News and Press Releases

Sino Agro Food, Inc. Files 10-Q/A

Nov 22, 2013

GUANGZHOU, China, Nov. 22, 2013 /PRNewswire/ -- Sino Agro Food, Inc. (OTCBB: SIAF), is an emerging integrated, diversified agriculture technology and organic food company ("the Company") with principal operations in the People's Republic of China ("PRC").

Sino Agro Food, Inc. has amended its Q3 10-Q to add a line item inadvertently omitted from its Consolidated Balance Sheet; specifically, Bonds Payable for $975,000 under Non-current Liabilities.

This adjustment had no effect on the Company's Q3 Consolidated Statement of Income or the consolidated statement of cash flows.

An amended version of the Press Release for Q3 2013 is available for download on the company website, following the link:  http://sinoagrofood.investorroom.com/news-releases.

The adjustment is highlighted in bold in the amended Consolidated Balance Sheet below.

Sino Agro Food, Inc. Consolidated Balance Sheets














September 30, 2013


December 31,  2012






(Unaudited)


(Audited)



ASSETS






Current assets






   Cash and cash equivalents


$9,588,415


$8,424,265

   Accounts receivable, net of allowance for doubtful accounts

59,690,624


52,948,350

   Inventories



17,933,503


17,114,755

   Cost and estimated earnings in excess of billings on uncompleted contracts

1,759,821


2,336,880

   Deposits and prepaid expenses


84,856,620


47,308,857

   Other receivables



9,617,650


5,954,248

Total current assets



183,446,633


134,087,355

Property and equipment





   Property and equipment, net of accumulated depreciation

37,984,694


19,946,302

   Construction in progress


41,579,898


24,492,510

   Land use rights, net of accumulated amortization

56,253,797


55,733,246

Total property and equipment


135,818,389


100,172,058

Other assets






   Goodwill



724,940


724,940

   Proprietary technologies, net of accumulated amortization

7,813,958


8,114,624

   License rights



1


1

Total other assets



8,538,899


8,839,565









Total assets



$327,803,921


$243,098,978











LIABILITIES  AND STOCKHOLDERS' EQUITY












Current liabilities






   Accounts payable and accrued expenses


$8,231,077


$5,762,643

   Billings in excess of costs and estimated earnings on uncompleted contracts

2,413,455


2,790,084

   Due to a director



4,989,134


3,345,803

   Dividends payable



0


951,308

   Other payables



10,824,617


6,654,478

   Short term bank loan



2,439,818


3,181,927






28,898,101


22,686,243









Non-current liabilities






    Deferred dividends payable


3,146,987


3,146,987

    Bonds payable



975,000


0

    Long term debts



178,920


175,006






$4,300,907


$3,321,993









Commitments and contingencies


0


0









Stockholders' equity






   Preferred stock: $0.001 par value





   (10,000,000 shares authorized, 0 share issued and outstanding




       as of September 30, 2013 and December 31, 2012, respectively)




   Series A preferred stock:  $0.001 par value

0


0

   (100 shares designated, 100 shares issued and outstanding




       as of September 30, 2013 and December 31, 2012, respectively)




   Series B convertible preferred stock:  $0.001 par value)

7,000


10,000

   (10,000,000 shares designated, 7,000,000 and 10,000,000 shares issued
    and outstanding)



       as of September 30, 2013 and December 31, 2012, respectively)




   Series F Non-convertible preferred stock:  $0.001 par value)




   (1,000,000 shares designated, 0 shares issued  and outstanding)

0


0

       as of September 30, 2013 and December 31, 2012, respectively)




   Common stock:  $0.001 par value


128,564


100,005

   (130,000,000 shares authorized, 128,563,766 and 100,004,850 shares issued
    and outstanding



       as of September 30, 2013 and December 31, 2012, respectively)




   Additional paid - in capital


103,906,407


91,216,428

   Retained earnings



153,326,794


103,864,308

   Accumulated other comprehensive income

5,795,406


3,868,274

  Treasury stock 



-1,250,000


-1,250,000

Total Sino Agro Food, Inc. and subsidiaries stockholders' equity

261,914,171


197,809,015

Non - controlling interest



32,690,742


19,281,727

Total stockholders' equity 


294,604,913


217,090,742

Total liabilities and stockholders' equity


$327,803,921


$243,098,978

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

About Sino Agro Food, Inc.
Sino Agro Food, Inc. ("SIAF") (http://www.sinoagrofood.com) is an integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the Peoples Republic of China. The Company addresses the increasing demand of China's rising middle class for gourmet and high-quality food items. Current lines of business include the manufacture and distribution of beef and lamb products, fish products, bioorganic fertilizer, stock feed and cash crops.

Keep abreast of company developments by "liking" our Facebook page: https://www.facebook.com/SinoAgroFoodInc

Not a Broker/Dealer or Financial Advisor
Sino Agro Food, Inc. is not a Registered Broker/Dealer or a Financial Advisor, nor does it hold itself out to be a Registered Broker/Dealer or Financial Advisor. All material presented in this press release, on the Company's website or other media is not to be regarded as investment advice and is only for informative purposes. Readers should verify all claims and conduct their own due diligence before investing in Sino Agro Food, Inc.

Investing in small-cap, micro cap and penny stock securities is speculative and carries a high degree of risk.

No Offer of Securities
None of the information featured in this press release constitutes an offer or solicitation to purchase or to sell any securities of Sino Agro Food, Inc.

Forward Looking Statements
This release contains certain "forward-looking statements" relating to the business of SIAF and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on SIAF's current expectations and beliefs concerning future developments and their potential effects on SIAF. There can be no assurance that future developments affecting SIAF will be those anticipated by SIAF. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. SIAF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

SOURCE Sino Agro Food, Inc.

For further information: Sino Agro Food, Inc., CEO Mr. Solomon Lee, 86-20-22057860, or Peter Grossman, Investor Relations (US and Europe): info@sinoagrofood.com


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