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Jpak Group, Inc.


 SEC Form 10-Q filed 2010-02-05 for the period ending 2009-12-31




(Debug messages on)
Selected tables from the SEC filing


Table 0


Financial table in standard format


JPAK GROUP, INC.

INDEX







            
      
            
      
            
      
            
      
            
              
Page

              
Number

            		
          

            
              

                
PART
      I - FINANCIAL INFORMATION

              

            		
            
      
            
      
          

            
              

                
Item
      1.

              

            		
            
      
            
              

                
Financial
      Statements

              

            		
            
      
            
      
          

            
      
            
      
            
              

                
Consolidated
      Balance Sheets as of

              

            		
            
      
            
      
          

            
      
            
      
            
              

                
December
      31, 2009 (unaudited) and June 30, 2009

              

            		
            
      
            
              

                
4

              

            		
          

            
      
            
      
            
              

                
Unaudited
      Consolidated Statements of Operations

              

            		
            
      
            
      
          

            
      
            
      
            
              

                
for
      the three and six months ended December 31, 2009 and
      2008

              

            		
            
      
            
              

                
5

              

            		
          

            
      
            
      
            
              

                
Unaudited
      Consolidated Statements of Cash Flows

              

            		
            
      
            
      
          

            
      
            
      
            
              

                
for
      the six months ended December 31, 2009 and 2008

              

            		
            
      
            
              

                
6

              

            		
          

            
      
            
      
            
              

                
Unaudited
      Notes to Consolidated Financial Statements

              

            		
            
      
            
              

                
7

              

            		
          

            
              

                
Item
      2.

              

            		
            
      
            
              

                
Managements
      Discussion and Analysis of Financial Condition and Results of Operations
      

              

            		
            
      
            
              

                
17

              

            		
          

            
              

                
Item
      3.

              

            		
            
      
            
              

                
Quantitative
      and Qualitative Disclosure About Market Risks

              

            		
            
      
            
              

                
22

              

            		
          

            
              

                
Item
      4.

              

            		
            
      
            
              

                
Controls
      and Procedures

              

            		
            
      
            
              

                
23

              

            		
          

            
      
            
      
            
      
            
      
            
      
          

            
              

                
PART
      II - OTHER INFORMATION

              

            		
            
      
            
      
          

            
              

                
Item
      2.

              

            		
            
      
            
              

                
Unregistered
      Sales of Equity Securities and Use of Proceeds

              

            		
            
      
            
              

                
25

              

            		
          

            
              

                
Item
      4.

              

            		
            
      
            
              

                
Submission
      of Matters to a Vote of Security Holders

              

            		
            
      
            
              

                
25

              

            		
          

            
              

                
Item
      6.

              

            		
            
      
            
              

                
Exhibits

              

            		
            
      
            
              

                
25

              

            		
          







Jpak Group, Inc.
CIK:1321559





Item 2.17


Item 3.22


Item 4.23


PART II - OTHER INFORMATION


Item 2.25


Item 4.25


Item 6.25





Data column 1: "numyear" is ambiguous (2009 or 2009 or 2009 or 2008 or 2009 or 2008)

Data column 1: "month" is ambiguous (12 or 6 or 12 or 12)

Data column 1: "dayofmonth" is ambiguous (31 or 30 or 31 or 31)

Data column 1: Unable to interpret date in column header

Data column 2: "numyear" is ambiguous (2009 or 2009 or 2009 or 2008)

Data column 2: "month" is ambiguous (12 or 6 or 12)

Data column 2: "dayofmonth" is ambiguous (31 or 30 or 31)

Data column 2: Unable to interpret date in column header

Row "PART II - OTHER INFORMATION": Multi-column field in a numeric row


Table 1


Financial table in standard format


Consolidated Balance Sheets







            
      
            
            
              
December
      31,

            		
            
            
            
              
June
      30,

            		
            
          

            
      
            
            
              
2009

            		
            
            
            
              
2009

            		
            
          

            
              
Assets

            		
            
            
              
(Unaudited)

            		
            
            
            
            
          

            
              
Current
      assets

            		
            
            
            
            
            
            
          

            
              
Cash and cash
      equivalents

            		
            
            $
            7,203,020
            
            
            $
            2,969,699
            
          

            
              
Restricted cash

            		
            
            
            4,180,409
            
            
            
            3,403,868
            
          

            
              
Accounts receivable, net of
      allowance for doubtful accounts of $1,498,405

            		
            
            
            
            
            
            
            
            
          

            
              
and $1,496,723 at
      December 31, 2009 and June 30, 2009, respectively

            		
            
            
            9,271,365
            
            
            
            9,063,973
            
          

            
              
Inventory

            		
            
            
            7,160,336
            
            
            
            5,353,193
            
          

            
              
Trade notes
      receivable

            		
            
            
            448,701
            
            
            
            -
            
          

            
              
Other receivables

            		
            
            
            1,253,636
            
            
            
            1,205,983
            
          

            
              
Loan receivable

            		
            
            
            132,030
            
            
            
            175,800
            
          

            
              
Advance payments

            		
            
            
            5,103,265
            
            
            
            503,143
            
          

            
              
Prepaid expenses and other
      current assets

            		
            
            
            139,109
            
            
            
            70,544
            
          

            
              
Prepaid other
    taxes

            		
            
            
            -
            
            
            
            266,664
            
          

            
              
Total current
    assets

            		
            
            
            34,891,871
            
            
            
            23,012,867
            
          

            
              
Property
      and equipment, net

            		
            
            
            12,971,713
            
            
            
            13,107,216
            
          

            
              
Other
      assets

            		
            
            
            112,697
            
            
            
            -
            
          

            
      
            
            
            
            
            
            
            
            
          

            
              
Total assets

            		
            
            $
            47,976,281
            
            
            $
            36,120,083
            
          

            
      
            
            
            
            
            
            
            
            
          

            
              
Liabilities

            		
            
            
            
            
            
            
            
            
          

            
              
Current
      liabilities

            		
            
            
            
            
            
            
            
            
          

            
              
Accounts payable and accrued
      expenses

            		
            
            $
            2,771,724
            
            
            $
            3,277,973
            
          

            
              
Trade notes
    payable

            		
            
            
            4,362,115
            
            
            
            3,212,704
            
          

            
              
Advance payments from
      customers

            		
            
            
            298,928
            
            
            
            327,898
            
          

            
              
Short-term bank
    loans

            		
            
            
            2,347,200
            
            
            
            2,344,000
            
          

            
              
Current portion of long-term
      debt

            		
            
            
            764,307
            
            
            
            951,811
            
          

            
              
Income tax
payable

            		
            
            
            324,607
            
            
            
            167,429
            
          

            
              
Other current
      liabilities

            		
            
            
            192,894
            
            
            
            97,827
            
          

            
              
Total current
      liabilities

            		
            
            
            11,061,775
            
            
            
            10,379,642
            
          

            
              
Long-term
      debt

            		
            
            
            4,724,812
            
            
            
            1,985,075
            
          

            
              
Total liabilities

            		
            
            
            15,786,587
            
            
            
            12,364,717
            
          

            
      
            
            
            
            
            
            
            
            
          

            
              
Equity

            		
            
            
            
            
            
            
            
            
          

            
              
Stockholders
      equity

            		
            
            
            
            
            
            
            
            
          

            
              
Series A convertible preferred
      stock, $0.0001 par value, 5,608,564

            		
            
            
            
            
            
            
            
            
          

            
              
shares authorized,
      issued and outstanding

            		
            
            
            561
            
            
            
            561
            
          

            
              
Series B convertible preferred
      stock, $0.0001 par value, 5,000,000

            		
            
            
            
            
            
            
            
            
          

            
              
shares authorized,
      issued and outstanding

            		
            
            
            500
            
            
            
            500
            
          

            
              
Series C convertible preferred
      stock, $0.0001 par value, 12,000,000

            		
            
            
            
            
            
            
            
            
          

            
              
shares authorized,
      issued and outstanding

            		
            
            
            1,200
            
            
            
            -
            
          

            
              
Common stock, $0.001 par value,
      300,000,000 shares authorized,

            		
            
            
            
            
            
            
            
            
          

            
              
36,368,334 and
      25,005,000 shares issued and outstanding at December

            		
            
            
            
            
            
            
            
            
          

            
              
31, 2009 and June 30,
      2009, respectively

            		
            
            
            36,368
            
            
            
            25,005
            
          

            
              
Series A preferred
      shares

            		
            
            
            2,484,226
            
            
            
            2,484,226
            
          

            
              
Series B preferred
      shares

            		
            
            
            1,390,853
            
            
            
            1,390,853
            
          

            
              
Warrants

            		
            
            
            -
            
            
            
            4,634,678
            
          

            
              
Placement agent
      warrants

            		
            
            
            1,172,487
            
            
            
            1,172,487
            
          

            
              
Additional paid-in
      capital

            		
            
            
            22,011,719
            
            
            
            11,473,104
            
          

            
              
Retained earnings
      (deficit)

            		
            
            
            1,386,164
            
            
            
            (1,106,478
            )
          

            
              
Statutory
reserves

            		
            
            
            1,010,026
            
            
            
            1,010,026
            
          

            
              
Accumulated other comprehensive
      income

            		
            
            
            2,590,464
            
            
            
            2,565,276
            
          

            
              
Total stockholders
      equity

            		
            
            
            32,084,568
            
            
            
            23,650,238
            
          

            
              
Noncontrolling
      interest

            		
            
            
            105,126
            
            
            
            105,128
            
          

            
              
Total equity

            		
            
            
            32,189,694
            
            
            
            23,755,366
            
          

            
      
            
            
            
            
            
            
            
            
          

            
              
Total liabilities and
      equity

            		
            
            $
            47,976,281
            
            
            $
            36,120,083
            
          







Jpak Group, Inc.
CIK:1321559


2009-12-31
2009-06-30

Assets


Current assets


Cash and cash equivalents$7,203,020$2,969,699


Restricted cash4,180,4093,403,868


Accounts receivable, net of allowance for doubtful accounts of $1,498,405


and $1,496,723 at December 31, 2009 and June 30, 2009, respectively9,271,3659,063,973


Inventory7,160,3365,353,193


Trade notes receivable448,701


Other receivables1,253,6361,205,983


Loan receivable132,030175,800


Advance payments5,103,265503,143


Prepaid expenses and other current assets139,10970,544


Prepaid other taxes266,664


Total current assets34,891,87123,012,867


Property and equipment, net12,971,71313,107,216


Other assets112,697


Total assets$47,976,281$36,120,083


Liabilities


Current liabilities


Accounts payable and accrued expenses$2,771,724$3,277,973


Trade notes payable4,362,1153,212,704


Advance payments from customers298,928327,898


Short-term bank loans2,347,2002,344,000


Current portion of long-term debt764,307951,811


Income tax payable324,607167,429


Other current liabilities192,89497,827


Total current liabilities11,061,77510,379,642


Long-term debt4,724,8121,985,075


Total liabilities15,786,58712,364,717


Equity


Stockholders equity


Series A convertible preferred stock, $0.0001 par value, 5,608,564


shares authorized, issued and outstanding561561


Series B convertible preferred stock, $0.0001 par value, 5,000,000


shares authorized, issued and outstanding500500


Series C convertible preferred stock, $0.0001 par value, 12,000,000


shares authorized, issued and outstanding1,200


Common stock, $0.001 par value, 300,000,000 shares authorized,


36,368,334 and 25,005,000 shares issued and outstanding at December


31, 2009 and June 30, 2009, respectively36,36825,005


Series A preferred shares2,484,2262,484,226


Series B preferred shares1,390,8531,390,853


Warrants4,634,678


Placement agent warrants1,172,4871,172,487


Additional paid-in capital22,011,71911,473,104


Retained earnings (deficit)1,386,164(1,106,478)


Statutory reserves1,010,0261,010,026


Accumulated other comprehensive income2,590,4642,565,276


Total stockholders equity32,084,56823,650,238


Noncontrolling interest105,126105,128


Total equity32,189,69423,755,366


Total liabilities and equity$47,976,281$36,120,083





Table 2


Financial table in standard format


Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)







            
      
            
            
              
For
      the Three Months Ended

            		
            
            
            
              
For
      the Six Months Ended

            		
            
          

            
      
            
            
              
December 31,

            		
            
            
            
              
December 31,

            		
            
          

            
      
            
            
              
2009

            		
            
            
            
              
2008

            		
            
            
            
              
2009

            		
            
            
            
              
2008

            		
            
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Sales

            		
            
            $
            13,166,264
            
            
            $
            6,108,787
            
            
            $
            29,728,184
            
            
            $
            15,539,117
            
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Cost
      of sales

            		
            
            
            10,031,204
            
            
            
            5,206,666
            
            
            
            21,868,816
            
            
            
            12,202,568
            
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Gross
      profit

            		
            
            
            3,135,060
            
            
            
            902,121
            
            
            
            7,859,368
            
            
            
            3,336,549
            
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Operating
      expenses

            		
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
 Selling,
      general and administrative

            		
            
            
            1,805,476
            
            
            
            1,517,427
            
            
            
            4,693,819
            
            
            
            3,625,088
            
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Income
      (loss) from operations

            		
            
            
            1,329,584
            
            
            
            (615,306
            )
            
            
            3,165,549
            
            
            
            (288,539
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Other
      income (expenses):

            		
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Interest expense,
    net

            		
            
            
            (95,005
            )
            
            
            (99,092
            )
            
            
            (192,056
            )
            
            
            (107,617
            )
          

            
              
Non-operating income,
      net

            		
            
            
            89,878
            
            
            
            1,134
            
            
            
            86,366
            
            
            
            13,770
            
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Total other income
      (expenses)

            		
            
            
            (5,127
            )
            
            
            (97,958
            )
            
            
            (105,690
            )
            
            
            (93,847
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Income
      (loss) before provision for income taxes

            		
            
            
            1,324,457
            
            
            
            (713,264
            )
            
            
            3,059,859
            
            
            
            (382,386
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Provision
      for income taxes

            		
            
            
            324,524
            
            
            
            -
            
            
            
            567,362
            
            
            
            -
            
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Net
      income (loss)

            		
            
            
            999,933
            
            
            
            (713,264
            )
            
            
            2,492,497
            
            
            
            (382,386
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Less:
      net (loss) attributable to noncontrolling interest

            		
            
            
            (89
            )
            
            
            (67
            )
            
            
            (145
            )
            
            
            (559
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Net
      income (loss) attributable to Jpak

            		
            
            
            1,000,022
            
            
            
            (713,197
            )
            
            
            2,492,642
            
            
            
            (381,827
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Undistributed
      income attributable to preferred

            		
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
stockholders

            		
            
            
            491,161
            
            
            
            -
            
            
            
            1,165,971
            
            
            
            -
            
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Net
      income (loss) applicable to common

            		
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
stockholders

            		
            
            
            508,861
            
            
            
            (713,197
            )
            
            
            1,326,671
            
            
            
            (381,827
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Other
      comprehensive income (loss)

            		
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Foreign currency translation
      adjustment

            		
            
            
            (6,842
            )
            
            
            (375
            )
            
            
            25,188
            
            
            
            (39,283
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Comprehensive
      income (loss)

            		
            
            $
            993,180
            
            
            $
            (713,572
            )
            
            $
            2,517,830
            
            
            $
            (421,110
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Basic
      earnings (loss) per common share

            		
            
            $
            0.02
            
            
            $
            (0.03
            )
            
            $
            0.05
            
            
            $
            (0.02
            )
          

            
              
Diluted
      earnings (loss) per common share

            		
            
            $
            0.02
            
            
            $
            (0.03
            )
            
            $
            0.05
            
            
            $
            (0.02
            )
          

            
      
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Weighted
      average number of common shares

            		
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
outstanding

            		
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          

            
              
Basic

            		
            
            
            28,092,863
            
            
            
            24,805,000
            
            
            
            26,548,931
            
            
            
            24,805,000
            
          

            
              
Diluted

            		
            
            
            56,295,779
            
            
            
            24,805,000
            
            
            
            49,882,001
            
            
            
            24,805,000
            
          







Jpak Group, Inc.
CIK:1321559


2009-09-30
to
2009-12-31
(3-months)		
2008-09-30
to
2008-12-31
(3-months)		
2009-06-30
to
2009-12-31
(6-months)		
2008-06-30
to
2008-12-31
(6-months)		

Sales$13,166,264$6,108,787$29,728,184$15,539,117


Cost of sales10,031,2045,206,66621,868,81612,202,568


Gross profit3,135,060902,1217,859,3683,336,549


Operating expenses


Selling, general and administrative1,805,4761,517,4274,693,8193,625,088


Income (loss) from operations1,329,584(615,306)3,165,549(288,539)


Other income (expenses):


Interest expense, net(95,005)(99,092)(192,056)(107,617)


Non-operating income, net89,8781,13486,36613,770


Total other income (expenses)(5,127)(97,958)(105,690)(93,847)


Income (loss) before provision for income taxes1,324,457(713,264)3,059,859(382,386)


Provision for income taxes324,524567,362


Net income (loss)999,933(713,264)2,492,497(382,386)


Less: net (loss) attributable to noncontrolling interest(89)(67)(145)(559)


Net income (loss) attributable to Jpak1,000,022(713,197)2,492,642(381,827)


Undistributed income attributable to preferred


stockholders491,1611,165,971


Net income (loss) applicable to common


stockholders508,861(713,197)1,326,671(381,827)


Other comprehensive income (loss)


Foreign currency translation adjustment(6,842)(375)25,188(39,283)


Comprehensive income (loss)$993,180$(713,572)$2,517,830$(421,110)


Basic earnings (loss) per common share$0.02$(0.03)$0.05$(0.02)


Diluted earnings (loss) per common share$0.02$(0.03)$0.05$(0.02)


Weighted average number of common shares


outstanding


Basic28,092,86324,805,00026,548,93124,805,000


Diluted56,295,77924,805,00049,882,00124,805,000





Original filing from SEC EDGAR system.