September 30, 2007 June 30, 2007
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $ 2,682,974 $ 2,775,361
Billed accounts receivable, net 105,739 103,953
Unbilled accounts receivable 231,198 98,804
Amount due from a stockholder - 39,080
Income tax credit 6,706 -
Other receivables and prepayments 1,050 2,100
Total current assets 3,027,667 3,019,298
Property, plant and equipment, net 452,775 470,960
TOTAL ASSETS $ 3,480,442 $ 3,490,258
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 400,213 $ 393,455
Income tax payable - 201,545
Amount due to a stockholder 24,433 -
Other payables and accrued liabilities 48,732 79,724
Total current liabilities 473,378 674,724
MINORITY INTEREST 152,236 141,044
Stockholders’ equity:
Preferred stock, $0.001 par value; 100,000 shares authorized; 100,000 shares issued and outstanding 100 100
Common stock, $0.001 par value; 100,000,000 shares authorized; 30,662,114 and 28,662,114 shares issued and outstanding as of September 30 and June 30, 2007 30,662 28,662
Additional paid-in capital 2,178,418 1,151,049
Deferred compensation (278,933 ) (236,250 )
Stock subscription receivable (765,000 ) -
Accumulated other comprehensive income 204,199 168,372
Statutory reserve 155,661 155,661
Retained earnings 1,329,721 1,406,896
Total stockholders’ equity 2,854,828 2,674,490
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,480,442 $ 3,490,258
See accompanying notes to condensed consolidated financial statements.
