Attached files
Exhibit 99.2
KAHIBAH PROFORMA STATEMENT
| 2009-12-31 | 2009-7-31 | ||||||||||||||||||||
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Kahibah Limited
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Designer Export, Inc.
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Total
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Pro forma adjustments
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Pro forma
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|||||||||||||||||
| (‘000 | ) | (‘000 | ) | (‘000 | ) | (‘000 | ) | (‘000 | ) | ||||||||||||
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CURRENT ASSETS
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Cash and cash equivalents
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$ | 5,100 | $ | 24 | $ | 5,124 | $ | - | $ | 5,124 | |||||||||||
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Due from related parties
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3,015 | - | 3,015 | - | 3,015 | ||||||||||||||||
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Prepayments and other current assets
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366 | - | 366 | - | 366 | ||||||||||||||||
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Total Current Assets
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8,481 | 24 | 8,505 | - | 8,505 | ||||||||||||||||
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LONG-TERM ASSETS
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Property and equipment, net
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28,779 | 28,779 | 28,779 | ||||||||||||||||||
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Land use rights, net
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5,296 | 5,296 | 5,296 | ||||||||||||||||||
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Total Long-Term Assets
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34,075 | - | 34,075 | - | 34,075 | ||||||||||||||||
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TOTAL ASSETS
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$ | 42,556 | $ | 24 | $ | 42,580 | $ | $ | 42,580 | ||||||||||||
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CURRENT LIABILITIES
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Accounts and other payables
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$ | 415 | $ | $ | 415 | $ | $ | 415 | |||||||||||||
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Prepaid tuition
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15,820 | 15,820 | 15,820 | ||||||||||||||||||
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Refundable deposits
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2,163 | 2,163 | 2,163 | ||||||||||||||||||
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Home purchase down payment
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504 | 504 | 504 | ||||||||||||||||||
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Due to related parties
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1,189 | 1,189 | 1,189 | ||||||||||||||||||
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Accrued expenses and other current liabilities
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734 | 734 | 734 | ||||||||||||||||||
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Total Current Liabilities
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20,825 | 0 | 20,825 | 20,825 | |||||||||||||||||
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TOTAL LIABILITIES
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20,825 | 0 | 20,825 | 20,825 | |||||||||||||||||
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SHAREHOLDERS’ EQUITY
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Common stock
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50 | 5 | 55 |
a
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(25 | ) | 30 | ||||||||||||||
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Additional paid-in capital
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2,734 | 20 | 2,754 |
a
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24 | 2,778 | |||||||||||||||
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Retained earnings
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18,379 | (1 | ) | 18,378 |
a
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1 | 18,379 | ||||||||||||||
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Accumulated other comprehensive income
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568 | 568 | 568 | ||||||||||||||||||
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TOTAL SHAREHOLDERS’ EQUITY
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21,731 | 24 | 21,755 | 21,755 | |||||||||||||||||
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$ | 42,556 | $ | 24 | $ | 42,580 | $ | $ | 42,580 | ||||||||||||
KAHIBAH PROFORMA STATEMENT (CONTINUED)
| 2009-12-31 | 2009-7-31 | |||||||||||||||||||
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Kahibah Limited
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Designer Export, Inc.
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Total
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Pro forma adjustments
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Pro forma
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||||||||||||||||
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(‘000)
Except shares
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(‘000)
Except shares
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(‘000)
Except shares
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(‘000)
Except shares
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(‘000)
Except shares
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||||||||||||||||
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REVENUES
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21,164 | 21,164 | 21,164 | |||||||||||||||||
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COST OF REVENUES
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(9,474 | ) | - | (9,474 | ) | - | (9,474 | ) | ||||||||||||
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GROSS PROFIT
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11,690 | - | 11,690 | - | 11,690 | |||||||||||||||
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OPERATING EXPENSES
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General and administrative
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1,485 | (1 | ) | 1,484 | - | 1,484 | ||||||||||||||
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TOTAL OPERATING EXPENSES
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1,485 | (1 | ) | 1,484 | - | 1,484 | ||||||||||||||
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INCOME FROM OPERATION
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10,205 | (1 | ) | 10,204 | - | 10,204 | ||||||||||||||
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OTHER (EXPENSE)
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(131 | ) | - | (131 | ) | - | (131 | ) | ||||||||||||
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INCOME BEFORE INCOME TAXES
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10,074 | (1 | ) | 10,073 | - | 10,073 | ||||||||||||||
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INCOME TAXES
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- | - | - | |||||||||||||||||
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NET INCOME
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$ | 10,074 | $ | (1 | ) | $ | 10,073 | $ | - | $ | 10,073 | |||||||||
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Earnings(loss) per share
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$ | 201.47 | $ | (0.00 | ) | $ | 3.40 | $ | - | $ | 0.34 | |||||||||
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Basic and diluted earnings(loss) per share
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$ | 201.47 | $ | (0.00 | ) | $ | 3.40 | $ | - | $ | 0.34 | |||||||||
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Basic and diluted weighted average shares outstanding
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50,000 | 2,470,163 | 2,520,163 | 27,479,837 | 30,000,000 | |||||||||||||||
Notes:
The following adjustments to the unaudited condensed combined pro forma financial statements are based on the assumption that the share exchange was consummated on July 31, 2009.
(a) On June 30, 2010, China Bilingual Technology & Education Group Inc. (formerly Designer Export, Inc.) acquired 100% of the issued and outstanding capital stock of Kahibah in exchange for 10,105,386 newly issued shares of China Bilingual Technology & Education Group Inc.’s common stock, par value $0.001 per share, which constituted of 87% representing 11,615,386 of its issued and outstanding common stock on a fully-diluted basis as of and immediately after the consummation of the transactions contemplated by the share exchange agreement.