Recon Technology, Ltd. Reports Financial Results for the First Six Months of Fiscal Year 2020
NEW YORK, March 18, 2020 /PRNewswire/ — Recon Technology, Ltd. (Nasdaq: RCON) (“Recon” or the “Company”), today announced its financial results for the first six months of fiscal year 2020.
First Six Months of Fiscal 2019 Financial:
- Total revenues for the six months ended December 31, 2019 decreased by 28.1% to $4.4 million (RMB30.4 million).
- Total cost of revenues for the six months ended December 31, 2019 decreased by 31.8% to $2.6 million (RMB18.4 million).
- Gross profit for the six months ended December 31, 2019 was $1.7 million (RMB12.0 million). Gross profit margin for the six months ended December 31, 2019 was 39.4%, an increase of 3.4 percentage points compared to the six months ended December 31, 2018.
- Net loss attributable to Recon for the six months ended December 31, 2019 was $1.0 million (RMB6.7 million), or $0.22 (RMB1.51) per basic and diluted share, compared to RMB10.1 million, or RMB2.72 per basic and diluted share, for the six months ended December 31, 2018.
Management Commentary
Mr. Shenping Yin, co-founder and CEO of Recon stated, “Ever since the year 2019, our management has been focusing on cash management and operating risk control, expanding our business structure from traditional oilfield service to some other energy sectors with higher margin and opportunities. As a result, for the six months ended December 31, 2019, the cash position and overall operation results were improved, and the total loss was narrowed. Besides, as our oily sludge treatment production was temporarily postponed by late acceptance inspection, the revenue from oilfield environmental protection was not recognized. We expect the production will be enabled and revenue to be earned later this year.”
Mr. Yin continued, “Due to the coronavirus disease 2019 outbreak, our business has slowed down in the short term. We believe the outbreak will affect our operation result from the beginning of calendar year 2020 to date and in the whole fiscal year 2020. However, we don’t expect a significant impact on the Company’s operation and financial results in the long run.”
First Six Months Fiscal 2020 Financial Results:
Revenue
Total revenues for the six months ended December 31, 2019 decreased by RMB11.9 million ($1.7 million) or 28.1%, to RMB30.4 million ($4.4 million) compared to RMB42.3 million for the six months ended December 31, 2018 mainly due to the decreased revenue from all three segments during the six months ended December 31, 2019.
Revenue from automation product and software decreased by RMB6.4 million ($0.9 million), or 22.0%, to RMB22.6 million ($3.2 million) for the six months ended December 31, 2019 from RMB29.0 million for the six months ended December 31, 2018, as the Company selected to take those orders with higher margin to optimize the use of cash rather than accepting all orders.
Revenue from equipment and accessories decreased by RMB2.5 million ($0.4 million), or 24.3%, to RMB7.8 million ($1.1 million) for the six months ended December 31, 2019 from RMB10.3 million for the six months ended December 31, 2018 as a result of less furnaces sold to commercial and general industry markets.
Revenue from oilfield environmental protection projects decreased by RMB3.0 million ($0.4 million), or 99.1%, to RMB26,085 ($3,744) for the six months ended December 31, 2019 from RMB3.0 million for the six months ended December 31, 2018. As of December 31, 2019, the Company won contracts of over 1,708 tons of oily sludge treatment and collected the basic materials. As of December 31, 2019, the Company billed the customers RMB2.6 million ($0.4 million) in total and RMB0.7 million ($0.1 million) was received and recorded as advance from customer. The Company received RMB1.9 million ($0.3 million) in January 2020. Affected by late acceptance inspection of Gansu production project, the Company is still in the process of treating oil sludge collected, hence, revenue was not recognized during the six months ended December 31, 2019. The Company expects this revenue could be recognized and reflected in the financial data by end of fiscal year 2020.
Cost and Margin
Total cost of revenues decreased by RMB8.6 million ($1.2 million), or 31.8%, to RMB18.4 million ($2.6 million) for the six months ended December 31, 2019. The decrease was mainly caused by decrease in cost of revenue from all three segments during the six months ended December 31, 2019, which is in line with the decrease in revenue.
Gross profit decreased by RMB3.3 million ($0.5 million), or 21.5%, to RMB12.0 million ($1.7 million) for the six months ended December 31, 2019 from RMB15.2 million from the six months ended December 31, 2018. The gross profit as a percentage of revenue increased to 39.4% for the six months ended December 31, 2019 from 36.0% for the same period in 2018. While the gross profit margin of automation production and software remained relatively stable with a slight increase of 2.1%, gross profit margin of equipment and accessories increased by 11.4% due to higher margin equipment sales during the six months ended December 31, 2019 as the Company focused on higher margin business. However, since the Company didn’t launch the large-scale treatment of oily sludge treatment, zero revenue was recognized and costs of pilot testing was recorded, resulting to a negative margin of oilfield environmental protection business. The Company believes this situation would change as the Company began the official treatment process in calendar year 2020.
Operating Expenses
Selling and distribution expenses decreased by RMB2.2 million ($0.3 million), or 45.8%, to RMB2.7 million ($0.4 million) for the six months ended December 31, 2019 from RMB4.9 million for the six months ended December 31, 2018. This decrease was primarily due to the decrease in traveling expenses as well as entertainment expenses as the Company tried to control the operating expenditures during the six months ended December 31, 2019.
General and administrative expenses decreased by RMB5.5 million ($0.8 million), or 29.3%, to RMB13.4 million ($1.9 million) for the six months ended December 31, 2019 from RMB18.9 million for the six months ended December 31, 2018. The decrease in general and administrative expenses was mainly due to the decrease in stock-based compensation expense during the six months ended December 31, 2019.
Provision for doubtful accounts was RMB25,537 ($3,665) for the six months ended December 31, 2019, compared to reversal of provision for doubtful accounts of RMB1.5 million for the six months ended December 31, 2018. The increase in provision for doubtful accounts was mainly resulted by additional provision made for long outstanding account receivables. Management will continue to monitor account receivables to maintain the provision at a lower risk level.
Research and development expenses increased from approximately RMB1.7 million for the six months ended December 31, 2018 to RMB2.9 million ($0.4 million) for the same period of 2019. This increase was primarily due to more research and development expense spent on design of new automation platform systems.
Net Loss
Loss from operations was RMB7.0 million ($1.0 million) for the six months ended December 31, 2019, compared to a loss of RMB8.7 million for the six months ended December 31, 2018. This RMB1.8 million ($0.3 million) decrease in loss from operations was primary due to a decrease in general and administrative expenses and selling and distribution expenses, partially offset by decrease in gross profit as discussed above.
Net loss was RMB7.0 million ($1.0 million) for the six months ended December 31, 2019, a decrease of RMB2.9 million ($0.4 million) from net loss of RMB9.9 million for the six months ended December 31, 2018. Net loss attributable to Recon for the six months ended December 31, 2018 was RMB10.1 million, or RMB2.72 per basic and diluted share, compared to RMB6.7 million ($1.0 million), or RMB1.51 ($0.22) per basic and diluted share for the six months ended December 31, 2019.
EBITDA
Adjusted EBITDA loss was RMB1.5 million ($0.2 million) for the six months ended December 31, 2019, compared to an adjusted EBITDA income of RMB0.9 million for the same period last year. Please see the section titled “Non-GAAP Financial Measures” below for a discussion of this metric, which the Company believes may be informative for investors but is not a GAAP financial measure.
Financial Condition
As of December 31, 2019, the Company had cash of RMB10.3 million ($1.5 million), compared to RMB4.5 million as of June 30, 2019. As of December 31, 2019, the Company had working capital of RMB51.4 million ($7.4 million) while as of June 30, 2019, the Company had working capital of RMB55.7 million.
Net cash provided by operating activities was RMB0.3 million ($0.04 million) for the six months ended December 31, 2019, compared to net cash used in operating activities of approximately RMB27.0 million for the six months ended December 31, 2018. Net cash provided by investing activities was RMB3.7 million ($0.5 million) for the six months ended December 31, 2019, compared to net cash used in investing activities RMB8.5 million for the six months ended December 31, 2018. Net cash provided by financing activities was RMB1.9 million ($0.3 million) for the six months ended December 31, 2019, compared to net cash provided by financing activities of RMB1.0 million for the six months ended December 31, 2018.
Exchange Rate
The translation of RMB amounts into U.S. dollars are included solely for the convenience of readers and have been made at the rate of RMB6.9680 to $1.00, the approximate exchange rate prevailing on December 31, 2019.
About Recon Technology, Ltd.
Recon Technology, Ltd. (RCON) is China’s first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China’s largest oil exploration companies with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures for increasing petroleum extraction levels, reducing impurities and lowering production costs. Since 2017, the Company has expanded its business operations into other segments of the broader energy industry including electric power, coal chemicals, renewable energy and environmental protection in the energy and chemical industries. Through the years, Recon has taken leading positions on several market segments of the oil and gas field service industry. Recon also has developed stable long-term cooperation relationships with its major clients, and its products and service are well accepted by clients. For additional information please visit: www.recon.cn.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, the effect of novel coronavirus and other health matters on target markets, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
IR contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: RCON@dgipl.com
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RECON TECHNOLOGY, LTD |
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|
CONDENSED BALANCE SHEETS |
||||||||||||
|
(UNAUDITED) |
||||||||||||
|
As of June 30 |
As of December 31 |
As of December 31 |
||||||||||
|
2019 |
2019 |
2019 |
||||||||||
|
RMB |
RMB |
U.S. Dollars |
||||||||||
|
ASSETS |
||||||||||||
|
Current assets |
||||||||||||
|
Cash |
¥ |
4,521,325 |
¥ |
10,325,219 |
$ |
1,481,806 |
||||||
|
Notes receivable |
3,073,680 |
4,060,506 |
582,736 |
|||||||||
|
Trade accounts receivable, net |
68,535,282 |
63,063,443 |
9,050,441 |
|||||||||
|
Trade accounts receivable- related party, net |
3,409,912 |
3,409,912 |
489,368 |
|||||||||
|
Inventories, net |
1,270,523 |
1,796,411 |
257,809 |
|||||||||
|
Other receivables, net |
5,665,593 |
4,784,811 |
686,684 |
|||||||||
|
Loans to third parties |
4,960,000 |
– |
– |
|||||||||
|
Purchase advances, net |
1,343,576 |
187,174 |
26,862 |
|||||||||
|
Contract assets, net |
4,633,940 |
14,604,897 |
2,095,996 |
|||||||||
|
Prepaid expenses |
192,837 |
75,920 |
10,896 |
|||||||||
|
Prepaid expenses – related parties |
217,600 |
– |
– |
|||||||||
|
Total current assets |
97,824,268 |
102,308,293 |
14,682,598 |
|||||||||
|
Property and equipment, net |
3,661,321 |
3,267,226 |
468,890 |
|||||||||
|
Construction in progress |
21,524,994 |
23,143,654 |
3,321,421 |
|||||||||
|
Land use right, net |
1,307,887 |
1,294,267 |
185,744 |
|||||||||
|
Investment in unconsolidated entity |
31,078,971 |
31,220,259 |
4,480,521 |
|||||||||
|
Long-term other receivables, net |
440,015 |
23,922 |
3,433 |
|||||||||
|
Prepayments for construction in progress |
1,144,098 |
1,059,404 |
152,039 |
|||||||||
|
Right of use assets |
– |
532,491 |
76,420 |
|||||||||
|
Total Assets |
¥ |
156,981,554 |
¥ |
162,849,516 |
$ |
23,371,066 |
||||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
|
Current liabilities |
||||||||||||
|
Short-term bank loan |
¥ |
2,500,000 |
¥ |
2,500,000 |
$ |
358,783 |
||||||
|
Trade accounts payable |
14,089,293 |
14,688,353 |
2,107,972 |
|||||||||
|
Other payables |
2,246,410 |
2,086,665 |
299,464 |
|||||||||
|
Other payable- related parties |
2,290,873 |
4,081,028 |
585,682 |
|||||||||
|
Advance from customers |
120,000 |
2,024,753 |
290,579 |
|||||||||
|
Accrued payroll and employees’ welfare |
1,384,529 |
2,885,935 |
414,170 |
|||||||||
|
Investment payable |
6,400,000 |
6,400,000 |
918,485 |
|||||||||
|
Taxes payable |
2,180,847 |
2,831,702 |
406,387 |
|||||||||
|
Short-term borrowings |
1,081,096 |
– |
– |
|||||||||
|
Short-term borrowings – related parties |
9,010,525 |
11,931,310 |
1,712,301 |
|||||||||
|
Long-term borrowings – related party – current portion |
780,797 |
813,334 |
116,724 |
|||||||||
|
Operating lease liabilities – current |
– |
640,491 |
91,919 |
|||||||||
|
Total Current Liabilities |
42,084,370 |
50,883,571 |
7,302,466 |
|||||||||
|
Long-term borrowings – related party |
8,196,204 |
7,796,782 |
1,118,942 |
|||||||||
|
Total Liabilities |
50,280,574 |
58,680,353 |
8,421,408 |
|||||||||
|
Commitments and Contingencies |
||||||||||||
|
Equity |
||||||||||||
|
Common stock, ($ 0.0925 U.S. dollar par value, |
2,712,773 |
2,876,228 |
412,777 |
|||||||||
|
Additional paid-in capital |
250,624,798 |
254,552,363 |
36,531,641 |
|||||||||
|
Statutory reserve |
4,148,929 |
4,509,040 |
647,107 |
|||||||||
|
Accumulated deficit |
(164,780,885) |
(171,842,193) |
(24,661,634) |
|||||||||
|
Accumulated other comprehensive gain |
2,909,936 |
2,919,546 |
418,994 |
|||||||||
|
Total stockholders’ equity |
95,615,551 |
93,014,984 |
13,348,885 |
|||||||||
|
Non-controlling interests |
11,085,429 |
11,154,179 |
1,600,773 |
|||||||||
|
Total equity |
106,700,980 |
104,169,163 |
14,949,658 |
|||||||||
|
Total Liabilities and Equity |
¥ |
156,981,554 |
¥ |
162,849,516 |
$ |
23,371,066 |
||||||
|
* Retrospectively restated for effect of stock split on December 27, 2019 |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
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RECON TECHNOLOGY, LTD |
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|
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
||||||||||||
|
(UNAUDITED) |
||||||||||||
|
For the six months ended |
||||||||||||
|
2018 |
2019 |
2019 |
||||||||||
|
RMB |
RMB |
USD |
||||||||||
|
Revenues |
||||||||||||
|
Revenues – third party |
¥ |
41,954,746 |
¥ |
30,405,153 |
$ |
4,363,543 |
||||||
|
Revenues – related party |
316,983 |
– |
– |
|||||||||
|
Revenues |
42,271,729 |
30,405,153 |
4,363,543 |
|||||||||
|
Cost of revenues |
||||||||||||
|
Cost of revenues and related tax – third party |
26,914,495 |
18,437,241 |
2,645,989 |
|||||||||
|
Cost of revenues and related tax – related party |
120,142 |
– |
– |
|||||||||
|
Cost of revenues and related tax |
27,034,637 |
18,437,241 |
2,645,989 |
|||||||||
|
Gross profit |
15,237,092 |
11,967,912 |
1,717,554 |
|||||||||
|
Selling and distribution expenses |
4,909,361 |
2,660,873 |
381,871 |
|||||||||
|
General and administrative expenses |
18,903,138 |
13,366,413 |
1,918,258 |
|||||||||
|
Provision for (net recovery of) doubtful accounts |
(1,494,707) |
25,537 |
3,665 |
|||||||||
|
Research and development expenses |
1,654,702 |
2,895,286 |
415,512 |
|||||||||
|
Operating expenses |
23,972,494 |
18,948,109 |
2,719,306 |
|||||||||
|
Loss from operations |
(8,735,402) |
(6,980,197) |
(1,001,752) |
|||||||||
|
Other income (expenses) |
||||||||||||
|
Subsidy income |
55,706 |
854,389 |
122,616 |
|||||||||
|
Interest income |
32,109 |
85,745 |
12,306 |
|||||||||
|
Interest expense |
(856,571) |
(761,322) |
(109,260) |
|||||||||
|
Income (loss) from investment in unconsolidated entity |
(844,369) |
141,288 |
20,277 |
|||||||||
|
Foreign exchange transaction gain |
17,651 |
209 |
30 |
|||||||||
|
Other income (expense) |
387,439 |
(60,760) |
(8,720) |
|||||||||
|
Other income (expense), net |
(1,208,035) |
259,549 |
37,249 |
|||||||||
|
Loss before income tax |
(9,943,437) |
(6,720,648) |
(964,503) |
|||||||||
|
Income tax expenses |
2,002 |
316,799 |
45,465 |
|||||||||
|
Net loss |
(9,945,439) |
(7,037,447) |
(1,009,968) |
|||||||||
|
Less: Net income (loss) attributable to non-controlling interests |
138,804 |
(336,250) |
(48,256) |
|||||||||
|
Net loss attributable to Recon Technology, Ltd |
¥ |
(10,084,243) |
¥ |
(6,701,197) |
$ |
(961,712) |
||||||
|
Comprehensive loss |
||||||||||||
|
Net loss |
(9,945,439) |
(7,037,447) |
(1,009,968) |
|||||||||
|
Foreign currency translation adjustment |
1,195,328 |
9,610 |
1,379 |
|||||||||
|
Comprehensive loss |
(8,750,111) |
(7,027,837) |
(1,008,589) |
|||||||||
|
Less: Comprehensive income (loss) attributable to non- |
138,804 |
(336,250) |
(48,256) |
|||||||||
|
Comprehensive loss attributable to Recon Technology, Ltd |
¥ |
(8,888,915) |
¥ |
(6,691,587) |
$ |
(960,333) |
||||||
|
Loss per common share – basic and diluted |
¥ |
(2.72) |
¥ |
(1.51) |
$ |
(0.22) |
||||||
|
Weighted – average shares -basic and diluted* |
3,711,083 |
4,449,980 |
4,449,980 |
|||||||||
|
* Retrospectively restated for effect of stock split on December 27, 2019 |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
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RECON TECHNOLOGY, LTD |
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CONDENSED STATEMENTS OF CASH FLOWS |
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|
(UNAUDITED) |
||||||||||||
|
For the six months ended December 31, |
||||||||||||
|
2018 |
2019 |
2019 |
||||||||||
|
RMB |
RMB |
U.S. Dollars |
||||||||||
|
Cash flows from operating activities: |
||||||||||||
|
Net loss |
¥ |
(9,945,439) |
¥ |
(7,037,447) |
$ |
(1,009,968) |
||||||
|
Adjustments to reconcile net loss to net cash (used in) |
||||||||||||
|
Depreciation and amortization |
515,457 |
411,592 |
59,069 |
|||||||||
|
Loss from disposal of equipment |
– |
3,189 |
458 |
|||||||||
|
Provision for (net recovery of) doubtful accounts |
(1,494,707) |
25,537 |
3,665 |
|||||||||
|
Provision for slow moving inventories |
65,380 |
25,312 |
3,633 |
|||||||||
|
Amortization of right of use assets |
– |
718,000 |
103,043 |
|||||||||
|
Restricted shares issued for management and employees |
9,539,917 |
4,057,093 |
582,247 |
|||||||||
|
Loss (income) from investment in unconsolidated entity |
844,369 |
(141,288) |
(20,277) |
|||||||||
|
Restricted shares issued for services |
516,194 |
33,927 |
4,869 |
|||||||||
|
Changes in operating assets and liabilities: |
||||||||||||
|
Notes receivable |
217,436 |
(986,826) |
(141,623) |
|||||||||
|
Trade accounts receivable |
(11,251,794) |
5,412,201 |
776,723 |
|||||||||
|
Inventories |
(150,754) |
(551,200) |
(79,105) |
|||||||||
|
Other receivable |
(6,468,866) |
1,364,500 |
195,824 |
|||||||||
|
Purchase advance |
(3,105,872) |
1,108,902 |
159,142 |
|||||||||
|
Contract assets |
(11,115,958) |
(9,951,981) |
(1,428,241) |
|||||||||
|
Prepaid expense |
(124,589) |
116,917 |
16,779 |
|||||||||
|
Prepaid expense – related parties |
– |
217,600 |
31,228 |
|||||||||
|
Operating lease liabilities |
– |
(610,000) |
(87,543) |
|||||||||
|
Trade accounts payable |
740,274 |
362,758 |
52,061 |
|||||||||
|
Other payables |
(1,218,860) |
(160,316) |
(23,007) |
|||||||||
|
Other payables-related parties |
3,122 |
1,790,155 |
256,911 |
|||||||||
|
Advance from customers |
4,462,975 |
1,904,753 |
273,357 |
|||||||||
|
Accrued payroll and employees’ welfare |
285,135 |
1,501,406 |
215,472 |
|||||||||
|
Taxes payable |
645,328 |
650,855 |
93,406 |
|||||||||
|
Net cash (used in) provided by operating activities |
(27,041,252) |
265,639 |
38,123 |
|||||||||
|
Cash flows from investing activities: |
||||||||||||
|
Investment in unconsolidated entity |
(3,815,080) |
– |
– |
|||||||||
|
Purchases of property and equipment |
(283,129) |
(12,967) |
(1,861) |
|||||||||
|
Proceeds from disposal of equipment |
– |
900 |
129 |
|||||||||
|
Repayments from loans to third parties |
– |
4,960,000 |
711,826 |
|||||||||
|
Payments and prepayments for construction in progress |
(4,411,620) |
(1,297,663) |
(186,232) |
|||||||||
|
Net cash (used in) provided by investing activities |
(8,509,829) |
3,650,270 |
523,862 |
|||||||||
|
Cash flows from financing activities: |
||||||||||||
|
Proceeds from short-term borrowings |
1,031,507 |
– |
– |
|||||||||
|
Repayments of short-term borrowings |
– |
(1,081,096) |
(155,152) |
|||||||||
|
Proceeds from short-term borrowings-related parties |
5,000,000 |
13,115,000 |
1,882,176 |
|||||||||
|
Repayments of short-term borrowings-related parties |
(5,000,000) |
(10,195,000) |
(1,463,118) |
|||||||||
|
Repayments of long-term borrowings-related party |
(334,513) |
(365,530) |
(52,458) |
|||||||||
|
Refund of capital contribution by a non-controlling shareholder |
(200,000) |
– |
– |
|||||||||
|
Capital contribution by non-controlling shareholders |
500,000 |
405,000 |
58,123 |
|||||||||
|
Net cash provided by financing activities |
996,994 |
1,878,374 |
269,571 |
|||||||||
|
Effect of exchange rate fluctuation on cash |
1,195,329 |
9,611 |
1,380 |
|||||||||
|
Net (decrease) increase in cash |
(33,358,758) |
5,803,894 |
832,936 |
|||||||||
|
Cash at beginning of period |
45,340,578 |
4,521,325 |
648,870 |
|||||||||
|
Cash at end of period |
¥ |
11,981,820 |
¥ |
10,325,219 |
$ |
1,481,806 |
||||||
|
Supplemental cash flow information |
||||||||||||
|
Cash paid during the period for interest |
¥ |
805,613 |
¥ |
718,201 |
$ |
103,071 |
||||||
|
Cash paid (received) during the period for taxes |
¥ |
2,002 |
¥ |
(2,002) |
$ |
(287) |
||||||
|
Non-cash investing and financing activities |
||||||||||||
|
Issuance of common stock in exchange of shares of FGS, net of |
¥ |
21,433,796 |
¥ |
– |
$ |
– |
||||||
|
Investment payable in exchange of interest of FGS |
¥ |
6,400,000 |
¥ |
– |
$ |
– |
||||||
|
Right-of-use assets obtained in exchange for operating lease |
¥ |
– |
¥ |
1,228,963 |
$ |
176,372 |
||||||
|
Payable for construction in progress |
¥ |
5,957,463 |
¥ |
236,302 |
$ |
33,912 |
||||||
|
Receivable for disposal of property and equipment |
¥ |
– |
¥ |
5,000 |
$ |
718 |
||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
View original content:http://www.prnewswire.com/news-releases/recon-technology-ltd-reports-financial-results-for-the-first-six-months-of-fiscal-year-2020-301025938.html
Source: Recon Technology, Ltd.
