Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. China Green Agriculture, Inc. (857949) 10-Q published on May 17, 2021 at 5:00 pm
On April 5, 2021, the Company entered into certain Security Purchase Agreement (the “SPA”) with certain “non-US persons” as defined in Regulation S promulgated under Securities Act of 1933, in connection with a private placement offering of 2,000,000 shares of common stock, par value $0.001 per share, of the Company. The purchase price per share of the Offering is $7.00. The transaction contemplated in the SPA closed simultaneously with the execution of the SPA.
On April 7, 2021, the Company granted and issued 137,500 shares of common stock to settle the payable of consulting services under the 2009 Plan. The value of the stock was $770,000 and was based on the fair value of the Company’s common stock on the grant date.
There were two customers, from which the Company sold 10.6% and 10.4% of its products during the year ended March 31, 2020. Total sales from these two customers was amounted to $33,957,707 as March 31, 2020.
General and administrative expenses consisted primarily of related salaries, rental expenses, business development, depreciation and travel expenses incurred by our general and administrative departments and legal and professional expenses including expenses incurred and accrued for certain litigation. General and administrative expenses were $25,784,656, or 30.0% of net sales for the three months ended March 31, 2021, as compared to $58,807,987, or 68.5% of net sales for the three months ended March 31, 2020, a decrease of $33,023,331, or 56.2%. The decrease in general and administrative expenses was mainly due to lower general and administrative expenses for Gufeng. Gufeng’s general and administrative expenses were $17,495,936 for the three months ended March 31, 2021, a decreased $33,759,475, or 65.9%, as compared to $51,255,411 for the three months ended March 31, 2020.
For the nine months ended March 31, 2021, Jinong’s net sales increased $407,059, or 0.9%, to $45,249,797 from $44,842,738 for the nine months ended March 31, 2020. This increase was mainly attributable to the increase in Jinong’s sales volume in the last nine months. Jinong sold approximately 60,165 metric tons of fertilizer products in the nine months ended March 31, 2021, increased 5,107 tons or 9.3%, as compared to 55,059 tons for the nine months ended March 31, 2020.