PR Newswire | Nov 15, 2021 08:31AM EST

11/15 07:30 CST

Recon Technology, Ltd Reports Financial Results for Fiscal Year 2021 BEIJING, Nov. 15, 2021

BEIJING, Nov. 15, 2021 /PRNewswire/ -- Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for fiscal year 2021.

Fiscal 2021 Financial Highlights:

* Total revenues for fiscal year 2021 decreased by 27.1% to $7.4 million ( 47.9 million). * Total cost of revenues for fiscal year 2021 decreased by 11.8% to $6.3 million (40.7 million). * Gross profit for fiscal year 2021 was $1.1 million (7.2 million). Gross profit margin for fiscal year 2021 was 15.1%, a decrease of 14.7 percentage points compared to fiscal year 2020. * Net loss attributable to Recon for fiscal year 2021 was $3.5 million (22.8 million), or $0.28 (1.80) per basic and diluted share, compared to 19.2 million, or 4.16 per basic and diluted share for the fiscal year 2020.

Management Commentary

Mr. Shenping Yin, co-founder and CEO of Recon, stated, "Fiscal 2021 has been a very challenging year for us. The impact of the COVID-19 pandemic hammered the oil industry in 2020, forcing oil companies in China to stay prudent with their investment and capitalization expenditures from July 2020 to early 2021. Thus, as some of our strong businesses remain under pressure to recover, we needed to adopt some temporary low price strategy to maintain partnerships with our clients which we believe will continue to bring high value to us in the long term. Nevertheless, we are pleased to see the treatment of waste water and oily sludge business segments perform well, which proves our investments on these sectors as worthwhile. We successfully developed some new customized equipment that matched other oilfields' clients requirements and opened new markets. As the oil industry faced headwinds in 2021 and the years ahead, management are confident on the coming year's performance and believe that we will regain our advantages in all business segments."

Mr. Yin continued, "During this year, we also made some strategic decisions. On the one hand, the new energy market under the carbon peak and carbon neutral target bring new opportunities to all industries in China, and it also holds true in the oil industry. The overall energy utilization rate of China's oil fields is low due to their current power supply system and geographical distribution of oil wells. To this end, we have launched a solar-powered solution through cooperation with oil fields with introducing the application of blockchain technology in the distributed energy industry, and providing our oilfield customers with a practical solution to support their carbon peaking and carbon neutral actions. We have conducted trials on some oil wells in Changqing Oilfield, and the results so far mark our system solution as successful in helping our customers achieve a 78% reduction in CO2 emissions and over 20% energy savings. We will continue to invest resources in this trend and enhance our cooperation with our blockchain technology partners to improve our solution and expand the market to more oilfields and gas stations. On the other hand, we acquired a majority equity interest of FGS as we see in the trend of digitalization and intelligence utilization in gas stations in China. Although these strategic investments are subject to certain uncertainty, management believe it's a worthy try and will bring a long term benefit for the best interest of the Company."

Fiscal 2021 Financial Results:

Revenue

Total revenues were approximately 47.9 million ($7.4 million), representing a decrease of 27.1% compared to fiscal year 2020.

Automation products and software.Revenues from automation products and software decreased to approximately 32.9 million ($5.1 million), representing a decrease of 63.9% from fiscal year 2020. The decrease was mainly caused by 1) Affected by the oversea Pandemic and international travel limitation, we were not able to continue our oversea projects in Iraq, which contributed 20.0 million of revenue to our automation business for the year ended June 30, 2020, 2) Orders from Shenhua decreased and resumed at a lower level than prior years and 3) some of our oilfield clients were still in a recovery status from prior years' loss and were prudent on further investment, negatively affecting our automation departments' operation and collection of outstanding balances. Management expect this situation will be eased as oil price increase. We are also seeking for new opportunities in petrochemical segments and other sectors among our oilfield clients as they are investing into new energy and low-carbon and environmentally friendly automation solutions.

Equipment and accessories. Revenue from equipment and accessories increased to approximately 1.6 million ($0.2 million), representing a increase of 11% from fiscal year 2020, as orders for cost effective equipment, such as ultra-deep electric submersible progressing cavity pump from China Petroleum & Chemical Corporation ("Sinopec"), increased as oil and gas price rose and our clients' investment in gas wells production increased. We expect this business will continued and bring a higher benefit in the coming year.

Oilfield environmental protection. Revenue from oilfield environmental protection increased to approximately 10.9 million ($1.7 million), representing a increase of 8792.2% from fiscal year 2020. During this period, our chemicals and related services for wastewater treatment were well accepted by clients and requirements remained stable as our clients kept an increased attention to wastewater quality during their production than prior years. Meanwhile, orders from oily sludge treatment also increased and we had also secured 36.3 million contracts for treatment. As we has not complete the treatment, there was barely revenue recorded during this year.

Platform outsourcing services. Revenue from platform outsourcing services increased to approximately 2.6 million ($0.4 million),representing an increase of 100% from fiscal year 2020. The increase was mainly due to the acquisition of FGS during the year ended June 30, 2021. FGS was consolidated into our operations from January 2021.

Cost and Margin

Total cost of revenues decreased by 11.8% to approximately 40.7 million ($6.3 million). This decrease was mainly caused by the decreased cost of revenue from automation product and software segment, which was partially offset by the increased cost of revenue from the other three segments during the year ended June 30, 2021.

Gross profit decreased to approximately 7.2 million ($1.1 million), representing a decrease of 63.2% from fiscal year 2020. Our gross profit as a percentage of revenue decreased by 14.7 percentage points to 15.1% for the year ended June 30, 2021 from 29.8% for the same period in 2020.

Operating Expenses

Total operating expenses increased to approximately 68.8 million ($10.7 million), representing an increase of 72.9%.

Selling and distribution expenses. Selling and distribution expenses were approximately 8.0 million ($1.2 million), representing a 82% increased year-over-year.We consolidated the selling expenses of FGS since January 2021 and recorded amortization expenses of customer relationship recognized in relation to the step acquisition. Meanwhile, our travelling expenses increased as the travel restriction was lifted when the Covid-19 pandemic appeared to be under control in China by the end of year 2020. Selling expenses were 16.8% of total revenues for the year ended June 30, 2021, and 6.7% of total revenues for the same period of 2020.

General and Administrative Expenses.General and administrative expenses was approximately 45.9 million ($7.1 million), representing a 75.9% increased year-over-year. The increase was primarily due to incurrence of offering cost of warrants issued during the fiscal year, the step acquisition of FGS as we consolidated the general and administrative expenses of FGS since January 2021, the increased profession services fees in relation to the multiple financing activities carried out during the year, and the increased depreciation expense for our Gansu production line during the year ended June 30, 2021, as the production line was transferred from construction in progress to production equipment and depreciated since January 2020. General and administrative expenses accounted for 95.9% of total revenues for the year ended June 30, 2021, and 39.7% of total revenues for the same period of 2020.

Provision for doubtful accounts.We recorded a provision for doubtful accounts of 2.2 million for the year ended June 30, 2020 as compared to a provision for doubtful accounts of 8.2 million ($1.3 million) for the same period in 2021. The increase was mainly due to 1) we made specific reserve for some outstanding accounts receivable which we did not collect as we expected due to the current unfavorable economy and made specific reserve for the receivables related to Iraq projects due to the delay in collection as a result of COVID-19 pandemic; and 2) the increased long-outstanding pre-contract costs incurred in anticipation of obtaining planned contracts for the Company's revenue, but the progress of these contracts was delayed by the COVID-19 pandemic. As of the date of this report, 21.3% of the Company's contract assets as of June 30, 2021 have been subsequently realized and the remaining balance is expected to be utilized by March 31, 2022. Management plans to continue to monitor and maintain the provision at a lower risk level.

Net Loss

Loss from operations was 61.6 million ($9.5 million), representing an increase of 205.2% from fiscal year 2020, which was a loss of 20.2 million.

Change in Fair Value of Warrant Liability.

The Company classify the warrants issued in connection with common share offering as liabilities at their fair value and adjust the warrant instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. Change in fair value of warrants issued on June 14, 2021 through fiscal year end was 35.4 million ($5.5 million)

Net Loss Attributable to Recon Technology, Ltd.

As a result of the factors described above, net loss was 22.8 million ($3.5 million) for the year ended June 30, 2021, an increase of 3.6 million ($0.6 million) from net loss of 19.2 million for the same period of 2020.

Basic and Diluted EPS.

Basic and diluted net loss per share were 1.80 (US$0.28), compared to 4.16 in fiscal year 2020.

Financial Condition

As of June 30,2021, the Company had cash of approximately 344.0 million ($53.3 million), compared to 30.3 million as of June 30, 2020. As of June 30, 2021, the Company had working capital of 412.0 million ($63.8 million), while as of June 30, 2020, the Company had working capital of 64.1 million. The increase in total current assets at June 30, 2021 compared to June 30, 2020 was mainly due to an increase in cash obtained through offerings, loans to third parties and contract assets, partially offset by a decrease in trade account receivable.

Net cash used in operating activities was 34.1 million ($5.3 million) for the year ended June 30, 2021,compared to net cash used in operating activities of approximately 5.2 million for fiscal year 2020. Net cash used in investing activities was 46.5 million ($7.2 million) for the year ended June 30, 2021, compared to 2.1 million for fiscal year 2020. Net cash provided by financing activities was 394.0 million ($61.0 million) for the year ended June 30, 2021, compared to net cash provided by financing activities of 33.2 million for fiscal year 2020.

Exchange Rate

The translation of RMB amounts into U.S. dollars are included solely for the convenience of readers and have been made at the rate of 6.4579 to $1.00, the approximate exchange rate prevailing on June 30, 2021.

About Recon Technology, Ltd.

Recon Technology, Ltd. (RCON) is China's first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China's largest oil exploration companies with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures for increasing petroleum extraction levels, reducing impurities and lowering production costs. Since 2017, the Company has expanded its business operations into other segments of the broader energy industry including electric power, coal chemicals, renewable energy and environmental protection in the energy and chemical industries. Through the years, Recon has taken leading positions on several market segments of the oil and gas field service industry. Recon also has developed stable long-term cooperation relationships with its major clients, and its products and service are well accepted by clients. For additional information please visit: www.recon.cn.

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, the effect of novel coronavirus and other health matters on target markets, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

RECON TECHNOLOGY, LTD CONSOLIDATED BALANCE SHEETS



As of June 30 As of June 30 As of June 30

2020 2021 2021

RMB RMB U.S. Dollars

ASSETS

Current assets

Cash ?30,336,504 ?343,998,570 $53,268,248

Notes receivable 4,180,885 6,305,633 976,429

Trade accounts receivable, net 48,244,015 26,686,888 4,132,470

Trade accounts receivable- related party, net 3,068,920 - -

Inventories, net 1,985,723 3,644,522 564,355

Other receivables, net 6,350,802 6,939,676 1,074,610

Loans to third parties 3,200,377 50,476,782 7,816,340

Purchase advances, net 178,767 1,078,137 166,950

Contract costs, net 31,537,586 48,795,906 7,556,056

Prepaid expenses 198,294 146,071 22,619

Prepaid expenses- related parties - 433,000 67,050

Total current assets 129,281,873 488,505,185 75,645,127



Property and equipment, net 29,756,879 27,138,768 4,202,444

Land use right, net 1,280,648 1,253,408 194,090

Intangible assets, net - 6,650,000 1,029,754

Investment in unconsolidated entity 31,541,850 27,931,795 4,325,244

Long-term other receivables, net 3,640 114,679 17,758

Goodwill - 6,996,895 1,083,471

Operating lease right-of-use assets (including ?803,503 and ?352,775 ($54,627) from a related party as of June 30, 2020 and June 2,549,914 7,925,930 1,227,332 30, 2021, respectively)

Total Assets ?194,414,804 ?566,516,660 $87,725,220



LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities

Short-term bank loans ?9,520,000 ?15,000,000 $2,322,753

Trade accounts payable 23,034,347 21,956,481 3,399,966

Other payables 2,609,486 9,862,762 1,527,251

Other payable- related parties 4,498,318 2,400,667 371,744

Contract liabilities 3,486,033 7,686,276 1,190,221

Accrued payroll and employees' welfare 1,917,635 1,954,484 302,652

Investment payable 6,400,000 - -

Taxes payable 1,108,288 1,248,994 193,407

Short-term borrowings 200,000 530,000 82,071

Short-term borrowings - related parties 10,230,746 12,676,042 1,962,888

Long-term borrowings - related party - current portion 847,346 920,066 142,472

Operating lease liabilities - current (including ?450,728 and ?352,775 ($54,627) from a related party as of June 30, 2020 and June 1,328,976 2,226,832 344,825 30, 2021, respectively)

Total Current Liabilities 65,181,175 76,462,604 11,840,250



Operating lease liabilities - non-current (including ?352,775 and ?nil from a related party as of June 30, 2020 and June 30, 2021, 1,210,088 4,792,101 742,058 respectively)

Long-term borrowings - related party 7,379,253 6,486,551 1,004,444

Deferred tax liability - 624,088 96,640

Warrant liability - 190,635,850 29,520,000

Total Liabilities 73,770,516 279,001,194 43,203,392



Commitments and Contingencies



Equity

Class A common stock, $0.0925 U.S. dollar par value, 150,000,000 shares authorized; 7,202,832 shares and 26,868,391 shares 4,577,233 16,340,826 2,530,380 issued and outstanding as of June 30, 2020 and June 30, 2021, respectively^ *

Class B common stock, $0.0925 U.S. dollar par value, 20,000,000 shares authorized; no shares issued and outstanding as of June - - - 30, 2020 and June 30, 2021, respectively^*

Additional paid-in capital 282,505,455 479,490,763 74,249,242

Statutory reserve 4,148,929 4,148,929 642,462

Accumulated deficit (184,027,586) (206,860,320) (32,032,362)

Accumulated other comprehensive income 2,825,731 1,974,836 305,804

Total stockholders' equity 110,029,762 295,095,034 45,695,526

Non-controlling interests 10,614,526 (7,579,568) (1,173,698)

Total equity 120,644,288 287,515,466 44,521,828

Total Liabilities and Equity ?194,414,804 ?566,516,660 $87,725,220



* Retrospectively restated for effect of stock split on December 27, 2019 and change into dual class structure on April 5, 2021.



RECON TECHNOLOGY, LTD CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS



For the years ended

June 30,

2019 2020 2021 2021

RMB RMB RMB USD



Revenues

Revenues - third party ?98,657,433 ?65,760,651 ?47,852,918 $7,410,034

Revenues - related party 3,726,894 - 85,657 13,264

Revenues 102,384,327 65,760,651 47,938,575 7,423,298



Cost of revenues

Cost of revenues - third party 70,316,198 46,154,255 40,723,547 6,306,050

Cost of revenues - related party 2,202,765 - - -

Cost of revenues 72,518,963 46,154,255 40,723,547 6,306,050



Gross profit 29,865,364 19,606,396 7,215,028 1,117,248



Selling and distribution expenses 9,076,266 4,417,413 8,038,965 1,244,835

General and administrative expenses 41,288,351 26,120,099 45,949,157 7,115,236

Provision for credit losses 610,776 2,203,531 8,191,247 1,268,416

Impairment loss of property and equipment - - 768,312 118,973

Research and development expenses 3,133,545 7,042,385 5,846,295 905,300

Operating expenses 54,108,938 39,783,428 68,793,976 10,652,760



Loss from operations (24,243,574) (20,177,032) (61,578,948) (9,535,512)



Other income (expenses)

Subsidy income 1,149,016 1,210,318 355,667 55,075

Interest income 40,391 54,746 918,629 142,250

Interest expense (1,589,045) (1,451,890) (2,210,005) (342,220)

Income (loss) from investment in unconsolidated entity (959,905) 462,879 (266,707) (41,300)

Changing in fair value of warrant liability - - 35,365,792 5,476,400

Remeasurement gain of previously held equity interests in connection with step - - 979,254 151,638 acquisition

Foreign exchange transaction gain (loss) 56,603 (17,720) (146,898) (22,747)

Other income 162,585 78,417 192,137 29,752

Other income (expense), net (1,140,355) 336,750 35,187,869 5,448,848

Loss before income tax (25,383,929) (19,840,282) (26,391,079) (4,086,664)

Income tax expenses (benefit) 398,477 282,322 (524,251) (81,180)

Net loss (25,782,406) (20,122,604) (25,866,828) (4,005,484)



Less: Net loss attributable to non-controlling interests (426,501) (875,903) (3,034,094) (469,830)

Net loss attributable to Recon Technology, Ltd ?(25,355,905)?(19,246,701)?(22,832,734)$(3,535,654)



Comprehensive loss

Net loss ?(25,782,406)?(20,122,604)?(25,866,828)$(4,005,484)

Foreign currency translation adjustment 1,393,843 (84,205) (850,895) (131,761)

Comprehensive loss (24,388,563) (20,206,809) (26,717,723) (4,137,245)

Less: Comprehensive loss attributable to non- controlling interests (426,501) (875,903) (3,034,094) (469,830)

Comprehensive loss attributable to Recon Technology, Ltd ?(23,962,062)?(19,330,906)?(23,683,629)$(3,667,415)



Loss per common share - basic and diluted ?(6.49) ?(4.16) ?(1.80) $(0.28)

Weighted - average shares -basic and diluted* 3,908,833 4,624,615 12,697,024 12,697,024



* Retrospectively restated for effect of stock split on December 27, 2019.



RECON TECHNOLOGY, LTD CONSOLIDATED STATEMENTS OF CASH FLOWS





For the years ended

June 30,

2019 2020 2021 2021

RMB RMB RMB U.S. Dollars



Cash flows from operating activities:

Net loss ?(25,782,406)?(20,122,604)?(25,866,828)$(4,005,484)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 1,124,011 1,609,700 3,150,789 487,900

Loss (gain) from disposal of equipment - (89,156) 19,590 3,034

Changing in fair value of warrant liability (35,365,792) (5,476,400)

Amortization of offering cost of warrants 12,584,024 1,948,639

Provision for doubtful accounts 610,776 2,203,531 8,191,247 1,268,416

Provision for slow moving inventories 65,380 56,817 654,673 101,376

Impairment of property and equipment - - 768,312 118,973

Amortization of right of use assets - 1,408,551 1,866,803 289,075

Restricted shares issued for management and employees 21,288,204 7,944,835 6,140,037 950,786

Remeasurement gain of previously held equity interests in connection with step - - (979,254) (151,638) acquisition

Loss (income) from investment in unconsolidated entity 959,905 (462,879) 266,707 41,300

Deferred tax benefit - - (425,913) (65,953)

Interest expenses related to convertible notes - - 430,416 66,650

Restricted shares issued for services 845,781 33,927 - -

Changes in operating assets and liabilities:

Notes receivable 922,282 (1,107,205) (2,124,748) (329,018)

Trade accounts receivable (40,461,376) 18,428,088 18,326,410 2,837,848

Trade accounts receivable-related party (3,409,912) - 3,409,912 528,026

Inventories (1,197,529) (1,124,935) (2,502,263) (387,476)

Other receivable (928,882) (287,242) (338,468) (52,412)

Purchase advance 5,784,669 1,210,309 (899,371) (139,268)

Contract costs 7,554,745 (26,938,013) (21,944,876) (3,398,168)

Prepaid expense 316,845 (5,457) 143,354 22,198

Prepaid expense - related parties (217,600) 217,600 (433,000) (67,050)

Operating lease liabilities - (1,419,402) (2,762,949) (427,843)

Trade accounts payable (400,034) 8,205,660 (2,109,944) (326,725)

Other payables (861,620) (23,600) 6,669,009 1,032,698

Other payables-related parties (920,584) 2,207,445 (2,577,610) (399,143)

Advance from customers (37,856) 3,366,033 4,160,456 644,247

Accrued payroll and employees' welfare 784,095 533,109 (1,593,822) (246,804)

Accrued expenses - 9,425 (983,821) (152,344)

Taxes payable 1,748,934 (1,085,213) 76,452 11,839

Net cash used in operating activities (32,212,172) (5,230,676) (34,050,468) (5,272,722)



Cash flows from investing activities:

Investment in unconsolidated entity (4,205,080) - - -

Purchases of property and equipment (1,735,956) (85,974) (522,416) (80,896)

Proceeds from disposal of equipment - 900 - -

Repayments from loans to third parties 1,000,000 11,239,623 5,150,377 797,537

Payments made for loans to third parties (4,000,000) (9,480,000) (51,638,458) (7,996,226)

Payments and prepayments for construction in progress (4,606,823) (3,782,912) - -

Step acquisition of FGS, net of cash - - 471,843 73,065

Net cash used in investing activities (13,547,859) (2,108,363) (46,538,654) (7,206,520)



Cash flows from financing activities:

Proceeds from short-term bank loans 2,500,000 9,520,000 16,020,000 2,480,700

Repayments of short-term bank loans - (2,500,000) (10,540,000) (1,632,121)

Proceeds from short-term borrowings 1,081,096 200,000 3,660,000 566,752

Repayments of short-term borrowings - (1,000,000) (3,360,000) (520,297)

Proceeds from short-term borrowings-related parties 5,000,000 17,415,000 18,400,000 2,849,244

Repayments of short-term borrowings-related parties (5,000,000) (16,195,000) (15,950,000) (2,469,861)

Repayments of long-term borrowings-related party (684,191) (747,630) (816,952) (126,505)

Proceeds from warrants issued with common stock - - 212,051,414 32,836,204

Proceeds from sale of common stock, net of issuance costs - 26,141,051 81,091,141 12,556,980

Proceeds from pre-founded warrants received in advance - - 30,276,569 4,688,333

Proceeds from stock issuance for warrants exercised - - 21,130,035 3,271,990

Proceeds from issuance of convertible notes - - 42,014,616 6,505,972

Refund of capital contribution by a non-controlling shareholder (200,000) - - -

Capital contribution by non-controlling shareholders 850,000 405,000 50,000 7,743

Net cash provided by financing activities 3,546,905 33,238,421 394,026,823 61,015,134



Effect of exchange rate fluctuation on cash 1,393,873 (84,203) 224,365 34,742



Net increase (decrease) in cash (40,819,253) 25,815,179 313,662,066 48,570,634

Cash at beginning of year 45,340,578 4,521,325 30,336,504 4,697,614

Cash at end of year ?4,521,325 ?30,336,504 ?343,998,570 $53,268,248



Supplemental cash flow information

Cash paid during the period for interest ?1,542,381 ?1,400,462 ?1,682,863 $260,592

Cash received during the period for taxes ?2,002 ?282,322 ?(98,338) $(15,228)



Non-cash investing and financing activities

Cancellation of common stock issued prior years in exchange of shares of FGS , - - (1,689,807) (261,667) net of issuance costs

Issuance of common stock in exchange of shares of FGS , net of issuance costs ?21,433,796 ?- ?1,689,807 $261,667

Issuance of common stock in exchange of shares of Starry, net of issuance costs - ?- ?27,675,450 $4,285,549

Investment payable in exchange of interest of FGS ?6,400,000 ?- ?- $-

Conversion of convertible notes to 9,225,338 shares of common stock ?- ?- ?42,435,669 $6,571,172

Right-of-use assets obtained in exchange for operating lease obligations ?- ?1,228,963 ?7,242,819 $1,121,552

Inventories used as fixed assets ?- ?409,735 ?302,795 $46,888

Payable for construction in progress ?5,694,980 ?732,513 ?- $-

Receivable for disposal of property and equipment ?- ?110,000 ?- $-

Payable for issuance cost of common stock ?- ?374,696 ?- $-

Capital contribution receivable due from non-controlling Interest ?- ?- ?50,000,000 $7,742,510





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SOURCE Recon Technology, Ltd.