ZTO
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | 1.79 | 1.96 | 3.20 | 4.87 |
| Price to Sales | 0.36 | 0.45 | 0.61 | 0.76 |
| Book Value Per Common Share | 77.71 | 74.31 | 66.27 | 60.16 |
| Price to Book | 0.25 | 0.29 | 0.41 | 0.47 |
| Price to Operating Cash Flow | 1.38 | 1.29 | 1.89 | 3.20 |
| Price to Free Cash Flow | 2.85 | 2.57 | 5.35 | -10.98 |
| Enterprise Value to EBITDA | 10382.86 | 12360.82 | 19650.94 | 28208.58 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Price to Earnings | 6.08 | 7.33 | 7.94 | 6.58 | 8.31 |
| Price to Sales | 1.29 | 1.20 | 1.45 | 1.22 | 1.87 |
| Book Value Per Common Share | 81.52 | 80.27 | 77.79 | 77.71 | 75.35 |
| Price to Book | 0.24 | 0.22 | 0.26 | 0.25 | 0.33 |
| Price to Operating Cash Flow | 4.78 | 6.55 | 6.70 | 1.43 | 6.40 |
| Price to Free Cash Flow | 4.78 | -15.71 | 6.70 | 3.09 | 6.40 |
| Enterprise Value to EBITDA | 55670.75 | 54356.07 | 60180.48 | 43818.38 | 66884.44 |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | 1.11 | 28.78 | 45.00 | |
| Revenue YoY | 15.26 | 8.60 | 16.35 | |
| EBITDA YoY | 8.54 | 24.27 | 37.84 | |
| Net Profit YoY | 0.82 | 29.75 | 44.17 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Earning YoY | 30.58 | -3.20 | -15.82 | -0.34 | |
| Revenue YoY | 0.28 | 8.63 | -15.70 | 21.03 | |
| EBITDA YoY | 4.82 | -0.95 | -26.00 | 19.65 | |
| Net Profit YoY | 30.20 | -2.76 | -21.32 | 5.71 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 27.72 | 24.50 | 21.55 | 15.33 |
| Quick Ratio | 1.01 | 1.22 | 1.34 | 1.32 |
| Current Ratio | 1.07 | 1.34 | 1.49 | 1.44 |
| Debt to Equity | 0.47 | 0.47 | 0.44 | 0.28 |
| Long-Term Debt to Equity | 0.02 | 0.13 | 0.14 | 0.02 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Cash Per Common Share | 31.62 | 33.17 | 28.83 | 27.78 | 28.48 |
| Quick Ratio | 1.13 | 1.02 | 0.86 | 1.01 | 0.80 |
| Current Ratio | 1.38 | 1.21 | 1.05 | 1.07 | 0.96 |
| Debt to Equity | 0.39 | 0.46 | 0.48 | 0.47 | 0.53 |
| Long-Term Debt to Equity | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | 9.71 | 10.05 | 8.73 | 7.57 |
| ROE | 14.31 | 14.76 | 12.58 | 9.72 |
| Gross Margin | 30.98 | 30.36 | 25.55 | 21.67 |
| Operating Margin | 27.13 | 28.58 | 23.96 | 19.29 |
| EBITDA Margin | 33.96 | 36.06 | 31.51 | 26.60 |
| Net Profit Margin | 20.25 | 23.15 | 19.38 | 15.64 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| ROA | 2.79 | 2.05 | 2.14 | 2.74 | 2.57 |
| ROE | 3.86 | 2.99 | 3.17 | 4.04 | 3.92 |
| Gross Margin | 24.91 | 24.89 | 24.69 | 29.10 | 31.24 |
| Operating Margin | 23.07 | 22.07 | 24.21 | 27.58 | 27.90 |
| EBITDA Margin | 23.07 | 22.07 | 24.21 | 27.58 | 27.90 |
| Net Profit Margin | 21.27 | 16.38 | 18.30 | 19.61 | 22.45 |
Dividends
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Dividend Yield | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividend Payout Ratio | 62.51 | 23.30 | 19.30 | 28.48 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Dividend Yield | |||||
| Dividend Payout Ratio |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 92,340,330.00 | 88,465,221.00 | 78,523,586.00 | 62,772,343.00 |
| Current Assets | 30,353,721.00 | 26,953,548.00 | 24,475,027.00 | 18,666,359.00 |
| Cash and Short-Term Investments | 22,313,889.00 | 19,788,517.00 | 17,446,256.00 | 12,566,544.00 |
| Cash and Cash Equivalents | 13,465,442.00 | 12,333,884.00 | 11,692,773.00 | 9,721,225.00 |
| Short-Term Investments | 8,848,447.00 | 7,454,633.00 | 5,753,483.00 | 2,845,319.00 |
| Net Receivables | 6,265,629.00 | 4,695,346.00 | 4,580,653.00 | 4,573,331.00 |
| Inventory | 38,569.00 | 28,074.00 | 40,537.00 | 82,961.00 |
| Other Current Assets | 1,735,634.00 | 2,441,611.00 | 2,407,581.00 | 1,443,523.00 |
| Non-Current Assets | 61,986,609.00 | 61,511,673.00 | 54,048,559.00 | 44,105,984.00 |
| Property, Plant, Equipment Net | 34,481,682.00 | 32,853,218.00 | 29,621,710.00 | 25,827,135.00 |
| Goodwill | 4,241,541.00 | 4,241,541.00 | 4,241,541.00 | 4,241,541.00 |
| Intangible Assets | 6,187,276.00 | 5,660,341.00 | 5,472,388.00 | 5,371,183.00 |
| Long-Term Investments | 13,889,092.00 | 15,626,000.00 | 11,273,089.00 | 4,944,948.00 |
| Non-Current Deferred Assets | 984,567.00 | 879,772.00 | 750,097.00 | 934,848.00 |
| Other Non-Current Assets | 2,202,451.00 | 2,250,801.00 | 2,689,734.00 | 2,786,329.00 |
| Liabilities | 29,665,497.00 | 28,184,813.00 | 24,051,116.00 | 13,844,762.00 |
| Current Liabilities | 28,273,235.00 | 20,061,184.00 | 16,405,324.00 | 12,996,315.00 |
| Payables and Expenses | 8,290,744.00 | 7,631,153.00 | 6,661,177.00 | 6,193,773.00 |
| Account Payables | 2,463,395.00 | 2,557,010.00 | 2,202,692.00 | 1,957,529.00 |
| Current Accrued Liabilities | 497,111.00 | 364,746.00 | 345,468.00 | 199,639.00 |
| Short-Term Debt | 16,967,412.00 | 7,952,243.00 | 5,824,141.00 | 3,884,632.00 |
| Other Current Liabilities | 3,015,079.00 | 4,477,788.00 | 3,920,006.00 | 2,917,910.00 |
| Non-Current Liabilities | 1,392,262.00 | 8,123,629.00 | 7,645,792.00 | 848,447.00 |
| Long-Term Debt | 377,717.00 | 7,485,429.00 | 7,299,320.00 | 556,091.00 |
| Other Non-Current Liabilities | 1,014,545.00 | 638,200.00 | 346,472.00 | 292,356.00 |
| Equity | 62,674,833.00 | 60,280,408.00 | 54,472,470.00 | 48,927,581.00 |
| Shareholders Equity | 62,062,392.00 | 59,801,745.00 | 54,028,551.00 | 48,637,247.00 |
| Capital Stock | 523.00 | 525.00 | 535.00 | 535.00 |
| Share Premium | 24,389,905.00 | 24,201,745.00 | 26,717,727.00 | 28,229,026.00 |
| Retained Earnings | 39,098,553.00 | 36,301,185.00 | 29,459,491.00 | 22,716,799.00 |
| Treasury Shares | 1,131,895.00 | 510,986.00 | 2,062,530.00 | 2,067,009.00 |
| Accumulated Other Comprehensive Income | -294,694.00 | -190,724.00 | -86,672.00 | -242,104.00 |
| Minority Interest | 612,441.00 | 478,663.00 | 443,919.00 | 290,334.00 |
| Debt | 17,345,129.00 | 15,437,672.00 | 13,123,461.00 | 4,440,723.00 |
| Net Debt | 3,318,597.00 | 2,461,656.00 | 690,621.00 | 0 |
| Common Shares Outstanding | 798,622.72 | 804,719.25 | 815,271.78 | 808,448.29 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 44,280,720.00 | 38,418,915.00 | 35,376,996.00 | 30,405,839.00 |
| Cost Of Revenue | 30,563,628.00 | 26,756,389.00 | 26,337,721.00 | 23,816,462.00 |
| Interest Income | 993,535.00 | 706,765.00 | 503,722.00 | 363,890.00 |
| Interest Expense | 337,919.00 | 289,533.00 | 190,521.00 | 126,503.00 |
| Non-Interest Expense | 2,690,017.00 | 2,425,253.00 | 2,077,372.00 | 1,875,869.00 |
| Gross Profit | 13,717,092.00 | 11,662,526.00 | 9,039,275.00 | 6,589,377.00 |
| Operating Expenses | 1,940,233.00 | 1,654,602.00 | 1,302,794.00 | 1,086,366.00 |
| Selling, General and Administrative Expenses | 2,690,017.00 | 2,425,253.00 | 2,077,372.00 | 1,875,869.00 |
| Other Operating Expenses | -749,784.00 | -770,651.00 | -774,578.00 | -789,503.00 |
| Operating Income | 11,776,859.00 | 10,007,924.00 | 7,736,481.00 | 5,503,011.00 |
| EBT | 11,675,546.00 | 10,688,701.00 | 8,286,452.00 | 5,739,197.00 |
| Income Tax | 2,845,361.00 | 1,938,600.00 | 1,633,330.00 | 1,005,451.00 |
| Net Income Including Non-Controlling Interests | 8,887,595.00 | 8,754,457.00 | 6,658,966.00 | 4,701,327.00 |
| Net Income Non-Controlling Interests | -70,760.00 | -5,453.00 | 150,090.00 | 53,500.00 |
| Net Income | 8,967,347.00 | 8,894,455.00 | 6,854,865.00 | 4,754,827.00 |
| EBIT | 12,013,465.00 | 10,978,234.00 | 8,476,973.00 | 5,865,700.00 |
| Deprecation and Amortization | 3,023,406.00 | 2,875,209.00 | 2,670,546.00 | 2,221,768.00 |
| EBITDA | 15,036,871.00 | 13,853,443.00 | 11,147,519.00 | 8,087,468.00 |
| EPS | 0.01 | 0.01 | 0.01 | 0.01 |
| Diluted EPS | 0.01 | 0.01 | 0.01 | 0.01 |
| Average Shares Outstanding Basic | 804,875.82 | 807,739.62 | 809,442.86 | 819,961.27 |
| Average Shares Outstanding Diluted | 838,441.92 | 838,948.68 | 820,273.53 | 819,961.27 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | 11,429,436.00 | 13,360,967.00 | 11,479,308.00 | 7,220,217.00 |
| Operating Net Income | 8,887,595.00 | 8,754,457.00 | 6,658,966.00 | 4,701,327.00 |
| Deprecation and Amortization | 3,023,406.00 | 2,875,209.00 | 2,670,546.00 | 2,221,768.00 |
| Deferred Income Tax | 292,542.00 | 157,782.00 | 244,616.00 | -192,091.00 |
| Share Based Compensation | 318,692.00 | 254,976.00 | 178,980.00 | 248,027.00 |
| Change in Working Capital | -2,151,883.00 | 1,317,064.00 | 1,780,227.00 | 139,089.00 |
| Other Operating Activities | 1,059,084.00 | 1,479.00 | -54,027.00 | 102,097.00 |
| Investing Cash Flow | -5,980,724.00 | -12,252,751.00 | -16,041,890.00 | -8,756,533.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -5,043,786.00 | -6,385,253.00 | -6,954,794.00 | -8,242,218.00 |
| Net Purchase/Sale of Investments Net | -1,109,093.00 | -6,312,538.00 | -8,954,638.00 | 1,480,759.00 |
| Net Purchase/Sale of Business | 664,154.00 | 476,929.00 | 236,399.00 | -670,265.00 |
| Other Investing Activities | -491,999.00 | -31,889.00 | -368,857.00 | -1,324,809.00 |
| Financing Cash Flow | -4,995,180.00 | -769,836.00 | 7,058,202.00 | -2,903,985.00 |
| Net Issuance/Repayment of Debt | 1,747,401.00 | 2,354,487.00 | 8,203,144.00 | 2,025,788.00 |
| Net Issuance/Repurchase of Equity | -1,157,472.00 | -1,006,451.00 | -84,547.00 | -3,810,586.00 |
| Dividends Paid | -5,605,451.00 | -2,072,509.00 | -1,323,205.00 | -1,353,969.00 |
| Other Financing Activities | 20,342.00 | -45,363.00 | 262,810.00 | 234,782.00 |
| Net Change in Cash | 453,532.00 | 338,380.00 | 2,495,620.00 | -4,440,301.00 |
| Cash at Beginning of Period | 13,051,310.00 | 12,603,087.00 | 9,769,361.00 | 14,360,092.00 |
| Cash at End of Period | 13,530,947.00 | 13,051,310.00 | 12,603,087.00 | 9,769,361.00 |
| Free Cash Flow | 5,527,307.00 | 6,691,186.00 | 4,066,576.00 | -2,107,564.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Assets | 90,542,020.00 | 94,620,760.00 | 93,149,512.00 | 92,340,330.00 | 93,320,033.00 |
| Current Assets | 33,165,096.00 | 34,520,605.00 | 30,570,788.00 | 30,353,721.00 | 30,156,630.00 |
| Cash and Short-Term Investments | 25,288,528.00 | 26,524,308.00 | 23,022,121.00 | 22,313,889.00 | 22,916,621.00 |
| Cash and Cash Equivalents | 9,389,842.00 | 13,291,796.00 | 12,417,946.00 | 13,465,442.00 | 11,703,151.00 |
| Short-Term Investments | 15,898,686.00 | 13,232,512.00 | 10,604,175.00 | 8,848,447.00 | 11,213,470.00 |
| Net Receivables | 1,988,386.00 | 2,366,940.00 | 2,092,846.00 | 6,265,629.00 | 2,154,970.00 |
| Inventory | 48,248.00 | 47,902.00 | 35,521.00 | 38,569.00 | 27,651.00 |
| Other Current Assets | 5,839,934.00 | 5,581,455.00 | 5,420,300.00 | 1,735,634.00 | 5,057,388.00 |
| Non-Current Assets | 57,376,924.00 | 60,100,155.00 | 62,578,724.00 | 61,986,609.00 | 63,163,403.00 |
| Property, Plant, Equipment Net | 35,844,129.00 | 35,353,455.00 | 35,079,543.00 | 34,481,682.00 | 34,164,884.00 |
| Goodwill | 4,157,111.00 | 4,157,111.00 | 4,241,541.00 | 4,241,541.00 | 4,241,541.00 |
| Intangible Assets | 6,289,772.00 | 6,280,871.00 | 6,315,455.00 | 6,187,276.00 | 6,116,068.00 |
| Long-Term Investments | 7,791,016.00 | 10,944,868.00 | 13,408,861.00 | 13,889,092.00 | 15,604,818.00 |
| Non-Current Deferred Assets | 1,039,418.00 | 1,098,960.00 | 1,102,658.00 | 984,567.00 | 711,368.00 |
| Other Non-Current Assets | 2,255,478.00 | 2,264,890.00 | 2,430,666.00 | 2,202,451.00 | 2,324,724.00 |
| Liabilities | 25,175,818.00 | 29,764,954.00 | 30,283,714.00 | 29,665,497.00 | 32,197,962.00 |
| Current Liabilities | 24,073,744.00 | 28,454,751.00 | 29,056,430.00 | 28,273,235.00 | 31,282,790.00 |
| Payables and Expenses | 4,387,155.00 | 2,915,437.00 | 5,208,275.00 | 8,290,744.00 | 4,577,204.00 |
| Account Payables | 2,274,185.00 | 2,415,671.00 | 2,541,205.00 | 2,463,395.00 | 2,112,632.00 |
| Current Accrued Liabilities | 0 | 0 | 0 | 497,111.00 | 0 |
| Short-Term Debt | 11,779,188.00 | 18,372,121.00 | 16,703,144.00 | 16,967,412.00 | 17,915,871.00 |
| Other Current Liabilities | 7,907,401.00 | 7,167,193.00 | 7,145,011.00 | 3,015,079.00 | 8,789,715.00 |
| Non-Current Liabilities | 1,102,074.00 | 1,310,203.00 | 1,227,284.00 | 1,392,262.00 | 915,172.00 |
| Long-Term Debt | 584,220.00 | 501,857.00 | 380,217.00 | 377,717.00 | 374,057.00 |
| Other Non-Current Liabilities | 517,854.00 | 808,346.00 | 847,067.00 | 1,014,545.00 | 541,115.00 |
| Equity | 65,366,202.00 | 64,855,806.00 | 62,865,798.00 | 62,674,833.00 | 61,122,071.00 |
| Shareholders Equity | 64,707,314.00 | 64,197,609.00 | 62,214,453.00 | 62,062,392.00 | 60,591,396.00 |
| Capital Stock | 519.00 | 519.00 | 519.00 | 523.00 | 523.00 |
| Share Premium | 24,361,063.00 | 24,358,069.00 | 24,355,076.00 | 24,389,905.00 | 24,383,137.00 |
| Retained Earnings | 41,152,881.00 | 40,354,210.00 | 38,415,878.00 | 39,098,553.00 | 36,715,863.00 |
| Treasury Shares | 548,929.00 | 271,027.00 | 271,027.00 | 1,131,895.00 | 337,541.00 |
| Accumulated Other Comprehensive Income | -258,220.00 | -244,162.00 | -285,993.00 | -294,694.00 | -170,586.00 |
| Minority Interest | 658,888.00 | 658,197.00 | 651,345.00 | 612,441.00 | 530,675.00 |
| Debt | 12,363,408.00 | 18,873,978.00 | 17,083,361.00 | 17,345,129.00 | 18,289,928.00 |
| Net Debt | 2,526,677.00 | 5,091,579.00 | 4,125,842.00 | 3,318,597.00 | 6,046,328.00 |
| Common Shares Outstanding | 793,790.70 | 799,752.64 | 799,752.64 | 798,622.72 | 804,140.62 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Revenues | 11,864,694.00 | 11,831,807.00 | 10,891,465.00 | 12,919,702.00 | 10,675,048.00 |
| Cost Of Revenue | 8,908,725.00 | 8,887,410.00 | 8,202,245.00 | 9,159,983.00 | 7,340,237.00 |
| Interest Income | 185,231.00 | 208,732.00 | 198,392.00 | 221,927.00 | 238,510.00 |
| Interest Expense | 54,420.00 | 98,112.00 | 68,876.00 | 71,784.00 | 66,364.00 |
| Non-Interest Expense | 632,583.00 | 623,587.00 | 737,511.00 | 655,825.00 | 544,573.00 |
| Gross Profit | 2,955,969.00 | 2,944,397.00 | 2,689,220.00 | 3,759,719.00 | 3,334,811.00 |
| Operating Expenses | 550,926.00 | 529,413.00 | 319,742.00 | 306,548.00 | 493,021.00 |
| Selling, General and Administrative Expenses | 632,583.00 | 623,587.00 | 737,511.00 | 655,825.00 | 544,573.00 |
| Other Operating Expenses | -81,657.00 | -94,174.00 | -417,769.00 | -349,277.00 | -51,552.00 |
| Operating Income | 2,405,043.00 | 2,414,984.00 | 2,369,478.00 | 3,453,171.00 | 2,841,790.00 |
| Net Non-Operating Income | 0 | 60,100.00 | 35,900.00 | 0 | 0 |
| EBT | 2,683,012.00 | 2,513,343.00 | 2,567,610.00 | 3,491,236.00 | 2,911,623.00 |
| Income Tax | 160,000.00 | 575,531.00 | 531,574.00 | 1,059,086.00 | 554,959.00 |
| Net Income Including Non-Controlling Interests | 2,538,704.00 | 1,964,559.00 | 2,039,181.00 | 2,446,809.00 | 2,379,042.00 |
| Net Income Non-Controlling Interests | -14,984.00 | -26,227.00 | -45,934.00 | -64,119.00 | 17,255.00 |
| Net Income | 2,523,720.00 | 1,938,332.00 | 1,993,247.00 | 2,533,202.00 | 2,396,297.00 |
| EBIT | 2,737,432.00 | 2,611,455.00 | 2,636,486.00 | 3,563,020.00 | 2,977,987.00 |
| EBITDA | 2,737,432.00 | 2,611,455.00 | 2,636,486.00 | 3,563,020.00 | 2,977,987.00 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 799,661.69 | 799,752.64 | 798,486.43 | 803,354.58 | 804,565.58 |
| Average Shares Outstanding Diluted | 822,552.94 | 833,990.44 | 832,052.53 | 836,920.68 | 838,131.68 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Operating Cash Flow | 3,210,966.00 | 2,168,208.00 | 2,362,976.00 | 10,985,984.00 | 3,111,972.00 |
| Operating Net Income | 0 | 0 | 0 | 0 | 0 |
| Deprecation and Amortization | 0 | 0 | 0 | 0 | 0 |
| Deferred Income Tax | 0 | 0 | 0 | 0 | 0 |
| Share Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 0 | 0 | 0 | 0 | 0 |
| Other Operating Activities | 3,210,966.00 | 2,168,208.00 | 2,362,976.00 | 10,985,984.00 | 3,111,972.00 |
| Investing Cash Flow | -426,591.00 | -1,163,517.00 | -3,158,465.00 | -5,708,533.00 | -1,910,131.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of Investments Net | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | -426,591.00 | -1,163,517.00 | -3,158,465.00 | -5,708,533.00 | -1,910,131.00 |
| Financing Cash Flow | -6,671,184.00 | -117,713.00 | -261,091.00 | -4,996,631.00 | 10,183.00 |
| Net Issuance/Repayment of Debt | 0 | 0 | 0 | 0 | 0 |
| Net Issuance/Repurchase of Equity | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | -6,671,184.00 | -117,713.00 | -261,091.00 | -4,996,631.00 | 10,183.00 |
| Net Change in Cash | -3,886,809.00 | 886,978.00 | -1,056,580.00 | 280,820.00 | 1,212,024.00 |
| Cash at Beginning of Period | 13,329,079.00 | 12,461,807.00 | 13,530,947.00 | 1,674,041.00 | 10,579,069.00 |
| Cash at End of Period | 9,422,380.00 | 13,329,079.00 | 12,461,807.00 | 13,530,947.00 | 11,747,744.00 |
| Free Cash Flow | 3,210,966.00 | -903,918.00 | 2,362,976.00 | 5,083,855.00 | 3,111,972.00 |