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FLSW merger / acquisition. FINRA deleted symbol:
http://otce.finra.org/DailyList
FLSW: one for 30,000 Reverse Split immediately followed by 30,000 for one Forward Split. Stockholders owning fewer than 30,000 pre-reverse stock split shares will receive $0.26 per pre-reverse split share
http://www.otcbb.com/asp/dailylist_detail.asp?d=08/13/2013&mkt_ctg=NON-OTCBB
Here's something else you might want to add...
Uplisted to BB:
http://www.otcbb.com/asp/dailylist_detail.asp?d=03/15/2011&mkt_ctg=ALL
FLSW.. $0.70
Forlink Software Corporation, Inc.
Consolidated Balance Sheets
(Expressed in US Dollars)
March 31, December 31,
2010 2009
(unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 1,206,815 $ 2,240,863
Accounts receivable 3,007,101 2,434,557
Other receivables, deposits and prepayments (Note 3) 1,257,227 687,413
Inventories (Note 4) 1,048,234 935,566
Deferred taxes assets 23,115 0
Total current assets 6,542,492 6,298,399
Property, plant and equipment (Note 6) 352,284 391,671
Long term investments (Note 7) 4,576,573 4,707,136
Total assets $ 11,471,349 $ 11,397,206
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 1,677,500 $ 1,193,643
Amounts due to stockholders (Note 5) 513,970 415,078
Customer deposits 1,619,210 1,329,203
Other payables and accrued expenses (Note 9) 373,929 535,668
Income tax payable 0 0
Other tax payable 0 727,097
Deferred taxes debt 65,663 38,992
Total current liabilities $ 4,250,272 $ 4,239,681
Commitments and contingencies
Non-controlling interest (Note 9) $ 137,745 $ 151,785
Stockholders’ equity
Common stock, par value $0.001 per share;
200,000,000 and 200,000,000 shares authorized;
4,966,173 and 4,966,173 shares issued and
4,651,173 and 4,651,173 shares outstanding, respectively $ 99,322 $ 99,322
Treasury stock (163,800 ) (163,800 )
Additional paid-in capital 10,195,693 10,195,693
Accumulated losses (4,136,275 ) (4,214,220 )
Accumulated other comprehensive income 1,088,392 1,088,745
Total stockholders’ equity $ 7,083,332 $ 7,005,740
Total liabilities and stockholders’ equity $ 11,471,349 $ 11,397,206
See accompanying notes to unaudited consolidated condensed financial statements.
2
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Forlink Software Corporation, Inc.
Consolidated Statements of Operations
(unaudited)
(Expressed in US Dollars)
Three Months ended
March 31,
2010 2009
Net sales 683,075 856,903
Cost of sales (364,832 ) (596,395 )
Gross profit 318,243 260,508
Selling expenses (223,160 ) (292,052 )
Research and development expenses (179,047 ) (113,403 )
General and administrative expenses (341,512 ) (217,413 )
Total operating expenses (743,719 ) (622,868 )
Operating profit/(loss) (425,476 ) (362,360 )
Income from equity method investee (22,182 ) (8,358 )
Income from cost method investee - 7,297
Interest income 2,220 4,037
Other income, net 512,899 81,672
Profit / (Loss) before tax 67,461 (277,712 )
Income tax 3,555 0
Minority interest (14,040 ) (15,407 )
Net profit/(loss) 77,946 (262,305 )
Profit/(loss) per share 0.02 (0.06 )
Weighted average common shares outstanding -basic and diluted 4,651,173 4,651,173
See accompanying notes to unaudited consolidated condensed financial statements.
3
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Forlink Software Corporation, Inc.
Consolidated Statements of Cash Flows
Increase in Cash and Cash Equivalents
(unaudited)
(Expressed in US Dollars) Three Months Ended
March 31,
2010 2009
Cash flows from operating activities
Net profit/(loss) $ 77,945 $ (262,305 )
Adjustments to reconcile net profit/(loss) to
net cash provided by/(used in) operating activities
Minority interest (14,040 ) (15,407 )
(Gain)/loss from write-off of property, plant and equipment
Depreciation of property, plant and equipment 45,411 65,162
Income from equity method investee
Loss from equity method investee 22,182 8,358
Dividend received from investee - (7,297 )
Effect of deferred taxes 3,560 23,271
Change in:
Accounts receivables (572,793 ) (28,718 )
Other receivables, deposits and prepayments (585,513 ) (462,748 )
Inventories (112,764 ) (314,560 )
Accounts payable 483,979 395,451
Amounts due to stockholders 98,934 17,464
Customer deposits 297,453 132,959
Other payables and accrued expenses (168,994 ) (73,644 )
Income tax payable - (16 )
Other taxes payable (727,023 ) (104,848 )
Net cash provided by/(used in) operating activities (1,151,662 ) (626,878 )
Cash flows from investing activities
Purchase of long term investment
Acquisition of property, plant and equipment - 5,934
Proceeds from disposal of long term investment - -
Dividend from investee 107,980 111,104
Net cash used in investing activities 107,980 117,038
Cash flows from financing activities
Repayment to short term borrowings - -
(Repayments to)/advances from stockholders - -
Proceeds from issuances of common stock under Plan 2002 - -
Net cash provided by financing activities - -
Effect of exchange rate changes 9,634 (51,270 )
Net increase/(decrease) in cash and cash equivalents (1,034,048 ) (561,110 )
Cash and cash equivalents at beginning of period 2,240,863 2,543,430
Cash and cash equivalents at end of period $ 1,206,815 $ 1,982,320
Supplemental disclosure of cash flow information
Income tax paid $ - -
Interest paid $ - $ -
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Forlink Software Corporation, Inc.
Headquarters: Shenzhou Mansion 9F
Zhong Guan Cun South Street,
No. 31
100081 Haidian District
CHN
Web Address:
http://www.forlink.com
Forlink Software Corporation, Inc.
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March 31, | December 31, | |||||||
2010 | 2009 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 1,206,815 | $ | 2,240,863 | ||||
Accounts receivable | 3,007,101 | 2,434,557 | ||||||
Other receivables, deposits and prepayments (Note 3) | 1,257,227 | 687,413 | ||||||
Inventories (Note 4) | 1,048,234 | 935,566 | ||||||
Deferred taxes assets | 23,115 | 0 | ||||||
Total current assets | 6,542,492 | 6,298,399 | ||||||
Property, plant and equipment (Note 6) | 352,284 | 391,671 | ||||||
Long term investments (Note 7) | 4,576,573 | 4,707,136 | ||||||
Total assets | $ | 11,471,349 | $ | 11,397,206 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,677,500 | $ | 1,193,643 | ||||
Amounts due to stockholders (Note 5) | 513,970 | 415,078 | ||||||
Customer deposits | 1,619,210 | 1,329,203 | ||||||
Other payables and accrued expenses (Note 9) | 373,929 | 535,668 | ||||||
Income tax payable | 0 | 0 | ||||||
Other tax payable | 0 | 727,097 | ||||||
Deferred taxes debt | 65,663 | 38,992 | ||||||
Total current liabilities | $ | 4,250,272 | $ | 4,239,681 | ||||
Commitments and contingencies | ||||||||
Non-controlling interest (Note 9) | $ | 137,745 | $ | 151,785 | ||||
Stockholders’ equity | ||||||||
Common stock, par value $0.001 per share; | ||||||||
200,000,000 and 200,000,000 shares authorized; | ||||||||
4,966,173 and 4,966,173 shares issued and 4,651,173 and 4,651,173 shares outstanding, respectively | $ | 99,322 | $ | 99,322 | ||||
Treasury stock | (163,800 | ) | (163,800 | ) | ||||
Additional paid-in capital | 10,195,693 | 10,195,693 | ||||||
Accumulated losses | (4,136,275 | ) | (4,214,220 | ) | ||||
Accumulated other comprehensive income | 1,088,392 | 1,088,745 | ||||||
Total stockholders’ equity | $ | 7,083,332 | $ | 7,005,740 | ||||
Total liabilities and stockholders’ equity | $ | 11,471,349 | $ | 11,397,206 |
Three Months ended | ||||||||
March 31, | ||||||||
2010 | 2009 | |||||||
Net sales | 683,075 | 856,903 | ||||||
Cost of sales | (364,832 | ) | (596,395 | ) | ||||
Gross profit | 318,243 | 260,508 | ||||||
Selling expenses | (223,160 | ) | (292,052 | ) | ||||
Research and development expenses | (179,047 | ) | (113,403 | ) | ||||
General and administrative expenses | (341,512 | ) | (217,413 | ) | ||||
Total operating expenses | (743,719 | ) | (622,868 | ) | ||||
Operating profit/(loss) | (425,476 | ) | (362,360 | ) | ||||
Income from equity method investee | (22,182 | ) | (8,358 | ) | ||||
Income from cost method investee | - | 7,297 | ||||||
Interest income | 2,220 | 4,037 | ||||||
Other income, net | 512,899 | 81,672 | ||||||
Profit / (Loss) before tax | 67,461 | (277,712 | ) | |||||
Income tax | 3,555 | 0 | ||||||
Minority interest | (14,040 | ) | (15,407 | ) | ||||
Net profit/(loss) | 77,946 | (262,305 | ) | |||||
Profit/(loss) per share | 0.02 | (0.06 | ) | |||||
Weighted average common shares outstanding -basic and diluted | 4,651,173 | 4,651,173 |
(Expressed in US Dollars) | Three Months Ended March 31, | |||||||
2010 | 2009 | |||||||
Cash flows from operating activities | ||||||||
Net profit/(loss) | $ | 77,945 | $ | (262,305 | ) | |||
Adjustments to reconcile net profit/(loss) to | ||||||||
net cash provided by/(used in) operating activities | ||||||||
Minority interest | (14,040 | ) | (15,407 | ) | ||||
(Gain)/loss from write-off of property, plant and equipment | ||||||||
Depreciation of property, plant and equipment | 45,411 | 65,162 | ||||||
Income from equity method investee | ||||||||
Loss from equity method investee | 22,182 | 8,358 | ||||||
Dividend received from investee | - | (7,297 | ) | |||||
Effect of deferred taxes | 3,560 | 23,271 | ||||||
Change in: | ||||||||
Accounts receivables | (572,793 | ) | (28,718 | ) | ||||
Other receivables, deposits and prepayments | (585,513 | ) | (462,748 | ) | ||||
Inventories | (112,764 | ) | (314,560 | ) | ||||
Accounts payable | 483,979 | 395,451 | ||||||
Amounts due to stockholders | 98,934 | 17,464 | ||||||
Customer deposits | 297,453 | 132,959 | ||||||
Other payables and accrued expenses | (168,994 | ) | (73,644 | ) | ||||
Income tax payable | - | (16 | ) | |||||
Other taxes payable | (727,023 | ) | (104,848 | ) | ||||
Net cash provided by/(used in) operating activities | (1,151,662 | ) | (626,878 | ) | ||||
Cash flows from investing activities | ||||||||
Purchase of long term investment | ||||||||
Acquisition of property, plant and equipment | - | 5,934 | ||||||
Proceeds from disposal of long term investment | - | - | ||||||
Dividend from investee | 107,980 | 111,104 | ||||||
Net cash used in investing activities | 107,980 | 117,038 | ||||||
Cash flows from financing activities | ||||||||
Repayment to short term borrowings | - | - | ||||||
(Repayments to)/advances from stockholders | - | - | ||||||
Proceeds from issuances of common stock under Plan 2002 | - | - | ||||||
Net cash provided by financing activities | - | - | ||||||
Effect of exchange rate changes | 9,634 | (51,270 | ) | |||||
Net increase/(decrease) in cash and cash equivalents | (1,034,048 | ) | (561,110 | ) | ||||
Cash and cash equivalents at beginning of period | 2,240,863 | 2,543,430 | ||||||
Cash and cash equivalents at end of period | $ | 1,206,815 | $ | 1,982,320 | ||||
Supplemental disclosure of cash flow information | ||||||||
Income tax paid | $ | - | - | |||||
Interest paid | $ | - | $ | - |
December 31, | December 31, | |||||||
2009 | 2008 | |||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2,240,863 | $ | 2,543,430 | ||||
Accounts receivable | 2,434,557 | 898,005 | ||||||
Other receivables, deposit and prepayments | 687,413 | 1,627,555 | ||||||
Inventories | 935,566 | 1,019,713 | ||||||
Deferred Taxes Assets | 0 | 3,160 | ||||||
Total current assets | 6,298,399 | 6,091,863 | ||||||
Property, plant and equipment | 391,671 | 593,805 | ||||||
Long term investments | 4,707,136 | 4,994,953 | ||||||
Total assets | $ | 11,397,206 | $ | 11,680,621 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,193,643 | $ | 2,050,321 | ||||
Amounts due to shareholders | 415,078 | 378,672 | ||||||
Customer deposits | 1,329,203 | 1,123,060 | ||||||
Other payables and accrued expenses | 535,668 | 605,319 | ||||||
Income tax payable | 0 | 16 | ||||||
Other tax payable | 727,097 | 973,588 | ||||||
Deferred Taxes Debt | 38,992 | 0 | ||||||
Total current liabilities | $ | 4,239,681 | $ | 5,130,976 | ||||
Commitments and contingencies | ||||||||
Non-controlling interest in subsidiaries | $ | 151,785 | $ | 193,295 | ||||
Stockholders' equity | ||||||||
Common stock, par value $0.001 per share; 200,000,000 and 200,000,000 shares authorized; 4,966,173 and 4,966,173 shares issued and 4,651,173and 4,651,173 shares outstanding, respectively | $ | 99,322 | $ | 99,322 | ||||
Treasury stock | (163,800 | ) | (163,800 | ) | ||||
Additional paid-in capital | 10,195,693 | 10,195,693 | ||||||
Accumulated losses | (4,214,220 | ) | (4,839,261 | ) | ||||
Accumulated other comprehensive income | 1,088,745 | 1,064,396 | ||||||
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Total stockholders' equity | $ | 7,005,740 | $ | 6,356,350 | ||||
Total liabilities and stockholders' equity | $ | 11,397,206 | $ | 11,680,621 |
Year ended December 31,2009 | Year ended December 31,2008 | |||||||
Net sales | $ | 6,288,964 | $ | 5,568,877 | ||||
Cost of sales | (2,592,005 | ) | (1,836,509 | ) | ||||
Gross profit | 3,696,959 | 3,732,368 | ||||||
Selling expenses | (1,199,800 | ) | (1,377,501 | ) | ||||
Research and development expenses | (1,039,742 | ) | (639,927 | ) | ||||
General and administrative expenses | (1,199,494 | ) | (1,752,975 | ) | ||||
- | ||||||||
Operating profit / (loss) | 257,923 | (38,035 | ) | |||||
Investment income | (181,497 | ) | 9,408 | |||||
Loss on disposal of subsidiaries | 0 | 0 | ||||||
Interest income | 9,636 | 16,234 | ||||||
Interest expenses | 0 | 0 | ||||||
Impairment loss on goodwill | 0 | (1,684,023 | ) | |||||
Income from cost method investee | 257,522 | 248,710 | ||||||
Other income, net | 298,254 | 72,533 | ||||||
Profit before income taxes | 641,838 | (1,375,173 | ) | |||||
Income tax | (58,308 | ) | 9,615 | |||||
Consolidated profit | 583,530 | (1,365,558 | ) | |||||
Net loss attributable to minority interest | (41,510 | ) | (76,477 | ) | ||||
Net consolidated profit (loss) | $ | 625,040 | $ | (1,289,081 | ) | |||
Gain/Loss per share | $ | 0.13 | $ | (0.28 | ) | |||
Weighted average common shares outstanding - basic and diluted | 4,651,173 | 4,651,173 |
Common Stock | Accumulated | Retained | ||||||||||||||||||||||||||||||||||||||
Number of Share Issued | Number of Share Outstanding | Number of Treasury Stock | Amount | Treasury Stock | Additional Paid-in Capital | other comprehen sive income | Profit s / (Accumulated L osses) | Total Stockholders ’ Equity | Comprehensive Income/ (Losses) | |||||||||||||||||||||||||||||||
Balance, December 31, 2007 | 99,121,707 | 92,821,707 | 6,300,000 | $ | 99,122 | $ | (163,800 | ) | $ | 10,177,812 | $ | 596,963 | $ | (3,517,749 | ) | $ | 7,192,348 | $ | ||||||||||||||||||||||
Shares issued | 200 | 17,881 | 18,081 | |||||||||||||||||||||||||||||||||||||
Net profit for the year | (1,241,843 | ) | (1,241,843 | ) | (1,241,843 | ) | ||||||||||||||||||||||||||||||||||
Translation reserve | 467,433 | 467,433 | 467,433 | |||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | (774,410 | ) | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2008 | 4,966,173 | 4,651,173 | 315,000 | $ | 99,322 | $ | (163,000 | ) | $ | 10,195,693 | $ | 1,064,396 | $ | (4,759,592 | ) | $ | 6,436,019 | |||||||||||||||||||||||
Shares issued | ||||||||||||||||||||||||||||||||||||||||
Net profit for the year | 545,372 | 545,372 | ||||||||||||||||||||||||||||||||||||||
Translation reserve | 24,349 | 24, 349 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 569,721 | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2009 | 4,966,173 | 4,651,17 3 | 315,000 | $ | 99,322 | $ | (163,000 | ) | $ | 10,195,693 | $ | 1,08 8,745 | $ | ( 4,214,220 | ) | $ | 7, 005,740 |
Year Ended December 31, | ||||||||
2009 | 2008 | |||||||
Cash flows from operating activities | ||||||||
Net income | 625,041 | (1,289,081 | ) | |||||
Adjustment to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Minority interest | (41,510 | ) | (76,477 | ) | ||||
Proceeds from transferred of treasury stock | - | - | ||||||
Depreciation of property, plant and equipment | 204,262 | 273,172 | ||||||
Amortization of intangible assets | - | - | ||||||
Loss on disposal of property, plant and equipment | - | - | ||||||
Loss from equity method investee | 181,498 | (9,408 | ) | |||||
Loss on disposal from subsidiaries | - | - | ||||||
Dividend from cost method investee | (257,522 | ) | (248,710 | ) | ||||
Loss from goodwill impairment | - | 1,684,023 | ||||||
Effect of deferred taxes | (16,659 | ) | (22,342 | ) | ||||
Charge in: | ||||||||
Account Receivables | (1,536,902 | ) | 762,132 | |||||
Other receivables, deposits & prepayments | 959,005 | (1,063,502 | ) | |||||
Inventories | 83,715 | (486,080 | ) | |||||
Account Payable | (855,809 | ) | 338,662 | |||||
Amounts due to stockholders | 36,567 | 30,398 | ||||||
Customers deposits | 199,308 | (735,804 | ) | |||||
Other payables & accrued expenses | (20,884 | ) | 239,262 | |||||
Income tax payable | (16 | ) | (1,633 | ) | ||||
Other taxes payable / recoverable | (246,078 | ) | 52,179 | |||||
Net cash used in operating activities | (685,985 | ) | (553,209 | ) | ||||
Cash flows from investing activities | ||||||||
Acquisition of property, plant & equipments | (19,171 | ) | (95,586 | ) | ||||
Disposal of subsidiary | - | - | ||||||
Cash payment associated with long term investments | - | - | ||||||
Cash dividend from cost method investee | 360,033 | 452,607 | ||||||
Cash Received from disposal property, plant& equipments | - | - | ||||||
Net cash used in investing activities | 340,862 | 357,021 | ||||||
Cash flow from financing activities | ||||||||
Proceeds from issuance of common stock under Plan 2002 | - | 200 | ||||||
Increase in treasury stock | - | - | ||||||
Increase/decrease in additional paid in capital | - | 9,800 | ||||||
Capital contribution from minority interest | - | - | ||||||
Net cash generated from financing activities | - | 10,000 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 42,556 | 328,717 | ||||||
Net increase (decrease) in cash and cash equivalents | (302,567 | ) | 142,529 | |||||
Cash and cash equivalents at the beginning of year | 2,543,430 | 2,400,901 | ||||||
Cash and cash equivalents at the end of year | 2,240,863 | 2,543,430 | ||||||
Supplemental disclosure of cash flow information | ||||||||
Income tax paid | $ | 28,755 | $ | 1,665 | ||||
Interest paid | $ | - | $ | - |
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