8-K

2019-02-19

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported ):   February 19, 2019

 

IONIX TECHNOLOGY, INC.

(Exact name of registrant as specified in its charter)

 

Nevada000- 5448545-0713638
(State or Other Jurisdiction(Commission File(I.R.S. Employer
of Incorporation)Number)Identification Number)

 

4F, Tea Tree B Building, Guwu Sanwei Industrial Park, Xixiang Street

Baoan District

Shenzhen, Guangdong Province, China 518000

(Address of principal executive offices, including zip code)

 

+(86) 138 8954 0873

(Registrant’s telephone number, including area code)

 

Not applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 


 

 


  1



 

Item 7.01  Regulation FD Disclosure

 

Attached hereto as Exhibit 99.1 is a press release we issued on February 19, 2019, announcing fourth quarter 2018 financial results.

 

 

Item 9.01  Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit NumberDescription


99.1Press Release issued by Ionix Technology, Inc. on February 19, 2019, announcing fourth quarter 2018 financial results.

 


  2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 


Ionix Technology, Inc.

 






Date:  February 19, 2019By/s/ Yubao Liu


Yubao Liu


Duly Authorized officer, Chief Executive 
Officer





 

 

 


 


 


EXHIBIT 99.1  

 

Ionix Technology, Inc.  Announces Fourth Quarter 2018 Financial Results

 

SHENZHEN, China, Feb. 19, 2019 /PRNewswire/ -- Ionix Technology, Inc. (“IINX”) (OTCQB; IINX). By incorporating fine quality enterprises and innovating forward-looking technologies,  Ionix Technology, Inc. has become a business aggregator in Chinese domestic photoelectric display and smart energy fields. Currently, the Company owns four production bases which are Baileqi Electronic, Lisite Science, Fangguan Photoelectric and Shizhe New Energy. today announced its financial results of the fourth quarter ended December 31, 2018.

 

SUMMARY FINANCIALS

 

For the Three Months Ended  December 31,(unaudited) 

Q4 2018Q4 2017CHANGE
Revenues - Non-related parties    $2,229,489$750,944
Revenues - Related parties$22,059-
Total Revenues$2,251,548$750,944200%
Cost of revenues - Non-related parties$541,912$64,971
Related parties$1,414,348$607,020
Total Cost of Revenues$1,956,260$671,991191%
Gross profit$295,288$78,953

 


 

 For the Six Months Ended December 31, (unaudited)

6-Month 20186-Month 2017CHANGE
Revenues - Non-related parties    $4,704,539$1,132,485
Revenues - Related parties115,897-
Total Revenues$4,820,436$1,132,485326%
Cost of revenues - Non-related parties1,041,824$113,903
Related parties3,194,159$878,671
Total Cost of Revenues$4,235,983$992,574327%
Gross profit$584,453$139,911

 

Revenue    

 

During the three months ended December 31, 2018 and 2017, total revenue was $2,251,548 and $750,944, respectively. The total revenues increased by 200% from the three months ended December 31, 2017 to three months ended December 31, 2018.

 

During the six months ended December 31, 2018 and 2017, revenue was $4,820,436 and $1,132,485, respectively. The total revenues increased by 326% from the six months ended December 31, 2017 to the six months ended December 31, 2018.

 

The increase in revenue for the three and six months ended December 31, 2018 compared to 2017 can be attributed to our expanded operations in the fields of LCD screens in the PRC during the three and six months ended December 31, 2018.

 

Cost of Revenue

 

Cost of revenue included the cost of raw materials and finished products purchased and the sub-contracting processing fee paid to the processing factories which were owned by our shareholders, pursuant to the manufacturing agreement between the Company's subsidiaries in PRC and processing factories.

 





 

During the three months ended December 31, 2018, cost of revenue was $541,912 for non-related parties and $1,414,348 for related parties. In comparison, during the three months ended December 31, 2017, the cost of revenues was $64,971 for non-related parties and $607,020 for related parties. The total cost of revenues increased by 191% from the three months ended December 31, 2017 to three months ended December 31, 2018.

 

During the six months ended December 31, 2018, cost of revenue was $1,041,824 for non-related parties and $3,194,159 for related parties. In comparison, during the six months ended December 31, 2017, cost of revenue was $113,903 for non-related parties and $878,671 for related parties. The total cost of revenues increased by 327% from the six months ended December 31, 2017 to six months ended December 31, 2018.

 

The increase in cost of revenue for the three and six months ended December 31, 2018 compared to 2017 was attributed to our expanded operations in the fields of LCD screens in the PRC during the three and six months ended December 31, 2018.

 

Gross Profit

 

There were no significant fluctuations in our gross profit margin. During the three months ended December 31, 2018 and 2017, gross profit was $295,288 and $78,953, respectively. Our gross profit margin maintained at 13% during the three months ended December 31, 2018 as compared to 11% for the three months ended December 31, 2017. During the six months ended December 31, 2018 and 2017, gross profit was $584,453 and $139,911, respectively. Our gross profit margin maintained at 12% for the six months ended both December 31, 2018 and December 31, 2017.

 

Net Income (Loss)

 

During the three months ended December 31, 2018 and 2017, our net income was $6,854 compared with $9,714, respectively.

 

During the six months ended December 31, 2018 and 2017, our net income was $184,007 compared with a net loss of $490, respectively.

 

The difference can be attributed to increase in gross profits during the three and six months ended December 31, 2018.

 

Business Developments

 

In  June  2018,  the  Board  of  Directors  of  Ionix  Technology,  Inc.  (the  "Company")  approved and  ratified  the  incorporation  of  Dalian  Shizhe  New Energy Technology Co., Ltd. And the Company ratified and approved the appointment of Mr. Liang Zhang as President and a member of the board of directors of Dalian Shizhe New Energy Technology Co., Ltd . Dalian Shizhe New Energy Technology Co., Ltd is a wholly owned subsidiary of Well Best International Investment Limited and an indirect wholly-owned subsidiary of Ionix Technology, Inc.

 

In December 2018, Ionix Technology, Inc. By entering into specific VIE Transaction Documents, this acquisition absorbed 95.14% of total equity interest of Changchun Fangguan.

 

Mr. Bailiang Yang, Chairman of Board of Directors of IINX stated, "2018 was ended with a favorable finale by the outstanding business performance in Quarter 4. The high dedication of our team, efficient execution of the company's strategy  and the successful acquisition of Changchun Fangguan have delivered healthy profit margin growth to the whole company and various business divisions. Here, I would like to express my sincere thanks to all our staff for their services to our customers and the performance growth achieved."

 





 

Mr. Bailiang Yang further stated, "Looking ahead to 2019, we believe our company has all the elements needed to continuously maintain strong financial performance. We will continue to absorb and integrate high quality enterprises and forward-looking technology in the fields of photoelectric display and smart energy, expand market share, provide better, more convenient and more cost-effective services and bring long-term growth and stable dividend income for shareholders."

 

About Ionix Technology, Inc.

 

Cambridge Projects Inc. was formed in March, 2011. On February 4th 2016, with approval of Securities and Exchange Commission (SEC) in connection with Financial Industry Regulatory Authority (FINRA), the company amended its name from "Cambridge Projects Inc." to "Ionix Technology, Inc." (IINX) through restructuring and is based in New York. IINX through its two subsidiaries, Well Best International Investment Limited and Welly Surplus International Limited initially invest in four operating subsidiaries namely Shenzhen Baileqi Electronic Technology Co., Ltd, Lisite Science Technology (Shenzhen) Co., Ltd, Changchun Fangguan Photoelectric Display Technology Co., Ltd and Dalian Shizhe New Energy Technology Co., Ltd. On December 27, 2018, Changchun Fangguan Phototoelectric Display Technology Co., Ltd , which is a wholly owned subsidiary of IINX, officially announced that it has entered into VIE transaction documents with Changchun Fangguan Electronics Technology Co., Ltd, and obtained its de facto control. IINX has not only converged a range of various products, includes intelligent electronic devices, on-board hydrogen fuel batteries and photoelectric display, but also has achieved a multi-industrial combination across high-end materials, micro-electronics, fine chemicals, modern optics and so forth.

 

To learn more, please visit our new website: www.iinx-tech.com .

 

Safe Harbor

 

This news release contains "forward-looking statements" as that term is defined in the United States Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements, including beliefs, plans, expectations or intentions regarding the future, and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors, such as the inherent uncertainties associated with new business opportunities and development stage companies. Ionix Technology assumes no obligation to update the forward-looking statements. Although Ionix Technology believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate. Investors should refer to the risk factors disclosure outlined in Ionix Technology's annual report on Form 10-K for the most recent fiscal year, quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the U.S. Securities and Exchange Commission.

 





 

For more information, please contact:

 

Yubao Liu  
+86-159-4540-0218  
Email:   liuyubao11_iinx@163.com

 

 

 

(financial tables follow)


 






 

IONIX TECHNOLOGY,  INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 




December 31, 2018

June 30, 2018
ASSETS







Current Assets:







Cash
$824,874

$111,462
Notes receivable

96,581


-
Accounts receivable - non-related parties

3,220,848


636,413
- related parties

160,647


119,543
Inventory, net

3,415,851


226,839
Advances to suppliers - non-related parties

168,519


3,164
- related parties

-


206,194
Prepaid expenses and other current assets

78,047


20,592
Total Current Assets

7,965,367


1,324,207









Property, plant and equipment

6,633,132


-
Intangible assets

4,516,173


-
Deferred tax assets

58,071


-
Total Assets
$19,172,743

$1,324,207









LIABILITIES AND STOCKHOLDERS’ EQUITY







Current Liabilities:







Short-term bank loan
$2,622,683

$-
Accounts payable - non-related parties

3,715,537


264,171
- related parties

55,829


248,543
Advance from customers

63,468


59,546
Due to related parties

6,771,273


212,557
Accrued expenses and other current liabilities

298,952


125,733
Total Current Liabilities

13,527,742


910,550









Deferred tax liability

-


15,242
Total Liabilities

13,527,742


925,792









COMMITMENT AND CONTINGENCIES
















Stockholders’ Equity:







Preferred stock, $.0001 par value, 5,000,000 shares authorized,   
5,000,000 shares issued and outstanding


500


500
Common stock, $.0001 par value, 195,000,000 shares authorized, 
114,003,000 and 99,003,000 shares issued and outstanding as of 
December 31, 2018 and June 30, 2018, respectively


11,400


9,900
Additional paid in capital

5,235,746


237,246
Retained earnings

326,826


142,819
Accumulated other comprehensive income (loss)

(20,011)

7,950
Total Stockholders' Equity attributable to the Company

5,554,461


398,415
Noncontrolling interest

90,540


-
Total Stockholders’ Equity

5,645,001


398,415
Total Liabilities and Stockholders’ Equity
$19,172,743

$1,324,207

 


 






 

IONIX TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 



For the Three Months Ended

For the Six Months Ended


December 31,

December 31,


2018

2017

2018

2017













Revenues - Non-related parties
$2,229,489

$750,944

$4,704,539

$1,132,485
Revenues - Related parties

22,059


-


115,897


-
Total Revenues

2,251,548


750,944


4,820,436


1,132,485

















  Cost of revenues - Non-related parties

541,912


64,971


1,041,824


113,903
- Related parties

1,414,348


607,020


3,194,159


878,671
  Total Cost of Revenues

1,956,260


671,991


4,235,983


992,574

















  Gross profit

295,288


78,953


584,453


139,911

















Operating expenses















  Selling, general and administrative expense

232,917


61,475


295,906


131,028
Total operating expenses

232,917


61,475


295,906


131,028

















Income from operations

62,371


17,478


288,547


8,883

















Other income

16,285


-


17,688


-

















Income before income tax provision

78,656


17,478


306,235


8,883

















Income tax provision

71,802


7,764


122,228


9,373

















Net income (loss)

6,854


9,714


184,007


(490)

















Other comprehensive income (loss)















  Foreign currency translation adjustment

(20,039)

4,931


(27,961)

8,619

















Comprehensive income (loss)
$(13,185)
$14,645

$156,046

$8,129


































Income (Loss) Per Share - Basic and Diluted
$0.00

$0.00

$0.00

$(0.00)
Weighted average number of common shares 
outstanding - Basic and Diluted


99,655,174


99,003,000


99,329,087


99,003,000

   


 






 

IONIX TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 



For the Six Months Ended


December 31,


2018

2017
CASH FLOWS FROM OPERATING ACTIVITIES







Net income (loss)
$184,007

$(490)
Adjustments required to reconcile net income (loss) to net cash used in 
operating activities:








  Deferred taxes

(14,884)

-
Changes in operating assets and liabilities:







  Accounts receivable - non related parties

144,264


214,351
  Accounts receivable - related parties

(45,987)

-
  Inventory

(294,434)

(197,363)
  Advances to suppliers - non-related parties

355


120,004
  Advances to suppliers - related parties

201,357


(89,483)
  Prepaid expenses

3,925


(11,277)
  Accounts payable - non-related parties

(257,973)

12,272
  Accounts payable - related parties

(138,955)

(117,978)
  Advance from customers

(17,820)

(39,455)
  Accrued expenses and other current liabilities

27,524


(49,342)
Net cash used in operating activities

(208,621)

(158,761)









CASH FLOWS FROM INVESTING ACTIVITIES







  Other receivables

-


148,947
  Cash received from acquisition

687,591


-
Net cash provided by investing activities

687,591


148,947









CASH FLOWS FROM FINANCING ACTIVITIES







  Notes receivable

(29,518)

-
  Acquisition of office equipment

(2,163)

-
  Proceeds from (repayment of) loans from related parties

269,974


(109,413)
Net cash provided by (used in) financing activities

238,293


(109,413)









Effect of exchange rate changes on cash

(3,851)

3,727









Net increase (decrease) in cash

713,412


(115,500)









Cash, beginning of period

111,462


186,767









Cash, end of period
$824,874

$71,267









Supplemental disclosure of cash flow information:







  Cash paid for income tax
$141,749

$5,163
  Cash paid for interests
$-

$-









Non-cash investing activities







  Issuance of 15,000,000 shares of common stock in exchange for 95.14% 
ownership rights of a variable interest entity

$5,000,000

$-









 

 

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