Tuesday, November 08, 2011 7:08:48 AM
At September 30, 2011, we had total current assets of $54,136, consisting of $8,049 in cash and cash equivalents and $46,087 in prepaid expenses and other assets. At September 30, 2011, we had total liabilities of $746,454, all current. Total liabilities included $58,100 in accounts payable, $259,447 in accrued liabilities $46,655 in client prepayments and $382,252 in advances from related parties.
During the three months ended September 30, 2011, we used funds of $46,027 in our operational activities. During the three months ended September 30, 2011, we recognized a net loss of $92,031, which was adjusted for depreciation of $21,944. During the three months ended September 3, 2010, we used funds of $46,442 in our operational activities. During the three months ended September 30, 2010, we incurred a net loss of $113,010 which was adjusted for depreciation of $21,760.
During the three months ended September 30, 2011, we did not use or receive any funds from our investing activities. During the three months ended September 30, 2010, we used $1,727 in our investing activities consisting of the purchase of office equipment.
During the three months ended September 30, 2011, we received $26,847 from our financing activities. During the three months ended September 30, 2010, we received $37,487 from our financing activities.
During the years ended June 30, 2011 and 2010, Mr. Yeung Cheuk Hung, the manager of Prestige and the majority shareholder of the Company, has advanced funds of $179,884 and $163,745, respectively, to support the operations of Prestige.
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During the three months ended September 30, 2011, Mr. Yeung Cheuk Hung advanced an additional $19,288. At September 30, 2011, the Company owes him $362,916. Such funds are due on demand.
During the year ended June 30, 2011 and 2010, Ms. Look, an officer and director of the Company and the manager of Mega, advanced funds of $7,710 and $321, respectively to Mega to support operations. During the three months ended September 30, 2011, Ms. Look advanced an additional $7,559. At September 30, 2011, Ms. Look is owed $15,590. Such funds are due on demand.
During the year ended June 30, 2010 and 2010, Top Growth Holdings Group, Inc, an affiliate and entity of which Ms. Look, an officer and director of the Company, advanced $750 and $2,996, respectively to the Company. At September 30, 2011, Top Growth Holdings Group, Inc. is owed $3,746. Such funds are due on demand.
I am only expressing my personal opinions or repeating public information from SEC filings or media outlets-which may or may not be correct. Do your own investigating before investing!
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