Tuesday, November 23, 2010 8:18:39 AM
RESULTS OF OPERATIONS
For the Three Months Ended September 30, 2010 Compared to the Three Months Ended September 30, 2009
During the three months ended September 30, 2010, we recognized $32,245 from our service office operations. During the three months ended September 30, 2010, we incurred cost of revenues of $19,018 resulting in a gross profit of $13,227. During the September 30, 2010, we did not recognize any revenue.
During the three months ended September 30, 2010, we incurred operational expenses of $126,236. During the three months ended September 30, 2009, we did not incur any operational expenses. The increase of $126,236, was a result of the increased operational activities due to the acquisition of our subsidiary Prestige.
During the three months ended September 30, 2010, we incurred a net loss of $113,010. During the three months ended September 30, 2009, we did not incur a net loss or net income. The increase of $113,010 was a result of the increase in our operational activities, as discussed above.
LIQUIDITY
At September 30, 2010, we had total current assets of $69,955, consisting of $24,609 in cash and cash equivalents, $39,641 in customer deposits and $5,705 in prepaid expenses and other assets. At September 30, 2010, we had total liabilities of $409,671, all current. Total liabilities included $12,116 in accounts payable, $153,601 in accrued liabilities $39,403 in client prepayments and $204,551 in advances from related parties.
During the three months ended September 30, 2010, we used funds of $46,442 in our operational activities. During the three months ended September 30, 2010, we recognized a net loss of $113,010, which was adjusted for depreciation of $21,760. During the three months ended September 30, 2009, we neither received nor used funds from operations.
During the three months ended September 30, 2010, we used $1,727 in investing activities in the purchase of office equipment. During the three months ended September 30, 2009, we neither used nor received funds from investing activities.
During the three months ended September 30, 2010, we received $37,487 from our financing activities. During the three months ended September 30, 2009, we neither received nor used funds from our financing activities.
During the year ended June 30, 2010, Top Growth Holdings Group, Inc, an affiliate and entity of which Ms. Look, an officer and director of the Company, advanced $2,996 to the Company. Such funds are due on demand.
During the year ended June 30, 2010, Mr. Yeung Cheuk Hung, the manager of Prestige and the majority shareholder of the Company, has advanced funds at June 30, 2010 of $163,745 to support the operations of Prestige. Suring the three months ended September 30, 2010, Mr. Yeung Cheuk Hung advanced additional funds of $37,487. At September 30, 2010, the Company owes him $201,232. Such funds are due on demand.
During the year ended June 30, 2010, Ms. Look, an officer and director of the Company and the manager of Mega, advanced funds of $321 to Mega to support operations. Such funds are due on demand.
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