OTC Bulletin Board

S & P Company Insight for SOYO GROUP INC
 
 Profile

 
Business Summary: Soyo Group, Inc. distributes consumer electronics and computer products.
 
Address
  1420 South Vintage Avenue
  Ontario , CA 91761
  Phone: 909-292-2500
  Fax: 909-937-0783
  Website: http://www.soyogroup.com
Auditor
  Vasquez & Co.
Transfer Agent
  Securities Transfer Corp.
Employees:  42
ShareHolders:  1100
Founded:  1994
Domicile:  Nevada
 
  
 
 Background

 
Soyo Group, Inc. distributes consumer electronics and computer products. Its consumer electronics include a line of LCD display televisions and monitors, as well as Bluetooth wireless devices; and computer products include a line of designer motherboards and related peripherals for intensive multimedia applications, corporate alliances, telecommunications, and specialty market requirements. The company also provides bare bone systems, flash memory, and small hard disk drives for corporate and mobile users; and internal multimedia reader/writer and wireless networking solutions products for small office and home office users, as well as hard disk accessories. It offers SOYO brands of products in the United States, Canada, and Latin America. Its brands include Prive, SOYO, Honeywell, and Le Vello, as well as the Honeywell Brand of licensed consumer electronics products. The company also serves its customers in the United Kingdom, Europe, Asia, and South Africa. It offers its product through a network of distributors to resellers, system integrators, and value-added resellers, as well as through retailers, mail-order catalogs, and e-tailers to consumers. The company is headquartered in Ontario, California.
History:  INCORPORATED in Nevada Sept. 16, 2002 as Vermont Witch Hazel Company, Inc.; and on Oct. 8, 2002, merged Vermont Witch Hazel Company, a Vermont concern, in a share-for-share transaction. Name changed to SOYO Group, Inc. Nov. 20, 2002. The Vermont Witch Hazel Company (Vermont) was incorporated Aug. 3, 1994 as Witch Hazel Company. Name changed to Vermont Witch Hazel Company Oct. 4, 1994; and to The Vermont Witch Hazel Company Sept. 16, 1996. October 24, 2002, acquired SOYO, Inc., a Nevada concern incorporated Oct. 22, 1998, in exchange for 1,000,000 Conv. Preferred and 28,182,750 Common shares of the company.
 
Subsidiaries:
SOYO, Inc.
 
 
Capital Expenditures, thousand. US Dollars
  Year  Amount
  2006  49
  2005  622
  2004  159
 
 
  
 
 Management

 

Management
OfficersPosition
 Ming Tung  ChokPresident & Chief Executive Officer
 Nancy  ChuChief Financial Officer
 Yvonne  KaoSecretary

Directors
 Ming Tung  Chok
 Nancy  Chu
 Chin Keung  Chung
 Jay  Schrankler
 Henry  Song
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  200720062005
Net revenues$110,922,809$56,758,688$38,263,032
Cost of sales96,501,47447,534,24934,905,874
Prior years' purchase discounts and allowances settled
in 2005----(1,335,812)
Cost of revenues - net96,501,47447,534,24933,570,062
Gross margin14,421,3359,224,4394,692,970
Costs and expenses:
Sales and marketing1,544,0421,143,475911,039
General and administrative7,922,2105,610,8103,659,338
Bad debts385,387907,06534,513
Adjustment of allowance----(462,234)
Depreciation and amortization91,81843,81835,394
Total cost and expenses9,943,4577,705,1684,178,050
Income (loss) from operations4,477,8781,519,271514,290
Other income (expenses):
Interest income85,14410,5615,301
Interest expense(1,364,059)(901,900)(129,567)
Other income (expenses)(87,705)(106,262)150,456
Loss on sale of VOIP division(159,714)----
Other income (expenses) - net(1,526,334)(997,601)26,190
Income before provision (benefit)
for income taxes2,951,544521,670541,110
Provision (benefit) for income taxes
Current income tax(839,000)(53,000)(800)
Deferred income tax1,203,000----
Net income (loss)3,315,544468,670540,310
Less: Dividends on Convertible Preferred Stock (268,191)(216,488)(1,173,753)
Net income (loss) attributable to
common shareholders$3,047,353$252,182$(633,443)
Net income (loss) per common share -
basic and diluted$0.06/$0.06$0.01/$0.01($0.01)/$0.01)
Weighted average number of shares of49,354,963/49,025,511/48,511,681/
common stock outstanding - basic and diluted53,594,17659,786,04252,868,673
Operating Income As Calculated
Depr. and Amort.
Fixed Charges Coverage:
Available for Fixed Charges
Gross Fixed Charges
Fixed Charges Times Earnings
Fixed Charges Coverages and Preferred Dividends Times Earnings
Capital Expenditures
Research & Development Expenditures
 
Balance Sheet
  20072006
ASSETS
Current Assets
Cash and cash equivalents$1,848,249$1,501,040
Accounts receivable, net of allowance for doubtful accounts of
$783,573 and $388,958 at December 31, 2007 and 2006, respectively27,123,98516,467,135
Inventories, net of allowance for inventory obsolescence of $168,600 and
$88,114 as of December 31, 2007 and 2006, respectively12,221,2657,792,621
Prepaid expenses187,74936,633
Deferred income tax assets - current544,688--
Deposits8,808,408243,095
Total current assets50,734,34426,040,524
Investment in 247MGI400,000--
Property and equipment316,287711,015
Less: accumulated depreciation and amortization(141,613)(159,300)
*174,674551,715
Deferred income tax - noncurrent658,312--
Total Assets$51,967,330$26,592,239
LIABILITIES
Current Liabilities
Accounts payable$14,336,196$16,073,617
Accrued liabilities789,526519,457
Advances from officers, directors and major stockholders--100,000
Receivables sold with recourse--3,588,403
Commercial loans due to UCB27,824,490--
Income tax payable889,51853,000
Total current liabilities43,839,73020,334,477
Long term payable--3,735,198
Total liabilities43,839,73024,069,675
EQUITY
Class B cumulative convertible Preferred stock, $0.001 par value,
authorized -10,000,000 shares, issued
and outstanding - 2,614,195 shares
*2,187,1651,918,974
Preferred stock backup withholding(230,402)(149,945)
Common stock, $0.001 par value.
Authorized - 75,000,000 shares, issued and
outstanding - 52,004,656 shares (49,025,511 shares - 2006)52,00549,026
Additional paid-in capital20,233,50017,866,531
Accumulated deficit(14,114,668)(17,162,022)
Total shareholders' equity8,127,6002,522,564
Total Liabilities and Shareholders' Equity$51,967,330$26,592,239
See accompanying notes to consolidated financial statements
Net Working Capital
Equity per Share
Depr. and Amort. Reserve
Preferred Shares Issued
Common Shares Issued
Treasury Shares - Preferred
Treasury Shares - Common
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2008   124,800,000
  2008   232,190,000
  2008   329,480,000
  2007   114,690,000
  2007   224,200,000
  2007   333,440,000
  2007   438,590,000
  2007   Full Year 110,920,000
  2006   111,550,000
  2006   210,790,000
  2006   310,010,000
  2006   424,420,000
  2006   Full Year 56,760,000
  2005   416,600,000
  2005   Full Year 38,260,000
  2004   Full Year 32,400,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2008   1460,000
  2008   2(70,000)
  2008   3130,000
  2007   1520,000
  2007   2350,000
  2007   32,510,000
  2007   4(70,000)
  2007   Full Year 3,320,000
  2006   1(270,000)
  2006   2560,000
  2006   3320,000
  2006   470,000
  2006   Full Year 678,500
  2005   4650,000
  2005   Full Year 540,300
  2004   Full Year (3,920,000)
  2003   Full Year (980,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2008   1Nil
  2008   2Nil
  2008   3Nil
  2007   1.01
  2007   2.01
  2007   3.05
  2007   4Nil
  2007   Full Year .06
  2006   1(.01)
  2006   2.01
  2006   3Nil
  2006   4(.01)
  2006   Full Year .01
  2005   4(.03)
  2005   Full Year (.01)
  2004   Full Year (.10)
 
  
 
 Stock Data

 
 
Capitalization as of 03/31/2008:
 
 Authorized SharesOutstanding Shares
Preferred $0.001 par10,000,0003,181,357so1
Common $0.001 par75,000,00052,179,656
 
LONG TERM DEBT: None.
 
Common $0.001 par
 
COMMON OFFERED: February 15, 2001, the company offered 250,000 Common shares at $2.50 per share in a self-underwritten offering.
 
Stockholders:  12/31/2007, 1100.
Transfer Agent:  Securities Transfer Corp.   Dallas , TX
 
OTC Bulletin Board( Primary): SOYO
 
ExchangeYearHighLow
OTC Bulletin Board20081.35000.1900
OTC Bulletin Board20071.80000.2300
OTC Bulletin Board20060.74000.2720
OTC Bulletin Board20050.81000.5500
OTC Bulletin Board20040.47000.1000
OTC Bulletin Board20031.05000.1000
OTC Bulletin Board20020.15000.1500
OTC Bulletin Board20010.25000.2000
 
DIVIDENDS: Common $0.001 par: No cash.
 
 
  so1Closely held. Represents Cl. B Conv. shares, convertible into Common at fair market value, but not less than $0.25 per share. Any Cl. B Conv. shares not converted by Dec. 31, 2008 automatically convert into Common shares. Cl. B Conv. Preferred has a liquidation value of $1.00 per share.