0001213900-15-006122.txt : 20150814 0001213900-15-006122.hdr.sgml : 20150814 20150814122501 ACCESSION NUMBER: 0001213900-15-006122 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150814 DATE AS OF CHANGE: 20150814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SkyPeople Fruit Juice, Inc CENTRAL INDEX KEY: 0001066923 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES [2030] IRS NUMBER: 980222013 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34502 FILM NUMBER: 151054047 BUSINESS ADDRESS: STREET 1: 16F, CHINA DEVELOPMENT BANK TOWER, NO. 2 STREET 2: GAOXIN 1ST ROAD CITY: XI'AN STATE: F4 ZIP: 710075 BUSINESS PHONE: 86-29-88377161 MAIL ADDRESS: STREET 1: 16F, CHINA DEVELOPMENT BANK TOWER, NO. 2 STREET 2: GAOXIN 1ST ROAD CITY: XI'AN STATE: F4 ZIP: 710075 FORMER COMPANY: FORMER CONFORMED NAME: ENTECH ENVIRONMENTAL TECHNOLOGIES INC DATE OF NAME CHANGE: 20040323 FORMER COMPANY: FORMER CONFORMED NAME: CYBER PUBLIC RELATIONS INC DATE OF NAME CHANGE: 20010111 10-Q 1 f10q0615_skypeoplefruit.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2015

 

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____ to ____

 

Commission file number: 001-34502

 

SKYPEOPLE FRUIT JUICE, INC.

(Exact name of registrant as specified in its charter)

 

Florida   98-0222013
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

     

  16F, China Development Bank

Tower, No. 2, Gaoxin 1st Road,

Xi’an, PRC

710075

(Address of principal executive offices including zip code)  

     

  86-29-88377161  

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒   Yes  ☐   No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒  Yes ☐  No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐  Accelerated filer ☐ 
Non-accelerated filer ☐  Smaller reporting company ☒ 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐  Yes  ☒   No

 

Class   Outstanding at August 14, 2015
Common Stock, $0.001 par value per share   26,661,499

 

 

 

 
 

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION   1 
Item 1. Financial Statements   1 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.   10 
Item 3. Quantitative and Qualitative Disclosures about Market Risk   20 
Item 4.  Controls and Procedures   20 
PART II. OTHER INFORMATION   20 
Item 1. Legal Proceedings   20 
Item 1A. Risk Factors   20 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   20 
Item 3. Defaults upon Senior Securities   20 
Item 4. Mine Safety Disclosure   20 
Item 5. Other Information   20 
Item 6. Exhibits   21 
SIGNATURES   22 

 

 
 

 

PART I. FINANCIAL INFORMATION

 

Item 1.     Financial Statements

 

SKYPEOPLE FRUIT JUICE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

    June 30,
2015		     December 31,
2014		  
ASSETS   (Unaudited)        
CURRENT ASSETS            
Cash and cash equivalents   $ 60,370,972     $ 25,130,302  
Restricted cash     3,271,395       6,537,016  
Accounts receivable, net of allowance of $34,002 and $837,200 as of June 30, 2015 and December 31, 2014, respectively     26,659,988       66,570,314  
Other receivables     67,458       371,995  
Inventories     4,484,889       4,118,630  
Deferred tax assets     1,671,563       1,410,690  
Advances to suppliers and other current assets     250,116       472,578  
TOTAL CURRENT ASSETS     96,776,381       104,611,525  
                 
Property, plant and equipment, net     101,376,282       96,279,068  
Land use right, net     6,125,025       6,502,420  
Long term assets     3,165,075       3,162,281  
Deposits     62,137,972       68,878,798  
TOTAL ASSETS   $ 269,580,735     $ 279,434,092  
                 
LIABILITIES                
CURRENT LIABILITIES                
Accounts payable   $ 10,885,535     $ 18,381,263  
Accrued expenses     8,867,898       10,085,152  
Income tax payable     238,922       1,457,258  
Advances from customers     390,767       469,007  
Notes payable -bank     -       8,171,270  
Short-term bank loans     32,144,782       28,243,373  
Obligations under capital leases     3,940,172       2,954,401  
TOTAL CURRENT LIABILITIES     56,468,076       69,761,724  
                 
NON-CURRENT LIABILITIES                
Long-term loan - related party     7,959,107       7,959,143  
Obligations under capital leases     15,172,791       15,625,435  
TOTAL NON-CURRENT LIABILITIES     23,131,898       23,584,578  
TOTAL LIABILITIES     79,599,974       93,346,302  
                 
EQUITY                
SkyPeople Fruit Juice, Inc, Stockholders' equity                
Series B Preferred stock, $0.001 par value; 10,000,000 shares authorized; None issued and outstanding as of June 30, 2015 and December 31, 2014, respectively     -       -  
Common stock, $0.001 par value; 66,666,666 shares authorized; 26,661,499 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively     26,661       26,661  
Additional paid-in capital     59,189,860       59,189,860  
Retained earnings     106,422,605       102,833,747  
Accumulated other comprehensive income     19,379,532       19,351,703  
Total SkyPeople Fruit Juice, Inc. Stockholders' equity     185,018,658       181,401,971  
Non-controlling interests     4,962,103       4,685,819  
TOTAL EQUITY     189,980,761       186,087,790  
TOTAL LIABILITIES AND EQUITY   $ 269,580,735     $ 279,434,092  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

1
 

 

SKYPEOPLE FRUIT JUICE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2015   2014   2015   2014 
Revenue  $12,165,269   $11,978,652   $28,736,308   $23,761,819 
Cost of goods sold   7,054,539    7,424,302    16,466,217    15,536,234 
Gross profit   5,110,730    4,554,350    12,270,091    8,225,585 
                     
Operating Expenses                    
General and administrative expenses   273,646    995,830    3,258,128    2,188,951 
Selling expenses   1,271,227    1,384,991    2,323,881    2,249,489 
Total operating expenses   1,544,873    2,380,821    5,582,009    4,438,440 
                     
Income from operations   3,565,857    2,173,529    6,688,082    3,787,145 
                     
Other income (expense)                    
Interest income   230,473    238,212    264,026    311,873 
Subsidy income   49,426    37,374    238,187    470,971 
Interest expenses   (598,090)   (1,749,783)   (1,697,160)   (2,562,204)
Consulting fee related to capital lease   -    (439,908)   -    (882,700)
Total other expenses   (318,191)   (1,914,105)   (1,194,947)   (2,662,060)
                     
Income before income tax   3,247,666    259,424    5,493,135    1,125,085 
Income tax provision   1,070,171    102,608    1,632,740    331,210 
Net income   2,177,495    156,816    3,860,395    793,875 
                     
Less: Net income attributable to non-controlling interests   (88,247)   (107,948)   (271,537)   (241,335)
                     
NET INCOME ATTRIBUTABLE TO SKYPEOPLE FRUIT JUICE, INC.   2,089,248    48,868    3,588,858    552,540 
                     
Other comprehensive income                    
Foreign currency translation adjustment   1,334,006    (11,592)   575,650    (1,717,080)
Comprehensive income (loss)   3,511,501    145,224    4,436,045    (923,205)
Comprehensive income (loss) attributable to non-controlling interests   (109,877)   (156,907)   (276,284)   (135,938)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SKYPEOPLE FRUIT JUICE, INC.  $3,401,624   $(11,683)  $4,159,761   $(1,059,143)
                     
Earnings per share:                    
Basic and diluted net income per share  $0.08   $-   $0.13   $0.02 
                     
Weighted average number of shares outstanding                    
Basic and diluted   26,661,499    26,661,499    26,661,499    26,661,499 

  

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2
 

 

SKYPEOPLE FRUIT JUICE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

    Six Months Ended
June 30,		  
    2015     2014  
             
CASH FLOWS FROM OPERATING ACTIVITIES            
Net income   $ 3,860,395     $ 793,875  
Adjustments to reconcile net income to net cash provided by operating activities                
Depreciation and amortization     3,180,201       1,572,175  
Deferred income tax assets     (260,873 )     (944,977 )
Reverse of provision for bad debt     (803,200 )     -  
Changes in operating assets and liabilities                
Accounts receivable     40,671,942       16,111,019  
Other receivable     304,109       (352,389 )
Advances to suppliers and other current assets     222,326       640,892  
Inventories     (361,721 )     (438,715 )
Accounts payable     (7,602,038 )     1,801,177  
Accrued expenses     (1,258,368 )     4,461,534  
Income tax payable     (1,216,599 )     (1,178,899 )
Advances from customers     (78,459 )     (113,301 )
Net cash provided by operating activities     36,657,715       22,352,391  
                 
CASH FLOWS FROM INVESTING ACTIVITIES                
Refund of purchase deposit     -       7,506,207  
Additions to property, plant and equipment     (2,036,888 )     (9,966,212 )
Prepayment for other assets     296,959       (18,652 )
Prepayments for deposit on equipment     (143,822 )     -  
Net cash used in investing activities     (1,883,751 )     (2,478,657 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Dividend paid to non-controlling interest     -       (4,414,820 )
Decrease (Increased) in restricted cash     3,263,282       (12,950,836 )
(Repayment) Proceeds from short-term notes     (8,158,204 )     14,254,064  
Proceeds from short-term bank loans     18,752,908       19,489,005  
Repayment of short-term bank loans     (13,492,076 )     (19,595,955 )
Payment for capital lease     -       (3,152,185 )
Repayment of related party loans     -       (24,970 )
Net cash provided (used in) by financing activities     365,910       (6,395,697 )
                 
Effect of change in exchange rate     100,796       (643,036 )
                 
NET CHANGE IN CASH AND CASH EQUIVALENTS     35,240,670       12,835,001  
Cash and cash equivalents, beginning of period     25,130,302       66,888,954  
Cash and cash equivalents, end of period   $ 60,370,972     $ 79,723,955  
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION                
Cash paid for interest   $ 1,697,160     $ 2,159,600  
Cash paid for income taxes   $ 1,648,425     $ 2,455,086  
                 
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION                
Transferred from other assets to property, plant and equipment and construction in process   $ 6,928,619     $ 1,325,819  
Equipment acquired by capital lease   $ -     $ 21,014,564  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3
 

 

SKYPEOPLE FRUIT JUICE, INC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1. Basis of Presentation

 

The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2015 and the results of operations and cash flows for the periods ended June 30, 2015 and 2014. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the period ended June 30, 2015 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2015. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2014 as included in our Annual Report on Form 10-K.

 

2. Business Description and Significant Accounting Policies

 

The principal activities of SkyPeople Fruit Juice, Inc. (together with our direct or indirect subsidiaries, “we,” “us,” “our” or “the Company”) consist of production and sales of fruit juice concentrates, fruit juice beverages, and other fruit-related products in the People’s Republic of China (“PRC”, or “China”), and overseas markets. All activities of the Company are principally conducted by subsidiaries operating in the PRC.

 

Organizational Structure

 

Please refer to “organizational structure” section of the Company’s quarterly report on Form 10-Q for periods ended March 31, 2015.

 

Principles of Consolidation

 

Our consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.

 

The consolidated financial statements are prepared in accordance with U.S. GAAP. This basis differs from that used in the statutory accounts of SkyPeople (China) and its subsidiaries, which were prepared in accordance with the accounting principles and relevant financial regulations applicable to enterprises in the PRC. All necessary adjustments have been made to present the financial statements in accordance with U.S. GAAP.

 

Uses of estimates in the preparation of financial statements

 

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but not limited to, the allowance for doubtful accounts receivable, estimated useful life and residual value of property, plant and equipment, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates.

 

4
 

 

SKYPEOPLE FRUIT JUICE, INC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

Shipping and Handling Costs

 

Shipping and handling amounts billed to customers in related sales transactions are included in sales revenues and shipping expenses incurred by the Company are reported as a component of selling expenses. The shipping and handling expenses of $936,414 and $437,756 for three months ended June 30, 2015 and 2014, respectively; and $1,893,067 and $794,151 for the six months ended June 30, 2015 and 2014, respectively; are reported in the Consolidated Statements of Income and Comprehensive Income (Loss) as a component of selling expenses.

 

Leases

 

In January 2014, the Company entered into various five years equipment leasing agreements with Xinda Financial Leasing Co., Ltd. (“Xinda”). The total cost of equipment under this lease agreement is RMB129 million (approximately $21 million). Estimated lease payment will be approximately RMB 8 million per quarter (approximately $1.3 million). The Company has the right to purchase the equipment for $161 at the end of the lease. The Company has classified the leases as capital leases in accordance with ASC 840 “Leases”. The Company also agreed to pay consulting fees of $831,100 (RMB 5,160,000) for two-year consulting services and $414,492 (RMB 2,580,000) services fees to Xinda, both of which were fully expensed in 2014.

 

Earnings per share

 

The diluted earnings per share calculation for the three and six months ended June 30, 2015 did not include the warrants to purchase up to 175,000 shares of common stock, because their effect was anti-dilutive. Such warrants expired during fiscal 2014.

 

3. Inventories

 

Inventories by major categories are summarized as follows:

 

　   June 30,
2015		   December 31,
2014		 
Raw materials and packaging  $2,178,014   $1,249,599 
Finished goods    　2,306,875    2,869,031 
Inventories  $4,484,889   $   4,118,630  

 

5
 

 

SKYPEOPLE FRUIT JUICE, INC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

4. Related Party Transaction

 

Sales to related party

 

The company’s subsidiary sold fruit beverages to a related entity, Shaanxi Fullmart Convenient Chain Supermarket Co., Ltd. ("Fullmart") for approximately $790,500 and $1,350,000 for the six months ended June 30, 2015 and 2014, respectively. The accounts receivable balances were approximately $548,900 and $1,546,000 as of June 30, 2015 and December 31, 2014, respectively. Fullmart is a company indirectly owned by our Chairman and Chief Executive Officer, Mr. Yongke Xue.

 

Long-term loan – related party

 

On February 18, 2013, SkyPeople (China) entered into a loan agreement with SkyPeople International Holdings Group Limited (the "Lender"). The Lender indirectly holds 50.2% interest in the Company. Mr. Yongke Xue ("Y. K. Xue"), the Chairman of the board of directors of the Company (the "Board") and also the Chief Executive Officer, and Mr. Hongke Xue, director of the Board, indirectly and beneficially own 80.0% and 9.4% of equity interest in the Lender, respectively. Pursuant to the Agreement, the Lender agreed to extend to the Company a one-year unsecured term loan with a principal amount of $8.0 million at an interest rate of 6% per annum. During 2013, the Company received $8.0 million from the Lender. In February 2014, both parties extended this loan for another two years under the original terms of the agreement.

The Company recorded interest expense in connection with these related party loans of approximately $120,000 for three months ended June 30, 2015 and 2014, respectively; and approximately $240,000 for the six months ended June 30, 2015 and 2014, respectively.

 

5. Concentrations

 

(1) Concentration of customers

 

Sales to five largest customers accounted for approximately 29% and 19% of our net sales during the six months ended June 30, 2015 and 2014, respectively. There was no single customer represented over 10% of total sales for the six months ended June 30, 2015 and 2014, respectively.

 

6
 

 

SKYPEOPLE FRUIT JUICE, INC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

  

Sales to our five largest customers accounted for approximately 27% and 19% of our net sales during the three months ended June 30, 2015 and 2014, respectively. There was no single customer representing 10% of total sale for the three months ended June 30, 2015 and 2014, respectively.

 

(2) Concentration of suppliers

 

Two suppliers accounted for 13% and 11% of our purchase for six months ended June 30, 2015, no other single supplier accounted for over 10% of our purchase. During six months ended June 30, 2014, three suppliers accounted for 18%, 15% and 10% of our purchases. There was no other single supplier representing 10% of purchase during both periods.

 

During the three months ended June 30, 2015, two suppliers accounted for 13% and 11% of our purchases. During the three months ended June 30, 2014, three suppliers accounted for 18%, 13% and 13% of our purchases. There was no other single supplier representing 10% of purchase during both periods.

 

6. Segment Reporting

 

The Company operates in six segments: concentrated apple juice and apple aroma, concentrated kiwifruit juice and kiwifruit puree, concentrated pear juice, fruit juice beverages, fresh fruits and vegetables, and others. Our concentrated apple juice and apple aroma is primarily produced by the Company’s Huludao Wonder factory; concentrated pear juice is primarily produced by the Company’s Jiangyang factory. However, as the Company uses the same production line to manufacture concentrated apple juice and concentrated pear juice. In addition, both Shaanxi Province, where the factory of Jianyang factory is located, and Liaoning Province, where the factory of Huludao Wonder is located, are rich in fresh apple and pear supplies. Jinagyang factory also produces concentrated apple juice and Huludao Wonder factory also produces concentrated pear juice when necessary. Concentrated kiwifruit juice and kiwifruit puree is primarily produced by the Company’s Qiyiwangguo factory, and fruit juice beverages is primarily produced by the Company’s Qiyiwangguo factory. The Company’s other products include fructose, concentrated turnjujube juice, and other by products, such as kiwifruit seeds.

 

Concentrated fruit juice is used as a basic ingredient for manufacturing juice drinks and as an additive to fruit wine and fruit jam, cosmetics and medicines. The Company sells its concentrated fruit juice to domestic customers and exported directly or via distributors. The Company believes that its main export markets are the United States, the European Union, South Korea, Russia and the Middle East to North America, Europe, Russia, South Korea and the Middle East.  The Company sells its Hedetang branded bottled fruit beverages domestically primarily to supermarkets in the PRC. The Company sells its fresh fruit and vegetables to supermarkets and whole sellers in the PRC.

 

Some of these product segments might never individually meet the quantitative thresholds for determining reportable segments and we determine the reportable segments based on the discrete financial information provided to the chief operating decision maker. The chief operating decision maker evaluates the results of each segment in assessing performance and allocating resources among the segments. Since there is an overlap of services provided and products manufactured between different subsidiaries of the Company, the Company does not allocate operating expenses and assets based on the product segments. Therefore, operating expenses and assets information by segment are not presented. Segment profit represents the gross profit of each reportable segment.

 

7
 

 

SKYPEOPLE FRUIT JUICE, INC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

For the Three Months Ended June 30, 2015

(Dollars in 000’s)

 

   Concentrated apple juice
and apple
aroma		   Concentrated
kiwifruit
juice and
kiwifruit
puree		   Concentrated pear juice   Fruit juice beverages   Fresh fruits
and
vegetables		   Others   Total 
Reportable segment revenue  $63   $41   $988   $28,424   $-    1   $29,517 
Inter-segment revenue   (13)    -    -    (17,339)   -    -    (17,352)
Revenue from external customers   　50    41    988    11,085    -    1    12,165 
Segment gross profit  $-   $11   $324   $4,797   $-    1   $5,111 

  

For the Three Months Ended June 30, 2014

(Dollars in 000’s) 

 

   Concentrated apple juice
and apple
aroma		   Concentrated
kiwifruit
juice and
kiwifruit
puree		   Concentrated pear juice   Fruit juice beverages   Fresh fruits
and
vegetables		   Others   Total 
Reportable segment revenue  $773   $5   $246   $11,079   $-    20   $12,123 
Inter-segment revenue   　-    -    (56)   (88)   -    -    (144)
Revenue from external customers   　773    5    190    10,991    -    20    11,979 
Segment gross profit  $153   $1   $90   $4,302   $-    8   $4,554 

 

For the Six Months Ended June 30, 2015

(Dollars in 000’s)

 

   Concentrated
apple juice
and apple
aroma		   Concentrated
kiwifruit
juice and
kiwifruit
puree		   Concentrated pear juice   Fruit juice beverages   Fresh fruits
and
vegetables		   Others   Total 
Reportable segment revenue  $88   $3,603   $5,752   $50,455   $-    1   $59,899 
Inter-segment revenue   　(13)    (1,674)   (101)   (29,375)   -    -    (31,163)
Revenue from external customers   　75    1,929    5,651    21,080    -    1    28,736 
Segment gross profit  $8   $675   $2,210   $9,376   $-    1   $12,270 

 

8
 

 

SKYPEOPLE FRUIT JUICE, INC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

For the Six Months Ended June 30, 2014

(Dollars in 000’s) 

 

   Concentrated
apple juice
and apple
aroma		   Concentrated
kiwifruit
juice and
kiwifruit
puree		   Concentrated pear juice   Fruit juice beverages   Fresh fruits
and
vegetables		   Others   Total 
Reportable segment revenue  $1,535   $1,861   $2,481   $18,567   $5    83   $24,532 
Inter-segment revenue   　(488)    (22)   (78)   (136)   (1)   (45)   (770)
Revenue from external customers   　1,047    1,839    2,403    18,431    4    38    23,762 
Segment gross profit  $81   $754   $666   $6,719   $4    2   $8,226 

   

The following table reconciles reportable segment profit to the Company’s condensed consolidated income before income tax provision for the six months ended June 30, 2015 and 2014:

 

    2015   2014 
Segment profit  $12,270,091   $8,225,585 
Unallocated amounts:          
Operating expenses   (5,582,008)   (4,438,440)
Other expenses   (1,194,947)   (2,662,060)
Income before tax provision  $5,493,136   $1,125,085 

 

7. Subsequent Events


 

On August 11, 2015, the People Bank of China, which is acting as the central bank of China made the Announcement on Improving Quotation of the Central Parity of RMB against US Dollar, pursuant to which, “Effective from 11 August 2015,the quotes of central parity that market makers report to the CFETS daily before market opens should refer to the closing rate of the inter-bank foreign exchange market on the previous day, in conjunction with demand and supply condition in the foreign exchange market and exchange rate movement of the major currencies.”

As a result of the announcement, the Chinese currency (“Yuan”) weakened from RMB6.2097 to USD1 to RMB6.3080 to USD1.

 

9
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The following discussion should be read in conjunction with the Financial Statements and Notes thereto appearing elsewhere in this Form 10-Q.

 

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

 

The following discussion and analysis of the condensed consolidated financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and notes in Item I above and with the audited consolidated financial statements and notes, and with the information under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from the results described in or implied by these forward-looking statements as a result of various factors, including those discussed in this report and under the heading “Risk Factors” in our most recent Annual Report on Form 10-K.

 

Overview of Our Business

 

We are engaged in the production and sales of fruit juice concentrates (including fruit purees, concentrated fruit purees and concentrated fruit juices), fruit beverages (including fruit juice beverages and fruit cider beverages), and other fruit related products (including organic and non-organic fresh fruits) in and from the PRC. Our fruit juice concentrates, which include apple, pear and kiwifruit concentrates, are sold to domestic customers and exported directly or via distributors. We sell our Hedetang branded bottled fruit beverages domestically primarily to supermarkets in the PRC. For the three months ended June 30, 2015, sales of our fruit concentrates, fruit beverages, fresh fruits and other fruit related products represented 9%, 91% and 0% of our revenue, respectively, compared to 8%, 92% and 0%, respectively, for the same period of 2014.

 

We export our products as well as sell them domestically. We sell our products either through distributors with good credit or to end users directly. We believe that our main export markets are the Asia, North America, Europe, Russia and the Middle East. We sell our other fruit related products to domestic customers.

 

We currently market our Hedetang brand fruit beverages in only certain regions of the PRC. We plan to expand the market presence of Hedetang over a broader geographic area in the PRC. In particular, we plan to expand our glass bottle production line to produce higher margin portable fruit juice beverages targeting consumers in more populated Chinese cities. Currently we produce six flavors of fruit beverages in 280 ml glass bottles, 418 ml glass and 500 ml glass bottles and BIB package, including apple juice, pear juice, kiwifruit juice, mulberry juice, kiwifruit cider and mulberry cider. We currently sell our fruit beverages to over 100 distributors and more than 20,000 retail stores in approximately 20 provinces. Our products are sold through distributors in stores such as RT-Mart in Shandong, Huhui and Quanjia in Sichuan, yonghui in Fujian and GMS Supermarket in Shanghai, etc.

 

We plan to continue to focus on creating new products with high margins to supplement our current product offering.

 

We believe that continuous investment in research and development is a key component to being a leader in fruit juice concentrate and fruit beverage quality. As of June 30, 2015, we are in the process of building up an internal research and development team; we will use external experts and research institutions for additional consultation when necessary. During the three months ended June 30, 2015 and 2014, our research and development expenses were $nil.

 

10
 

 

Our business is highly seasonal and can be greatly affected by weather because of the seasonal nature in the growing and harvesting of fruits and vegetables. Our core products are apple, pear and kiwifruit juice concentrates, which are produced from July or August to April of the following year. The squeezing season for (i) apples is from August to January or February; (ii) pears is from July or August until April of next year; and (iii) kiwifruit is from September through December. Typically, a substantial portion of our revenues is earned during our first and fourth quarters. To minimize the seasonality of our business, we make continued efforts in identifying new products with harvesting seasons complementary to our current product mix. Our goal is to lengthen our squeezing season, thus increasing our annual production of fruit juice concentrates and fruit beverages. In the first quarter of 2009, we introduced mulberry and kiwifruit cider beverages in the Chinese market. Unlike fruit juice concentrates, which can only be produced during the squeezing season, such fruit beverages are made out of fruit juice concentrates and can be produced and sold in all seasons. With continuous efforts in marketing of our beverages in domestic market, we believe that our seasonality will be reduced.

 

Fresh fruits are the primary raw materials needed for the production of our products. Our raw materials mainly consist of apples, pears and kiwifruits. Other raw materials used in our business include pectic enzyme, amylase, auxiliary power fuels and other power sources such as coal, electricity and water.

 

We purchase raw materials from local markets and fruit growers that deliver directly to our plants. We have implemented a fruit-purchasing program in areas surrounding our factories. In addition, we organize purchasing centers in rich fruit production areas, helping farmers deliver fruit to our purchasing agents easily and in a timely manner. We are then able to deliver the fruit directly to our factory for production. We have assisted local farmers in their development of kiwifruit fields to help ensure a high quality product throughout the production channel. Our raw material supply chain is highly fragmented and raw fruit prices are highly volatile in China. Fruit concentrate and fruit juice beverage companies generally do not enter into purchasing agreements. In addition to raw materials, we purchase various ingredients and packaging materials such as sweeteners, glass and plastic bottles, cans and packing barrels. We generally purchase our materials or supplies from multiple suppliers. We are not dependent on any one supplier or group of suppliers.

 

Shaanxi and Liaoning Provinces, where our manufacturing facilities are located, are large fruit producing provinces. We own and operate four manufacturing facilities in the PRC, all of which are strategically located near fruit growing centers so that we can better preserve the freshness of the fruits and lower our transportation costs. To take advantage of economies of scale and to enhance our production efficiency, generally, each of our manufacturing facilities has a focus on products made from one particular fruit according to the proximity of such manufacturing to the sources of supply for that fruit. Our kiwifruit processing facilities are located in Zhouzhi County of Shaanxi Province, which has the largest planting area of apples and kiwifruit in the PRC. Our pear processing facilities are located in Shaanxi Province, which is the main pear-producing province in the PRC. Our apple processing facilities are located in Liaoning Province, a region that abounds with high acidity apples. As we use the same production line for concentrated apple juice and concentrated pear juice and both Shaanxi Province and Liaoning Province are rich in fresh apple and pear production, our Liaoning facilities also produced concentrated apple juice and our Shaanxi Province facilities also produced concentrated apple juice based on customer need. We believe that these regions provide adequate supply of raw materials for our production needs in the foreseeable future.

 

11
 

 

Capital Investment Projects

 

Investment/Service Agreement with Yidu Municipal People’s Government

 

On October 29, 2012, SkyPeople (China) entered into an investment/service agreement (the “Investment Agreement”) with Yidu Municipal People’s Government in Hubei Province of China.

 

Under the Investment Agreement, the parties agreed to invest and establish an orange comprehensive deep processing zone in Yidu.

 

The Company will be responsible for the establishment, construction and financing of the project with a total investment of RMB 300 million (approximately $48 million), in fixed assets and the purchase of land use rights, while Yidu government agrees to provide a parcel of land for the project that is approximately 280 mu in size located at Gaobazhou Town of Yidu for a fee payable by the Company. The consideration for transferring the land use right for the project land shall be RMB 0.3 million per mu.

 

The main scope of the Yidu project includes the establishment of:

 

1. one modern orange distribution and sales center (the “distribution center”);

 

2. one orange comprehensive utilization deep processing zone (the “deep processing zone”), including:

 

  a) one 45 ton/hour concentrated orange juice and byproduct deep processing production line;

 

  b) one bottled juice drink production line with a capacity to produce 6,000 glass bottles per hour;

 

  c) one storage freezer facility with a capacity to store 20,000 tons of concentrated orange juice; and

 

  d) general purpose facilities within the zone, office space, general research and development facilities, service area, living quarters and other ancillary support areas

 

3. one research and development center for orange varietal improvement and engineering technology (the “R&D center”); and

 

4. one standardized orange plantation (the “orange plantation”).

 

The total amount of RMB 300 million (approximately $48 million) will mainly be used to establish the distribution center and the deep processing zone on the project land of approximately 280 mu. SkyPeople and Yidu Municipal People’s Government agreed to discuss the investment amount and location for establishing the R&D center and the orange plantation in the future.

  

Yidu Municipal People’s Government is in the process of demolition buildings on project land. The Company is actively working with various bodies of local government making preparations for the start of the project.

 

12
 

 

Investment/Service Agreement with Mei County National Kiwi Fruit Wholesale Trading Center

 

On April 3, 2013, SkyPeople (China) entered into an Investment Agreement (the "Agreement") with the Managing Committee of Mei County National Kiwi Fruit Wholesale Trading Center (the "Committee").  The Committee has been authorized by the People’s Government of Mei County to be in charge of the construction and administration of the Mei County National Kiwi Fruit Wholesale Trading Center (the “Trading Center”).  

 

Under the Agreement, the parties agreed to invest and establish a kiwi fruit comprehensive deep processing zone and kiwi fruit and fruit-related materials trading zone in Yangjia Village, Changxing Town of Mei County with a total planned area of total planned area of 286 mu (approximately 47 acres) (the “Project”).  

 

Pursuant to the Agreement, the Company will be responsible for the construction and financing of the Project with a total investment of RMB 445.6 million (approximately $71.9 million) in buildings and equipment.  In addition, the Company agreed to pay for the land use rights for the Project land a fee of RMB 0.3 million per mu.  The Committee is responsible for financing and constructing the basic infrastructure surrounding the Project, such as the main water supply, main water drainage, natural gas, electricity, sewage, access roads to the Project, natural gas and communications networks.

 

As of the date of this report, the Company is in the process of building up facilities and purchasing equipment, it is expected that trial production will begin in the second half of 2015.

 

Suizhong Project

 

On July 15, 2011, SkyPeople entered into a Letter of Intent with the People’s Government of Suizhong County, Liaoning Province, to establish a fruit and vegetable industry chain and further processing demonstration zone in Suizhong County, Liaoning Province (the “Suizhong project”).

 

The Suizhong project may include one or more of the following: the construction and operation of fruit juice production lines, vegetable and fruit flash freeze facility, refrigeration storage facility and warehouse, a world class food safety testing center, fruit and vegetable modern supply chain and e-commerce platform, fruit and vegetable finished products processing center and exhibition center, etc. The implementation of the project is subject to government approval of the project.

 

The Company has made partial payment to acquire land use right from the local government, purchase equipment and build facilities. The Company is in the process of building up facilities and purchasing equipment. As of date of this report, the Company has finished building office building, dormitory, refrigeration storage facility and warehouse.

 

13
 

 

Results of Operations

 

Comparison of Three Months ended June 30, 2015 and 2014:

 

Revenue

 

The following table presents our consolidated revenues for each of our main products for the three months ended June 30, 2015 and 2014, respectively (dollars in thousands):

 

   Three month ended
June 30,		   Change 
   2015   2014   Amount   % 
Concentrated apple juice and apple aroma  $50   $773   $(723)   (94%)
Concentrated kiwifruit juice and kiwifruit puree   42    5    37    740%
Concentrated pear juice   988    190    798    420%
Fruit juice beverages   11,085    10,991    94    1%
Others   -    20    (20)   (100%)
Total $12,165   $11,979   $186    2%

 

The increase in gross revenue for the three months ended June 30, 2015 was primarily due to increased sales of all of our product lines except decreased revenue from concentrated apple juice and apple aroma and other fruit related products.

 

Sales from apple related products decreased for the three months ended June 30, 2015, as the Company sold approximately 11 tons of concentrated apple juice versus 480 tons of concentrated apple juice sold in the same period of 2014. Such decrease was partially offset by increase in unit price of concentrated apple juice. During the second quarter of 2015, due to reduced market demands revenue generated from this segment were lower than that of the same period of previous year, however the unit price of concentrated apple juice increased.

 

Sales from concentrated kiwifruit juice and kiwifruit puree increased during the second quarter of 2015 as compared to net sales of kiwi-related product line in the same quarter of 2014, primarily as a result of the increased unit selling prices and increase in amount of products sold in second quarter of 2015 as compare to same period of 2014. During the three months ended June 30, 2015 and 2014, the Company sold approximately 9 and 2.7 tons of kiwi-related products, respectively.

 

Sales of concentrated pear juice increased in the second quarter of 2015 as we sold 578 and 100 tons of concentrated pear juice during second quarter of 2015 and 2014. However the increase in amount of concentrated pear juice sold was partially offset by the decrease in unit selling price.

 

Sales from our fruit juice beverages increased for the second quarter of 2015, primarily due to bigger market share gained from our continuous efforts of expanding sales channel.

 

Gross Margin

 

The following table presents the consolidated gross profit of each of our main products and the consolidated gross profit margin, which is gross profit as a percentage of the related revenues, for the three months ended June 30, 2015 and 2014, respectively (dollars in thousands):

 

   Three months ended June 30, 
   2015   2014 
   Gross
profit		   Gross
margin		   Gross
profit		   Gross
margin		 

Concentrated apple juice and apple aroma

  $-    -   $153    20%

Concentrated kiwifruit juice and kiwifruit puree

   (10)   (27%)   1    20%
Concentrated pear juice   324    33%   90    47%
Fruit juice beverages   4,797    43%   4,302    39%
Others   -    -    8    40%
Total/Overall (for gross margin)  $5,111    42%  $4,554    38%

 

14
 

 

The consolidated gross profit for the three months ended June 30, 2015 was $5.1 million, an increase of $0.5 million, or 11%, from $4.6 million for the same period of 2014, primarily due to increase of profit margin of all of our products except kiwi-related products segment. The consolidated gross profit margin for the second quarter of 2015 and 2014 were 42% and 38%, respectively.

 

The Company did not generate gross profit from sales of concentrated apple juice and apple aroma during the second quarter of 2015. Comparably, during the same period of 2014, the Company generated approximately $153,000 during the same period of 2014, representing gross profit margin of 20%.

 

The gross profit margin of the concentrated kiwifruit juice and kiwifruit puree decreased from 20% for the three months ended June 30, 2014 to gross loss margin of 27% for the same period of 2015, primarily due to higher cost of fresh kiwi purchased in the last squeezing season, which caused higher cost of concentrated kiwifruit juice and kiwifruit puree sold during the current period as compared to the cost of concentrated kiwifruit juice and kiwifruit puree sold in the same period of 2014.

 

The gross profit margin of the concentrated pear juice decreased from 47% to 33% for second quarter of 2014 to 2015, primarily due to higher cost of concentrated pear juice sold during current quarter than those of same period previous year.

 

The gross profit margin of our fruit juice beverages increased from 39% for the three months ended June 30, 2014, to 43% for the same period of 2015. The increase of gross margin of fruit juice beverages was primarily due to higher unit selling price in the second quarter of 2015 as compared to same period of 2014.

 

Operating Expenses

 

The following table presents our consolidated operating expenses and operating expenses as a percentage of revenue for the three months ended June 30, 2015 and 2014, respectively:

 

   Second quarter of 2015   Second quarter of 2014 
   Amount   % of revenue   Amount   % of revenue 
General and administrative  $

273,646

    2%  $995,830    8%
Selling expenses   1,271,227    11%   1,384,991    12%
Total operating expenses  $1,544,873    13%  $2,380,821    20%

 

Operating expenses decreased for the three months ended June 30, 2015 compared to the corresponding period in 2014.

 

During the second quarter of 2015, the Company executed stronger control over accounts receivables. Since the outstanding balance of account receivables decreased as compared with that of the year end, based on management’s estimation of collectability of account receivables, the Company reduced bad debt provisions from $837,200, as of the year end to $34,002, as of the end of the second quarter. As a result, general and administrative expenses for the second quarter of 2015 was significantly lower than that of the first quarter, when the Company accrued $1,452,096 of bad debt provisions. Selling expenses decreased slightly for the three months ended June 30, 2015.

 

15
 

 

Other Income (Expense), Net


Other expense for the quarter ended June 30, 2015 and 2014 was $318,191 and $1,914,105, respectively. The reduction of other income was mainly due to reduced amount of interest expense. Interest expense decreased from $1,749,783 to $598,090, representing a decrease of $1,151,693, or 66%. The reduction of interest expense resulted from lower amount of expenses relating to financial leasing. The People’s Bank of China lowered bench mark interest rate on November 22, 2014. All financial institutions therefore adjusted their lending rates accordingly. The Company received notification of reducing interests in connection with financial leasing obligations in 2015. 

The average balances on interest bearing liabilities were $58 million in the second quarter of 2015 compared to $59 million for the same quarter in 2014. The lower balances did not significantly impact the overall interest expense as the volume had very little impact on the decrease in interest expense. The primary decrease in interest expense relates to lower interest rates.

 

The People’s Bank of China lowered bench mark interest rate on November 22, 2014. All financial institutions therefore adjusted their lending rates accordingly. The Company received notification of reducing interests in connection with financial leasing obligations in 2015. 

 

Interest income decreased slightly from $238,212 to $230,473, representing a decrease of $7,739 during the current period.

 

Income Tax

 

Our provision for income taxes increased for the three months ended June 30, 2015 versus same period of 2014, due to higher income before taxes in the second quarter of 2015. Our consolidated income tax rates were 26% for both the three months ended June 30, 2015 and 2014.

 

Noncontrolling Interests

 

As of June 30, 2015, SkyPeople (China) held a 91.15% interest in Shaanxi Qiyiwangguo and Pacific held a 99.78% interest in SkyPeople (China). Net income attributable to noncontrolling interests increased mainly due to the increase in the net income generated from Shaanxi Qiyiwangguo.

 

Net Income Attributable to SkyPeople Fruit Juice, Inc.

 

Net Income Attributable to SkyPeople Fruit Juice, Inc. for the three months ended June 30, 2015 and 2014 was $2,089,248 and $48,868, respectively; representing an increase of $2,040,380, or 4175% for the reasons discussed above.

 

Comparison of Six Months ended June 30, 2015 and 2014:

 

Revenue

 

The following table presents our consolidated revenues for each of our main products for the six months ended June 30, 2015 and 2014, respectively (Dollars in thousands):

 

   Three month ended
June 30,		   Change 
   2015   2014   Amount   % 
Concentrated apple juice and apple aroma  $75   $1,047   $(972)   (93%)
Concentrated kiwifruit juice and kiwifruit puree   1,929    1,839    90    5%
Concentrated pear juice   5,651    2,403    3,248    135%
Fruit juice beverages   21,080    18,431    2,649    14%
Others   1    38    (37)   (97%)
Total  $28,736   $23,762   $4,974      

 

16
 

 

The increase in gross revenue for the six months ended June 30, 2015 and 2014 was primarily due to increased sales of all of our product lines except decreased revenue from concentrated apple juice and apple aroma and other fruit related products.

 

Sales from apple related products decreased for the six months ended June 30, 2015. The Company sold approximately 33 tons of concentrated apple juice versus 691 tons of concentrated apple juice sold in the same period of 2014. Such decrease was coupled with a decrease in unit price of concentrated apple juice. During the first half of 2015, due to reduced market demands revenue generated from this segment were lower than that of the same period of previous year, however unit selling price of concentrated apple juice increased during the first half of 2015 as compare with that of 2014.

 

Sales from concentrated kiwifruit juice and kiwifruit puree increased during the first half of 2015 as compared to net sales of kiwi-related product line in the same quarter of 2014, primarily as a result of the increased selling prices, which was partially offset by the decrease in amount of products sold in second quarter of 2015 as compare to same period of 2014. During the three months ended June 30, 2015 and 2014, the Company sold approximately 1,359 and 1,567 tons of kiwi-related products, respectively.

 

Sales of concentrated pear juice increased in the first half of 2015 as we sold 4,412 and 1,619 tons of concentrated pear juice during first half of 2015 and 2014. However the increase in amount of concentrated pear juice sold was partially offset by the decrease in unit selling price.

 

Sales from our fruit juice beverages increased for the first half of 2015, primarily due to bigger market share gained from our continuous efforts of expanding sales channel.

 

Gross Margin

 

The following table presents the consolidated gross profit of each of our main products and the consolidated gross profit margin, which is gross profit as a percentage of the related revenues, for the six months ended June 30, 2015 and 2014, respectively (Dollars in thousands):

 

   Six Months Ended June 30, 
   2015   2014 
   Gross
profit		   Gross
margin		   Gross
profit		   Gross
margin		 

Concentrated apple juice and apple aroma

  $8    11%  $81    8%

Concentrated kiwifruit juice and kiwifruit puree

   675    35%   754    41%
Concentrated pear juice   2,210    39%   666    28%
Fruit juice beverages   9,376    44%   6,719    36%
Others   1    -    6    8%
Total/Overall (for gross margin)  $12,270    43%  $8,226    35%

 

17
 

 

The consolidated gross profit for the six months ended June 30, 2015 was $12.3 million, an increase of $4.1 million, or 50%, from $8.2 million for the same period of 2014, primarily due to increase of profit margin of all of our products. The consolidated gross profit margin for the second quarter of 2015 and 2014 were 43% and 35%, respectively.

 

The Company generated gross profit $8,000 from sales of concentrated apple juice and apple aroma during the first half of 2015. Comparably, during the same period of 2014, the Company generated approximately $81,000 during the same period of 2014, representing gross profit margin of 8%.

 

The gross profit margin of the concentrated kiwifruit juice and kiwifruit puree decreased from 41% for the six months ended June 30, 2014 to 35% for the same period of 2015, primarily due to higher cost of fresh kiwi purchased in the last squeezing season, which caused higher cost of concentrated kiwifruit juice and kiwifruit puree sold during the current period as compared to the cost of concentrated kiwifruit juice and kiwifruit puree sold in the same period of 2014.

 

The gross profit margin of the concentrated pear juice increased from 28% to 39% for first half of 2014 to 2015, primarily due to higher cost of concentrated pear juice sold during current quarter than those of same period previous year.

 

The gross profit margin of our fruit juice beverages increased from 36% for the six months ended June 30, 2014, to 44% for the same period of 2015. The increase of gross margin of fruit juice beverages was primarily due to higher unit selling price in the second quarter of 2015 as compared to same period of 2014.

 

Operating Expenses

 

The following table presents our consolidated operating expenses and operating expenses as a percentage of revenue for the six months ended June 30, 2015 and 2014, respectively:

 

   First half of 2015  First half of 2014
   Amount  % of revenue  Amount  % of revenue
General and administrative  $3,258,128    11%  $2,188,951    9%
Selling expenses   2,323,881    8%   2,249,489    10%
Total operating expenses  $5,582,009    19%  $4,438,440    19%

 

Operating expenses increased for the six months ended June 30, 2015 compared to the corresponding period in 2014.

 

During the second quarter of 2015, the Company executed stronger control over accounts receivables. Since the outstanding balance of account receivables decreased as compared with that of the year end, based on management’s estimation of collectability of account receivables, the Company reduced bad debt provisions from $837,200, as of the year end to $34,002, as of the end of the second quarter. As a result, general and administrative expenses for the second quarter of 2015 were significantly lower than that of the first quarter, when the Company accrued $1,452,096 of bad debt provisions.

 

Selling expenses increased slightly for the six months ended June 30, 2015.

 

18
 

 

Other Income (Expense), Net

 

Other expense for the first half of 2015 and 2014 were $1,194,947 and $2,662,060, respectively. The reduction of other income was mainly due to reduced amount of interest expenses. Interest expense decreased from $2,562,204 to $1,697,160, representing a decrease of $865,044, or 34%. The reduction of interest expense resulted from lower amount of expenses relating to financial leasing. The People’s Bank of China lowered bench mark interest rate on November 22, 2014. All financial institutions therefore adjusted their lending rates accordingly. The Company received notification of reducing interests in connection with financial leasing obligations in 2015.

 

The average balances on interest bearing liabilities were $61 million and $59 million in the first half of 2015 and 2014, respectively. The lower balances did not significantly impact the overall interest expense as the volume had very little impact on the decrease in interest expense. The primary decrease in interest expense relates to lower interest rates.

 

The People’s Bank of China lowered bench mark interest rate on November 22, 2014. All financial institutions therefore adjusted their lending rates accordingly. The Company received notification of reducing interests in connection with financial leasing obligations in 2015. 

 

Interest income decreased slightly from $311,873 to $264,026, representing a decrease of $47,847 during the current period.

 

Income Tax

 

Our provision for income taxes increased for the six months ended June 30, 2015 versus same period of 2014, due to higher income before taxes in the second quarter of 2015. Our consolidated income tax rates were 26% for both the three months ended June 30, 2015 and 2014.

 

Noncontrolling Interests

 

As of June 30, 2015, SkyPeople (China) held a 91.15% interest in Shaanxi Qiyiwangguo and Pacific held a 99.78% interest in SkyPeople (China). Net income attributable to noncontrolling interests increased mainly due to the increase in the net income generated from Shaanxi Qiyiwangguo.

 

Net Income Attributable to SkyPeople Fruit Juice, Inc.

 

Net Income Attributable to SkyPeople Fruit Juice, Inc. for the six months ended June 30, 2015 and 2014 were $3,588,858 and $552,540, respectively; representing an increase of $3,036,318, or 550% for the reasons discussed above.

 

Liquidity and Capital Resources

 

As of June 30, 2015, we had cash, cash equivalents and restricted cash of $63,642,367, an increase of $31,975,049 from $31,667,318 as of December 31, 2014. We expect the projected cash flows from operation, anticipated cash receipts, cash on hand, and trade credit to provide necessary capital to meet our projected operating cash requirements at least for the next 12 months, which does not take into account any potential expenditures related to the potential expansion of our current production capacity.

 

Our working capital has historically been generated from our operating cash flows, advances from our customers and loans from bank facilities. Our working capital was $40,054,228 as of June 30, 2015, an increase of $5,204,427 from working capital of $34,849,801 as of December 31, 2014. During the first half of 2015, our operating activities generated net cash inflow of $36,686,532, an increase of $14,334,141 or 64% from $22,352,391, net cash inflow from operating activities of same period of 2014.

 

During the six months ended June 30, 2015 and 2014, our investing activities used net cash of $1,883,751 and 2,478,657, respectively. During first half of 2015 and 2014, net cash used in investing activities included $2,036,888 and $9,966,212 of additions to property, plant and equipment.

 

During the six months ended June 30, 2015 and 2014, our financing activities used net cash inflow of $365,910; during the same period of 2014, financing activities incurred net cash outflow of $6,395,697.

 

19
 

 

On February 18, 2013, SkyPeople (China) entered into a loan agreement with SkyPeople International Holdings Group Limited (the "Lender"). The Lender indirectly holds 50.2% interest in the Company. Mr. Yongke Xue ("Y. K. Xue"), the Chairman of the board of directors and Chief Executive Officer of the Company (the "Board"), and Mr. Hongke Xue, director of the Board, indirectly and beneficially own 80.0% and 9.4% of equity interest in the Lender, respectively. Pursuant to the Agreement, the Lender agrees to extend to the Company a one-year unsecured term loan with a principal amount of $8.0 million at an interest rate of 6% per annum. During 2013, the Company received $8.0 million from the Lender. The maturity date on this loan was extended to February 17, 2016.

 

Off-balance sheet arrangements

 

As of June 30, 2015, we did not have any off-balance sheet arrangements.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

Not applicable.

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures

 

An evaluation was carried out by the Company’s Chief Executive Officer and Chief Financial Officer of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of June 30, 2015, the end of the period covered by this Quarterly Report on Form 10-Q. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2015, and as of the date that the evaluation of the effectiveness of our disclosure controls and procedures were completed, our disclosure controls and procedures were effective in providing reasonable assurance of achieving their objectives for the three months ended June 30, 2015.

 

Changes in Internal Controls Over Financial Reporting

 

There have been no changes to the Company’s internal control over financial reporting during the three months ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

PART II.  OTHER INFORMATION

 

Item 1. Legal Proceedings

 

From time to time we may be a party to various litigation proceedings arising in the ordinary course of our business, none of which, in the opinion of management, is likely to have a material adverse effect on our financial condition or results of operations.

 

Item 1A. Risk Factors

 

Not applicable.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosure

 

Not applicable.

 

Item 5. Other Information

 

None.

 

20
 

 

Item 6. Exhibits

 

Exhibit
No.		  Description
31.1  Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule15d-14(a) of the Securities Exchange Act of 1934, as amended*
31.2  Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended*
32.1  Certification of Principal Executive Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2  Certification of Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
101.INS  XBRL Instance Document*+
101.SCH  XBRL Schema Document*+
101.CAL  XBRL Calculation Linkbase Document*+
101.DEF  XBRL Definition Linkbase Document*+
101.LAB  XBRL Label Linkbase Document*+
101.PRE  XBRL Presentation Linkbase Document*+

 

* filed herewith

 

+ As provided in Rule 406T of Regulation S-T, this information shall not be deemed “filed” for purposes of Section 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934 or otherwise subject to liability under those sections, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

 

21
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  SKYPEOPLE FRUIT JUICE, INC.
     
  By: /s/ Yongke Xue
   

Yongke Xue

Chief Executive Officer

    (Principal Executive Officer)
    August 14, 2015
     
  By: /s/ Xin Ma
   

Xin Ma

Chief Financial Officer

    (Principal Financial and Accounting Officer)
    August 14, 2015

 

 

22

 

 EX-31.1 2 f10q0615ex31i_skypeople.htm CERTIFICATION

Exhibit 31.1

 

Certification by the Chief Executive Officer Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Yongke Xue, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of SkyPeople Fruit Juice, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 14, 2015

 

By /s/ Yongke Xue  
  Yongke Xue  
  Principal Executive Officer  

 

 EX-31.2 3 f10q0615ex31ii_skypeople.htm CERTIFICATION

Exhibit 31.2

 

Certification by the Chief Financial Officer Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Xin Ma, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of SkyPeople Fruit Juice, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 14, 2015

 

By /s/ Xin Ma  
  Xin Ma  
  Principal Financial Officer and  
  Principal Accounting Officer  

 

 EX-32.1 4 f10q0615ex32i_skypeople.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SkyPeople Fruit Juice, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Yongke Xue, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the period presented therein.

 

Date: August 14, 2015

 

By: /s/ Yongke Xue  
  Yongke Xue  
  Principal Executive Officer  

 

 EX-32.2 5 f10q0615ex32ii_skypeople.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SkyPeople Fruit Juice, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Xin Ma, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the period presented therein.

 

Date: August 14, 2015

 

By: /s/ Xin Ma  
  Xin Ma  
  Principal Financial Officer and  
  Principal Accounting Officer  

 

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font-stretch: normal;">The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2015 and the results of operations and cash flows for the periods ended June 30, 2015 and 2014. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the period ended June 30, 2015 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2015. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission&#8217;s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2014 as included in our Annual Report on Form 10-K.</font></p></div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 63px; line-height: 15.3333320617676px; padding: 0px; text-indent: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>2.</b></font></td><td style="text-align: justify; line-height: 15.3333320617676px; padding: 0px; text-indent: 0px; width: 1504px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>Business Description and Significant Accounting Policies</b></font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">&#160;</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">The principal activities of SkyPeople Fruit Juice, Inc. (together with our direct or indirect subsidiaries, &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or &#8220;the Company&#8221;) consist of production and sales of fruit juice concentrates, fruit juice beverages, and other fruit-related products in the People&#8217;s Republic of China (&#8220;PRC&#8221;, or &#8220;China&#8221;), and overseas markets. All activities of the Company are principally conducted by subsidiaries operating in the PRC.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; 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This basis differs from that used in the statutory accounts of SkyPeople (China) and its subsidiaries, which were prepared in accordance with the accounting principles and relevant financial regulations applicable to enterprises in the PRC. 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The significant areas requiring the use of management estimates include, but not limited to, the allowance for doubtful accounts receivable, estimated useful life and residual value of property, plant and equipment, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. 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letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">&#160;</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>Sales to related party</b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>&#160;</b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">The company&#8217;s subsidiary sold fruit beverages to a related entity, Shaanxi Fullmart Convenient Chain Supermarket Co., Ltd. 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The Lender indirectly holds 50.2% interest in the Company. Mr. Yongke Xue ("Y. K. Xue"), the Chairman of the board of directors of the Company (the "Board") and also the Chief Executive Officer, and Mr. Hongke Xue, director of the Board, indirectly and beneficially own 80.0% and 9.4% of equity interest in the Lender, respectively. Pursuant to the Agreement, the Lender agreed to extend to the Company a one-year unsecured term loan with a principal amount of $8.0 million at an interest rate of 6% per annum. During 2013, the Company received $8.0 million from the Lender. In February 2014, both parties extended this loan for another two years under the original terms of the agreement.</font><br /><br />The Company recorded interest expense in connection with these related party loans of approximately $120,000 for three months ended June 30, 2015 and 2014, respectively; and approximately $240,000 for the six months ended June 30, 2015 and 2014, respectively.</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 50.4000015258789px; line-height: 15.3333330154419px; padding: 0px; text-indent: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>5.</b></font></td><td style="text-align: justify; line-height: 15.3333330154419px; padding: 0px; text-indent: 0px; width: 1200px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>Concentrations</b></font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 50.4000015258789px; line-height: 15.3333330154419px; padding: 0px; text-indent: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>(1)</b></font></td><td style="text-align: justify; line-height: 15.3333330154419px; padding: 0px; text-indent: 0px; width: 1200px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>Concentration of customers</b></font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">&#160;</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Sales to five largest customers accounted for approximately 29% and 19% of our net sales during the six months ended June 30, 2015 and 2014, respectively. There was no single customer represented over 10% of total sales for the six months ended June 30, 2015 and 2014, respectively.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">&#160;</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Sales to our five largest customers accounted for approximately 27% and 19% of our net sales during the three months ended June 30, 2015 and 2014, respectively. There was no single customer representing 10% of total sale for the three months ended June 30, 2015 and 2014, respectively.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">&#160;</p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 50.4000015258789px; line-height: 15.3333330154419px; padding: 0px; text-indent: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>(2)</b></font></td><td style="text-align: justify; line-height: 15.3333330154419px; padding: 0px; text-indent: 0px; width: 1200px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>Concentration of suppliers</b></font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">&#160;</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Two suppliers accounted for 13% and 11% of our purchase for six months ended June 30, 2015, no other single supplier accounted for over 10% of our purchase. During six months ended June 30, 2014, three suppliers accounted for 18%, 15% and 10% of our purchases. There was no other single supplier representing 10% of purchase during both periods.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">&#160;</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">During the three months ended June 30, 2015, two suppliers accounted for 13% and 11% of our purchases. During the three months ended June 30, 2014, three suppliers accounted for 18%, 13% and 13% of our purchases. 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Our concentrated apple juice and apple aroma is primarily produced by the Company&#8217;s Huludao Wonder factory; concentrated pear juice is primarily produced by the Company&#8217;s Jiangyang factory. However, as the Company uses the same production line to manufacture concentrated apple juice and concentrated pear juice. In addition, both Shaanxi Province, where the factory of Jianyang factory is located, and Liaoning Province, where the factory of Huludao Wonder is located, are rich in fresh apple and pear supplies. Jinagyang factory also produces concentrated apple juice and Huludao Wonder factory also produces concentrated pear juice when necessary. Concentrated kiwifruit juice and kiwifruit puree is primarily produced by the Company&#8217;s Qiyiwangguo factory, and fruit juice beverages is primarily produced by the Company&#8217;s Qiyiwangguo factory. 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The Company sells its concentrated fruit juice to domestic customers and exported directly or via distributors. The Company believes that its main export markets are the United States, the European Union, South Korea, Russia and the Middle East to North America, Europe, Russia, South Korea and the Middle East.&#160;&#160;The Company sells its Hedetang branded bottled fruit beverages domestically primarily to supermarkets in the PRC. 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The significant areas requiring the use of management estimates include, but not limited to, the allowance for doubtful accounts receivable, estimated useful life and residual value of property, plant and equipment, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. 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Related Party Transaction
 6 Months Ended
Jun. 30, 2015
Related Party Transaction [Abstract]  
Related Party Transaction
4.Related Party Transaction

 

Sales to related party

 

The company’s subsidiary sold fruit beverages to a related entity, Shaanxi Fullmart Convenient Chain Supermarket Co., Ltd. ("Fullmart") for approximately $790,500 and $1,350,000 for the six months ended June 30, 2015 and 2014, respectively. The accounts receivable balances were approximately $548,900 and $1,546,000 as of June 30, 2015 and December 31, 2014, respectively. Fullmart is a company indirectly owned by our Chairman and Chief Executive Officer, Mr. Yongke Xue.

 

Long-term loan – related party

 

On February 18, 2013, SkyPeople (China) entered into a loan agreement with SkyPeople International Holdings Group Limited (the "Lender"). The Lender indirectly holds 50.2% interest in the Company. Mr. Yongke Xue ("Y. K. Xue"), the Chairman of the board of directors of the Company (the "Board") and also the Chief Executive Officer, and Mr. Hongke Xue, director of the Board, indirectly and beneficially own 80.0% and 9.4% of equity interest in the Lender, respectively. Pursuant to the Agreement, the Lender agreed to extend to the Company a one-year unsecured term loan with a principal amount of $8.0 million at an interest rate of 6% per annum. During 2013, the Company received $8.0 million from the Lender. In February 2014, both parties extended this loan for another two years under the original terms of the agreement.

The Company recorded interest expense in connection with these related party loans of approximately $120,000 for three months ended June 30, 2015 and 2014, respectively; and approximately $240,000 for the six months ended June 30, 2015 and 2014, respectively.

 
XML 15 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Inventories
 6 Months Ended
Jun. 30, 2015
Inventories [Abstract]  
Inventories
3.Inventories

 

Inventories by major categories are summarized as follows:

 

　  June 30,
2015		  December 31,
2014		 
Raw materials and packaging $2,178,014  $1,249,599 
Finished goods   　2,306,875   2,869,031 
Inventories $4,484,889  $   4,118,630  

 
XML 16 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash and cash equivalents $ 60,370,972 $ 25,130,302
Restricted cash 3,271,395 6,537,016
Accounts receivable, net of allowance of $34,002 and $837,200 as of June 30, 2015 and December 31, 2014, respectively 26,659,988 66,570,314
Other receivables 67,458 371,995
Inventories 4,484,889 4,118,630
Deferred tax assets 1,671,563 1,410,690
Advances to suppliers and other current assets 250,116 472,578
TOTAL CURRENT ASSETS 96,776,381 104,611,525
Property, plant and equipment, net 101,376,282 96,279,068
Land use right, net 6,125,025 6,502,420
Long term assets 3,165,075 3,162,281
Deposits 62,137,972 68,878,798
TOTAL ASSETS 269,580,735 279,434,092
CURRENT LIABILITIES    
Accounts payable 10,885,535 18,381,263
Accrued expenses 8,867,898 10,085,152
Income tax payable 238,922 1,457,258
Advances from customers $ 390,767 469,007
Notes payable -bank   8,171,270
Short-term bank loans $ 32,144,782 28,243,373
Obligations under capital leases 3,940,172 2,954,401
TOTAL CURRENT LIABILITIES 56,468,076 69,761,724
NON-CURRENT LIABILITIES    
Long-term loan - related party 7,959,107 7,959,143
Obligations under capital leases 15,172,791 15,625,435
TOTAL NON-CURRENT LIABILITIES 23,131,898 23,584,578
TOTAL LIABILITIES $ 79,599,974 $ 93,346,302
SkyPeople Fruit Juice, Inc, Stockholders' equity    
Series B Preferred stock, $0.001 par value; 10,000,000 shares authorized; None issued and outstanding as of June 30, 2015 and December 31, 2014, respectively    
Common stock, $0.001 par value; 66,666,666 shares authorized; 26,661,499 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively $ 26,661 $ 26,661
Additional paid-in capital 59,189,860 59,189,860
Retained earnings 106,422,605 102,833,747
Accumulated other comprehensive income 19,379,532 19,351,703
Total SkyPeople Fruit Juice, Inc. Stockholders' equity 185,018,658 181,401,971
Non-controlling interests 4,962,103 4,685,819
TOTAL EQUITY 189,980,761 186,087,790
TOTAL LIABILITIES AND EQUITY $ 269,580,735 $ 279,434,092
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Basis of Presentation
 6 Months Ended
Jun. 30, 2015
Basis of Presentation [Abstract]  
Basis of Presentation
1.Basis of Presentation

 

The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2015 and the results of operations and cash flows for the periods ended June 30, 2015 and 2014. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the period ended June 30, 2015 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2015. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2014 as included in our Annual Report on Form 10-K.
XML 18 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Subsequent Events (Details)
 6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
Foreign currency translation, description
The Chinese currency ("Yuan") weakened from RMB6.2097 to USD1 to RMB6.3080 to USD1
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Business Description and Significant Accounting Policies
 6 Months Ended
Jun. 30, 2015
Business Description and Significant Accounting Policies [Abstract]  
Business Description and Significant Accounting Policies
2.Business Description and Significant Accounting Policies

 

The principal activities of SkyPeople Fruit Juice, Inc. (together with our direct or indirect subsidiaries, “we,” “us,” “our” or “the Company”) consist of production and sales of fruit juice concentrates, fruit juice beverages, and other fruit-related products in the People’s Republic of China (“PRC”, or “China”), and overseas markets. All activities of the Company are principally conducted by subsidiaries operating in the PRC.

 

Organizational Structure

 

Please refer to “organizational structure” section of the Company’s quarterly report on Form 10-Q for periods ended March 31, 2015.

 

Principles of Consolidation

 

Our consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.

 

The consolidated financial statements are prepared in accordance with U.S. GAAP. This basis differs from that used in the statutory accounts of SkyPeople (China) and its subsidiaries, which were prepared in accordance with the accounting principles and relevant financial regulations applicable to enterprises in the PRC. All necessary adjustments have been made to present the financial statements in accordance with U.S. GAAP.

 

Uses of estimates in the preparation of financial statements

 

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but not limited to, the allowance for doubtful accounts receivable, estimated useful life and residual value of property, plant and equipment, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates.

  

Shipping and Handling Costs

 

Shipping and handling amounts billed to customers in related sales transactions are included in sales revenues and shipping expenses incurred by the Company are reported as a component of selling expenses. The shipping and handling expenses of $936,414 and $437,756 for three months ended June 30, 2015 and 2014, respectively; and $1,893,067 and $794,151 for the six months ended June 30, 2015 and 2014, respectively; are reported in the Consolidated Statements of Income and Comprehensive Income (Loss) as a component of selling expenses.

 

Leases

 

In January 2014, the Company entered into various five years equipment leasing agreements with Xinda Financial Leasing Co., Ltd. (“Xinda”). The total cost of equipment under this lease agreement is RMB129 million (approximately $21 million). Estimated lease payment will be approximately RMB 8 million per quarter (approximately $1.3 million). The Company has the right to purchase the equipment for $161 at the end of the lease. The Company has classified the leases as capital leases in accordance with ASC 840 “Leases”. The Company also agreed to pay consulting fees of $831,100 (RMB 5,160,000) for two-year consulting services and $414,492 (RMB 2,580,000) services fees to Xinda, both of which were fully expensed in 2014.

 

Earnings per share

 

The diluted earnings per share calculation for the three and six months ended June 30, 2015 did not include the warrants to purchase up to 175,000 shares of common stock, because their effect was anti-dilutive. Such warrants expired during fiscal 2014.
XML 21 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]    
Accounts receivables, net of allowance $ 34,002 $ 837,200
Preferred stock series B, par value per share $ 0.001 $ 0.001
Preferred stock series B, shares authorized 10,000,000 10,000,000
Preferred stock series B, shares issued    
Preferred stock series B, shares outstanding    
Common stock, par value per share $ 0.001 $ 0.001
Common stock, shares authorized 66,666,666 66,666,666
Common stock, shares issued 26,661,499 26,661,499
Common stock, shares outstanding 26,661,499 26,661,499
XML 22 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
Inventories (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Inventories [Abstract]    
Raw materials and packaging $ 2,178,014 $ 1,249,599
Finished goods 2,306,875 2,869,031
Inventories $ 4,484,889 $ 4,118,630
XML 23 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2015
Aug. 14, 2015
Document and Entity Information    
Entity Registrant Name SkyPeople Fruit Juice, Inc  
Entity Central Index Key 0001066923  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Jun. 30, 2015  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q2  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   26,661,499
XML 24 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Related Party Transactions (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Feb. 18, 2013
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2013
Dec. 31, 2014
Related Party Transactions (Textual)              
Accounts receivable for related party transactions   $ 548,900   $ 548,900     $ 1,546,000
Principal amount for unsecured term loan $ 8,000,000            
Interest rate for unsecured term loan 6.00%            
Amount received from lender           $ 8,000,000  
Description for loan agreement In February 2014, both parties extended this loan for another two years            
Interest expense, related party   $ 120,000 $ 120,000 240,000 $ 240,000    
Mr. Yongke Xue              
Related Party Transactions (Textual)              
Equity interest, ownership percentage 80.00%            
Mr. Hongke Xue              
Related Party Transactions (Textual)              
Equity interest, ownership percentage 9.40%            
Skypeople International Holdings Group [Member]              
Related Party Transactions (Textual)              
Equity interest, ownership percentage 50.20%            
Shaanxi Fullmart Convenient Chain Supermarket Co., Ltd. [Member]              
Related Party Transactions (Textual)              
Fruit beverage sales       $ 790,500 $ 1,350,000    
XML 25 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Statement of Comprehensive Income [Abstract]        
Revenue $ 12,165,269 $ 11,978,652 $ 28,736,308 $ 23,761,819
Cost of goods sold 7,054,539 7,424,302 16,466,217 15,536,234
Gross profit 5,110,730 4,554,350 12,270,091 8,225,585
Operating Expenses        
General and administrative expenses 273,646 995,830 3,258,128 2,188,951
Selling expenses 1,271,227 1,384,991 2,323,881 2,249,489
Total operating expenses 1,544,873 2,380,821 5,582,009 4,438,440
Income from operations 3,565,857 2,173,529 6,688,082 3,787,145
Other income (expense)        
Interest income 230,473 238,212 264,026 311,873
Subsidy income 49,426 37,374 238,187 470,971
Interest expenses $ (598,090) (1,749,783) $ (1,697,160) (2,562,204)
Consulting fee related to capital lease   (439,908)   (882,700)
Total other expenses $ (318,191) (1,914,105) $ (1,194,947) (2,662,060)
Income before income tax 3,247,666 259,424 5,493,135 1,125,085
Income tax provision 1,070,171 102,608 1,632,740 331,210
Net income 2,177,495 156,816 3,860,395 793,875
Less: Net income attributable to non-controlling interests (88,247) (107,948) (271,537) (241,335)
NET INCOME ATTRIBUTABLE TO SKYPEOPLE FRUIT JUICE, INC. 2,089,248 48,868 3,588,858 552,540
Other comprehensive income        
Foreign currency translation adjustment 1,334,006 (11,592) 575,650 (1,717,080)
Comprehensive income (loss) 3,511,501 145,224 4,436,045 (923,205)
Comprehensive income (loss) attributable to non-controlling interests (109,877) (156,907) (276,284) (135,938)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SKYPEOPLE FRUIT JUICE, INC. $ 3,401,624 $ (11,683) $ 4,159,761 $ (1,059,143)
Earnings per share:        
Basic and diluted net income per share $ 0.08   $ 0.13 $ 0.02
Weighted average number of shares outstanding        
Basic and diluted 26,661,499 26,661,499 26,661,499 26,661,499
XML 26 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Subsequent Events
 6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events
7.Subsequent Events

On August 11, 2015, the People Bank of China, which is acting as the central bank of China made the Announcement on Improving Quotation of the Central Parity of RMB against US Dollar, pursuant to which, “Effective from 11 August 2015,the quotes of central parity that market makers report to the CFETS daily before market opens should refer to the closing rate of the inter-bank foreign exchange market on the previous day, in conjunction with demand and supply condition in the foreign exchange market and exchange rate movement of the major currencies.”

As a result of the announcement, the Chinese currency (“Yuan”) weakened from RMB6.2097 to USD1 to RMB6.3080 to USD1.
XML 27 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
Segment Reporting
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Segment Reporting
6.Segment Reporting

 

The Company operates in six segments: concentrated apple juice and apple aroma, concentrated kiwifruit juice and kiwifruit puree, concentrated pear juice, fruit juice beverages, fresh fruits and vegetables, and others. Our concentrated apple juice and apple aroma is primarily produced by the Company’s Huludao Wonder factory; concentrated pear juice is primarily produced by the Company’s Jiangyang factory. However, as the Company uses the same production line to manufacture concentrated apple juice and concentrated pear juice. In addition, both Shaanxi Province, where the factory of Jianyang factory is located, and Liaoning Province, where the factory of Huludao Wonder is located, are rich in fresh apple and pear supplies. Jinagyang factory also produces concentrated apple juice and Huludao Wonder factory also produces concentrated pear juice when necessary. Concentrated kiwifruit juice and kiwifruit puree is primarily produced by the Company’s Qiyiwangguo factory, and fruit juice beverages is primarily produced by the Company’s Qiyiwangguo factory. The Company’s other products include fructose, concentrated turnjujube juice, and other by products, such as kiwifruit seeds.

 

Concentrated fruit juice is used as a basic ingredient for manufacturing juice drinks and as an additive to fruit wine and fruit jam, cosmetics and medicines. The Company sells its concentrated fruit juice to domestic customers and exported directly or via distributors. The Company believes that its main export markets are the United States, the European Union, South Korea, Russia and the Middle East to North America, Europe, Russia, South Korea and the Middle East.  The Company sells its Hedetang branded bottled fruit beverages domestically primarily to supermarkets in the PRC. The Company sells its fresh fruit and vegetables to supermarkets and whole sellers in the PRC.

 

Some of these product segments might never individually meet the quantitative thresholds for determining reportable segments and we determine the reportable segments based on the discrete financial information provided to the chief operating decision maker. The chief operating decision maker evaluates the results of each segment in assessing performance and allocating resources among the segments. Since there is an overlap of services provided and products manufactured between different subsidiaries of the Company, the Company does not allocate operating expenses and assets based on the product segments. Therefore, operating expenses and assets information by segment are not presented. Segment profit represents the gross profit of each reportable segment.

 

For the Three Months Ended June 30, 2015

(Dollars in 000’s)

 

  Concentrated apple juice
and apple
aroma		  Concentrated
kiwifruit
juice and
kiwifruit
puree		  Concentrated pear juice  Fruit juice beverages  Fresh fruits
and 
vegetables		  Others  Total 
Reportable segment revenue $63  $41  $988  $28,424  $-   1  $29,517 
Inter-segment revenue  (13)   -   -   (17,339)  -   -   (17,352)
Revenue from external customers  　50   41   988   11,085   -   1   12,165 
Segment gross profit $-  $11  $324  $4,797  $-   1  $5,111 

  

For the Three Months Ended June 30, 2014

(Dollars in 000’s) 

 

  Concentrated apple juice
and apple
aroma		  Concentrated
kiwifruit
juice and
kiwifruit 
puree		  Concentrated pear juice  Fruit juice beverages  Fresh fruits
and 
vegetables		  Others  Total 
Reportable segment revenue $773  $5  $246  $11,079  $-   20  $12,123 
Inter-segment revenue  　-   -   (56)  (88)  -   -   (144)
Revenue from external customers  　773   5   190   10,991   -   20   11,979 
Segment gross profit $153  $1  $90  $4,302  $-   8  $4,554 

 

For the Six Months Ended June 30, 2015

(Dollars in 000’s)

 

  Concentrated
apple juice
and apple
aroma		  Concentrated
kiwifruit
juice and
kiwifruit
puree		  Concentrated pear juice  Fruit juice beverages  Fresh fruits 
and 
vegetables		  Others  Total 
Reportable segment revenue $88  $3,603  $5,752  $50,455  $-   1  $59,899 
Inter-segment revenue  　(13)   (1,674)  (101)  (29,375)  -   -   (31,163)
Revenue from external customers  　75   1,929   5,651   21,080   -   1   28,736 
Segment gross profit $8  $675  $2,210  $9,376  $-   1  $12,270 

 

 

For the Six Months Ended June 30, 2014

(Dollars in 000’s) 

 

  Concentrated
apple juice
and apple
aroma		  Concentrated
kiwifruit 
juice and
kiwifruit
puree		  Concentrated pear juice  Fruit juice beverages  Fresh fruits
and
vegetables		  Others  Total 
Reportable segment revenue $1,535  $1,861  $2,481  $18,567  $5   83  $24,532 
Inter-segment revenue  　(488)   (22)  (78)  (136)  (1)  (45)  (770)
Revenue from external customers  　1,047   1,839   2,403   18,431   4   38   23,762 
Segment gross profit $81  $754  $666  $6,719  $4   2  $8,226 

   

The following table reconciles reportable segment profit to the Company’s condensed consolidated income before income tax provision for the six months ended June 30, 2015 and 2014:

 

   2015  2014 
Segment profit $12,270,091  $8,225,585 
Unallocated amounts:        
Operating expenses  (5,582,008)  (4,438,440)
Other expenses  (1,194,947)  (2,662,060)
Income before tax provision $5,493,136  $1,125,085 

 
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Concentrations (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Customers
Supplier
Jun. 30, 2014
Customers
Supplier
Jun. 30, 2015
Customers
Supplier
Jun. 30, 2014
Customers
Supplier
Concentration of Customer [Member]        
Concentrations (Textual)        
Concentration of customers There was no single customer represented over 10% of total sales. There was no single customer represented over 10% of total sales. There was no single customer represented over 10% of total sales. There was no single customer represented over 10% of total sales.
Sales to our largest customers of net sales 27.00% 19.00% 29.00% 19.00%
Number of customers | Customers 5 5 5 5
Supplier One [Member]        
Concentrations (Textual)        
Sales to our largest customers of net sales 13.00% 18.00% 13.00% 18.00%
Concentration of suppliers No other single supplier accounted for over 10% of our purchase. No other single supplier accounted for over 10% of our purchase. No other single supplier accounted for over 10% of our purchase No other single supplier accounted for over 10% of our purchase.
Number of suppliers 2 3 2 3
Supplier Two [Memebr]        
Concentrations (Textual)        
Sales to our largest customers of net sales 11.00% 13.00% 11.00% 15.00%
Concentration of suppliers No other single supplier accounted for over 10% of our purchase. No other single supplier accounted for over 10% of our purchase. No other single supplier accounted for over 10% of our purchase No other single supplier accounted for over 10% of our purchase.
Number of suppliers 2 3 2 3
Supplier Three [Member]        
Concentrations (Textual)        
Sales to our largest customers of net sales   13.00%   10.00%
Concentration of suppliers   No other single supplier accounted for over 10% of our purchase.   No other single supplier accounted for over 10% of our purchase.
Number of suppliers   3   3

XML 30 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Shedule of segment reporting


 

  Concentrated apple juice
and apple
aroma		  Concentrated
kiwifruit
juice and
kiwifruit
puree		  Concentrated pear juice  Fruit juice beverages  Fresh fruits
and 
vegetables		  Others  Total 
Reportable segment revenue $63  $41  $988  $28,424  $-   1  $29,517 
Inter-segment revenue  (13)   -   -   (17,339)  -   -   (17,352)
Revenue from external customers  　50   41   988   11,085   -   1   12,165 
Segment gross profit $-  $11  $324  $4,797  $-   1  $5,111 

  

 

  Concentrated apple juice
and apple
aroma		  Concentrated
kiwifruit
juice and
kiwifruit 
puree		  Concentrated pear juice  Fruit juice beverages  Fresh fruits
and 
vegetables		  Others  Total 
Reportable segment revenue $773  $5  $246  $11,079  $-   20  $12,123 
Inter-segment revenue  　-   -   (56)  (88)  -   -   (144)
Revenue from external customers  　773   5   190   10,991   -   20   11,979 
Segment gross profit $153  $1  $90  $4,302  $-   8  $4,554 

 


 

  Concentrated
apple juice
and apple
aroma		  Concentrated
kiwifruit
juice and
kiwifruit
puree		  Concentrated pear juice  Fruit juice beverages  Fresh fruits 
and 
vegetables		  Others  Total 
Reportable segment revenue $88  $3,603  $5,752  $50,455  $-   1  $59,899 
Inter-segment revenue  　(13)   (1,674)  (101)  (29,375)  -   -   (31,163)
Revenue from external customers  　75   1,929   5,651   21,080   -   1   28,736 
Segment gross profit $8  $675  $2,210  $9,376  $-   1  $12,270 
 

 

  Concentrated
apple juice
and apple
aroma		  Concentrated
kiwifruit 
juice and
kiwifruit
puree		  Concentrated pear juice  Fruit juice beverages  Fresh fruits
and
vegetables		  Others  Total 
Reportable segment revenue $1,535  $1,861  $2,481  $18,567  $5   83  $24,532 
Inter-segment revenue  　(488)   (22)  (78)  (136)  (1)  (45)  (770)
Revenue from external customers  　1,047   1,839   2,403   18,431   4   38   23,762 
Segment gross profit $81  $754  $666  $6,719  $4   2  $8,226 
Shedule of reportable segment profit

 


   2015  2014 
Segment profit $12,270,091  $8,225,585 
Unallocated amounts:        
Operating expenses  (5,582,008)  (4,438,440)
Other expenses  (1,194,947)  (2,662,060)
Income before tax provision $5,493,136  $1,125,085
XML 31 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
Business Description and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2015
Business Description and Significant Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

 

Our consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.

 

The consolidated financial statements are prepared in accordance with U.S. GAAP. This basis differs from that used in the statutory accounts of SkyPeople (China) and its subsidiaries, which were prepared in accordance with the accounting principles and relevant financial regulations applicable to enterprises in the PRC. All necessary adjustments have been made to present the financial statements in accordance with U.S. GAAP.
Uses of estimates in the preparation of financial statements

Uses of estimates in the preparation of financial statements

 

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but not limited to, the allowance for doubtful accounts receivable, estimated useful life and residual value of property, plant and equipment, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates.
Shipping and Handling Costs

Shipping and Handling Costs

 

Shipping and handling amounts billed to customers in related sales transactions are included in sales revenues and shipping expenses incurred by the Company are reported as a component of selling expenses. The shipping and handling expenses of $936,414 and $437,756 for three months ended June 30, 2015 and 2014, respectively; and $1,893,067 and $794,151 for the six months ended June 30, 2015 and 2014, respectively; are reported in the Consolidated Statements of Income and Comprehensive Income (Loss) as a component of selling expenses.
Leases

Leases

 

In January 2014, the Company entered into various five years equipment leasing agreements with Xinda Financial Leasing Co., Ltd. (“Xinda”). The total cost of equipment under this lease agreement is RMB129 million (approximately $21 million). Estimated lease payment will be approximately RMB 8 million per quarter (approximately $1.3 million). The Company has the right to purchase the equipment for $161 at the end of the lease. The Company has classified the leases as capital leases in accordance with ASC 840 “Leases”. The Company also agreed to pay consulting fees of $831,100 (RMB 5,160,000) for two-year consulting services and $414,492 (RMB 2,580,000) services fees to Xinda, both of which were fully expensed in 2014.
Earnings per share

Earnings per share

 

The diluted earnings per share calculation for the three and six months ended June 30, 2015 did not include the warrants to purchase up to 175,000 shares of common stock, because their effect was anti-dilutive. Such warrants expired during fiscal 2014.
XML 32 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
Inventories (Tables)
 6 Months Ended
Jun. 30, 2015
Inventories [Abstract]  
Schedule of inventories

 

　  June 30,
2015		  December 31,
2014		 
Raw materials and packaging $2,178,014  $1,249,599 
Finished goods   　2,306,875   2,869,031 
Inventories $4,484,889  $   4,118,630
XML 33 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
Business Description and Significant Accounting Policies (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2014
USD ($)
Jan. 31, 2014
CNY (¥)
Jun. 30, 2015
USD ($)
shares
Jun. 30, 2014
USD ($)
Jun. 30, 2015
USD ($)
shares
Jun. 30, 2014
USD ($)
Business Description and Significant Accounting Policies (Textual)            
Shipping and handling expenses     $ 936,414 $ 437,756 $ 1,893,067 $ 794,151
Anti-dilutive warrants | shares     175,000   175,000  
Xinda [Member]            
Business Description and Significant Accounting Policies (Textual)            
Cost of equipment under lease agreement $ 21,000,000 ¥ 129,000,000        
Estimated payments of lease 1,300,000 8,000,000        
Right to purchase equipment 161          
Consulting fees 831,100 5,160,000        
Servicing fees $ 414,492 ¥ 2,580,000        
XML 34 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727
Segment Reporting (Details 1) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Segment Reporting Information        
Segment profit $ 5,110,730 $ 4,554,350 $ 12,270,091 $ 8,225,585
Unallocated amounts:        
Operating expenses (1,544,873) (2,380,821) (5,582,009) (4,438,440)
Other expenses (318,191) (1,914,105) (1,194,947) (2,662,060)
Income before tax provision $ 3,247,666 $ 259,424 $ 5,493,135 $ 1,125,085
XML 35 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 3,860,395 $ 793,875
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,180,201 1,572,175
Deferred income tax assets (260,873) $ (944,977)
Reverse of provision for bad debt (803,200)  
Changes in operating assets and liabilities    
Accounts receivable 40,671,942 $ 16,111,019
Other receivable 304,109 (352,389)
Advances to suppliers and other current assets 222,326 640,892
Inventories (361,721) (438,715)
Accounts payable (7,602,038) 1,801,177
Accrued expenses (1,258,368) 4,461,534
Income tax payable (1,216,599) (1,178,899)
Advances from customers (78,459) (113,301)
Net cash provided by operating activities $ 36,657,715 22,352,391
CASH FLOWS FROM INVESTING ACTIVITIES    
Refund of purchase deposit   7,506,207
Additions to property, plant and equipment $ (2,036,888) (9,966,212)
Prepayment for other assets 296,959 $ (18,652)
Prepayments for deposit on equipment (143,822)  
Net cash used in investing activities $ (1,883,751) $ (2,478,657)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividend paid to non-controlling interest   (4,414,820)
Decrease (Increased) in restricted cash $ 3,263,282 (12,950,836)
(Repayment) Proceeds from short-term notes (8,158,204) 14,254,064
Proceeds from short-term bank loans 18,752,908 19,489,005
Repayment of short-term bank loans $ (13,492,076) (19,595,955)
Payment for capital lease   (3,152,185)
Repayment of related party loans   (24,970)
Net cash provided (used in) by financing activities $ 365,910 (6,395,697)
Effect of change in exchange rate 100,796 (643,036)
NET CHANGE IN CASH AND CASH EQUIVALENTS 35,240,670 12,835,001
Cash and cash equivalents, beginning of period 25,130,302 66,888,954
Cash and cash equivalents, end of period 60,370,972 79,723,955
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 1,697,160 2,159,600
Cash paid for income taxes 1,648,425 2,455,086
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION    
Transferred from other assets to property, plant and equipment and construction in process $ 6,928,619 1,325,819
Equipment acquired by capital lease   $ 21,014,564
XML 36 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727
Concentrations
 6 Months Ended
Jun. 30, 2015
Concentrations [Abstract]  
Concentrations
5.Concentrations

 

(1)Concentration of customers

 

Sales to five largest customers accounted for approximately 29% and 19% of our net sales during the six months ended June 30, 2015 and 2014, respectively. There was no single customer represented over 10% of total sales for the six months ended June 30, 2015 and 2014, respectively.

 

Sales to our five largest customers accounted for approximately 27% and 19% of our net sales during the three months ended June 30, 2015 and 2014, respectively. There was no single customer representing 10% of total sale for the three months ended June 30, 2015 and 2014, respectively.

 

(2)Concentration of suppliers

 

Two suppliers accounted for 13% and 11% of our purchase for six months ended June 30, 2015, no other single supplier accounted for over 10% of our purchase. During six months ended June 30, 2014, three suppliers accounted for 18%, 15% and 10% of our purchases. There was no other single supplier representing 10% of purchase during both periods.

 

During the three months ended June 30, 2015, two suppliers accounted for 13% and 11% of our purchases. During the three months ended June 30, 2014, three suppliers accounted for 18%, 13% and 13% of our purchases. There was no other single supplier representing 10% of purchase during both periods.
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Segment Reporting (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Reportable segment revenue $ 29,517 $ 12,123 $ 59,899 $ 24,532
Inter-segment revenue (17,352) (144) (31,163) (770)
Revenue from external customers 12,165 11,979 28,736 23,762
Segment gross profit 5,111 4,554 12,270 8,226
Concentrated apple juice and apple aroma [Member]        
Reportable segment revenue 63 $ 773 88 1,535
Inter-segment revenue (13)   (13) (488)
Revenue from external customers $ 50 $ 773 75 1,047
Segment gross profit   153 8 81
Concentrated kiwifruit juice and kiwifruit puree [Member]        
Reportable segment revenue $ 41 $ 5 3,603 1,861
Inter-segment revenue     (1,674) (22)
Revenue from external customers $ 41 $ 5 1,929 1,839
Segment gross profit 11 1 675 754
Concentrated pear juice [Member]        
Reportable segment revenue $ 988 246 5,752 2,481
Inter-segment revenue   (56) (101) (78)
Revenue from external customers $ 988 190 5,651 2,403
Segment gross profit 324 90 2,210 666
Fruit juice beverages [Member]        
Reportable segment revenue 28,424 11,079 50,455 18,567
Inter-segment revenue (17,339) (88) (29,375) (136)
Revenue from external customers 11,085 10,991 21,080 18,431
Segment gross profit $ 4,797 $ 4,302 $ 9,376 6,719
Fresh fruits and vegetables [Member]        
Reportable segment revenue       5
Inter-segment revenue       (1)
Revenue from external customers       4
Segment gross profit       4
Others [Member]        
Reportable segment revenue $ 1 $ 20 $ 1 83
Inter-segment revenue       (45)
Revenue from external customers $ 1 $ 20 $ 1 38
Segment gross profit $ 1 $ 8 $ 1 $ 2