Sino-Global Announces Fiscal 2019 Third Quarter Financial Results Highlighted by a 337.9% Increase to $22.8 Million in Total Revenues

ROSLYN,New York,May 16,2019 --Sino-Global Shipping America,Ltd. (NASDAQ: SINO) ("Sino-Global",the "Company","our","we" or "us"),a logistics integrated solutions provider engaged in non-asset based global shipping,freight logistics,and inland transportation management and related services,today announced its financial and operating results for the thirdquarter and ninemonths ended March31,2019.

The Company has also provided an update on its quarterly reporton Form 10-Qfiled with the U.S. Securities and Exchange Commission the same day. Management encourages investors to review this filing for more details of the Company's financial results for the period.

Fiscal Year 2019 ThirdQuarter Financial Review

Total revenues increased by 337.9% to approximately $22.8 million for the three month period ended March 31,2019,compared to approximately $5.2 million in the three month period ended March 31,2018. The increase was mainly due to continuing efforts to diversify its business,resulting in the rise in revenues generated from its freight logistics services segment. Freight logistics services consist primarily of cargo forwarding,brokerage and other freight services in China.

The Company's gross profit for the three month period ended March 31,2019was approximately $1.7 million,compared to approximately $1.8 million for the same period inthe prior year.Gross margin during the period was approximately 7.5% compared to approximately 34.5% for the same period last year.

Sino-Global's selling,general and administrative expenses (SG&A expenses) were approximately $2.8million for thethree month period ended March 31,compared to approximately $1.2million in the same period of the prior year. As a percentage of revenue,SG&A expenses decreased to approximately 12.2% from approximately 23.7% in the prior year period,largely due to greater efficiency on higher revenues.

The Company's provision for doubtful accounts was $1,583,965for the three months ended March 31,compared with a provision for doubtful accounts of $570,712 for the same period in 2018. The increase was due to slower collections from customers with significant increased credit sales. As the Company continues its business relationship with several large customers,it continues to monitor the collection closely with respect to trade accounts receivable.

For the three months ended March 31,the Company reported a net loss attributableto the Company of approximately $1.4million,or $(0.09) per diluted sharebased on weighted average diluted shares outstanding of 15,295,703,compared to a net income attributable to the Company of approximately $0.1million,or $0.01per diluted share based on weighted average diluted shares outstanding of 10,870,221,for the same period in the prior year.

The following tables present summary information by segments for the three months ended March 31,2019and 2018:

For the Three Months Ended March 31,2019

Shipping

Agency

Services

Inland

Transportation

Management

Services

Freight

Logistics

Services

Container

Trucking

Services

Total

Revenues

- Related party

$

-

$

36,380

$

-

$

-

$

36,380

- Third parties

$

956,583

$

93,407

$

21,599,675

$

87,094

$

22,736,759

Total revenues

$

956,583

$

129,787

$

21,773,139

Cost of revenues

$

862,970

$

48,750

$

20,098,417

$

65,058

$

21,075,195

Gross profit

$

93,613

$

81,037

$

1,501,258

$

22,036

$

1,697,944

Depreciation and amortization

$

-

$

39,109

$

476

$

4,448

$

44,033

Total capital expenditures

$

-

$

-

$

125,806

$

8,317

$

134,123

Gross margin%

9.8

%

62.4

%

7.0

%

25.3

%

7.5

%

For the Three Months Ended March 31,2018

Shipping

Agency Services

Inland

Transportation

Management Services

Freight

Logistics

Services

Container

Trucking Services

Total

Revenues

- Related party

$

-

$

501,000

$

-

$

-

$

501,000

- Third parties

$

-

$

934,872

$

3,577,293

$

187,005

$

4,699,170

Total revenues

$

-

$

1,435,005

$

5,200,170

Cost of revenues

$

-

$

91,276

$

3,195,492

$

118,667

$

3,405,435

Gross profit

$

-

$

1,344,596

$

381,801

$

68,338

$

1,794,735

Depreciation and amortization

$

-

$

26,268

$

475

$

4,917

$

31,660

Total capital expenditures

$

-

$

-

$

-

$

10,929

$

10,929

Gross margin%

-

93.6

%

10.7

%

36.5

%

34.5

%

Balance Sheet Information

As of March 31,the Company had approximately $3.5 million in cash,working capital of approximately $11.3 million and stockholders' equity of approximately $22.3million.

The Company had no long-term debt as of March 31,2019.

About Sino-Global Shipping America,Ltd.

Founded in the United States in 2001,Sino-Global Shipping America,Ltd. is a company engaged originally in shipping,chartering,logistics and related business services. Headquartered in New York,Sino-Global has offices in mainland China,Australia,Canada and Hong Kong. The Company's current service offerings consist of shipping agency,inland transportation management,freight logistics and container trucking services. Additional information about Sino-Global can be found on the Company's corporate website at www.sino-global.com. The Company routinely posts important information on its website.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to sell or a solicitation of an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933,as amended,and applicable state securities laws. Any statements contained in this release that relate to future plans,events or performance are forward-looking statements that involve risks and uncertainties as identified in Sino-Global's filings with the U.S. Securities and Exchange Commission. Actual results,events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements,which speak only as of the date hereof. Sino-Global undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events unless required by applicable law or regulations.

Contact Information

The Equity Group Inc.

Adam Prior

Senior Vice-President

(212)-836-9606 / aprior@equityny.com

SINO-GLOBAL SHIPPING AMERICA,LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

For the Three Months Ended

For the Nine Months Ended

March 31,

March 31,

2019

2018

2019

2018

Net revenues - third parties

$

22,759

$

4,170

$

39,354,579

$

14,179,256

Net revenues - related party

36,380

501,000

433,380

1,621,406

Total revenues

22,139

5,170

39,787,959

15,800,662

Cost of revenues

(21,195)

(3,435)

(34,715,624)

(10,447,231)

Gross profit

1,944

1,735

5,072,335

5,353,431

Selling expenses

(140,601)

(35,363)

(507,199)

(393,090)

General and administrative expenses

(2,637,868)

(1,196,806)

(6,314,447)

(3,444,095)

Stock-based compensation

(148,708)

(280,708)

(2,013,292)

(623,790)

Total operating expenses

(2,927,177)

(1,512,877)

(8,834,938)

(4,460,975)

Operating income (loss)

(1,229,233)

281,858

(3,762,603)

892,456

Financial income,net

2,499

170,134

3,993

392,729

Net income (loss) before provision for income taxes

(1,226,734)

451,992

(3,758,610)

1,285,185

Income tax benefit (expense)

(248,820)

(216,095)

(427,333)

58,597

Net income (loss)

(1,475,554)

235,897

(4,185,943)

1,343,782

Net income (loss) attributable to non-controlling interest

(86,764)

150,943

(6,419)

343,936

Net income (loss) attributable to Sino-Global Shipping America,Ltd.

$

(1,388,790)

$

84,954

$

(4,524)

$

999,846

Comprehensive income (loss)

Net income (loss)

$

(1,554)

$

235,897

$

(4,943)

$

1,782

Other comprehensive income (loss) - foreign currency

262,467

164,446

(306,457)

309,763

Comprehensive income (loss)

(1,213,087)

400,343

(4,492,400)

1,653,545

Less: Comprehensive income (loss) attributable to non-controlling interest

(96,210)

30,785

37,445

92,150

Comprehensive income (loss)attributable to Sino-Global Shipping America Ltd.

$

(1,116,877)

$

369,558

$

(4,529,845)

$

1,561,395

Earnings (loss) per share

Basic

$

(0.09)

$

0.01

$

(0.30)

$

0.10

Diluted

$

(0.09)

$

0.01

$

(0.30)

$

0.10

Weighted average number of common shares used in computation

Basic

15,245,703

10,835,535

14,045,018

10,433,272

Diluted

15,221

14,479,555

SINO-GLOBAL SHIPPING AMERICA,LTD. AND AFFILIATES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

March 31,

June 30,

2019

2018

Assets

Current assets

Cash

$

3,523,907

$

7,259

Note receivable

745,001

-

Accounts receivable,less allowance for doubtful accounts of $4,710,897 and $1,682,228 as of March 31,2019 and June 30,2018,respectively

14,067,687

8,428,853

Other receivables,less allowance for doubtful accounts of $145,198 and $145,176 as of March 31,respectively

79,481

69,239

Advances to suppliers-third parties

1,145,620

704,878

Advances to suppliers-related party

-

3,414,619

Prepaid expense and other current assets

103,172

588,439

Due from related party,net

885,456

2,087,994

Total Current Assets

20,550,324

22,392,281

Property and equipment,net

1,032,695

956,429

Intangible assets,net

105,556

153,056

Prepaid expenses

1,114,542

1,878,258

Other long-term assets - deposits

3,123,268

143,303

Deferred tax assets,net

847,668

634,500

Total Assets

$

26,774,053

$

26,157,827

Liabilities and Equity

Current Liabilities

Advances from customers

$

69,369

$

415,385

Accounts payable

4,688,560

3,225,661

Taxes payable

3,611,161

2,700,619

Accrued expenses and other current liabilities

848,797

280,888

Total current liabilities

9,217,887

6,622,553

Total liabilities

9,553

Commitments and Contingencies

Equity

Preferred stock,2,000,000 shares authorized,no par value,none issued

-

-

Common stock,50,no par value; 15,471,200 and 13,271,032 shares issued as of March 31,respectively; 15,703 and 13,095,535 outstanding as of March 31,respectively

25,855,330

23,717,330

Additional paid-in capital

2,130,865

1,755,573

Treasury stock,at cost,175,497 sharesas ofMarch 31,2018

(417,538)

(417,538)

Accumulated deficit

(4,614,380)

(434,856)

Accumulated other comprehensive loss

(622,728)

(272,407)

Total Sino-Global Shipping America Ltd. Stockholders' Equity

22,331,549

24,348,102

Non-controlling Interest

(4,775,383)

(4,812,828)

Total Equity

17,556,166

19,535,274

Total Liabilities and Equity

$

26,827

SINO-GLOBAL SHIPPING AMERICA,LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

Preferred Stock

Common Stock

Additional

paid-in

Treasury Stock

Accumulated

income

Accumulated other

comprehensive

Noncontrolling

Shares

Amount

Shares

Amount

capital

Shares

Amount

(deficit)

income (loss)

interest

Total

BALANCE,June 30,2017

-

$

-

10,281,032

$

20,379

$

688,934

(175,497)

$

(417,538)

$

(893,907)

$

(414,564)

$

(4,768,779)

$

14,729,525

Stock-based compensation to management

-

-

-

-

9,665

-

-

-

-

-

9,665

Amortization of shares issued to consultants

-

-

-

-

52,709

-

-

-

-

-

52,709

Foreigncurrency translation

-

-

-

-

-

-

-

-

106,419

(59,653)

46,766

Net income

-

-

-

-

-

-

-

617,189

-

100,400

717,589

BALANCE,September 30,2017

-

-

10,379

751,308

(175,497)

(417,538)

$

(276,718)

$

(308,145)

(4,728,032)

15,254

Amortization of shares issued to consultants

-

-

-

-

280,708

-

-

-

-

-

280,708

Foreign currency translation

-

-

-

-

-

-

-

-

173,508

142,422

315,930

Net income (loss)

-

-

-

-

-

-

-

297,703

-

(153,733)

143,970

BALANCE,December 31,379

1,016

(175,538)

$

20,985

$

(134,637)

(4,739,343)

16,296,862

Stock based compensation to employee

-

-

130,000

364,000

(364,000)

-

-

-

-

-

-

Stock based compensation to consultants

-

-

200,000

548,000

(548,000)

-

-

-

-

-

-

Issuance of common stock to private investor

-

-

2,000

1,510,951

1,074,140

-

-

-

-

-

2,585,091

Amortization of shares to management and employees

-

-

-

-

182,000

-

-

-

-

-

182,000

Amortization of shares issued to consultants

-

-

-

-

98,708

-

-

-

-

-

98,708

Foreign currency translation

-

-

-

-

-

-

-

-

288,412

(341,346)

(52,934)

Net income

-

-

-

-

-

-

-

84,954

-

372,130

457,084

BALANCE,March 31,2018

-

$

-

12,032

$

22,958,330

$

1,474,864

(175,538)

$

105,939

$

153,775

$

(4,708,559)

$

19,566,811

Preferred Stock

Common Stock

Additional

paid-in

Treasury Stock

Accumulated

Accumulated other

comprehensive

Noncontrolling

Shares

Amount

Shares

Amount

capital

Shares

Amount

deficit

income (loss)

interest

Total

BALANCE,2018

-

$

-

13,032

$

23,573

(175,538)

$

(434,856)

$

(272,407)

$

(4,828)

$

19,274

Stock based compensation to employee

-

-

430,000

473,000

-

-

-

-

-

-

473,000

Stock based compensation to consultants

-

-

50,000

63,500

-

-

-

-

-

-

63,500

Amortization of shares to management and employees

-

-

-

-

91,000

-

-

-

-

-

91,000

Amortization of shares issued to consultants

-

-

-

-

189,708

-

-

-

-

-

189,708

Foreign currency translation

-

-

-

-

-

-

-

-

(539,656)

77,494

(462,162)

Net income (loss)

-

-

-

-

-

-

-

(1,316,762)

-

29,231

(1,287,531)

BALANCE,2018

-

-

13,751,032

24,253,830

2,036,281

(175,538)

(1,618)

(812,063)

(4,706,103)

18,602,789

Stock based compensation to employee

-

-

1,150,000

909,500

-

-

-

-

-

-

909,500

Stock based compensation to consultants

-

-

100,000

128,500

(43,333)

-

-

-

-

-

85,167

Issuance of common stock to private investor

-

-

420,168

500,000

-

-

-

-

-

-

500,000

Amortization of shares issued to consultants

-

-

-

-

52,709

Foreign currency translation

-

-

-

-

-

-

-

-

(82,578)

(24,184)

(106,762)

Net income (loss)

-

-

-

-

-

-

-

(1,473,972)

-

51,114

(1,422,858)

BALANCE,2018

-

-

15,421,200

25,791,657

(175,538)

(3,590)

(894,641)

(4,679,173)

18,620,545

Stock based compensation to consultants

-

-

50,500

32,500

-

-

-

-

-

96,708

-

-

-

-

-

52,708

Foreign currency translation

-

-

-

-

-

-

-

-

271,913

(9,446)

262,467

Net loss

-

-

-

-

-

-

-

(1,790)

-

(86,764)

(1,554)

BALANCE,2019

-

$

-

15,200

$

25,330

$

2,865

(175,538)

$

(4,380)

$

(622,728)

$

(4,383)

$

17,166

SINO-GLOBAL SHIPPING AMERICA,LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the Nine Months Ended

March 31,

2019

2018

Operating Activities

Net income (loss)

$

(4,782

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

Stock-based compensation

2,292

623,790

Depreciation and amortization

95,313

63,402

Provision for doubtful accounts

2,871,752

1,408,143

Deferred tax benefit

(208,047)

(920,700)

Changes in assets and liabilities

Notes receivable

(732,826)

-

Accounts receivable

(8,341,650)

(3,246,911)

Other receivables

36,014

(80,145)

Advances to suppliers-third parties

(410,886)

50,465

Advances to suppliers-related party

3,312,375

-

Prepaid expenses and other current assets

821,662

(84,147)

Other long-term assets - deposits

(2,502,946)

-

Due from related parties

1,552,918

(784,363)

Advances from customers

(353,696)

(23,218)

Accounts payable

1,336,453

243,380

Taxes payable

837,641

798,012

Due to related parties

-

(206,323)

Accrued expenses and other current liabilities

535,921

889

Net cash used in operating activities

(3,322,653)

(813,944)

Investing Activities

Acquisition of property and equipment

(143,480)

(379,917)

Acquisition of intangible assets

-

(190,000)

Prepayment for intangible assets

-

(437,357)

Net cash used in investing activities

(143,480)

(1,007,274)

Financing Activities

Proceeds from issuance of common stock

500,000

2,091

Net cash provided financing activities

500,091

Effect of exchange rate fluctuations on cash

(608,219)

52,327

Net increase (decrease) in cash

(3,574,352)

816,200

Cash at beginning of period

7,259

8,733,742

Cash at end of period

$

3,907

$

9,549,942

Supplemental information

Income taxes paid

$

144,018

$

60,162

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