Monthly Archives: September 2016

Aemetis Awards Stock Option

CUPERTINO, CA / ACCESSWIRE / September 30, 2016 / Aemetis, Inc. (NASDAQ: AMTX), On August 18, 2016, a nonqualified stock option for the purchase of 12,000 shares of common stock at an exercise price of $1.63 (the closing price of Aemetis’ common stock on August 18, 2016) was made pursuant to the Aemetis, Inc. Employment Inducement Stock Plan, which was approved by the Governance, Compensation and Nominating Committee of the Board on March 19, 2015. The award vests quarterly over three years and has a maximum term of ten years (subject to earlier termination in connection with termination of service to the company). The award was made to Philip Cherry, Plant Manager, who brings over 30 years of management and renewable fuels experience to the Aemetis team.

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of second-generation ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallon per year ethanol production facility in California’s Central Valley, near Modesto. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India, the US and Europe. Aemetis operates a research and development laboratory at the Maryland Biotech Center, and holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.

External Investor Relations Contact:

Christine Petraglia
PCG Advisory Group
(646) 731-9817
christine@pcgadvisory.com

Company, Investor Relations &Media Contact:

Satya Chillara
(408) 213-0939
schillara@aemetis.com

SOURCE: Aemetis, Inc.

ReleaseID: 446345

Greek Myth Oedipus Parody Of Homeric Epic Erotic Novel In Ancient Greece

Robert Devereaux launches his brand new novel, Oedipus Aroused: Homer’s Long-Lost Erotic Epic, available through Amazon as a trade paperback or a kindle book targeted at fans of parody, erotica, and classical literature. More information is available at the website: http://lambentlightpublishing.com/2016/09/23/our-first-publication-oedipus-aroused-is-now-out/

Fort Collins, CO, United States – September 30, 2016 /PressCable/ —

Author of fantastical novels and short stories Robert Devereaux is launching his brand new novel, Oedipus Aroused: Homer’s Long-Lost Erotic Epic. The book is set to go live late September, available through Amazon as a trade paperback or a kindle ebook and is expected to become a big hit with fans of classical literature and parodic novels.

More information on the novel can be found here: http://lambentlightpublishing.com/2016/09/23/our-f…

This is the eighth book Devereaux has authored. The book is intended to entertain and spin a new riff on the well-known classical myth of Oedipus the King. There’s also particular excitement about this launch because it brings erotic energy to the genre of the Homeric epic.

Oedipus Aroused focuses on Prince Oedipus being persuaded to go home after his upsetting encounter with the Delphic oracle. Readers will likely find a particular interest in how Oedipus first meets his biological mother Jocasta in the midst of the hedonistic Festival of Demeter. The book’s cover art was created by Dean Samed and Oedipus Aroused is being released by Lambent Light Publishing.

Robert Devereaux has a doctorate in English literature, with a primary focus on Shakespeare and a secondary focus on Greek tragedy. This helped shaped the creation of the book by bringing Shakespearean bed tricks together with baby swaps in Greek mythology.

http://lambentlightpublishing.com/2016/09/23/our-f…

When asked why he wrote the book, Devereaux said: “Surprisingly, I was inspired by a special comic book that brought Superman and Batman together.”

Devereaux has hopes that the book will bring joy to many readers, many of whom might not otherwise be interested in Homer. The author’s positive outlook is certainly testament to his optimism, considering some of the mishaps during its creation. At one point, the research needed felt quite overwhelming.

In a recent interview, the author made a point of thanking the University of Iowa library for providing a quiet cubicle in which to work on the creation of the book, saying: “My thanks also to the late Robert Fagles for his exquisite translations of The Iliad and The Odyssey.”

Those interested in learning more about Oedipus Aroused can visit here: https://www.amazon.com/Oedipus-Aroused-Homers-Long…

Contact Info:
Name: Robert Devereaux
Organization: Lambent Light Publishing
Address: 1549 Quail Hollow Dr

Release ID: 134753

StableView Asset Management Acquires Securities of VersaPay Corporation

TORONTO, ON / ACCESSWIRE / September 30, 2016 / StableView Asset Management Inc. (“StableView”) announces that on May 9, 2016 it acquired control or direction over 1,500,000 common shares (“Shares”) in the capital of VersaPay Corporation (the “Company”) pursuant to a short form prospectus offering by the Company (the “Offering”) at a price of CAD$ 1.00 per Share. StableView makes this announcement due to an inadvertent miscalculation of allocations under the Offering.

Immediately before the Offering, StableView exercised control or direction over 1,859,476 Shares representing 7.19% of the then issued and outstanding Shares. Upon closing of the Offering, StableView exercised control or direction over 3,359,476 Shares representing 11.03% of the Company’s issued and outstanding Shares. After giving net effect to subsequent transactions, StableView currently holds 10.88% of the Company’s issued and outstanding Shares.

StableView acquired and holds Shares in the Company for investment purposes and may, depending on market and other conditions, increase or decrease its control of Shares.

For more information or to obtain a copy of the early warning report filed under National Instrument 62-103, please contact:

StableView Asset Management Inc.

Attention: Colin Fisher
Telephone: 416-920-8600

SOURCE: StableView Asset Management Inc.

ReleaseID: 446352

xTAG(R) Gastrointestinal Pathogen Panel (GPP) Now Available Through Accu Reference Medical Lab

Same Day Results for 14 of the Most Common Causes of Infectious Diarrhea

LINDEN, NJ / ACCESSWIRE / September 30, 2016 /
Accu Reference Medical Lab adds a xTAG® Gastrointestinal Pathogen Panel (GPP) to its lineup of highly sensitive, rapid response diagnostic tests.

Diarrhea disease strikes more than two billion times globally each year and is a leading cause of child morbidity and mortality worldwide (1). 80% of pathogens are not identified, which leads to improper use of antibiotics and poor patient care. In the United States alone, 99 million cases of GI infection occur annually, leading to over 250,000 hospitalizations (2) and 17,000 deaths (3), inflicting a significant toll on the healthcare system.

Diarrhea can be caused by wide range of bacterial, viral, and/or parasitic pathogens. Conventional culture based diagnosis has many issues including highly variable, insensitive, labor-intensive and 1 day turnaround time for final results. Recently, multiplex real-time PCR based diagnosis has been highlighted because of many advantages such as simultaneous detection of wide range of GI pathogens, fast turnaround time and high reproducibility combined with automatic platforms.

xTAG GPP simultaneously detects 14 common viral, bacterial, and parasitic causative pathogens from a single patient sample (4):

Campylobacter
Clostridium difficile toxin A/B
Escherichia coli (E. coli) O157
• Enterotoxigenic E. coli (ETEC) LT/ST
Salmonella
Shigella
• Shiga-like Toxin producing E. coli (STEC) stx 1/stx 2
• Vibrio cholerae, cholera toxin gene (ctx)
• Adenovirus 40/41
• Norovirus
• Rotavirus A
Cryptosporidium
• Entamoeba histolytica
• Giardia

By testing for greater than 90% of the causative pathogens of infectious gastroenteritis in a single test, clinicians can more quickly identify and treat the causative agent. Additionally co-infections can be more easily identified.

This panel will replace traditional stool culture (STOCU) and the Giardia and Cryptosporidium antigen (OVPSC) screen.

About Accu Reference Medical Lab

Accu Reference Medical Lab, LLC is located in Linden, NJ. Accu Reference Medical Lab operates as an independent high complexity CLIA-certified clinical laboratory providing advanced multiplex molecular diagnostic services to assist healthcare providers in the detection of infectious disease. For more information call at (800) 766-8378 or visit the company’s web site at www.accureference.com.

About Luminex Corporation

Luminex is committed to applying its passion for innovation toward creating breakthrough solutions to improve health and advance science. For further information on Luminex Corporation, please visit
http://www.luminexcorp.com/.

References:

1) http://www.who.int/mediacentre/factsheets/fs330/en/index.html

2) http://www.clevelandclinicmeded.com/medicalpubs/diseasemanagement/gastroenterology/acute-diarrhea/

3) http://www.cdc.gov/media/releases/2012/p0314_gastroenteritis.html

4) Luminex xTAG GPP Gastrointestinal Pathogen Panel

SOURCE: Accu Reference Medical Lab

ReleaseID: 446347

Fincera Reports Second Quarter 2016 Financial Results, Highlighted by Continued Growth of the Company’s Primary Financial Service Offerings

Fincera Reports Second Quarter 2016 Financial Results, Highlighted by Continued Growth of the

Company’s Primary Financial Service Offerings

Shijiazhuang, Hebei Province, China – September 30, 2016 – Fincera Inc. (“Fincera” or the “Company”) (OTCQB: AUTCF) (fka. AutoChina International), a leading provider of web-based financing and ecommerce services for small and medium-sized businesses and individuals in China, today reported financial results for the second quarter ended June 30, 2016.

Operational Highlights

(RMB in millions)
 
For the Three Months Ended
 
 
 
June 30, 2016
 
 
March 31, 2016
 
 
 
 
 
June 30, 2015
 
 
 
 
 
 
Amount
 
 
Amount
 
 
% Change
 
 
Amount
 
 
% Change
 
CeraPay Transaction Volume
 
 
6,024.1
 
 
 
4,362.7
 
 
 
38.1

%

 
 
1,829.9
 
 
 
229.2

%

CeraVest Loans Issued
 
 
1,264.2
 
 
 
1,109.7
 
 
 
13.9

%

 
 
517.4
 
 
 
144.3

%

CeraPay (https://www.dianfubao.com/) is the Company’s credit advance and online payment processing platform. Launched in November 2014, CeraPay allows customers to pay for their everyday needs at participating merchants through the online CeraPay transaction network. With functionality similar to a credit card, the Company issues revolving credit lines to customers, with which they can use to make purchase transactions via the CeraPay application. Fincera earns transaction fees through its CeraPay platform.

CeraPay was used to make payment transactions totaling RMB6.0 billion during the second quarter of 2016, a 229.2% increase compared to the prior-year period and a 38.1% increase compared to the first quarter of 2016.

CeraVest (https://www.qingyidai.com/) is the Company’s small business lending platform. From its inception in November 2014 through June 30, 2016, CeraVest has originated over RMB4.8 billion in loans. Fincera created CeraVest as an online lending marketplace that provides short-term operating capital for small and medium-sized businesses. CeraVest originates loans and then sells these loans to the public. Currently, individuals may invest on the CeraVest platform and earn an annual interest rate of up to approximately 8.6%. Fincera earns origination fees on CeraVest loans.

CeraVest originated RMB1.3 billion in loans during the second quarter of 2016, a 144.3% increase compared to the prior-year period and a 13.9% increase compared to the first quarter of 2016. CeraVest had a total loan portfolio unpaid principal balance of approximately RMB2.5 billion at June 30, 2016.

The Company continued to wind down its legacy truck-leasing business, which is now classified as a discontinued operation, and expects to continue servicing and collecting payments on existing commercial vehicle leases until all obligations related to the individual leases are met, which the Company estimates should occur by the end of 2017.

Subsequent Events

As previously announced, in August 2016 the Company entered an agreement to purchase the remaining portions of the Kai Yuan Finance Center building that it does not already own. The remaining property consists of thirty-one floors and an underground parking garage which complement the Company’s purchase of twenty-three floors of the building in 2012. The Company is headquartered in the building.

Management Comments

Mr. Yong Hui Li, Chairman and CEO of Fincera, stated, “The results for the second quarter of 2016 continue to reflect increased market acceptance of Fincera’s primary financial services offerings, CeraPay and CeraVest. We were pleased to recognize further growth of our Internet-based businesses during the quarter, having once again achieved quarter-over-quarter as well as year-over-year growth in both transaction volume and number of loans issued. While Fincera remains committed to serving the transportation market, the Company’s extension into new markets outside of this specialty niche has begun to bear fruit, as demonstrated by heightened cross-market adoption of our offering among small and medium-sized businesses and individuals in China.

“In upcoming quarters, we expect the recently launched ecommerce platform, PingPing, to serve existing customers as well as drive new business development. Providing our customers with a product offering that fulfills market demand is Fincera’s top priority, and we anticipate continuous enhancements to be made to the platform going forward, all of which will be driven by feedback from the small business community. We are excited to explore the number of opportunities we continue to see in the online financial services industry in China, and are dedicated to supporting our customers as a collaborative financial and technology partner.&#8221

Financial Review

The Company now classifies its legacy truck-leasing business as a discontinued operation for all periods presented below. Continuing operations consist of the Company’s Internet-based business and its property lease and management business.

Second Quarter 2016 Financial Results

Income (Revenues)

The table below sets forth certain income (revenue) items from the Company’s Consolidated Statement of Income as a percentage of income (revenues):

(in thousands)

 

Three months ended

June 30, 2016

 
 

Three months ended

June 30, 2015

 
 
 
 
 
 

Amount

 
 

% of Revenue

 
 

Amount

 
 

% of Revenue

 
 

% Change

 

Service charges

 

$

17,165

 
 
 

60.7

%

 

$

6,983

 
 
 

62.1

%

 
 

145.8

%

Interest income

 
 

7,855

 
 
 

27.8

%

 
 

1,835

 
 
 

16.3

%

 
 

328.1

%

Other Income

 
 

767

 
 
 

2.7

%

 
 

&#8722

 
 
 

&#8722

%

 
 

100.0

%

Property lease and management

 
 

2,496

 
 
 

8.8

%

 
 

2,433

 
 
 

21.6

%

 
 

2.6

%

Total income

 

$

28,283

 
 
 

100.0

%

 

$

11,251

 
 
 

100.0

%

 
 

151.4

%


 

Income for the three months ended June 30, 2016, increased 151.4% to $28.3 million, from $11.3 million in the prior-year period, primarily as a result of the Company’s ramp-up of its Internet-based business segment, particularly its CeraPay and CeraV
Service charges, which represent CeraPay transaction fees and penalty and late fees for both CeraPay and CeraVest, increased 145.8% to $17.2 million in the three months ended June 30, 2016, from $7.0 million in the prior-year period. This was due to the significant increase in the volume of CeraPay transactions processed. CeraPay was used to make payment transactions totaling over RMB6.2 billion (approximately $923.0 million) during the three months ended June 30, 2016, an increase of 229.2% from the RMB1.9 billion (approximately $280.4 million) processed in the second quarter of 2015.est products, which launched in November 2014. The Company’s property lease and management revenue also increased due to a higher percentage of available space being leased out.

 
 
 

 
 
 
 
 

 

Interest income, which represents interest earned on CeraVest loans and origination fees, increased 315.8% to $7.9 million in the three months ended June 30, 2016, from $1.9 million in the prior-year period. This was due to a significant increase in the outstanding amount of CeraVest loans facilitated by the Company. At June 30, 2016, CeraVest had a total loan portfolio of RMB2.5 billion (approximately $374.3 million), an increase of 178.4% from the RMB897.0 million (approximately $134.5 million) in CeraVest loans outstanding at June 30, 2015.

 
 
 

 

Property lease and management revenues totaled $2.5 million in the three months ended June 30, 2016, unchanged from the prior quarter, and represent the revenues of the property lease and management business. This represents an increase of 2.6% compared to the prior year period due to a higher percentage of available space in the Kai Yuan Finance Center being leased out to tenants. At June 30, 2016, the occupancy rate of the Kai Yuan Finance Center was 81%, as compared to 80% at June 30, 2015. The property lease and management business commenced operations during the third quarter of 2013.

Operating Costs and Expenses


 

The Company’s operating costs and expenses increased 142.6% to $27.0 million during the second quarter of 2016 from $11.1 million in the prior-year period, primarily due to increased expenses incurred for interest expense, provision for credit losses, product development expense, selling and marketing expense, and general and administrative expenses to support the growth of the Company’s Internet-based business.

Income (Loss) from Continuing Operations before Income Taxes


 
Income from continuing operations before income taxes totaled $0.8 million during second first quarter of 2016, compared to a loss of $25,000 in the prior-year period, primarily due to the ramp up of the Company’s Internet-based business and associated income.

Income from Discontinued Operations, Net of Taxes


 
Loss from discontinued operations, net of taxes, totaled $0.8 million during the second quarter of 2016, compared to income of $3.0 million in the prior-year period, primarily due to the winding down of the legacy truck-leasing business. The decrease resulted from the winding down of the businesses classified as discontinued operations.

Net Income


 
Net income totaled $5,000 during the second quarter of 2016, compared to $3.0 million in the prior-year period, as a result of the decline in income from discontinued operations, which was partially offset by the increase in income from continuing operations.

Balance Sheet Highlights

At June 30, 2016, Fincera’s cash and cash equivalents (not including restricted cash) were $119.9 million, working capital was $161.0 million, total liabilities were $658.7 million, and stockholders’ equity was $252.4 million, compared to $62.0 million, $162.6 million, $494.2 million, and $256.1 million, respectively, at December 31, 2015.

About Fincera Inc.

Founded in 2005, Fincera Inc. (OTCQB: AUTCF) provides innovative web-based financing and ecommerce services for small and medium-sized businesses and individuals in China. The Company also operates a network of branch offices in 31 provinces, municipalities, and autonomous regions across China. Fincera’s primary service offerings include a credit advance/online payment processing network and a web-based small business lending platform. The Company’s website is http://www.fincera.net. Fincera trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. OTCQB companies are current in their reporting and undergo an annual verification and management certification process.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:


 

Changing principles of generally accepted accounting principles

 
 
 

 

Continued compliance with government regulations

 
 
 

 

Legislation or regulatory environments, requirements or changes adversely affecting the financial services industry in China

 
 
 

 

Fluctuations in customer demand

 
 
 

 

Management of rapid growth

 
 
 

 

General economic conditions

 
 
 

 

Changes in government policy

 
 
 

 

China’s overall economic conditions and local market economic conditions

 
 
 

 

The Company’s ability to expand through strategic acquisitions

 
 
 

 

The Company’s business strategy and plans, including whether its new financial services products are accepted by consumers

 
 
 

 

Credit risk affecting the Company’s revenue and profitability – such as being able to manage the default risk of customers

 
 
 

 

The results of future financing efforts; and

 
 
 

 

Geopolitical events.

 
 
 

In this press release, forward-looking statements include those related to the pending acquisition of hotel operations. Such acquisition includes various risks, including that:

 
 
 

 

The hotel operations may not be profitable after subsidy provision expires

 
 
 

 

The acquisition is outside the scope of the Company’s core operations; and

 
 
 

 

The entry into new business may not be viewed favorably by investors and could adversely affect its share price.

The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.

CONTACT

At the Company

Jason Wang

Chief Financial Officer

(858) 997-0680 / jcwang@fincera.net

Investor Relations

The Equity Group Inc.

Adam Prior

Senior Vice President

(212) 836-9606 / aprior@equityny.com

Carolyne Y. Sohn

Senior Associate

(415) 568-2255 / csohn@equityny.com

FINCERA INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE (LOSS) INCOME (Unaudited)

(in thousands except share and per share data)

 
 

Three months ended June 30,

 
 

Six months ended June 30,

 
 
 

2016

 
 

2015

 
 

2016

 
 

2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 

Income

 
 
 
 
 
 
 
 
 
 
 
 

Service charges

 

$

17,165

 
 

$

6,983

 
 

$

32,252

 
 

$

9,752

 

Interest income

 
 

7,855

 
 
 

1,835

 
 
 

11,194

 
 
 

2,640

 

Other income

 
 

767

 
 
 

 
 
 

767

 
 
 

 

Property lease and management

 
 

2,496

 
 
 

2,433

 
 
 

4,996

 
 
 

4,629

 

Total income

 
 

28,283

 
 
 

11,251

 
 
 

49,209

 
 
 

17,021

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Operating Costs and Expenses

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Interest expense

 
 

8,171

 
 
 

4,435

 
 
 

14,627

 
 
 

7,838

 

Interest expense, related parties

 
 

1,149

 
 
 

777

 
 
 

2,621

 
 
 

1,879

 

Provision for credit losses

 
 

6,849

 
 
 

1,094

 
 
 

9,250

 
 
 

1,743

 

Product development expense

 
 

2,235

 
 
 

1,434

 
 
 

4,207

 
 
 

2,757

 

Property and management cost

 
 

502

 
 
 

556

 
 
 

999

 
 
 

1,126

 

Selling and marketing

 
 

2,914

 
 
 

357

 
 
 

5,141

 
 
 

524

 

General and administrative

 
 

5,220

 
 
 

2,493

 
 
 

9,784

 
 
 

5,167

 

Total operating costs and expenses

 
 

27,040

 
 
 

11,146

 
 
 

46,629

 
 
 

21,034

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Income (loss) from continuing operations before income taxes

 
 

1,243

 
 
 

105

 
 
 

2,580

 
 
 

(4,013

)

Income tax provision (benefit)

 
 

403

 
 
 

80

 
 
 

884

 
 
 

(976

)

Income (loss) from continuing operations

 
 

840

 
 
 

25

 
 
 

1,696

 
 
 

(3,037

)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Loss) income from discontinued operations, net of taxes

 
 

(835

)

 
 

2,987

 
 
 

(1,207

)

 
 

8,715

 

Net income

 
 

5

 
 
 

3,012

 
 
 

489

 
 
 

5,678

 

Foreign currency translation adjustment

 
 

(6,034

)

 
 

1,265

 
 
 

(4,727

)

 
 

260

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Comprehensive (loss) income

 
 

(6,029

)

 
 

4,277

 
 
 

(4,238

)

 
 

5,938

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Earnings per share

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Continuing operations

 

$

0.04

 
 

$

0.00

 
 

$

0.07

 
 

$

(0.13

)

Discontinued operations

 
 

(0.04

)

 
 

0.13

 
 
 

(0.05

)

 
 

0.37

 
 
 

$

0.00

 
 

$

0.13

 
 

$

0.02

 
 

$

0.24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Diluted

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Continuing operations

 

$

0.03

 
 

$

(0.00

)

 

$

0.07

 
 

$

(0.13

)

Discontinued operations

 
 

(0.04

)

 
 

0.12

 
 
 

(0.05

)

 
 

0.36

 
 
 

$

(0.01

)

 

$

0.12

 
 

$

0.02

 
 

$

0.23

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Weighted average shares outstanding

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
 

23,553,541

 
 
 

23,549,644

 
 
 

23,553,923

 
 
 

23,549,644

 

Diluted

 
 

24,070,599

 
 
 

24,258,035

 
 
 

24,130,698

 
 
 

24,262,250

 

FINCERA INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands except share and per share data)

 
 

June 30,

 
 

December 31,

 
 
 

2016

 
 

2015

 
 
 

(unaudited)

 
 
 
 

ASSETS

 
 
 
 
 
 

Current assets

 
 
 
 
 
 

Cash and cash equivalents

 

$

119,940

 
 

$

61,957

 

Restricted cash

 
 

4,213

 
 
 

157

 

Other financing receivables, net

 
 

278,960

 
 
 

235,349

 

Loans, net

 
 

374,383

 
 
 

250,659

 

Prepaid expenses and other current assets

 
 

2,338

 
 
 

1,520

 

Current assets of discontinued operations

 
 

38,994

 
 
 

104,595

 

Total current assets

 
 

818,828

 
 
 

654,237

 
 
 
 
 
 
 
 
 
 

Noncurrent assets

 
 
 
 
 
 
 
 

Property, equipment and leasehold improvements, net

 
 

70,920

 
 
 

73,817

 

Deferred income tax assets

 
 

11,146

 
 
 

7,011

 

Non-current assets of discontinued operations

 
 

10,280

 
 
 

15,250

 
 
 
 
 
 
 
 
 
 

Total assets

 

$

911,174

 
 

$

750,315

 
 
 
 
 
 
 
 
 
 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 
 
 
 
 
 
 
 

Current liabilities

 
 
 
 
 
 
 
 

Short-term bank borrowings (including short-term bank borrowings of the consolidated VIEs without recourse to Fincera of $79,322 and $56,363 as of June 30, 2016 and December 31, 2015, respectively)

 

$

88,370

 
 

$

75,921

 

Long-term bank borrowings, current portion (including long-term bank borrowings, current portion of the consolidated VIEs without recourse to Fincera of nil and nil as of June 30, 2016 and December 31, 2015, respectively)

 
 

12,064

 
 
 

13,860

 

Borrowed funds from CeraVest loan investors, related party (including borrowed funds from CeraVest loan investors, related party of the consolidated VIEs without recourse to Fincera of $264 and $2,716 as of June 30, 2016 and December 31, 2015, respectively)

 
 

3,341

 
 
 

2,716

 

Borrowed funds from CeraVest loan investors (including borrowed funds from CeraVest loan investors of the consolidated VIEs without recourse to Fincera of 243,392 and $202,725 as of June 30, 2016 and December 31, 2015, respectively)

 
 

346,373

 
 
 

202,725

 

Financing payables, related parties (including financing payables, related parties of the consolidated VIEs without recourse to Fincera of $63,523 and $58,620 as of June 30, 2016 and December 31, 2015, respectively)

 
 

117,838

 
 
 

106,869

 

Other payables and accrued liabilities (including other payables and accrued liabilities of the consolidated VIEs without recourse to Fincera of $45,742 and $14,334 as of June 30, 2016 and December 31, 2015, respectively)

 
 

73,107

 
 
 

35,806

 

Income tax payable (including income tax payable of the consolidated VIEs without recourse to Fincera of $4,591 and $2,562 as of June 30, 2016 and December 31, 2015, respectively)

 
 

4,767

 
 
 

3,317

 

Current liabilities of discontinued operations (including current liabilities of discontinued operations of the consolidated VIEs without recourse to Fincera of $7,892 and $9,868 as of June 30, 2016 and December 31, 2015, respectively)

 
 

11,969

 
 
 

50,445

 

Total current liabilities

 
 

657,829

 
 
 

491,659

 

FINCERA INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS – Continued

(in thousands except share and per share data)

 
 

June 30,

 
 

December 31,

 
 
 

2016

 
 

2015

 
 
 

(unaudited)

 
 
 
 
 
 
 
 
 
 
 

Noncurrent liabilities

 
 
 
 
 
 

Non-current liabilities of discontinued operations (including non-current liabilities of discontinued operations of the consolidated VIEs without recourse to Fincera of nil and nil as of June 30, 2016 and December 31, 2015, respectively)

 
 

915

 
 
 

2,587

 

Total liabilities

 
 

658,744

 
 
 

494,246

 
 
 
 
 
 
 
 
 
 

Commitments and Contingencies

 
 

 
 
 

 
 
 
 
 
 
 
 
 
 

Stockholders’ equity

 
 
 
 
 
 
 
 

Preferred shares, $0.001 par value, 1,000,000 shares authorized; –no shares issued or outstanding at June 30, 2016 and December 31, 2015

 
 

 
 
 

 

Ordinary shares – $0.001 par value, 1,000,000,000 shares authorized, 23,557,616 and 23,549,644 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively

 
 

24

 
 
 

24

 

Additional paid-in capital

 
 

329,875

 
 
 

329,276

 

Statutory reserves

 
 

24,849

 
 
 

27,014

 

Accumulated losses

 
 

(112,575

)

 
 

(115,229

)

Accumulated other comprehensive income

 
 

10,257

 
 
 

14,984

 

Total stockholders’ equity

 
 

252,430

 
 
 

256,069

 
 
 
 
 
 
 
 
 
 

Total liabilities and stockholders’ equity

 

$

911,174

 
 

$

750,315

 

FINCERA INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

 
 

Six Months Ended June 30,

 
 
 
2016

 
 
2015

 
 
 
 
 
 
 
 
Cash flow from operating activities:
 
 
 
 
 
 
Net cash provided by operating activities – continuing operations

 
$

47,236

 
 
$

17,775

 
Net cash provided by operating activities – discontinued operations

 
 
28,307

 
 
 
153,707

 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
 
75,543

 
 
 
171,482

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:

 
 
 
 
 
 
 
 
Net payments in loans

 
 
(136,753

)

 
 
(102,975

)

Change in other financing receivables

 
 
(55,707

)

 
 
(114,942

)

Purchase of property, equipment and leasehold improvements

 
 
(291

)

 
 
(1,715

)

 
 
 
 
 
 
 
 
 
Net cash (used in) investing activities
 
 
(192,751

)

 
 
(219,632

)

 
 
 
 
 
 
 
 
 
Cash flow from financing activities:

 
 
 
 
 
 
 
 
Net proceeds in borrowed funds from CeraVest loan investors

 
 
150,816

 
 
 
79,081

 
Proceeds from financing payables, related party

 
 
44,983

 
 
 
101,479

 
Repayment of financing payables, related party

 
 
(31,623

)

 
 
(81,478

)

Proceeds from bank borrowings

 
 
64,325

 
 
 
65,259

 
Repayment of bank borrowings

 
 
(51,641

)

 
 
(123,176

)

Repayment to affiliates

 
 

 
 
 
(14,439

)

Net cash provided by financing activities – discontinued operations

 
 
3

 
 
 
39,023

 
 
 
 
 
 
 
 
 
 
Net cash provided by financing activities
 
 
176,863

 
 
 
65,749

 
 
 
 
 
 
 
 
 
 
Net cash provided by operating, investing and financing activities

 
 
59,655

 
 
 
17,599

 
 
 
 
 
 
 
 
 
 
Effect of foreign currency translation on cash and cash equivalents

 
 
(1,672

)

 
 
80

 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents

 
 
57,983

 
 
 
17,679

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, beginning of the period
 
 
61,957

 
 
 
26,027

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, end of the period

 
$

119,940

 
 
$

43,706

 
 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:

 
 
 
 
 
 
 
 
Interest paid

 
$

21,673

 
 
$

11,751

 
Income taxes paid

 
$

1,765

 
 
$

3,755

 

ReleaseID: 446311

IMPORTANT SHAREHOLDER ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against Yirendai Ltd. and Reminds Investors with Losses In Excess of $100,000 to Contact the Firm

IRVINE, CA / ACCESSWIRE / September 30, 2016 / Khang & Khang LLP (the “Firm”) announces the filing of a class action lawsuit against Yirendai Ltd. (“Yirendai” or the “Company”) (NYSE: YRD). Investors, who purchased or otherwise acquired shares between May 11, 2016 and August 24, 2016 inclusive (the “Class Period”), are encouraged to contact the Firm before the October
25, 2016 lead plaintiff motion deadline.

If you purchased Yirendai shares during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.

There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

The complaint alleges that during the Class Period, Yirendai made false and/or misleading statements and/or failed to disclose: that the Company was experiencing increasing fraud related to customer applications for its loan products; that the implementation of new anti-fraud regulations by the Chinese government could have a negative impact on Yirendai’s performance; and that as a result of the above, the Company’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis. On August 24, 2016, Bloomberg reported that China imposed limits on peer-to-peer lending and also placed a new regulations cap on individual borrowing at 1 million yuan. When this news emerged to the public, Yirendai’s stock price fell, thus causing investors harm.

If you wish to learn more about this lawsuit, or if you have any questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.

This press release may constitute Attorney Advertising in some jurisdictions.

Contacts

Joon M. Khang, Esq.

Telephone: 949-419-3834

Facsimile: 949-225-4474

joon@khanglaw.com

SOURCE: Khang & Khang LLP

ReleaseID: 446338

INVESTOR ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against AECOM and Reminds Investors with Losses to Contact the Firm

IRVINE, CA / ACCESSWIRE / September 30, 2016 / Khang & Khang LLP (the “Firm”) announces the filing of class action lawsuit against AECOM (“AECOM” or the “Company”) (NYSE: ACM). Investors who purchased or otherwise acquired shares between February 11, 2015 and August 15, 2016 inclusive (the “Class Period”), are encouraged to contact the Firm before the October 31, 2016
lead plaintiff motion deadline.

If you purchased shares of AECOM during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at joon@khanglaw.com.

There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

The complaint alleges AECOM made false and/or misleading statements and/or failed to disclose that: the Company engaged in fraudulent and deceptive business practices; that AECOM lacked effective internal controls over financial reporting; that the Company overstated the benefits of its acquisition of URS Corp.; that AECOM overstated its free cash flow per share; and that as a result of the above, AECOM’s public statements were materially false and misleading at all relevant times. On August 16, 2016, Spruce Point Capital Management published a report on AECOM asserting that the Company’s stock is worth 33%-45% less than its current price on the market. When this information was disclosed to the public, AECOM’s stock price dropped, which caused investors harm.

If you wish to learn more about this lawsuit, or if you have questions regarding this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.

This press release may constitute Attorney Advertising in some jurisdictions.

Contacts

Joon M. Khang, Esq.

Telephone: 949-419-3834

Facsimile: 949-225-4474

joon@khanglaw.com

SOURCE: Khang & Khang LLP

ReleaseID: 446339

EQUITY ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against LifeVantage Corporation and Encourages Investors with Losses to Contact the Firm

IRVINE, CA / ACCESSWIRE / September 30, 2016 / Khang & Khang LLP (the “Firm”) announces a class action lawsuit has been filed against LifeVantage Corporation (“LifeVantage” or the “Company”) (NASDAQ: LFVN). Investors who purchased or otherwise acquired shares between November 4, 2015 and September 13, 2016 inclusive (the “Class Period”), are encouraged to contact the Firm in advance of the November 14, 2016 lead plaintiff motion deadline.

If you purchased shares of LifeVantage during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at joon@khanglaw.com.

There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

The complaint alleges that during the Class Period, LifeVantage made false and/or misleading statements and/or failed to disclose: that the Company lacked effective internal financial controls; that the Company improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals; and that as a result of the above, LifeVantage’s public statements were materially false and misleading at all relevant times. On September 13, 2016, LifeVantage announced that it would delay the release of its fourth quarter and fiscal year 2016 financial results. The reason for the delay was LifeVantage to carry out an internal review of sales into certain international markets and the revenue and income tax associated with those sales. The Company stated that it is unable to estimate the impact of the review to net revenue, tax expense, net income or other aspects of its financial statements for the fiscal year ended June 30, 2016 or any potential prior periods. When this information emerged to the public, the Company’s stock price fell, thus causing investors harm.

If you wish to learn more about this lawsuit, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at joon@khanglaw.com.

This press release may constitute Attorney Advertising in certain jurisdictions.

Contacts

Joon M. Khang, Esq.

Telephone: 949-419-3834

Facsimile: 949-225-4474

joon@khanglaw.com

SOURCE: Khang & Khang LLP

ReleaseID: 446341

EQUITY ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against Polaris Industries Inc. and Encourages Investors with Losses to Contact the Firm

IRVINE, CA / ACCESSWIRE / September 30, 2016 / Khang & Khang LLP (the “Firm”) announces the filing of a class action lawsuit against Polaris Industries Inc. (“Polaris” or the “Company”) (NYSE: PII). Investors who purchased or otherwise acquired shares between January 26, 2016 and September 11, 2016 inclusive (the “Class Period”), are encouraged to contact the Firm before the November 15, 2016 lead plaintiff motion deadline.

If you purchased shares of Polaris during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at joon@khanglaw.com.

There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

According to the complaint, Polaris made false and/or misleading statements and/or failed to disclose that: the Company was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles; that Polaris would ultimately need to implement a more complex and expensive repair solution; that the financial impact of RZR vehicle recalls was greater than the Company had disclosed to investors; that Polaris overstated its full-year 2016 guidance; and that as a result of the above, the Company’s public statements were materially false and misleading at all relevant times. On September 12, 2016, Polaris lowered its earnings guidance range for the full year 2016. The lower guidance is related to the impact of the Company’s stop-ride/stop-sale advisory on July 25, 2016 pending a formal recall for the MY2016 RZR Turbo off-road vehicles due to potential fire hazard. When this information was emerged to the public, shares of Polaris fell in value, thus causing investors harm.

If you wish to learn more about this lawsuit, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.

This press release may constitute Attorney Advertising in certain jurisdictions.

Contacts

Joon M. Khang, Esq.

Telephone: 949-419-3834

Facsimile: 949-225-4474

joon@khanglaw.com

SOURCE: Khang & Khang LLP

ReleaseID: 446342

IMPORTANT EQUITY ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against Twitter, Inc. and Encourages Investors with Losses In Excess of $250,000 to Contact the Firm

IRVINE, CA / ACCESSWIRE / September 30, 2016 / Khang & Khang LLP (the “Firm”) announces a class action lawsuit has been filed against Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR). Investors who purchased or otherwise acquired shares between February 6, 2015 and July 28, 2015 inclusive (the “Class Period”), are encouraged to contact the Firm before the November
15, 2016 lead plaintiff motion deadline.

If you purchased Twitter shares during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.

There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

The complaint alleges that during the Class Period, Twitter made materially false and/or misleading statements and/or failed to disclose: that by early 2015 daily active users had replaced the timeline views metric as the primary user engagement metric tracked internally by Twitter management; that the trend in user engagement growth was flat or declining; that new product initiatives were not having a significant impact on monthly active users or user engagement; that the Company’s stated “acceleration” was the result of low-quality monthly active user growth; and that Twitter lacked a basis for its previously issued projections of approximately 20% monthly active user growth and 550 million monthly active users in the immediate term.

If you wish to learn more about this lawsuit, or if you have any questions regarding this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.

This press release may constitute Attorney Advertising in certain jurisdictions.

Contacts

Joon M. Khang, Esq.

Telephone: 949-419-3834

Facsimile: 949-225-4474

joon@khanglaw.com

SOURCE: Khang & Khang LLP

ReleaseID: 446343