ATLANTA, GA / ACCESSWIRE / April 22, 2019 / Nocera, Inc. ("Nocera" or the "Company") (OTC PINK: NCRA) a provider of design, build, and installation services of aquaculture (fish farm equipment) reported its financial results for the year ended December 31st, 2018 with the filing of its form 10-K with the Securities and Exchange Commission (SEC) on Monday April 15, 2019. Having completed its acquisition of Grand Smooth, Inc. Limited, a company organized under the laws of Hong Kong, the company is able to report its first full year of operations. Year end highlights include:
- Sales Revenue of $4.8 million: Revenue for the year ended December 31, 2018 was $4.8 million compared to nil for the comparable period in 2017.
- Net Income before taxes of $2.6 million: Gross profit for the year ended December 31, 2018 was $2.8 million, compared to nil for the comparable period in 2017. This significant increase of gross profit margin was mainly because our China-based operation entity, GZ WFH, launched the operation and received the orders in 2018.
- Earnings per share of $0.179: The Company reported net income of $0.179/share compared to nil in 2017.
- Total Units Delivered: The Company delivered 473 sets of land-based recirculating aquaculture systems in China in 2018, compared with zero (0) in 2017.
Management Commentary
"We are very pleased with our 2018 results," said Yin-Chieh "Jeff" Cheng, Chief Financial Officer, Nocera, Inc. "China introduced a clean water policy in 2017 and as a result all fish farms in public waters have been removed. We had a strong year delivering 473 systems with sales of $4.8 million USD and net income of $2.6 million USD before tax. We expect that the long term demand over the next several years in China to be more than 10,000 systems and 16,000 systems worldwide."
"While 2018 was an important year for Nocera, the company expects to continue its strong growth in 2019. We are anticipating further increases in sales, and expansion outside of our core market in mainland China," stated Yin-Chieh "Jeff" Cheng, Chief Financial Officer, Nocera, Inc.
About Nocera, Inc.
Operating primarily through its Grand Smooth, Inc. subsidiary, Nocera designs, builds, installs, equipment for the fish farming industry, as well as provides technical assistance to the operators of the equipment.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There is no assurance that such statements will prove to be accurate, and actual results and future events could differ materially. Nocera undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
NOCERA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Stated in US Dollars)
| 2018 | ||||
| $ | ||||
| Net sales | 4,812,788 | |||
| Cost of sales | (1,973,540 | ) | ||
| Gross profit | 2,839,248 | |||
| Operating expenses | ||||
| General and administrative expenses | (337,471 | ) | ||
| Total operating expenses | (337,471 | ) | ||
| Income (loss) from operations | 2,501,777 | |||
| Other income | 47,783 | |||
| Income (loss) before income taxes | 2,549,560 | |||
| Provision for income tax | (659,523 | ) | ||
| Net income (loss) | 1,890,037 | |||
| Less: Net income (loss) attributable to non-controlling interests | 98,688 | |||
| Net income (loss) attributable to the company | 1,791,349 | |||
| Comprehensive income (loss) | ||||
| Net income (loss) | 1,890,037 | |||
| Foreign currency translation loss | (61,500 | ) | ||
| Total comprehensive income (loss) | 1,828,537 | |||
| Less: comprehensive income (loss) attributable to non-controlling interest | 98,688 | |||
| Comprehensive income (loss) attributable to the Company | 1,729,849 | |||
| Income (loss) per share | ||||
| Basic | 0.1790 | |||
| Diluted | 0.1790 | |||
| Weighted average number of common shares outstanding | ||||
| Basic | 10,006,436 | |||
| Diluted | 10,006,436 | |||
NOCERA, INC. CONSOLIDATED BALANCE SHEETS
(Stated in US Dollars)
| December 31, 2018 | ||||
| $ | ||||
| ASSETS | ||||
| Current assets | ||||
| Cash | 7,207 | |||
| Accounts receivable | 3,548,613 | |||
| Inventory | 63,401 | |||
| Advance to suppliers | 73,012 | |||
| Prepaid expenses and other assets, net | 490,418 | |||
| Total current assets | 4,182,651 | |||
| Property and equipment, net | 58,702 | |||
| Total assets | 4,241,353 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Liabilities | ||||
| Current liabilities | ||||
| Accounts payable | 233,492 | |||
| Advance from customers | 106,673 | |||
| Other payables and accrued liabilities | 421,784 | |||
| Convertible note | 3,465 | |||
| Due to related parties | 819,351 | |||
| Income tax payable | 624,276 | |||
| Total current liabilities | 2,209,041 | |||
| Deferred tax liabilities, net | 14,676 | |||
| Deferred revenue | 65,633 | |||
| Total liabilities | 2,289,350 | |||
| Commitments and contingencies | – | |||
| Stockholders' equity (deficit) | ||||
| Common stock ($0.001 par value; authorized 200,000,000 shares; 12,349,200 shares and 10,000,000 shares issued and outstanding as of December 31, 2018 and, 2017, respectively) | 12,349 | |||
| Additional paid-in capital | 115,311 | |||
| Statutory and other reserves | 191,219 | |||
| Retained earnings (Accumulated deficit) | 1,595,955 | |||
| Accumulated other comprehensive loss | (61,508 | ) | ||
| Total Nocera, Inc.'s stockholders' equity (deficit) | 1,853,326 | |||
| Non-controlling interests | 98,677 | |||
| Total stockholders' equity (deficit) | 1,952,003 | |||
| Total liabilities and stockholders' equity (deficit) | 4,241,353 | |||
Contacts:
Nocera, Inc.
2030 Powers Ferry Road SE
Suite No. 212
Atlanta, GA 30339
phone: 404-816-9220; email: info@nocera.company)
SOURCE: Nocera, Inc.
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https://www.accesswire.com/542566/Nocera-Inc-Announces-2018-Year-End-Results
