China Renewable Energy Holdings, Inc. and Subsidiaries
(A Development Stage Company)
Consolidated Balance Sheets
(Unaudited)
As of
As of
June 30, 2009
December 31, 2008
ASSETS
Current Assets
Cash
$
166,282
$
223,263
Deposits
5,108
5,546
Accounts receivable
55,772
3,225
Deferred charges
44,559
33,540
271,721
265,574
Fixed Assets, net
13,831
8,349
Total Assets
285,552
273,923
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable
$
1,974
$
22,774
Loan Payable
96,773
-
Note payable-stockholder
132,376
10,000
Accrued Interest
12,144
800
Accrued Expenses
41,022
56,502
284,289
90,076
Stockholders' Equity
Preferred stock, $0.001 par value, 10,000,000 shares
authorised, none issued and outstanding
-
-
Common stock, $0.001 par value; 100,000,000 shares
authorised, 24,580,000 shares issued
and outstanding
24,580
24,580
Additional paid-in capital
684,483
684,483
Subscription receivable
-
(5,907)
Other comprehensive income
240
1,162
Deficit accumulated during the development stage
(708,040)
(520,471)
Total Stockholders' Equity
1,263
183,847
Total Liabilities and
Stockholders' Equity
$
285,552
$
273,923
See accompanying notes to financial statements
4
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China Renewable Energy Holdings, Inc. & Subsidiaries
(A Development Stage Company)
Consolidated Statements of Cash Flows
(Unaudited)
For the Period from
For the six months ended June 30,
December 17, 1999
2009
2008
(Inception) to June 30,2009
Cash Flows From Operating Activities:
Net Loss
$
(187,569)
$
(172,510)
$
(680,827)
Add : Losses from pre-acquisition operations
-
-
(27,213)
Total Net Loss
(187,569)
(172,510)
(708,040)
Adjustments to reconcile net loss to net cash used in
operations :-
Depreciation
1,886
32
2,899
Change in operating assets and liabilities:
Decrease in cash advanced
6,594
-
-
(Increase) in accounts receivable
(52,547)
-
(55,773)
Decrease (Increase) in deposits
438
-
(5,107)
(Increase) in prepaid expenses
(17,613)
(18,489)
(44,558)
Decrease in subscription receivable
5,907
-
-
Deferred financing costs
-
3,361
-
(Decrease)Increase in accrued expenses
(4,136)
28,405
53,166
(Decrease)Increase in accounts payable
(20,800)
-
1,974
Net Cash Used In Operating Activities
(267,840)
(159,201)
(755,439)
Cash Flows From Investing Activities :
Purchase of fixed assets
(7,368)
(4,507)
(16,731)
Net Cash Used in Investing Activities
(7,368)
(4,507)
(16,731)
Cash Flows From Financing Activities :
Note payable-stockholder
122,376
-
132,376
Proceeds from other loan
96,773
-
96,773
Proceeds from stockholder loan
-
-
4,884
Repayment of stockholder loan
-
-
(4,884)
Proceeds from issuance of common stock
-
661,281
709,063
Net Cash Provided by Financing Activities
219,149
661,281
938,212
Net Increase(Decrease) in Cash prior to effect of
Foreign currency transactions
(56,059)
497,573
166,042
Foreign currency effect on cash flows
(922)
722
240
Net Increase(Decrease) in cash
(56,981)
498,295
166,282
Cash at Beginning of Period/Year
223,263
17,987
-
Cash at End of Period/Year
$
166,282
$
516,282
$
166,282