ASIA GLOBAL HOLDINGS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2006
ASSETS 2006
Current assets
Cash and cash equivalents $ 22,514
Restricted cash 417,239
Accounts receivable, net of provision of bad debts 2,391,503
Prepayments and other current assets 512,939
Amounts due from related parties 1,055,240
Total current assets 4,399,435
Property, plant and equipment, net 52,168
Intangible assets, net 311,412
Total Assets $ 4,763,015
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Bank overdraft, secured $ 25,578
Secured bank loan - current portion 419,303
Letters of credit 262,628
Accounts payable 908,859
Accrued liabilities 125,015
Income taxes payable 340,143
Amount due to a related party 17,173
Total current liabilities 2,098,699
Long-term Liabilities
Secured bank loan 94,307
Deferred taxation 59,704
Total long-term liabilities 154,011
Total liabilities 2,252,710
Minority interest in consolidated subsidiaries -
Commitments and contingencies
Stockholders' equity
Series A convertible preferred stock, $0.001 par value; 500,000 shares authorized
Issued and outstanding: None -
To be issued: 500,000 shares 1,000,000
Common stock, $0.001 par value; 199,500,000 shares authorized
Issued and outstanding: 54,862,000 shares 54,862
To be issued: 739,726 shares 153,123
Other comprehensive income 3,517
Additional paid-in capital 7,428,345
Accumulated deficit (6,129,542 )
Total stockholders' equity 2,510,305
Total Liabilities and Stockholders' Equity $ 4,763,015
