $ | 4,086 |
Liability
derivatives
|
||||||
June
30, 2009
|
||||||
Balance
sheet location
|
Fair
Value
|
|||||
$000
|
||||||
Derivatives
not designated as hedging instruments under
SFAS No. 133
|
||||||
Derivative
warrants
|
Long-term
liabilities
|
$ | 4,199 | |||
Total
derivatives
|
$ | 4,199 |
Six
months ended June 30, 2009
|
||||||
Location of gain or (loss)
recognized in income on
derivatives
|
Amount of gain or
(loss) recognized
in income on
derivatives
|
|||||
$000
|
||||||
Derivative
warrants
|
Derivative unrealized
fair value loss
|
$ | (113 | ) | ||
Total
|
$ | (113 | ) |
June
30, 2009
|
||||
Year
|
$’000
|
|||
2009
(remaining six months)
|
$ | 80 | ||
2010
|
160 | |||
2011
|
160 | |||
2012
|
160 | |||
2013
|
160 | |||
$ | 720 |
Common
Stock
|
Paid-in
Capital
|
|||||||||||
No.
of shares
|
$000
|
$000
|
||||||||||
Balance, January
1, 2009 (after adjusting for the 7-to-1 Share
Conversion)
|
15,333,680 | $ | 15 | $ | 31,647 | |||||||
Issue
of directors shares (after adjusting for the 7-to-1 Share
Conversion)
|
27,721 | - | 65 | |||||||||
Issue
of director warrants
|
- | - | 21 | |||||||||
Balance,
June 30, 2009
|
15,361,401 | $ | 15 | $ | 31,733 |
Three
months
ended
June
30, 2009
|
Three
months
ended
June
30, 2008
|
Six
months
ended
June
30, 2009
|
Six
months
ended
June
30, 2008
|
|||||||||||||
$’000
|
$’000
|
$’000 | $’000 | |||||||||||||
Current
period provision
|
$ | 706 | $ | 1,208 | $ | 1,447 | $ | 2,812 |
Three
months
ended
June
30, 2009
|
Three
months
ended
June
30, 2008
|
Six
months
ended
June
30, 2009
|
Six
months
ended
June
30, 2008
|
|||||||||||||
$’000
|
$’000
|
$’000
|
$’000
|
|||||||||||||
Income
before income taxes
|
$ | 2,435 | $ | 4,071 | $ | 5,292 | $ | 9,970 | ||||||||
Income
tax on pretax income at statutory rate
|
828 | 1,384 | 1,799 | 3,390 | ||||||||||||
Tax
effect of expenses that are not deductible in
determining taxable profits
|
57 | 137 | 74 | 233 | ||||||||||||
Effect
of different tax rates of subsidiary operating in other
jurisdictions
|
(250 | ) | (419 | ) | (512 | ) | (981 | ) | ||||||||
Valuation
allowance
|
71 | 106 | 86 | 170 | ||||||||||||
Income
tax at effective rate
|
$ | 706 | $ | 1,208 | $ | 1,447 | $ | 2,812 |
June
30, 2009
|
December
31, 2008
|
|||||||
$’000
|
$’000 | |||||||
Net
operating loss carryforwards
|
$ | 2,095 | $ | 1,996 | ||||
Less:
Valuation allowance
|
(2,095 | ) | (1,996 | ) | ||||
Net
|
$ | - | $ | - |
Three months
ended
June 30, 2009
|
Three months
ended
June 30, 2008
|
Six months
ended
June 30, 2009
|
Six months
ended
June 30, 2008
|
|||||||||||||
Basic
weighted average number of shares (after adjusting for the 7-to-1 Share
Conversion)
|
15,353,176 | 15,036,026 | 15,343,482 | 15,036,026 | ||||||||||||
Issuance
of directors/employees shares (after adjusting for the 7-to-1 Share
Conversion)
|
17,143 | - | 17,143 | - | ||||||||||||
Issuance
of penalty shares (after adjusting for the 7-to-1 Share
Conversion)
|
- | 613,411 | - | 613,411 | ||||||||||||
Diluted
weighted average number of shares
|
15,370,319 | 15,649,437 | 15,360,625 | 15,649,437 |
Three months
ended
June 30, 2009
|
Three months
ended
June 30, 2008
|
Six months
ended
June 30, 2009
|
Six months
ended
June 30, 2008
|
|||||||||||||
$’000
|
$’000
|
$’000
|
$’000
|
|||||||||||||
Stock
compensation
|
$ | 8 | $ | 14 | $ | 33 | $ | 26 |
Fair Value Measurement as of June 30, 2009
|
||||||||||||||||
Description
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
$’000
|
$’000
|
$’000
|
$’000
|
|||||||||||||
Derivative
warrants
|
$ | 4,199 | - | $ | 4,199 | - | ||||||||||
Total
|
$ | 4,199 | $ | - | $ | 4,199 | $ | - |
Note(s)
|
June 30,
2009
|
December 31,
2008
|
||||||||||
ASSETS
|
||||||||||||
CURRENT
ASSETS
|
||||||||||||
Cash
and cash equivalents
|
$ | 63 | $ | 196 | ||||||||
Total
current assets
|
63 | 196 | ||||||||||
INVESTMENTS
IN SUBSIDIARIES
|
70,608 | 66,366 | ||||||||||
TOTAL
ASSETS
|
$ | 70,671 | $ | 66,562 | ||||||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||||||
CURRENT
LIABILITIES
|
||||||||||||
Other
payable
|
125 | 257 | ||||||||||
Accrued
expenses
|
76 | 232 | ||||||||||
Total
current liabilities
|
201 | 489 | ||||||||||
LONG-TERM
LIABILITIES
|
||||||||||||
Derivative
warrants
|
10 | 4,199 | 4,086 | |||||||||
STOCKHOLDERS’
EQUITY
|
||||||||||||
Preferred
stock, authorized 5,000,000 shares, par value $0.01, issued and
outstanding None
|
- | - | ||||||||||
Common
stock, authorized 150,000,000 shares, par value $0.001, issued and
outstanding 15,361,401 shares (2008: 15,333,680)
|
15 | 15 | ||||||||||
Paid-in
capital
|
93,463 | 88,782 | ||||||||||
Accumulated
deficit
|
(27,207 | ) | (26,810 | ) | ||||||||
Total
stockholders’ equity
|
66,271 | 61,987 | ||||||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 70,671 | $ | 66,562 |
Note(s)
|
Six months ended June 30,
|
|||||||||||
2009
|
2008
|
|||||||||||
Revenue:
|
||||||||||||
Share
of earnings from investment in subsidiaries
|
$ | 4,242 | $ | 8,086 | ||||||||
Total
revenue
|
4,242 | 8,086 | ||||||||||
General
and administrative expenses
|
(284 | ) | (436 | ) | ||||||||
Income
from operations
|
3,958 | 7,650 | ||||||||||
Interest
expense
|
13 | - | (90 | ) | ||||||||
Debt
financing costs
|
14 | - | (622 | ) | ||||||||
Derivative
unrealized fair value gain
|
10(c), 15 | (113 | ) | 220 | ||||||||
Net
income
|
$ | 3,845 | $ | 7,158 |
Six months ended June 30,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 3,845 | $ | 7,158 | ||||
Adjustments
to reconcile net loss to net cash used in operating
activities
|
||||||||
Share
of earnings from investment in subsidiaries
|
(4,242 | ) | (8,086 | ) | ||||
Amortization
of discount on convertible notes and warrants
|
- | 243 | ||||||
Derivative
unrealized fair value loss/(gain)
|
113 | (220 | ) | |||||
Stock
compensation
|
33 | 26 | ||||||
Issue
of common stock/warrants to directors
|
86 | - | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Advance
from subsidiary
|
353 | 130 | ||||||
(Decrease)/increase
in other payable
|
(132 | ) | 365 | |||||
Decrease
in accrued expenses
|
(189 | ) | (73 | ) | ||||
Increase
in penalty payable
|
- | 379 | ||||||
Net
cash used in operating activities
|
(133 | ) | (78 | ) | ||||
Net
decrease in cash and cash equivalents
|
(133 | ) | (78 | ) | ||||
Cash
and cash equivalents at beginning of period
|
196 | 54 | ||||||
Cash
and cash equivalents/(bank overdrafts) at end of period
|
$ | 63 | $ | (24 | ) |
(b)
|
Changes
in Internal Control over Financial
Reporting
|
(a)
|
Exhibits
|
|
31.1*
|
Certification
of Mr. Liping Zhu pursuant to Rule 13a-14(a) or 15d-14(a) under the
Securities Exchange Act of 1934, as amended.
|
|
31.2*
|
Certification
of Ms. Qiong Wu 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,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
|
*
|
Filed herewith. |
PUDA
COAL, INC.
|
||
By:
|
/s/
Liping Zhu
|
|
Liping
Zhu
|
||
President
and Chief Executive Officer
|