10-Q Filing

GUANWEI RECYCLING CORP. CIK: 1425715 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0001213900-12-006026`
Period End Date	20120930
Filing Date	20121113
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	gprc-20120930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 76 Cash Flow Statement 70

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.08M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.82M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$6.09M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.82M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$4.48M	USD	Point-in-time
Inventories	`InventoryNet`	$16.86M	USD	Point-in-time
Inventories	`InventoryNet`	$21.62M	USD	Point-in-time
Value added tax refundable	`RefundableValueAddedTax`	$1.80M	USD	Point-in-time
Value added tax refundable	`RefundableValueAddedTax`	$1.22M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$151.35K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$882.82K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$42.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$35.87M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$8.15M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$10.21M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$174.29K	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	-	USD	Point-in-time
Land use right, net	`LandUseRightNet`	$673.76K	USD	Point-in-time
Land use right, net	`LandUseRightNet`	$665.77K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$205.44K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$202.96K	USD	Point-in-time
Total Assets	`Assets`	$45.08M	USD	Point-in-time
Total Assets	`Assets`	$53.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.10M	USD	Point-in-time
Accrued expenses and other payables	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$812.68K	USD	Point-in-time
Accrued expenses and other payables	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$714.07K	USD	Point-in-time
Amount due to shareholder	`DueToOfficersOrStockholdersCurrent`	$383.12K	USD	Point-in-time
Amount due to shareholder	`DueToOfficersOrStockholdersCurrent`	$1.47M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.14M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.18M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.07M	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized, 20,815,654 and 20,000,006 shares issued and outstanding, as of September 30, 2012 and December 31, 2011	`CommonStockValue`	$20.82K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized, 20,815,654 and 20,000,006 shares issued and outstanding, as of September 30, 2012 and December 31, 2011	`CommonStockValue`	$20.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.29M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.76M	USD	Point-in-time
PRC statutory reserves	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance`	$805.48K	USD	Point-in-time
PRC statutory reserves	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance`	$805.48K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.26M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.43M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$37.48M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$28.63M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$33.01M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$43.49M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$45.08M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$53.98M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`SalesRevenueGoodsNet`	$17.91M	USD	1 Quarter
Net revenue	`SalesRevenueGoodsNet`	$52.77M	USD	3 Qtrs
Net revenue	`SalesRevenueGoodsNet`	$46.58M	USD	3 Qtrs
Net revenue	`SalesRevenueGoodsNet`	$16.68M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$38.79M	USD	3 Qtrs
Cost of revenue	`CostOfGoodsSold`	$11.72M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$32.29M	USD	3 Qtrs
Cost of revenue	`CostOfGoodsSold`	$12.37M	USD	1 Quarter
Gross profit	`GrossProfit`	$14.29M	USD	3 Qtrs
Gross profit	`GrossProfit`	$5.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.96M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.98M	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$299.23K	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$125.54K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$95.29K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$293.29K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.65M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$431.32K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.40M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$524.11K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.94M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$649.65K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$526.60K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.70M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$4.88M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$12.58M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$12.04M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$4.43M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$42.90K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$14.39K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$22.89K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$70.30K	USD	3 Qtrs
Interest expenses	`InterestExpense`	$28.67K	USD	3 Qtrs
Interest expenses	`InterestExpense`	-	USD	1 Quarter
Interest expenses	`InterestExpense`	-	USD	3 Qtrs
Interest expenses	`InterestExpense`	$3.45K	USD	1 Quarter
Net foreign exchange (loss) gain	`ForeignCurrencyTransactionGainBeforeTax`	$-121.75K	USD	3 Qtrs
Net foreign exchange (loss) gain	`ForeignCurrencyTransactionGainBeforeTax`	$-92.07K	USD	1 Quarter
Net foreign exchange (loss) gain	`ForeignCurrencyTransactionGainBeforeTax`	$67.48K	USD	1 Quarter
Net foreign exchange (loss) gain	`ForeignCurrencyTransactionGainBeforeTax`	$198.61K	USD	3 Qtrs
Miscellaneous	`Miscellaneous`	$10.40K	USD	3 Qtrs
Miscellaneous	`Miscellaneous`	$2.41K	USD	3 Qtrs
Miscellaneous	`Miscellaneous`	$2.41K	USD	1 Quarter
Miscellaneous	`Miscellaneous`	-	USD	1 Quarter
Total other (expenses) income	`OtherNonoperatingIncomeExpense`	$-76.44K	USD	3 Qtrs
Total other (expenses) income	`OtherNonoperatingIncomeExpense`	$-75.27K	USD	1 Quarter
Total other (expenses) income	`OtherNonoperatingIncomeExpense`	$86.92K	USD	1 Quarter
Total other (expenses) income	`OtherNonoperatingIncomeExpense`	$250.64K	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.81M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$12.83M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.96M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.52M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$3.11M	USD	3 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$1.14M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$3.29M	USD	3 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$1.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.62M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.54M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$3.38M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.85M	USD	3 Qtrs
Other comprehensive (loss) income foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$527.20K	USD	1 Quarter
Other comprehensive (loss) income foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.07M	USD	3 Qtrs
Other comprehensive (loss) income foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$166.09K	USD	3 Qtrs
Other comprehensive (loss) income foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-47.33K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$10.62M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$9.02M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.58M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.90M	USD	1 Quarter
Earnings per share attributable to shareholders of Guanwei Recycling Corp. basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.17	USD	1 Quarter
Earnings per share attributable to shareholders of Guanwei Recycling Corp. basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.48	USD	3 Qtrs
Earnings per share attributable to shareholders of Guanwei Recycling Corp. basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.43	USD	3 Qtrs
Earnings per share attributable to shareholders of Guanwei Recycling Corp. basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.17	USD	1 Quarter
Weighted average number of common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.51M	shares	3 Qtrs
Weighted average number of common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.00M	shares	1 Quarter
Weighted average number of common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.00M	shares	3 Qtrs
Weighted average number of common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.82M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.62M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.54M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$3.38M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.85M	USD	3 Qtrs
Depreciation of property, plant and equipment	`Depreciation`	$220.58K	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$153.09K	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$622.53K	USD	3 Qtrs
Depreciation of property, plant and equipment	`Depreciation`	$414.71K	USD	3 Qtrs
Amortization of land use rights	`AdjustmentForAmortization`	$11.22K	USD	3 Qtrs
Amortization of land use rights	`AdjustmentForAmortization`	$11.56K	USD	3 Qtrs
Loss on disposal of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$46.72K	USD	3 Qtrs
Loss on disposal of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.05K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.59M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.42M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-117.49K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$4.68M	USD	3 Qtrs
Value added taxes refundable	`ValueAddedTaxesRefundable`	$-1.15M	USD	3 Qtrs
Value added taxes refundable	`ValueAddedTaxesRefundable`	$581.64K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.69M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-770.24K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-3.57K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-685.28K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.43M	USD	3 Qtrs
Accrued expenses and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-258.18K	USD	3 Qtrs
Accrued expenses and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$15.87K	USD	3 Qtrs
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$216.93K	USD	3 Qtrs
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$33.08K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.69M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.77M	USD	3 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.41M	USD	3 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.82M	USD	3 Qtrs
Payments on construction in progress	`PaymentsForConstructionInProcess`	-	USD	3 Qtrs
Payments on construction in progress	`PaymentsForConstructionInProcess`	$1.21M	USD	3 Qtrs
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	3 Qtrs
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.54K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.02M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.41M	USD	3 Qtrs
Decrease in restricted cash	`IncreaseDecreaseInRestrictedCash`	-	USD	3 Qtrs
Decrease in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-2.32M	USD	3 Qtrs
Advance from shareholder	`ProceedsFromContributedCapital`	$314.92K	USD	3 Qtrs
Advance from shareholder	`ProceedsFromContributedCapital`	$383.12K	USD	3 Qtrs
Proceeds from short-term borrowings	`ProceedsFromShortTermDebt`	$772.20K	USD	3 Qtrs
Proceeds from short-term borrowings	`ProceedsFromShortTermDebt`	-	USD	3 Qtrs
Repayments of short-term borrowings	`RepaymentsOfShortTermDebt`	$4.56M	USD	3 Qtrs
Repayments of short-term borrowings	`RepaymentsOfShortTermDebt`	-	USD	3 Qtrs
Net cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$383.12K	USD	3 Qtrs
Net cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.15M	USD	3 Qtrs
Effect of exchange rate change on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$618.20K	USD	3 Qtrs
Effect of exchange rate change on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$64.29K	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$804.09K	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$140.76K	USD	3 Qtrs
Cash and cash equivalents at the beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.20M	USD	Point-in-time
Cash and cash equivalents at the beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.43M	USD	Point-in-time
Cash and cash equivalents at the beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.24M	USD	Point-in-time
Cash and cash equivalents at the beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.94M	USD	Point-in-time
Cash and cash equivalents at the beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.08M	USD	Point-in-time
Cash and cash equivalents at the end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.20M	USD	Point-in-time
Cash and cash equivalents at the end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.43M	USD	Point-in-time
Cash and cash equivalents at the end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.24M	USD	Point-in-time
Cash and cash equivalents at the end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.94M	USD	Point-in-time
Cash and cash equivalents at the end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.08M	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	3 Qtrs
Interest paid	`InterestPaid`	$28.67K	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$3.07M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$3.08M	USD	3 Qtrs
Accrued expense related to purchases of property, plant and equipment	`AccruedExpenseRelatedToPurchasesOfPropertyPlantAndEquipment`	-	USD	3 Qtrs
Accrued expense related to purchases of property, plant and equipment	`AccruedExpenseRelatedToPurchasesOfPropertyPlantAndEquipment`	$79.26K	USD	3 Qtrs
Issuance of common stock to repay debt to shareholder	`IssuanceOfCommonStockToRepayDebtToShareholder`	-	USD	3 Qtrs
Issuance of common stock to repay debt to shareholder	`IssuanceOfCommonStockToRepayDebtToShareholder`	$1.47M	USD	3 Qtrs

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