Sinovac Reports Unaudited Third Quarter 2011 Financial Results

-- Conference call scheduled for Monday, November 14, 2011 at 8:00 AM EST

  • Date: 2011-11-14
  • Pageview: 9966

BEIJINGNov. 14, 2011 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited third quarter financial results for the period ended September 30, 2011.

Financial Highlights

  • Sales in the third quarter increased 60.8% year-over-year to $15.4 million, compared to $9.6 million, and year-to-date sales increased 47.2% to $35.7 million.
  • Net loss attributable to stockholders in the third quarter was $2.1 million, or $0.04 per basic and diluted share. Year-to-date net loss attributable to stockholders was $3.6 million, or $0.07 per basic and diluted share.
  • Cash and cash equivalents and short-term investments with guaranteed income totaled $94.2 million at September 30, 2011, compared to $92.7 million at June 30, 2011 and $103.1 million at December 31, 2010.

 

Recent Business Highlights

  • In November 2011, Sinovac reported positive top-line results from its phase II clinical trial for its proprietary inactivated vaccine against human enterovirus 71 (EV71), which causes hand, foot and mouth disease (HFMD).  The preliminary phase II results for the EV71 vaccine showed good immunogenicity and a favorable safety profile with no vaccine-related serious adverse events and adverse reaction rate has no significant difference between the vaccinated group and control group.  
  • In October 2011, Sinovac was selected by the Beijing Centers for Disease Control and Prevention (Beijing CDC) as one of the four manufacturers to supply seasonal influenza vaccine to the citizens of Beijing for the fourth time in recent years.
  • In September 2011, Sinovac's inactivated animal rabies vaccine RabEnd received the final regulatory approval required to commence commercial sales when China's Ministry of Agriculture issued the production license.

 

Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "Our third quarter 2011 sales reflected the continued demand for our hepatitis vaccines, which represent about two-thirds of the sales this quarter. Bilive revenue growth still remains significant in this quarter.The vaccine is sold in the private pay market, and recently went through a price increase that improved its margin contribution and represents a key opportunity for sales expansion.  We are making significant progress in growing public market sales of Healive, which represented 24% of total third quarter sales, compared to 8% in the same period in 2010. And this year, Sinovac successfully won the Beijing Governmental tender to supply our seasonal influenza vaccine to the citizens of Beijing for the fourth time in recent years, which shows that our flu vaccines are trusted by the CDCs."

Dr. Yin continued, "We are moving forward with the launch of our animal rabies vaccine RabEnd following the receipt of the production license in September 2011. Our Tangshan Yian production facility is fully operational and the first few batches of animal rabies vaccine have been released by the China Institute of Veterinary Drug Control, the national laboratory for animal drugs. Those vaccines are ready for sale. We have established a dedicated sales force and are teaming up with distributors to make this inactivated animal rabies vaccine available to pet owners through the animal CDCs and veterinary hospitals. The team is actively working on penetrating the public market and selecting the regional distributors to enter the private pay market for our RabEnd.

Dr. Yin concluded, "We are particularly pleased with the progress that we are making with the EV71 vaccine development as we recently reported positive top-line results from our Phase Ⅱ trial. The Phase Ⅱclinical results provided the reference data for Phase Ⅲ clinical trial, including the vaccination schedule and dosage selection, based on which the proper dosage can be selected to enter into the phase Ⅲ study. We started preparations for the Phase Ⅲ trial, including drafting the trial proposal, selecting the clinical sites and manufacturing the vaccines to be used in the trial. We anticipate commencing the phase Ⅲ clinical trial in the coming months, and aim to complete it within one year."

Financial Review for Third Quarter Ended September 30, 2011

Sales for the third quarter 2011 were $15.4 million, up 60.8% from $9.6 million for the third quarter of 2010.  The third quarter 2011 hepatitis vaccines sales included delivery of the Xinjiang CDC order for 568,700 doses of Healive received in July 2011. The current quarter sales increase was driven by the significant growth of Bilive sales to the private market and Healive sales to the public market.

Sinovac's sales breakdown by product was as follows.

 
 

Three months ended September 30,

 
 

2011

2010

 

Sales

     

Hepatitis vaccines

$10,800,836

$2,436,151

 

Influenza vaccines 

4,560,961

7,116,090

 

Total

$15,361,797

$9,552,241

 
     

 

Gross profit for the third quarter 2011 was $8.7 million, with a gross margin of 56.8%, compared to $6.5 million and a gross margin of 68.3% for the same period of 2010.  After deducting depreciation of land use rights, amortization of licenses, permits, the gross margin was 56.5% and 67.2% for the third quarter of 2011 and 2010, respectively. The average unit price of Healive was lowered in order to effectively expand sales in the public market, which adversely affected the gross margin. The gross profit margin was also adversely affected by higher unit cost of sales which was caused by the lower plant utilization, inventory provisions and write-offs of hepatitis vaccines in the third quarter 2011. .

Selling, general and administrative expenses for the third quarter 2011 were $8.9 million, compared to $4.4 million in the same period of 2010. SG&A expenses as a percentage of third quarter 2011 sales were 57.7%, compared to 46.2% during the third quarter of the prior year. Excluding pandemic flu vaccine sales, SG&A as a percentage of sales was 57.7% and 56.1% for the current quarter and prior year quarter, respectively. Selling expenses as a percentage of third quarter 2011 sales were 31.9%, compared to 26.3% during the third quarter of the prior year. The increased selling expenses were mainly related to the expansion of the sales team for the existing products and products to be launched in the future in the private pay and public markets and increased marketing activities in the private pay market. The general and administrative expenses of the third quarter 2011 included bad debt provision of $1.5 million with nil in the same period of prior year.   

Net research and development expenses for the third quarter 2011 were $2.4 million, compared to $2.5 million in the same period in 2010. The R&D expenses in the third quarter 2011 were primarily spent on the continued development of the pipeline vaccines, including the expenses for the EV71 vaccine with the phase II clinical trial recently completed and phase III trial planning underway, the trial production of the mumps vaccine, and other R&D projects.

Depreciation of property, plant and equipment and amortization of license and permits for the third quarter 2011 were$225,000, compared to $374,000 for the same period of last year. The change compared to 2010 was primarily attributable to the expiration of the amortization period of inactivated hepatitis vaccines, which accounted for $89,000 of the 2010 expense.

Total operating expenses for the third quarter of 2011 were $11.4 million, compared to $7.2 million in the comparative period in 2010.

The operating loss for the three months ended September 30, 2011 was $2.7 million, compared to $670,000 for the same period of the prior year.  The change in operating loss in the third quarter of 2011 was primarily attributable to the increased cost of sales and SG&A expenses.

Net loss attributable to stockholders for the third quarter of 2011 was $2.1 million, or $0.04 per diluted share, as compared to$298,000, or $0.01 per diluted share, in the same period of 2010.

As of September 30, 2011, Sinovac's cash and cash equivalents, and Short-term investments totaled $94.2 million, compared to $103.1 million at December 31, 2010. The Company has sufficient cash and short-term investments to support its planned research and development activities, and its anticipated investment in manufacturing facility expansion initiatives.

Financial Review for the Nine Months Period Ended September 30, 2011

Sales for the nine-month period of 2011 were $35.7 million, up 47.2% from $24.3 million for the same period quarter of 2010. During the nine-month period of 2011, Sinovac recorded $7.7 million in pandemic influenza vaccine sales on prior year order.  The growth in revenue was driven by the significant growth in Bilive sales to the private pay market.

Sinovac's sales breakdown by product was as follows.

 
 

Nine months ended September 30,

 
 

2011

2010

 

Sales

     

Hepatitis vaccines

$23,362,960

$14,193,727

 

Influenza vaccines 

12,335,528

10,066,119

 

Total

$35,698,488

$24,259,846

 
     

 

Gross profit for the nine-month period of 2011 was $22.6 million, with a gross margin of 63.3%, compared to $18.6 million and a gross margin of 76.5% for the same period of 2010.  After deducting depreciation of land use rights, amortization of licenses, permits, the gross margin was 62.6% and 75.2% for the nine month periods of 2011 and 2010, respectively. The average unit price of Healive was lowered in order to effectively expand sales in the public market, which adversely affected the gross margin, The lower plant utilization and inventory provision and write-off also contributed to the lower gross profit margin.

Selling, general and administrative expenses for the nine-month period of 2011 were $18.0 million, compared to $11.5 millionin the same period of 2010. SG&A expenses as a percentage of the nine-month period 2011 sales were 50.3%, compared to 47.5% during the same period of the prior year.  Excluding pandemic flu vaccine sales, SG&A as a percentage of sales were 64.2% and 58.6% for the nine-month periods of the current year and prior year, respectively. The increased SG&A was mainly related to the bad debt provision of $1.5 million made in the third quarter, and the expansion of the sales team for existing and recently launched products in the private pay and public markets, increased sales team compensation and increased spending on marketing activities in the private pay market. 

Net research and development expenses for the nine-month period of 2011 were $6.7 million, compared to $5.3 million in the same period in 2010. The increased R&D expenses in the 2011 period were primarily related to the continued development of the pipeline vaccines, including the expenses for the EV71 vaccine with the phase II clinical trial recently completed and the phase III trial planning underway, the trial production of mumps vaccine and animal rabies vaccine.

Depreciation of property, plant and equipment and amortization of license and permits for the nine-month period of 2011 were$1.1 million, compared to $886,000 for the same period of last year. The change compared to 2010 was primarily attributable to amortization on the Changping production facility, for which there was only one month of depreciation in the first nine months of 2010.

Total operating expenses for the nine-month period of 2011 were $25.6 million, compared to $17.5 million in the comparative period in 2010.

The operating loss for the nine months ended September 30, 2011 was $3.0 million, compared to operating income of $1.1 million for the same period of the prior year. The year over year change was primarily attributable to lower gross margin due to the product mix, increasing cost of sales and SG&A expenses.

Net loss attributable to stockholders for the nine-month period of 2011 was $3.6 million, or $0.07 per diluted share, as compared to net income of $440,000, or $0.01 per diluted share, in the same period of 2010.

Other Developments

In October 2011, Sinovac Hong Kong's holdings in Sinovac Beijing increased from 71.56% to 73.09%.

Conference Call Details

The Company will host a conference call on Monday, November 14, 2011 at 8:00 a.m. EST (November 14, 2011 at 9:00 pmChina Standard Time) to review the Company's financial results for the third quarter ended September 30, 2011 and provide an update on recent corporate developments. To access the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (international). A replay of the call will be available from 11 a.m. EST on November 14, 2011 to November 28, 2011 at midnight. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (international) and reference the replay pin number 382617.

A live audio webcast of the call will also be available from the Investors section on the corporate web site athttp://www.sinovac.com . A webcast replay can be accessed on the corporate website beginning November 14, 2011 and the replay will remain available for 30 days.

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacture and commercialization of vaccines that protect against human infectious diseases including hepatitis A, seasonal influenza, H5N1 (bird flu) pandemic influenza and H1N1 influenza. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, PANFLU.1, and has sold vaccine to the Chinese Central Government pursuant to the government stockpiling program. The Company is developing a number of new vaccine products, including vaccines for pneumococcal conjugate, enterovirus 71 (EV71) (against hand, foot and mouth disease), pneumococcal polysaccharides, human rabies, HIB, rotavirus and epidemic meningitis, chickenpox and mumps and rubella. Its wholly owned subsidiary, Tangshan Yian, focuses on the research, development, manufacturing and commercialization of animal vaccines, and has launched its internally developed inactivated rabies vaccine in China.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Helen Yang/Chris Lee
Sinovac Biotech Ltd.
Tel:  +86-10-8279-9871/9659
Fax:  +86-10-6296-6910
Email: ir@sinovac.com

Investors:
Stephanie Carrington
The Ruth Group
Tel:  +1-646-536-7017
Email: scarrington@theruthgroup.com

Media:
Victoria Aguiar
The Ruth Group
Tel:  +1-646-536-7013
Email:  vaguiar@theruthgroup.com

 

SINOVAC BIOTECH LTD.

 

Incorporated in Antigua and  Barbuda

 

Consolidated Balance Sheets

 

(Unaudited)

 

(Expressed in U.S. Dollars)

     
 

September 30, 2011

December 31, 2010

 

ASSETS

         
           

Current assets

         

  Cash and cash equivalents

$

61,395,981

$

101,585,490

 

  Short-term investments

 

32,803,274

 

1,512,447

 

  Accounts receivable

 

22,132,019

 

22,370,296

 

  Inventories

 

12,301,112

 

14,541,554

 

  Due from related party

 

-

 

3,397,522

 

  Prepaid expenses and deposits

 

1,158,023

 

887,187

 

  Deferred tax assets 

 

834,614

 

2,682,069

 
           

Total current assets

 

130,625,023

 

146,976,565

 
           

Property, plant and equipment

 

69,169,584

 

64,036,228

 

Long-term inventories

 

3,641,951

 

395,516

 

Long-term prepaid expenses

 

439,919

 

517,957

 

Prepayment for acquisition of equipment

 

1,570,153

 

576,232

 

Deferred tax assets

 

459,557

 

507,062

 

Licenses and permits

 

1,373,619

 

1,348,364

 

Total assets

$

207,279,806

$

214,357,924

 
           

LIABILITIES AND EQUITY

         
           

Current liabilities

         

  Loans payable

$

9,372,364

$

10,435,887

 

  Accounts payable and accrued liabilities

 

21,522,801

 

22,091,190

 

Income tax payable

 

1,216,146

 

958,411

 

Deferred revenue

 

1,779,359

 

9,707,688

 

  Deferred tax liability

 

335,619

 

1,005,186

 

  Deferred research grants

 

1,398,201

 

1,559,589

 
           

Total current liabilities

 

35,624,490

 

45,757,951

 
           

Deferred government grants

 

2,334,525

 

2,464,565

 

Loans payable

 

14,445,211

 

10,057,775

 

Long-term payable for acquisition of assets

 

3,574,335

 

4,842,509

 

Deferred revenue

 

10,309,600

 

3,478,629

 

Total long term liabilities

 

30,663,671

 

20,843,478

 
           

Total liabilities

$

66,288,161

$

66,601,429

 
           

Commitments and contingencies

         
           

EQUITY

         

Preferred stock

     

-

 

  Authorized 50,000,000 shares at par value of $0.001 each

         

  Issued and outstanding: nil

         

Common stock

 

54,765

 

54,306

 

  Authorized: 100,000,000 shares at par value of $0.001 each

         

  Issued and outstanding:  54,641,304 (2010 –54,305,961)

         

Subscriptions received

 

-

 

-

 

Additional paid-in capital

 

105,061,875

 

104,152,182

 

Accumulated other comprehensive income

 

9,307,464

 

6,883,834

 

Statutory surplus reserves

 

11,473,110

 

11,473,110

 

Retained earnings

 

262,534

 

3,876,084

 
           

Total stockholders' equity

 

126,159,748

 

126,439,516

 
           

Non-controlling interests

 

14,831,897

 

21,316,979

 
           

Total equity

 

140,991,645

 

147,756,495

 
           

Total liabilities and equity

$

207,279,806

$

214,357,924

 
         

 
 

SINOVAC BIOTECH LTD.

 

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

 

Three Months and Nine Months Ended September 30, 2011 and 2010

 

(Unaudited)

 

(Expressed in U.S. Dollars)

                 
   

Three months ended 
September 30

 

Nine months ended 
September 30

 
   

2011

 

2010

 

2011

 

2010

 
                   

Sales

$

15,361,797

$

9,552,241

$

35,698,488

$

24,259,846

 
                   

Cost of sales - (exclusive of depreciation of land-use rights and amortization of licenses and permits of $47,394 (2010 - $105,659) for three months and  $257,019  (2010 -$315,284) for nine months

 

6,631,672

 

3,031,414

 

13,095,652

 

5,690,066

 
                   

Gross profit

 

8,730,125

 

6,520,827

 

22,602,836

 

18,569,780

 
                   

Selling, general and administrative expenses

 

8,870,922

 

4,412,668

 

17,957,227

 

11,511,440

 
                   

Research and development expenses - net of

$nil  (2010- $36,016) for three months and $215,431 (2010- $17,068) for nine months in government research grants

 

2,366,842

 

2,470,604

 

6,744,862

 

5,258,950

 

Depreciation of property, plant and equipment and amortization of  licenses and permits

 

225,398

 

374,158

 

1,071,553

 

885,644

 
                   

Government grants recognized in income

 

(70,061)

 

(66,374)

 

(207,508)

 

(198,059)

 
                   

Total operating expenses

 

11,393,101

 

7,191,056

 

25,566,134

 

17,457,975

 
                   

Operating income (loss)

 

(2,662,976)

 

(670,229)

 

(2,963,298)

 

1,111,805

 
                   

Interest income

 

333,797

 

360,761

 

841,766

 

865,777

 

Interest and financing expenses

 

(181,298)

 

(155,712)

 

(446,316)

 

(703,070)

 

Loss on disposal of equipment

 

(229,015)

 

(49,631)

 

(195,509)

 

(869,042)

 

Other income

 

135,033

 

177,541

 

157,414

 

227,091

 
                   

Income (loss) before income taxes and non-controlling interests

 

(2,604,459)

 

(337,270)

 

(2,605,943)

 

632,561

 
                   

Income tax expenses

 

(271,230)

 

(198,970)

 

(2,056,723)

 

(820,773)

 
                   

Consolidated net loss

 

(2,875,689)

 

(536,240)

 

(4,662,666)

 

(188,212)

 
                   

Less: Loss attributable to non-controlling interests

 

(733,453)

 

(238,681)

 

(1,049,116)

 

(628,668)

 

Net income (loss) attributable to stockholders

$

(2,142,236)

$

(297,559)

$

(3,613,550)

$

440,456

 

Net loss

$

(2,875,689)

$

(536,240)

$

(4,662,666)

$

(188,212)

 

Other comprehensive income

                 

Foreign currency translation adjustment

 

838,029

 

138,707

 

2,850,339

 

576,273

 

Total comprehensive income (loss)

 

(2,037,660)

 

(397,533)

 

(1,812,327)

 

388,061

 

Less: comprehensive income (loss) attributable to non-controlling interests

 

(619,032)

 

221,191

 

(622,407)

 

(52,395)

 

Comprehensive income attributable to stockholders

$

(1,418,628)

$

(618,724)

$

(1,189,920)

$

440,456

 

Basic and diluted earnings (loss) per share

$

(0.04)

$

(0.01)

$

(0.07)

$

0.01

 

Weighted average number of shares 
of common stock outstanding

                 

                - Basic

 

54,674,182

 

54,140,665

 

54,504,318

 

52,834,517

 

             - Diluted

 

54,674,182

 

54,140,665

 

54,504,318

 

53,875,179

 
                 

 
 

SINOVAC BIOTECH LTD.

 

Consolidated Statements of Cash Flows

 

Three Months and Nine Months Ended September 30, 2011 and 2010

 

(Unaudited)

 

(Expressed in U.S. Dollars)

                 
   

Three Months ended September 30

Nine Months ended September 30

 
   

2011

 

2010

 

2011

 

2010

 

Cash flows from (used in) operating activities

                 

  Net loss for the period

$

(2,875,689)

$

(536,240)

$

(4,662,666)

$

(188,212)

 

  Adjustments to reconcile net income to net cash from (used by) operating activities:

                 

  - deferred income taxes

 

285,838

 

275,164

 

2,056,723

 

412,873

 

  - write-off of equipment and loss  on disposal

 

229,015

 

49,631

 

195,509

 

869,042

 

  - stock-based compensation

 

63,759

 

95,166

 

164,392

 

298,062

 

- provision for doubtful debts

 

1,226,456

 

-

 

1,226,456

 

-

 

- inventory provision

 

1,298,347

 

(13,272)

 

1,298,347

 

243,793

 

  - depreciation of property, plant and equipment, and   amortization of licenses and permits

 

1,020,131

 

901,792

 

3,612,185

 

2,782,896

 

  - research and development expenditures qualifying for government grant

 

-

 

(36,016)

 

(215,431)

 

(17,068)

 

- deferred government grant recognized in income

 

(70,061)

 

(66,374)

 

(207,508)

 

(198,059)

 

- accretion expenses

 

86,221

 

-

 

290,630

 

-

 

Changes in:

                 

  - accounts receivable

 

(4,648,768)

 

(5,841,219)

 

(271,247)

 

(7,400,539)

 

  - inventories

 

820,897

 

(3,608,516)

 

(1,806,090)

 

(12,086,225)

 

- income tax payable

 

(17,984)

 

(923,228)

 

(523,917)

 

(5,621,908)

 

  - prepaid expenses and deposits

 

88,351

 

80,529

 

(423,439)

 

(224,222)

 

- deferred revenue and advances

                 

   from customers

 

1,812,241

 

-

 

(1,505,409)

 

(374,556)

 

  - accounts payable and accrued liabilities

 

2,315,631

 

569,443

 

(1,870,927)

 

(4,563,723)

 

Net cash provided by (used in) operating activities

 

1,634,385

 

(9,053,140)

 

(2,642,392)

 

(26,067,846)

 
                   

Cash flows from (used in) financing activities

                 

  - Loan proceeds

 

2,111,150

 

-

 

3,992,522

 

9,583,379

 

  - Loan repayment

     

-

 

(1,383,338)

 

(16,094,224)

 

  - Proceeds from issuance of common stock net of share issuance cost

 

197,852

 

68,800

 

734,400

 

61,988,701

 

 - Repayment from (loan to) non-controlling shareholder of  Sinovac Beijing

 

-

 

-

 

3,397,522

 

(3,286,695)

 

- Subscriptions received

 

2,880

 

-

 

11,360

 

-

 

  - Dividends paid to non-controlling shareholder of

    Sinovac Beijing

 

-

 

-

 

(5,862,676)

 

(3,285,902)

 

- Due from non-controlling shareholder of  Sinovac Dalian

 

-

 

(519,075)

 

-

 

-

 

  - Government grant received

 

-

 

-

 

7,636

 

235,818

 

Net cash provided by (used in) financing activities

 

2,311,882

 

(450,275)

 

897,426

 

49,141,077

 
                   

Cash flows used in investing activities

                 

  - Restricted cash

 

-

 

308,477

 

-

 

64,400

 

- Proceeds from disposal of equipment

 

117,292

 

158,443

 

117,292

 

349,913

 

- Proceeds from redemption of short-term investments

 

-

 

2,173,792

 

1,547,030

 

7,314,187

 

- Purchase of short-term investments

 

(9,845,966)

 

-

 

(32,277,897)

 

(7,775,365)

 

- Deposits for acquisition of new facility

 

-

 

(229,087)

 

-

 

(229,087)

 

- Acquisition of property, plant and equipment

 

(2,945,723)

 

(3,526,286)

 

(8,643,864)

 

(13,888,818)

 

Net cash used in investing activities

 

(12,674,397)

 

(1,114,661)

 

(39,257,439)

 

(14,164,770)

 
                   

Exchange effect on cash and cash equivalents

 

(163,169)

 

484,277

 

812,896

 

642,865

 

Increase (decrease) in cash and cash equivalents

 

(8,891,299)

 

(10,133,799)

 

(40,189,509)

 

9,551,326

 
                   

Cash and cash equivalents, beginning of period

 

70,287,280

 

94,638,337

 

101,585,490

 

74,953,212

 
                   

Cash and cash equivalents, end of period

$

61,395,981

$

84,504,538

$

61,395,981

$

84,504,538

 
     

Cash paid for interest

$

167,883

$

163,599

$

809,303

$

821,776

 

Cash paid for income taxes

$

-

$

838,993

$

520,514

$

5,200,744

 
                   

Supplemental schedule of non-cash activities:

                 

  Acquisition of property, plant and equipment included in

                 

  accounts payable and accrued liabilities

$

8,021,881

$

8,828,052

$

8,021,881

$

8,828,052

 
                 

 

 

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