Tantech Holdings Ltd. Announces Interim Six Month Financial Results For 2017

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LISHUI, China, Dec. 29, 2017 /PRNewswire/– Tantech Holdings Ltd. (NASDAQ: TANH), (“Tantech” or the “Company”), a clean energy company in China, today announced its financial results for the six months ended June 30, 2017.

Six-Month 2017 Financial Highlights

For the Six Months Ended June 30,

($ millions, expect per share data)

2017

2016

% Change

Revenues

$

12.4

$

19.2

(35.4)

%

Consumer product

$

12.3

$

18.7

(34.2)

%

Trading

$

0.1

$

0.5

(80)

%

Gross profit

$

2.0

$

5.4

(63)

%

Gross margin

16

%

28.1

%

(42.8)

%

Operating margin

(6)

%

50

%

(112)

%

Net income (loss) from continuing operations

$

(0.6)

$

1.9

(132)

%

Net income (loss) from operation to be disposed

0.9

(0.2)

(550)%

Net income

0.3

1.7

(82)%

Basic/ Diluted earnings per share

$

0.01

$

0.07

(86)

%

  • Total revenues decreased by 35.4% from $19.2 million to $12.4 million, The decrease in our total revenue was due to decreased selling price, sales volume and number of customers as explained below: (1) Our revenue from consumer products was primarily generated through the sales of our purification and deodorization products and cleaning products under “Charcoal Doctor” brand and barbecue charcoals designed for the domestic market. As a result of the increasing E-commerce awareness and change of shopping habits among younger consumers, people are increasingly buying consumer products online with unknown brands in order to save money. Therefore, orders from our customers for our consumer products decreased considerably during the six months ended June 30, 2017 as compared to the same period of last year; (2) During the six months ended June 30, 2017, we gradually reduced the cooperation with certain supermarket customers with low selling price and unfavorable profit margin. Total number of supermarket customers decreased from 11 in the six months ended June 30, 2016 to 7 in the same period of 2017, and revenue from supermarket customers decreased by 91%, from $14.5 million in six months ended June 30, 2016 to only $1.3 million in the same period of 2017.  On the other hand, we increased sales to distributors during the current period. Revenue from distributors and specialty shop customers increased by 135%, from $4.7 million in the six months ended June 30, 2016 to $11.2 million in the same period of 2017. Total number of distributors and specialty shop customers increased from 41 in the six months ended June 30, 2016 to 45 in the same period of 2017;  (3) In response to market competition, we reduced our average selling price by approximately 3% to 5% to satisfy our customers' demand during the six months ended June 30, 2017 as compared to the same period of last year. The overall decrease in our revenue reflected the above factors.  
  • Gross profit decreased by 63% from $5.4 million to approximately $2.0 million and gross margin decreased from 28.1% to 16%. During the six months ended June 30, 2017, in response to the intensive market competition, we reduced  the average selling price of our consumer products by approximately 3% to 5% to satisfy our existing customers' demand, which resulted in decrease in our gross profit and gross margin to certain extent. In response to market competition, we are in the process of switching more sales from supermarkets to distributors in our sales network. In addition, the decrease in our gross margin was also affected by changes in the sales of our product mix, because our different consumer product has different selling price, cost of sales and gross profit margin. Normally, our charcoal deodorants products (including wardrobe deodorizers, refrigerator deodorant, etc.) has higher margin than our air purifiers and humidifiers charcoal bags and toilet cleaning disks. During the six months ended June 30, 2017, about 92% sales were from lower profit margin charcoal bags and toilet cleaning disks (78% in the same period of 2016). As a result of the above, our gross profit and gross margin was lower in the current period as compared to the same period of last year.    
  • Net income (loss) from continuing operation attributable to stockholders decreased by 132% from net income of $1.9 million to net loss of $0.6 million. The decrease was mainly the results of decreased sales and gross profit.  
  • Net income (loss) from discontinued operation increased by 550% from net loss of $0.2 million to net income of $0.9 million. The increase was mainly due to the lower costs of sales for energy products.  
  • Net income decreased by 82% from $1.7 million to $0.3 million. The decrease was mainly the results of decreased sales and gross profit.  

“In the first half of this year, as a result of intensified competition in China's household goods industry, the Company reported lower revenue and gross margin in the bamboo-based charcoal products. Currently we have less bargaining power with our supermarket customers when it comes to pricing charcoal products.” said Mr. Wang Zhengyu, Chairman and Chief Executive Officer of Tantech. “As part of our commitment to contributing to a greener world, the company has been focusing on business transformation, shifting from bamboo-based charcoal production to electric vehicle (EV) manufacturing. In the future, while focusing on EV development and production, the company will further diversify sales channels for bamboo-based charcoal products to generate steady cash flows to support the EV business, or finance other environment-related investment. Also, the company will seek new revenue sources in the future, such as capitalizing on our marketing strength to serve other charcoal manufacturers. ” Mr. Wang continued.

“Recently, the company made a significant change to the Electric Double-Layer Capacitor (“EDLC”) carbon business. During the reporting period, sales of EDLC carbon fell short of the company's expectations. Compared to lithium batteries, EDLC, the key material to make super capacitors, is more environmental friendly and requires less time to recharge. However, since China tilts its EV subsidy towards lithium batteries, demand for EDLC and super capacitor has remained tepid. The situation has taken a toll on the company's EDLC carbon business. If we continue operating in this segment, substantial spending will be inevitable to remain competitive. While we were able to generate income in this segment in the current period, we are not confident of our ability to remain profitable in our EDLC carbon business moving forward in the absence of such investment. After recent discussion at the Board of Directors, the company has decided to shed the EDLC carbon business. Last week the company signed an agreement with Chief Technology Officer Chen Zaihua to sell the business to a start-up team led by him. Meanwhile, Chen will step down from his position as Tantech's CTO and leave the company when the deal is finished. “

Mr. Wang finally commented, “In this July, the completion of acquiring 70% equity interest of Suzhou E-Motors marks our foray into the EV industry. As mentioned, EV will become a core part of our business. In September we received a meaningful car sales order. In November Tantech appointed Dr. Zhu Yonghua, former chief technology officer at Suzhou Automotive Research Institute of Tsinghua University, as Suzhou E-Motors' Chief Scientist. Dr. Zhu will lead the research and development of autonomous driving technology for smart special-purpose EVs, such as road sweepers and sprinklers. The move will not only help Suzhou E-Motors upgrade products but also build a professional platform to drive innovation for the future.”

Six-Month 2017 Financial Results

Revenues 

Total revenues decreased by $6.8 million, or 35%, to $12.4 million for the six months ended June 30, 2017 from $19.2 million for the same period of last year. The decrease was primarily attributable to the decreased sales from our consumer products segment and trading segment.

For the Six Months Ended June 30,

2017

2016

Revenues
($'000)

Gross
Profit
($'000)

Gross
Margin
(%)

Revenues
($'000)

Gross
Profit
($'000)

Gross
Margin
(%)

Consumer product

12,293

1,977

16.1

%

18,748

5,223

27.9

%

Trading

152

20

13.3

%

493

137

27.8

%

Total

12,445

1,997

16.0

%

19,241

5,360

27.9

%

Revenues for the consumer product segment decreased by $6.4 million, or 34%, to $12.3 million for the six months ended June 30, 2017 from $18.7 million for the same period of last year. The declines of revenue, gross profit and gross margin were mainly due to the lower selling price for consumer products, which was caused by the much stronger competition compared to the same period last year. During the six months ended June 30, 2017, we reduced our average selling price by approximately 3% to 5% to meet customer demand. In addition, as a result of the increasing E-commerce awareness and change of shopping habits among younger consumers, people are increasingly buying consumer products online with unknown brands in order to save money. Therefore, orders from our customers for our consumer products have decreased considerably. Also, we reduced the cooperation with certain supermarket customers with low selling price and unfavorable profit margin. The total number of supermarket customers decreased from 11 in six months ended June 30, 2016 to 7 in the same period of 2017, and revenue from supermarket customers decreased by 91%, from $14.5 million in six months ended June 30, 2016 to only $1.3 million in the same period of 2017. On the other hand, we increased sales to distributors during the current period. Revenue from distributors and specialty shop customers increased by 135%, from $4.7 million in the six months ended June 30, 2016 to $11.2 million in the same period of 2017. Total number of distributors and specialty shop customers increased from 41 in the six months ended June 30, 2016 to 45 in the same period of 2017. As a result of decreased selling price and sales volume, our revenue from consumer product segment decreased significantly.

Revenues for the trading segment decreased by $0.3 million, or 69%, to $0.15 million for the six months ended June 30, 2017 from $0.49 million for the same period of last year. Starting in 2016, we dropped the trading business of non-“Charcoal Doctor” products, since those products contributed lower gross margin and disrupted our own branded charcoal products sale. We suspended the sales of those charcoal related products in the domestic market and focused on the export market instead. In the six months ended June 30, 2017, total export sales volume of our trading segment decreased and led to the decreased revenue of this segment.

We originally had another Biofuel Energy segment, which primarily produces and sells BBQ charcoal and bamboo-based fuel for Electric Double Layer Capacitor (“EDLC”). Our EDLC carbon and low emission barbecue charcoal products are facing increasing challenges from rapid technology innovation, competition from large international rivals, and our limited sales network for these products. In order to cut recurring losses for this product category, we recently made a strategic decision to cease operations of our EDLC carbon segment and to sell certain key assets to an entity headed by our current Chief Technology Officer.  The Company believes this decision represented a strategic shift that could have a material effect on the Company's result of operations. Based on the Company's management accounts, certain assets as of June 30, 2017 and December 31, 2016, and the revenue and expenses for the six months ended June 30, 2017 and 2016 were reclassified as discontinued operations to retrospectively reflect this transaction. For the six months ended June 30, 2017 and 2016, total revenue from our EDLC carbon and low emission barbecue charcoal was $3.3 million and $3.5 million, respectively, a decrease of $0.2 million or 6% in current period as compared to the same period of last year. Our BBQ charcoal has lower cost and higher profit margin than our EDLC products, and the changes in sales mix during each reporting period may have different operating result. For the six months ended June 30, 2017 and 2016, 94% and 4% of the sales were from low cost BBQ charcoal, and 6% and 96% of the sales were from low margin EDLC products, respectively. As a result, for the six months ended June 30, 2017 and 2016, the Company reported a net income of $0.9 million and a net loss of $0.2 million from the discontinued operations of energy segment, respectively.

Cost of revenues 

Total cost of revenues decreased by $3.43 million, or 25%, to $10.4 million for the six months ended June 30, 2017 from $13.9 million for the same period of last year.  The decrease was in line with the revenue decline which led to decreased material costs of our air purification, deodorizer and bamboo vinegar products. As a percentage of revenues, the cost of revenue increased by 16 percentage points to 84% for the six months ended June 30, 2017 from 72% for the same period of last year.

Gross profit

Total gross profit decreased by $3.36 million, or 63%, to $2.0 million for the six months ended June 30, 2017 from $5.4 million for the same period of last year. Gross margin was 16% for the six months ended June 30, 2017, compared to 28% for the same period of last year. The decrease in gross margin was primarily attributable to the lower selling price related our consumer products and trading segment in six months ended June 30, 2017. In addition, the decrease in our gross margin was also affected by changes in the sales of our product mix, because our different consumer product has different selling price, cost of sales and gross profit margin. Normally, our charcoal deodorants products (including wardrobe deodorizers, refrigerator deodorant, etc.) has higher margin than our air purifiers and humidifiers charcoal bags and toilet cleaning disks. During the six months ended June 30, 2017, about 92% sales were from lower profit margin charcoal bags and toilet cleaning disks (78% in the same period of 2016). These factors led to our reduced gross margin in current period. On segment basis, gross margins for consumer product and trading were 16.1% and 13.3%, respectively, for the six months ended June 30, 2017, compared to 27.9%, and 27.8%, respectively, for the same period of last year.  

Operating expenses

Selling expenses decreased by $0.1 million, or 32%, to $0.2 million for the six months ended June 30, 2017 from $0.3 million for the same period of last year. As a percentage of revenues, selling expenses represented 1.9% of revenues for the six months ended June 30, 2017, as compared to 1.8% for the same period of last year. The decrease in selling expenses was primarily attributable to the decreased logistic service expenses by approximately $67,548 or 65%, decreased trade show and exhibit expenses by approximately $34,155 or 99% and decreased sales commission and salary expenses by approximately $37,408 or 58%, offset by an increase in export agency expense of $10,364 or 24%, when comparing six months ended June 30, 2017 to the same period of last year.

General and administrative expenses from continuing operations decreased by $0.5 million, or 20%, to $1.8 million for the six months ended June 30, 2017 from $2.3 million for the same period of last year. The decrease in general and administrative expenses was primarily attributable to the following factors:

(1)

In connection with our discontinued operation of EDLC carbon and low emission barbecue charcoal product under biofuel energy segment, general and administrative expenses of approximately $2.1 million and $0.63 million for the six months ended June 30, 2017 and 2016, respectively, have been separately presented and reflected under discontinued operation. If without separate presentation of discontinued operation, total general and administrative expenses for six months ended June 30, 2017 and 2016 would have been $3.9 million and $2.9 million, respectively, approximately $1 million or 35% higher in current period as compared to the same period of last year, due to increased bad debt reserve related to our accounts receivable and advance to suppliers.

(2)

In terms of general and administrative expenses from continuing operation, our bad debt expense related to accounts receivable decreased by $238,000, from approximately $909,000 in the six months ended June 30, 2016 to approximately $671,000 in the six months ended June 30, 2017. Based on the results of aging analysis performed, we set aside approximately $1.2 million and $1.4 million as allowance for potentially uncollectable accounts receivable balances as of June 30, 2017 and 2016, respectively. Approximately $0.77 million of the accounts receivable balances that we had recorded allowances in prior years were collected in the six months ended June 30, 2017. We reversed the allowance by the same amount and decreased bad debt expense related to accounts receivable by approximately $238,000.

As a percentage of accounts receivable, our reserve balance decreased by 0.7% to 3.2% as of June 30, 2017 from 3.9% as of June 30, 2016; and

(3)

In terms of general and administrative expenses from continuing operation, our bad debt expense related to advance to suppliers decreased by approximately $131,000, from approximately $689,000 in the six months ended June 30, 2016 to approximately $558,000 in the six months ended June 30, 2017 due to our efforts to collect the previously allowanced advance payment from suppliers.

As a percentage of advances to suppliers, our reserve balance increased to 26.4% as of June 30, 2017 from 5.7% as of June 30, 2016.

(4)

A decrease in consulting expenses of approximately $50,000, because we incurred more consulting expenses in 2016 related to the acquisition of Suzhou E-motors.

Research and development expenses decreased by $0.01 million, or 15%, to $0.1 million for the six months ended June 30, 2017 from $0.11 million for the same period of last year. The decrease was primarily due to our reduced R&D expenditure on our existing consumer products during the six months ended June 30, 2017 because in connection with our acquisition of Suzhou E-Motor, we intended to focus on the electric vehicle segment going forward.

Total operating expenses decreased by $0.58 million, or 22%, to $2.1 million for the six months ended June 30, 2017 from $2.7 million for the same period of last year, which was mainly due to decrease in general and administrative expenses.

Operating income (loss)

Operating income (loss) decreased by $2.8 million, or 105%, to a loss of $0.1 million for the six months ended June 30, 2017, from an income of $2.7 million for the same period of last year. Operating margin was (1.1)% for the six months ended June 30, 2017, compared to 13.9% for the same period of last year.

Other income and expenses  

Total other (expense) was ($0.1 million) for the six months ended June 30, 2017, compared to ($0.1 million) for the same period of last year. The Company paid interest expense of $0.1 million while received interest income and other income of $6,070 and $9,454, respectively, for the six months ended June 30, 2017. As a comparison, the Company paid interest expense of $0.3 million while received interest income, government subsidy income, and other income of $397, $ 1,530, and $0.2 million, respectively, for the same period of last year.

Income (loss) from continuing operation before income taxes  

Our income (loss) from continuing operation before income taxes decreased by $2.8 million, or 107%, to net loss of $0.2 million for the six months ended June 30, 2016 from net income of $2.6 million for the same period of last year. The decrease was primarily attributable to a decrease in sales volume in a few types of products, reduced selling price, and higher cost of revenue, which led to lower gross profit for the six months ended June 30, 2017 as compared to the same period of last year.

Provision for income taxes  

Our provision for income taxes was approximately $0.4 million for the six months ended June 30, 2017, a decrease of $0.28 million, or 40%, from $0.7 million for the same period of last year.

Net income (loss) from continuing operations

Net income (loss) from continuing operations decreased by $2.5 million, or 132%, to net loss of $0.6 million for the six months ended June 30, 2017 from net income of $1.9 million for the same period of last year.

Balance Sheet and Cash Flow

As of June 30, 2017, the Company had cash and cash equivalents of $9.0 million, working capital of $47.4 million and stockholders' equity of $82.0 million, compared to $5.9 million, $50.2 million, and $80.2 million, respectively, at the end of 2016.

For the six months ended June 30, 2017 and for the year ended December 31, 2016, our accounts receivable turnover in days were 450 days and 311 days, respectively. Although we typically does not grant special payment terms to our customers, some of our customers, who are large retailers and wholesale chains, tend to require longer payment terms but are unlikely to default. The instances of slow payments and long-aging receivables may have negative impact on our short-term operating cash flow and future liquidity. We periodically review our accounts receivable and allowance level in order to ensure our methodology used to determine allowances is reasonable and accrued additional allowances if necessary. We have recently put a lot of efforts into accounts receivable collection through tightening our customer credit policy and strengthening monitoring of uncollected receivables. If the Company has difficulty collecting, the following steps will be taken, including but not limited to: cease any additional shipments to the customers, visit the customers to request payments on past due invoices, and if necessary, take legal recourse. If all of these steps are unsuccessful, management will determine whether or not the receivable will be reserved or written off.  

Total accounts receivable aging was as follows as of June 30, 2017:

 Breakdown by aging:

June 30, 2017

Aging

Less than 3 months

$  9,621,641

4-6 months

7,983,010

7-12 months

19,587,335

Total

$ 37,182,986

Breakdown by business:

Accounts receivable –EDLC business

5,450,315

Accounts receivables –continuing businesses

31,732,671

Total

37,182,986

The accounts receivable from continuing businesses was $31,732,671 as of June 30, 2017. For the six months ended June 30, 2017 and 2016, the Company accrued additional $0.67 million and $0.91 million bad debt allowance against the aged accounts receivable balances, respectively, which has been reflected in the Company's continuing operations as shown in the condensed consolidated statements of income and comprehensive income (loss).  Subsequent to June 30, 2017 and through November 30, 2017, the Company collected $15,941,906 or 50.2% of the accounts receivable balance from continuing businesses as of June 30, 2017, among which $13,955,798 was related to accounts receivable aged above 7 months.  

The accounts receivable balance from EDLC business was $5,450,315 as of June 30, 2017. The Company accrued $0.8 million and $0.1 million bad debt reserve against the aged accounts receivable under EDLC business for the six months ended June 30, 2017 and 2016, respectively, which has been reflected in the discontinued operation as shown in the condensed consolidated statements of income and comprehensive income (loss). Subsequent to June 30, 2017 and through November 30, 2017, the Company collected $535,228 or 10% of accounts receivable balance from EDLC business as of June 30, 2017. Recently, three of the Company's major customers in EDLC business with aggregate accounts receivable balance of approximately $5.4 million  as of June 30, 2017 have signed agreements with the Company and promised to repay the full amount prior to March 2018. The Company also expects to collect the remaining balances from other customers during the first quarter of 2018. 

For the six months ended June 30, 2017 and for the year ended December 31, 2016, the Company had significant advances to suppliers of approximately $14.1 million and 14.8 million, respectively. In order to ensure a steady supply of raw materials, the Company is required from time to time to make cash advances when placing its purchase orders. Due to recent tighten environmental protection policies in China, many smaller suppliers have gone out of business. The Company monitors the advances to suppliers account and the allowance level periodically in order to ensure the related allowance is reasonable. We have since enhanced our collections or realization on advance to suppliers through tightening vendor prepayment policy and strengthening monitoring of unrealized prepayment. If the Company has difficulty collecting, the following steps will be taken: cease additional purchases from these suppliers, visit the suppliers to request return of the prepayments promptly, and if necessary, take legal recourse. If all of these steps are unsuccessful, management will determine whether or not the prepayment will be reserved or written off.  For the six months ended June 30, 2017, we also utilized approximately $10.1 million advance payment through receiving the raw materials from suppliers.

Advances to suppliers' aging was as follows as of June 30, 2017:

 Breakdown by aging:

June 30, 2017

Aging

Less than 3 months

$ 1,763,528

4-6 months

6,227,383

7-12 months

4,613,850

Over 12 months

1,465,828

Total

$ 14,070,589


Breakdown by business:

Advances to suppliers –EDLC business

5,232,948

Advances to suppliers –continuing businesses

8,837,641

Total

14,070,589

The advances to suppliers from continuing businesses was $8,837,641 as of June 30, 2017. For the six months ended June 30, 2017 and 2016, the Company accrued approximately $0.6 million and $0.7 million bad debt allowance against the aged advance to supplier balances, respectively, which has been reflected in the Company's continuing operations as shown in the condensed consolidated statements of income and comprehensive income (loss). Subsequent to June 30, 2017 and through November 30, 2017, the Company utilized or received refund of $1,906,056 or 21.6% of the advances to suppliers from continuing businesses balance as of June 30, 2017.  Based on current sales trend, the Company expects to see increased sales revenue from consumer product segment in the second half of 2017 and estimates approximately additional $4.5 million advance to suppliers will be utilized before January 2018.

The advances to suppliers from EDLC business was $5,232,948 as of June 30, 2017. The Company accrued $0.1 million and $0.4 million bad debt reserve against the aged advance to supplier balances under EDLC business for the six months ended June 30, 2017 and 2016, respectively, which has been reflected in the discontinued operation as shown in the condensed consolidated statements of income and comprehensive income (loss). Subsequent to June 30, 2017 and through November 30, 2017, the Company collected $5,097,720 or 97.4% of the advances to suppliers balance as of June 30, 2017. The Company expects to collect the remaining balances during the first quarter of 2018. 

Net cash provided by operating activities was $8.4 million for the six months ended June 30, 2017, compared to $8.9 million net cash used in operating activities for the same period of last year.  The increase in net cash provided by operating activities for six months ended June 30, 2017 was primarily attributable to the following factors:

  • Significant amount of allowances for accounts receivable and advance to suppliers were recorded due the six months ended June 30, 2017;
  • Accounts receivable decreased by approximately $2.4 million and advances to suppliers decreased by approximately $1.8 million for the six months ended June 30, 2017 as a result of our efforts to strengthen the collection  during six months ended June 30, 2017;
  • Accounts payable increased by $1.8 million because we negotiated with suppliers for extended payment term;

Net cash used in operating activities amounted to $8.9 million for the six months ended June 30, 2016 primarily due to $15.3 million advance payment to suppliers for raw materials, offset by $3 million collection of accounts receivable..  During 2016, we were unable to purchase from our previous second largest supplier TaheXinzhongda Carbon Co. due to supply shortage. Thus we relied on other two main suppliers. In order to secure stable supply of raw materials, we increased prepayments to them in 2016.

Net cash used in investing activities was $4.4 million for the six months ended June 30, 2017, compared to net cash used in investing activities of $1.8 million for the same period of last year.  The net cash used in investing activities in the six months ended June 2017 was primarily attributable to additional deposit of $4.4 million made for acquiring Suzhou E-Motors. The net cash used in investing activities in the six months ended June 30, 2016 was primarily attributable to $3.3 million deposit made for business acquisition of Suzhou E-Motor, offset by a refund of $1.5 million by a supplier due to the cancellation of an asset purchase.

Net cash used in financing activities was $0.7 million for the six months ended June 30, 2017, compared to net cash provided by financing activities of $9.1 million for the same period of last year. Net cash used in financing activities for the six months ended June 30, 2017 primarily due to repayment of bank loans, bank notes and related party loans.  The net cash provided by financing activities for the six months ended June 30, 2016 was primarily attributable to the proceeds received from our private placement of approximately $8.0 million.

Recent Update

Acquisition of Suzhou E-Motors Co., Ltd (“Suzhou E-Motors”)

On July 12, 2017 (the “Closing Date”), the Company completed the acquisition of 70% of the equity interest of Suzhou E-Motors Co., Ltd, a specialty electric vehicles and power batteries manufacturer based in Zhang Jia Gang City, Jiangsu Province, People's Republic of China (“China” or “PRC”).

Pursuant to the original Purchase Agreement executed on May 2, 2016, and the Supplemental Agreement No. 1 signed on December 22, 2016 and Supplemental Agreement No. 2 signed on July 12, 2017, Tantech acquired 70% equity interest of Suzhou E Motors directly from Mr. Henglong Chen for a total cash consideration of RMB 103,200,000 (approximately $15.2 million) and a share consideration of 2,500,000 restricted shares of Tantech's common stock. The Company made a deposit of $15.2 million as of June 30, 2017 in connection with the Purchase Agreement.  

The following unaudited pro forma condensed combined balance sheet as of June 30, 2017 combines the unaudited consolidated condensed balance she

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