CIVS..$0.023
CHINA IVY SCHOOL, INC. AND SUBSIDIARIES
(FORMERLY CLAREMONT TECHNOLOGIES CORP.)
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2010 2009
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 2,264,332 $ 46,187
Advances made to vendors - 95,974
Advances to "key" and other employee 735,430 -
Receivable from related party 425,446 2,790,207
Receivable from sale and leaseback of real property - related party 1,156,639 1,156,639
Total Current Assets 4,581,847 4,089,007
Property and equipment, net 7,519,294 7,749,770
Receivable from sale and leaseback of real property - related party 3,420,931 3,710,090
Total Assets $ 15,522,072 $ 15,548,867
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Bank borrowings $ 10,401,500 $ 10,401,500
Convertible notes payable - 1,560,000
Accounts payable and accrued expenses 661,246 1,731,502
Payables to related parties 643,161 719,341
Deferred revenue 2,125,085 715,535
Total Current Liabilities 13,830,992 15,127,878
Total Liabilities 13,830,992 15,127,878
Stockholders' Equity
Preferred stock, $0.001 par value; 50,000,000 shares authorized, none issued and outstanding as of December 31, 2009 and 2008 - -
Common stock, $0.001 par value; 100,000,000 shares authorized, 22,582,500 and 3,082,500 shares issued and outstanding as of March 31, 2010 and December 31, 2009, respectively 22,583 3,083
Additional paid in capital 5,906,363 4,302,907
Statutory reserves 480,813 480,813
Accumulated deficit (5,468,433 ) (5,115,622 )
Accumulated other comprehensive income 749,754 749,808
Total Stockholders' Equity 1,691,080 420,989
Total Liabilities and Stockholders' Equity $ 15,522,072 $ 15,548,867
The accompanying notes are an integral part of these condensed consolidated financial statements.
F-1
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Index
CHINA IVY SCHOOL, INC. AND SUBSIDIARIES
(FORMERLY CLAREMONT TECHNOLOGIES CORP.)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
For the Three Months Ended
March 31,
2010 2009
Net revenue $ 1,601,365 $ 1,487,382
Operating expenses
Teachers salaries and related expenses 682,244 576,133
Student expenses 310,040 -
Professional and consulting fees 30,000 46,523
Rent and related expenses 468,708 457,633
Depreciation and amortization 227,773 226,363
Other general and administrative expenses 182,221 94,954
Total operating expenses 1,900,986 1,401,606
Income (loss) from operations (299,621 ) 85,776
Other (income) expense
Interest income (146 ) (131 )
Interest expense 172,711 163,998
Loss on disposal of fixed assets 2,703 -
Accretion of discount on receivable from related party relating to sale of real property (122,078 ) (121,911 )
Total Other (Income) Expense 53,190 41,956
Income (loss) before income taxes (352,811 ) 43,820
Income taxes - -
Net income (loss) (352,811 ) 43,820
Other comprehensive item
Foreign currency translation adjustment (54 ) (1,530 )
Comprehensive income (loss) $ (352,865 ) $ 42,290
Basic and diluted net income (loss) per share: $ (0.02 ) $ 0.01
Weighted average number of basic and diluted shares outstanding 15,215,833 3,082,500
