Exhibit 99.1

Bressner Technology GmbH

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REPORT

AS OF AND FOR THE YEARS ENDED

DECEMBER 31, 2017 AND 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Bressner Technology GmbH

 

 

Table of Contents

 

1.

 

Auditors Opinion

 

3

2.

 

Balance Sheets according to local GAAP

 

5

3.

 

Statements of Income according to local GAAP

 

6

4.

 

Notes according to local GAAP

 

6

5.

 

German GAAP / US-GAAP reconciliation of the balance sheet as of December 31, 2017

 

8

6.

 

German GAAP / US-GAAP reconciliation of the balance sheet as of December 31, 2016

 

11

7.

 

German GAAP / US-GAAP reconciliation of the income statement for the year ended December 31, 2017

 

13

8.

 

German GAAP / US-GAAP reconciliation of the income statement for the year ended December 31, 2016

 

14

9.

 

Statements of Cash Flows

 

15

10.

 

Statement of Stockholder’s Equity

 

15

 

2


 

1.

Auditors Opinion

INDEPENDENT AUDITORS’ REPORT

One Stop Systems, Inc.

2235 Enterprise Street #110

Escondido, CA 92029

United States of America

Bressner Technology GmbH

Industriestr. 51

82194 Gröbenzell

Germany

We have audited the accompanying financial statements of Bressner Technology GmbH (the “Company”), which comprise the balance sheets as of December 31, 2017 and 2016, and the related statements of income for the years then ended and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the Federal Republic of Germany; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

3


 

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations in accordance with accounting principles generally accepted in the Federal Republic of Germany.

Emphasis of Matter – Reconciliation to US GAAP

We draw attention to Footnotes 5-10, which reconcile the results for the periods from accounting principles generally accepted in the Federal Republic of Germany (German Generally Accepted Accounting Principles) to the accounting principles generally accepted in the United States of America (U.S. GAAP) due to significant differences that exist between German Generally Accepted Accounting Principles and US GAAP. Our opinion is not modified with respect to this matter.

Emphasis of Matter – Acquisition of the Company

On October 31, 2018, the Company was acquired by One Stop Systems, Inc., a publicly-traded company.  

Munich/Germany, 13 December 2018

BDO AG

Wirtschaftsprüfungsgesellschaft

 

/s/ Uwe Braunschläger

 

/s/ Frank Werne

 

Uwe Braunschläger

 

Frank Werner

 

Wirtschaftsprüfer, CPA

 

Wirtschaftsprüfer

 

(German Public Auditor)

 

(German Public Auditor)

 

 

 

4


 

2.

Balance Sheets according to local GAAP

 

 

31.12.2017

 

31.12.2016

 

 

 

A. FIXED ASSETS

 

 

 

 

I. Intangible assets

 

 

 

 

1. Software

 

8.788

 

4.621

2. Prepayment for software

 

108.942

 

48.990

II. Property, plant and equipment

 

 

 

 

Fixtures, fittings and equipment

 

113.330

 

133.421

Total fixed assets

 

231.060

 

187.032

B. CURRENT ASSETS

 

 

 

 

I. Inventories

 

 

 

 

1. Finished goods

 

2.676.919

 

1.316.619

2. Advance payments

 

86.026

 

99.408

II. Accounts receivable and other assets

 

 

 

 

1. Accounts receivable from trading

 

1.851.563

 

2.012.780

2. Other assets

 

32.783

 

64.133

Total current assets

 

4.647.291

 

3.492.940

III. Cash on hand and cash in banks

 

249.673

 

179.551

C. DEFERRED CHARGES AND PREPAID EXPENSES

 

32.439

 

19.447

 

 

5.160.463

 

3.878.970

 

 

31.12.2017

 

31.12.2016

 

 

 

A. STOCKHOLDERS' EQUITY

 

 

 

 

I. Capital subscribed

 

30.000

 

30.000

II. Capital reserve

 

56.425

 

56.425

III. Earnings reserves

 

485.000

 

485.000

IV. Retained earnings

 

2.005.331

 

1.563.860

Total shareholders` equity

 

2.576.756

 

2.135.285

B. PROVISIONS AND ACCRUED LIABILITIES

 

 

 

 

1. Accrued taxes

 

39.287

 

160.003

2. Other provisions and accrued liabilities

 

566.475

 

709.386

C. LIABILITIES

 

 

 

 

1. Liabilities due to banks

 

1.668.229

 

437.501

2. Advance payments received on account of orders

 

4.871

 

9.327

3. Trade accounts payable

 

31.965

 

132.351

4. Other liabilities

 

272.880

 

295.117

thereof taxes Euro 251.601 (PY 192.984)

 

 

 

 

thereof for social security Euro 790

   (PY 1.532)

 

 

 

 

Total liabilities

 

2.583.707

 

1.743.685

 

 

 

5.160.463

 

3.878.970

 

5


 

3.

Statements of Income according to local GAAP

 

 

31.12.2017

 

31.12.2016

 

 

 

1. Sales

 

14.809.282

 

14.690.751

2. Other operating income

 

423.713

 

428.671

3. Cost of materials

 

 

 

 

a) Cost of supplies

 

-10.716.468

 

-10.989.629

b) Cost of purchased services

 

-26.154

 

-181

4. Personnel expenses

 

 

 

 

a) Wages and salaries

 

-1.824.406

 

-1.758.172

b) Social security, pension and other benefit costs

 

-337.015

 

-345.759

5. Depreciation

 

-45.316

 

-50.636

6. Other operating expenses

 

-1.290.921

 

-1.147.658

7. Interest and similar expenses

 

-35.530

 

-28.200

8. Taxes on income

 

-263.244

 

-222.266

9. Other taxes

 

-2.470

 

-2.840

10. Net income

 

691.471

 

574.081

11. Net income from prior years

 

1.563.860

 

1.189.779

12. Profit distributions

 

-250.000

 

-200.000

13. Retained earnings

 

2.005.331

 

1.563.860

 

4.

Notes according to local GAAP

I. General disclosures to the financial statements

The financial statements as of 31 December 2017 and 2016 were prepared in accordance with the regulations of the German Commercial Code (HGB) and the Limited Liability Company Act (GmbHG).

In 2017 and 2016 the company is a small-sized corporation in accordance with § 267 HGB and exercises the exemptions for small-sized corporations as stipulated in § 288 HGB.

The Company's financial year corresponds to the calendar year.

II. Disclosures to the accounting and valuation methods

a. General disclosures

The financial statements have been prepared subject to the general statement regulations set out in sections 246-251 HGB and also subject to the special statement regulations for corporations, sections 268-274a, 276-278, and subject to the general valuation regulations of sections 252-256 HGB.

The classification of the balance sheet and the income statement was made in accordance to §§ 266, 275 HGB and § 42 GmbHG. The income statement was prepared in accordance with the total cost method. The financial statements were prepared under the assumption of going concern in accordance with § 252 sec. 1 no. 2 HGB.

6


 

The accounting and valuation methods have remained unchanged compared to the previous year, except where new knowledge required a diverging valuation.

b. Disclosures to individual balance sheet items

Intangible assets acquired in return for payment are recognized at cost and are subject to straight-line amortization over the course of their expected useful lives of 3 to 5 years.

Tangible assets are recognized at cost, less accumulated depreciation and are depreciated on a straight-line basis according to their expected useful lives of 3 to 13 years.

Low-cost assets with an individual acquisition cost of up to EUR 410 are depreciated immediately. It is assumed that they are disposed of within the fiscal year.

Inventories are recognized at acquisition or at manufacturing cost according to § 255 sec. 2 HGB. Appropriate valuation allowances were made for inventory risks resulting from the duration of storage and marketability.

Receivables and other assets are stated at their nominal value or fair value. Appropriate individual value adjustments were made for recognizable risks. The general credit risk inherent in trade receivables is covered by a general allowance taken on the net receivables that have not been individually adjusted for specific circumstances already.

Cash in hand and bank balances are recognized at nominal value.

The Company‘s subscribed capital amounts to EUR 30.000 and remains unchanged compared to the previous year.

Provisions consider all identifiable contingent liabilities and are set up in the amount necessary for repayment in accordance with reasonable commercial judgment. Provisions due after more than one year are discounted at average market interest rate (published by the Federal Bank of Germany) in accordance with their residual term. In particular, other provisions take into account obligations from warranties and royalties.

Liabilities are recognized with the amount repayable.

Assets and liabilities denominated in foreign currencies are translated at the mean spot exchange rate prevailing on the balance sheet date following the principles of § 256a HGB.

III. Further comments on the balance sheet

Other assets contain items with a remaining term of more than one year in the amount of EUR 22.445 (prior year: EUR 35.087). All other receivables and other assets fall due within one year.

The balance sheet profit includes retained earnings in the amount of EUR 1.313.860.

Liabilities with a remaining term of up to one year amount to EUR 1.311.007 (prior year: EUR 482.976), while liabilities with a remaining term of more than one year and up to five years amount to EUR 666.937 (prior year: EUR: 391.321).

7


 

Other financial obligations in the amount of EUR 150.967 result from the rental contract for the office and storage units in Gröbenzell and from software updates.

Currency forwards were used for hedging foreign currency risks. Arising losses as of balance sheet date will be shown on the balance sheet.

IV. Other mandatory disclosures

In the financial year the company had an average of 25 employees.

The company is legally represented by:

Mrs. Claudia Bressner, Managing Director (till 3 April 2017)

Mr. Josef Bressner, Managing Director

Mr. Martin Stiborski, Managing Director

 

Gröbenzell, 12 October 2018

 

Josef Bressner

 

Martin Stiborski

 

 

5.

German GAAP / US-GAAP reconciliation of the balance sheet as of December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

 

 

German GAAP

 

Reconciliation

 

US-GAAP

 

Note

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

249.673

 

-

 

249.673

 

 

Accounts receivables

 

1.851.564

 

8.601

 

1.860.165

 

A

Inventories

 

2.762.944

 

-86.025

 

2.676.919

 

B

Prepaid expenses and other assets

 

65.222

 

194.967

 

260.189

 

B

 

 

 

 

 

 

 

 

 

Total current assets

 

4.929.403

 

117.543

 

5.046.946

 

 

Property, plant and equipment, net

 

122.118

 

-

 

122.118

 

 

Internally developed software

 

-

 

138.160

 

138.160

 

C

Other intangible assets, net

 

108.942

 

-108.942

 

-

 

B

Total assets

 

5.160.463

 

146.761

 

5.307.224

 

 

8


 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

German GAAP

 

Reconciliation

 

US-GAAP

 

Note

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

31.965

 

-

 

31.965

 

 

Accrued expenses and other liabilities

 

277.751

 

27.195

 

304.946

 

D

Tax and other provisions

 

605.762

 

-

 

605.762

 

 

Current portion of long-term debt

 

201.292

 

-

 

201.292

 

 

Total current liabilities

 

1.116.770

 

27.195

 

1.143.965

 

 

Long-term debt

 

1.466.937

 

-

 

1.466.937

 

 

Deferred tax liability

 

-

 

36.940

 

36.940

 

E

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

30.000

 

-

 

30.000

 

 

Additional paid in capital

 

56.425

 

-

 

56.425

 

 

Retained earnings

 

2.490.331

 

82.626

 

2.572.957

 

F

Total stockholders’ equity

 

2.576.756

 

82.626

 

2.659.382

 

 

Total liabilities and stockholders’ equity

 

5.160.463

 

146.761

 

5.307.224

 

 

9


 

 

General Note:

 

 

 

 

 

The grouping of the balance sheet accounts under German GAAP differs from the US-GAAP classification of

accounts. For the purpose of reconciliation, the balance sheet accounts for German GAAP have been re-grouped to follow the US-GAAP classification.

 

 

 

Note A:

 

 

 

 

 

In German-GAAP a general bad-debt provision in the amount of € 8.601 was recognized without

regard to specific risk or age of receivables.

 

 

 

Note B:

 

 

 

 

 

We reconciled € 86.026 from the inventories and € 108.942 from other assets. The two amounts represent advance payments made.

 

 

 

Note C:

 

 

 

 

 

The requirement for capitalization of internally developed software was met under FASB ASC 985-20-25, Costs of Software to be Sold, Leased, or Marketed.  The completion of development was determined to have occurred in January 2106, resulting in €193.000 of labor costs capitalized.  The adjustment amount at yearend is net of accumulated amortization during the year.  Costs for research and development prior to achievement of technological feasibility, as well as costs associated with marketing and selling the software, have been expensed as incurred. The management estimates the duration of use to be seven years.

 

 

 

Note D:

 

 

 

 

 

Unrealized losses on forward exchange contracts were recognized as liabilities in the amount of € 27.195.

 

 

 

Note E:

 

 

 

 

 

The below outlines local GAAP to US-GAAP differences resulting in deferred tax impacts in the respective amounts, using an average tax rate of 30%:

 

 

 

Discounting of provisions

 

3.650

Internally developed software

 

41.448

Unrealized gains and losses

 

-8.158

Total

 

36.940

 

 

 

Note F:

 

 

 

 

 

Difference is due to accumulated result of reconciliation adjustments impacting the Statements of Income.

 

10


 

6.

German GAAP / US-GAAP reconciliation of the balance sheet as of December 31, 2016

 

Assets

 

 

 

 

 

 

 

 

 

 

German GAAP

 

Reconciliation

 

US-GAAP

 

Note

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

179.551

 

-

 

179.551

 

 

Accounts receivables

 

2.012.780

 

9.356

 

2.022.136

 

A

Inventories

 

1.416.027

 

-99.408

 

1.316.619

 

B

Prepaid expenses and other assets

 

83.580

 

203.911

 

287.491

 

B

Total current assets

 

3.691,938

 

113.859

 

3.805.797

 

 

Property, plant and equipment, net

 

138.042

 

-

 

138.042

 

 

Internally developed software

 

-

 

165.792

 

165.792

 

C

Other intangible assets, net

 

48.990

 

-48.990

 

-

 

B

Total assets

 

3.878.970

 

230.661

 

4.109.631

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

German GAAP

 

Reconciliation

 

US-GAAP

 

Note

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

132.350

 

-

 

132.350

 

 

Accrued expenses and other liabilities

 

304.445

 

98.720

 

403.165

 

D

Tax and other provisions

 

869.389

 

-88.381

 

781.008

 

D

Current portion of long-term debt

 

46.180

 

-

 

46.180

 

 

Total current liabilities

 

1.352.364

 

10.339

 

1.362.703

 

 

Long-term debt

 

391.321

 

-

 

391.321

 

 

Deferred tax liability

 

-

 

66.782

 

66.782

 

E

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

30.000

 

-

 

30.000

 

 

Additional paid-in capital

 

56.425

 

-

 

56.425

 

 

Retained earnings

 

2.048.860

 

153.540

 

2.202.400

 

F

Total stockholders’ equity

 

2.135.285

 

153.540

 

2.288.825

 

 

Total liabilities and stockholders’ equity

 

3.878.970

 

230.661

 

4.109.631

 

 

11


 

 

General Note:

 

 

 

 

 

The grouping of the balance sheet accounts under German GAAP differs from the US-GAAP classification of accounts. For the purpose of reconciliation, the balance sheet accounts for German GAAP have been re-grouped to follow the US-GAAP classification.

 

 

 

 

 

Note A:

 

 

 

 

 

In German-GAAP a general bad-debt provision in the amount of € 9.356 was recognized without regard to specific risk or age of receivables.

 

 

 

 

 

Note B:

 

 

In addition to German GAAP the account contains unrealized gains on forward exchange contracts in the amount of € 55.513. Furthermore, we reconciled € 99.408 from the inventories and € 48.990 from other assets. The last two amounts represent advance payments made.

 

 

 

 

 

Note C:

 

 

The requirement for capitalization of internally developed software was met under FASB ASC 985-20-25, Costs of Software to be Sold, Leased, or Marketed.  The completion of development was determined to have occurred in January 2106, resulting in €193.000 of labor costs capitalized.  The adjustment amount at yearend is net of accumulated amortization during the year.  Costs for research and development prior to achievement of technological feasibility, as well as costs associated with marketing and selling the software, have been expensed as incurred. The management estimates the duration of use to be seven years.

 

 

 

 

 

Note D:

 

 

We reclassified for US-GAAP purposes € 88.381 from other provisions to other liabilities. The amount includes outstanding invoices for goods already received. In addition, unrealized losses on forward exchange contracts were recognized as liabilities in the amount of € 10.339.

 

 

 

 

 

Note E:

 

 

The account contents under US-GAAP for the following causes deferred taxes in the respective amount:

 

 

 

 

 

Discounting of provisions

 

3.492

Internally developed software

 

49.738

Unrealized gains and losses

 

13.552

Total

 

66.782

 

 

 

Note F:

 

 

Difference is due to accumulated result of reconciliation adjustments impacting the Statements of Income.

 

 

 

 

12


 

 

7.

German GAAP / US-GAAP reconciliation of the income statement as of December 31, 2017

 

 

 

German GAAP

 

Reconciliation

 

US-GAAP

 

Note

 

 

 

 

 

 

Net revenue

 

14.809.282

 

-

 

14.809.282

 

 

Cost of Sales

 

-11.206.542

 

-27.632

 

-11.234.174

 

A

Gross profit

 

3.602.740

 

-27.632

 

3.575.108

 

 

Selling and marketing

 

-1.343.822

 

 

 

-1.343.822

 

B

General expenses

 

-1.365.081

 

-755

 

1.365.836

 

 

Research and development expenses

 

-280.831

 

-

 

-280.831

 

 

Other income (expenses):

 

 

 

 

 

 

 

 

Other income

 

377.239

 

-72.368

 

304.871

 

C

Interest expenses

 

-35.530

 

-

 

-35.530

 

 

Income before provisions for income taxes

 

954.715

 

-100.755

 

853.960

 

 

Income taxes

 

-263.244

 

29.841

 

-233.403

 

D

Net income

 

691.471

 

-70.914

 

620.557

 

 

 

General Note:

 

The profit and loss accounting under German GAAP follows the total cost accounting method, whereas US-GAAP requires the cost of sales method. The classification of the profit and loss statement under German GAAP as shown in the financial statements has been adjusted to the cost of sales method for the purpose of this reconciliation.

 

Note A:

 

The difference is due to depreciation of the internally developed software.

 

Note B:

 

The amount of € 755 reflects the correction of bad debt expenses during the year.

 

Note C:

 

The differences rise from unrealized gains and losses on forward exchange contracts, which are not realized under German GAAP but recognized through profit and loss under U.S. GAAP.

 

Note D:

 

The amount of € 29.841 reflects the income statement effect of the change in deferred taxes of the year.

13


 

8.

German GAAP / US-GAAP reconciliation of the income statement as of December 31, 2016

 

 

 

German GAAP

 

Reconciliation

 

US-GAAP

 

Note

 

 

 

 

 

 

 

 

Net revenue

 

14.690.751

 

-

 

14.690.751

 

 

Cost of Sales

 

-11.453.116

 

-27.632

 

-11.480.748

 

A

Gross profit

 

3.237.635

 

-27.632

 

3.210.003

 

 

Selling and marketing

 

-2.546.537

 

5.035

 

-2.541.502

 

B

General expenses

 

 

 

 

 

 

 

 

Research and development expenses

 

-273.197

 

-

 

-273.197

 

 

Other income (expenses):

 

 

 

 

 

 

 

 

Other income

 

406.646

 

45.174

 

451.820

 

C

Interest expenses

 

-28.200

 

-

 

-28.200

 

 

Income before provisions for income taxes

 

796.347

 

22.577

 

818.924

 

 

Income taxes

 

-222.266

 

1.181

 

-221.085

 

D

Net income

 

574.081

 

23.758

 

597.839

 

 

 

General Note:

 

The profit and loss statement under German GAAP follows the total cost accounting method, whereas US-GAAP requires the cost of sales method. The classification of the profit and loss statement under German GAAP as shown in the financial statements has been adjusted to the cost of sales method for the purpose of this reconciliation.

 

Note A:

 

The difference is due to depreciation of the internally developed software.

 

Note B:

 

The amount of € 5.035 reflects the correction of bad debt expenses during the year.

 

Note C:

 

The differences rise from unrealized gains and losses on forward exchange contracts, which are not realized under German GAAP but recognized through profit and loss under U.S. GAAP.

 

Note D:

 

The amount of € 1.181 reflects the income statement effect of the change in deferred taxes of the year.

 

14


 

9.

Statements of Cash Flows

 

 

31.12.2017

 

31.12.2016

 

 

 

Cash flows from operating activities:

 

 

 

 

Net income

 

620.557

 

597.839

Adjustments to reconcile net income to net cash (used in) provided by

   operating activities:

 

 

 

 

Depreciation and amortization

 

72.948

 

78.268

Provisions for bad debts

 

20.194

 

-12.049

Changes in operating assets and liabilities:

 

 

 

 

Decrease / (Increase) in accounts receivables and other assets

 

176.864

 

-1.202.209

(Increase) / Decrease in inventories

 

-1.360.299

 

1.095.316

(Increase) in prepaid expenses and other expenses

 

-7.785

 

-120.122

(Decrease) in accounts payables

 

-100.386

 

-436.631

(Decrease) / Increase in accrued expenses and other liabilities

 

-98.220

 

192.349

(Decrease) / Increase in deferred tax

 

-29.841

 

1.181

(Decrease) / Increase in tax and other provisions

 

-175.246

 

71.775

Net cash (used in) provided by operating activities:

 

-881.214

 

265.717

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchase of property and equipment

 

-29.391

 

-19.348

Net cash used in investing activities:

 

-29.391

 

-19.348

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Proceeds from bank loans

 

1.355.111

 

250.000

Repayment of bank loans

 

-124.384

 

-473.042

Dividends paid

 

-250.000

 

-200.000

Net cash provided by (used in) financing activities:

 

980.727

 

-423.042

 

 

 

 

 

Net change in cash

 

70.122

 

-176.673

Cash at the beginning period

 

179.551

 

356.224

Cash at the end of the period

 

249.673

 

179.551

Note:

The cash flow statement is not required for German GAAP. The cash flow activities are prepared on US GAAP figures.

 

10.

Statement of Stockholder’s Equity

 

 

 

Common

Stock

 

Additional

paid-in capital

 

Retained

Earnings

 

Stockholders'

Equity

 

 

 

 

 

Balance December 31, 2015

 

30.000

 

56.425

 

1.804.561

 

1.890.986

Stockholder distributions

 

-

 

-

 

-200.000

 

-200.000

Net Income

 

-

 

-

 

597.839

 

597.839

Balance, December 31, 2016

 

30.000

 

56.425

 

2.202.400

 

2.288.825

Stockholder distributions

 

-

 

-

 

-250.000

 

-250.000

Net income

 

-

 

-

 

620.557

 

620.557

Balance, December 31, 2017

 

30.000

 

56.425

 

2.572.957

 

2.659.382

The Statement of Stockholders’ Equity is not required for German GAAP. The statement activities are prepared on U.S. GAAP figures.

15