10-Q Filing

TANKE BIOSCIENCES CORP CIK: 1452011 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193805-12-000939`
Period End Date	20120331
Filing Date	20120517
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	tnbi-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 42 Cash Flow Statement 76

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.95M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.22M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.32M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$706.80K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$706.80K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.32M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.32M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.32M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.72M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.92M	USD	Point-in-time
Inventory	`InventoryNet`	$1.19M	USD	Point-in-time
Inventory	`InventoryNet`	$1.36M	USD	Point-in-time
Due from-related parties, current portion	`DueFromRelatedPartiesCurrent`	$73.95K	USD	Point-in-time
Due from-related parties, current portion	`DueFromRelatedPartiesCurrent`	$239.48K	USD	Point-in-time
Loans to customers and suppliers	`AccountsAndOtherReceivablesNetCurrent`	$2.51M	USD	Point-in-time
Loans to customers and suppliers	`AccountsAndOtherReceivablesNetCurrent`	$2.69M	USD	Point-in-time
Other receivables	`OtherReceivables`	$70.68K	USD	Point-in-time
Other receivables	`OtherReceivables`	$53.94K	USD	Point-in-time
Prepayment	`PrepaidExpenseCurrent`	$3.32M	USD	Point-in-time
Prepayment	`PrepaidExpenseCurrent`	$3.63M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$745.51K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$914.59K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$46.44K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$46.04K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.91M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.37M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.88M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.77M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$35.88K	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	-	USD	Point-in-time
Intangible asset, net	`IntangibleAssetsNetExcludingGoodwill`	$844.57K	USD	Point-in-time
Intangible asset, net	`IntangibleAssetsNetExcludingGoodwill`	$838.09K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$359.27K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$328.01K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.89M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.45M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$784.78K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$514.08K	USD	Point-in-time
Convertible notes payable - current	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Convertible notes payable - current	`ConvertibleNotesPayableCurrent`	$5.18M	USD	Point-in-time
Other payable and accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$758.91K	USD	Point-in-time
Other payable and accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$844.08K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.18M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.22M	USD	Point-in-time
Current portion of long-term borrowing	`LongTermDebtCurrent`	$1.11M	USD	Point-in-time
Current portion of long-term borrowing	`LongTermDebtCurrent`	$785.46K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.55M	USD	Point-in-time
Convertible notes payable	`ConvertibleLongTermNotesPayable`	$4.49M	USD	Point-in-time
Convertible notes payable	`ConvertibleLongTermNotesPayable`	-	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$13.72K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$13.72K	USD	Point-in-time
Advance from government grant	`DeferredRevenueAndCreditsNoncurrent`	$320.88K	USD	Point-in-time
Advance from government grant	`DeferredRevenueAndCreditsNoncurrent`	$355.75K	USD	Point-in-time
Long term borrowing	`LongTermDebtNoncurrent`	$628.37K	USD	Point-in-time
Long term borrowing	`LongTermDebtNoncurrent`	-	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$9.03M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$9.16M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 50,000,000 shares authorized, 13,324,083 issued and outstanding as of March 31, 2012 (unaudited) and December 31, 2011, respectively	`CommonStockValue`	$13.32K	USD	Point-in-time
Common stock, $0.001 par value, 50,000,000 shares authorized, 13,324,083 issued and outstanding as of March 31, 2012 (unaudited) and December 31, 2011, respectively	`CommonStockValue`	$13.32K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$12.22M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$12.22M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.03M	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends`	$373.41K	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends`	$373.41K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$663.89K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$551.41K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.85M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.45M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.89M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`SalesRevenueNet`	$4.54M	USD	1 Quarter
Net revenue	`SalesRevenueNet`	$5.94M	USD	1 Quarter
Costs of goods sold	`CostOfGoodsSold`	$3.52M	USD	1 Quarter
Costs of goods sold	`CostOfGoodsSold`	$2.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.43M	USD	1 Quarter
Selling expenses	`SellingExpense`	$546.05K	USD	1 Quarter
Selling expenses	`SellingExpense`	$585.25K	USD	1 Quarter
Administrative expenses	`GeneralAndAdministrativeExpense`	$541.00K	USD	1 Quarter
Administrative expenses	`GeneralAndAdministrativeExpense`	$2.54M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$11.67K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$11.72K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-714.95K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$488.51K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.39K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$21.20K	USD	1 Quarter
Interest expense	`InterestExpense`	$259.45K	USD	1 Quarter
Interest expense	`InterestExpense`	$373.09K	USD	1 Quarter
Amortization of discount on notes	`AmortizationOfFinancingCosts`	$690.90K	USD	1 Quarter
Amortization of discount on notes	`AmortizationOfFinancingCosts`	$759.23K	USD	1 Quarter
Foreign exchange losses, net	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Foreign exchange losses, net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-79.05K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.81M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-554.28K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$213.35K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$116.70K	USD	1 Quarter
Net loss	`ProfitLoss`	$-670.98K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.02M	USD	1 Quarter
Effects of foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-519.46K	USD	1 Quarter
Effects of foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$112.49K	USD	1 Quarter
Translation attributable to non-controlling interest	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Translation attributable to non-controlling interest	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest`	$-39.12K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-2.50M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-558.49K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.17	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.17	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	13.32M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.32M	shares	1 Quarter

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-670.98K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$123.80K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.72K	USD	1 Quarter
Common stock issued for services	`ShareBasedCompensation`	-	USD	1 Quarter
Common stock issued for services	`ShareBasedCompensation`	$2.12M	USD	1 Quarter
Amortization of discount on convertible notes payable	`AmortizationOfFinancingCosts`	$690.90K	USD	1 Quarter
Amortization of discount on convertible notes payable	`AmortizationOfFinancingCosts`	$759.23K	USD	1 Quarter
Amortization of capitalized offering costs	`AmortizationOfCapitalizedOfferingCosts`	$218.28K	USD	1 Quarter
Amortization of capitalized offering costs	`AmortizationOfCapitalizedOfferingCosts`	$198.63K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$196.69K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$80.91K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$110.19K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-172.01K	USD	1 Quarter
Deferred tax asset	`DeferredTaxAsset`	$-17.98K	USD	1 Quarter
Deferred tax asset	`DeferredTaxAsset`	$-395.00	USD	1 Quarter
Prepayment	`IncreaseDecreaseInPrepaidExpense`	$316.05K	USD	1 Quarter
Prepayment	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-557.36K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-29.55K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-31.26K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	1 Quarter
Advance from Government grant	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-34.87K	USD	1 Quarter
Advance from Government grant	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-33.52K	USD	1 Quarter
Due from - related parties	`IncreaseDecreaseInDueFromRelatedParties`	$165.53K	USD	1 Quarter
Due from - related parties	`IncreaseDecreaseInDueFromRelatedParties`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-270.70K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$121.78K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$85.17K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$122.22K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-41.59K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$199.22K	USD	1 Quarter
Advance from customer	`IncreaseDecreaseInCustomerAdvances`	-	USD	1 Quarter
Advance from customer	`IncreaseDecreaseInCustomerAdvances`	$-2.43K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.10M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$525.42K	USD	1 Quarter
Increase in loans to customers and suppliers	`IncreaseDecreaseInAccountsAndOtherReceivables`	-	USD	1 Quarter
Increase in loans to customers and suppliers	`IncreaseDecreaseInAccountsAndOtherReceivables`	$180.03K	USD	1 Quarter
Increase in other receivables	`PaymentsToAcquireOtherReceivables`	$68.65K	USD	1 Quarter
Increase in other receivables	`PaymentsToAcquireOtherReceivables`	$16.74K	USD	1 Quarter
Change in restricted cash	`IncreaseDecreaseInRestrictedCashAndInvestmentsForOperatingActivities`	-	USD	1 Quarter
Change in restricted cash	`IncreaseDecreaseInRestrictedCashAndInvestmentsForOperatingActivities`	$706.80K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$211.13K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$193.63K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$6.48K	USD	1 Quarter
Increase in cash due to acquisition of China Flying	`CashAcquiredFromAcquisition`	-	USD	1 Quarter
Increase in cash due to acquisition of China Flying	`CashAcquiredFromAcquisition`	$76.08K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-396.89K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-910.50K	USD	1 Quarter
Due from - related parties	`IncreaseDecreaseInNotesReceivableRelatedParties`	$-277.11K	USD	1 Quarter
Due from - related parties	`IncreaseDecreaseInNotesReceivableRelatedParties`	-	USD	1 Quarter
Other receivable from State Administration of Foreign Exchange	`IncreaseDecreaseInOtherReceivables`	-	USD	1 Quarter
Other receivable from State Administration of Foreign Exchange	`IncreaseDecreaseInOtherReceivables`	$4.00M	USD	1 Quarter
Net proceeds from issue of convertible notes	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Net proceeds from issue of convertible notes	`ProceedsFromConvertibleDebt`	$6.52M	USD	1 Quarter
Increase (decrease) in bank borrowings	`ProceedsFromBankDebt`	$-304.74K	USD	1 Quarter
Increase (decrease) in bank borrowings	`ProceedsFromBankDebt`	$696.55K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-304.74K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.50M	USD	1 Quarter
Effect of foreign currency translation	`EffectOfExchangeRateOnCashAndCashEquivalents`	$112.49K	USD	1 Quarter
Effect of foreign currency translation	`EffectOfExchangeRateOnCashAndCashEquivalents`	$40.74K	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-63.72K	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.73M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.64M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.95M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.70M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.22M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.64M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.95M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.70M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.22M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$41.17K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$21.05K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$21.96K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$168.47K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.