Attached files
| file | filename |
|---|---|
| 8-K - New Oriental Energy & Chemical Corp. | v195816_8-k.htm |
| EX-99.3 - New Oriental Energy & Chemical Corp. | v195816_ex99-3.htm |
| EX-10.2 - New Oriental Energy & Chemical Corp. | v195816_ex10-2.htm |
| EX-99.1 - New Oriental Energy & Chemical Corp. | v195816_ex99-1.htm |
| EX-10.1 - New Oriental Energy & Chemical Corp. | v195816_ex10-1.htm |
Exhibit
99.2
NEW
ORIENTAL ENERGY & CHEMICAL CORP. AND SUBSIDIARIES
PRO
FORMA CONDENSED CONSOLIDATED BALANCE SHEET
|
June
30, 2010
|
||||
|
(Unaudited)
|
||||
|
CURRENT
ASSETS
|
||||
|
Cash
and cash equivalents
|
$ | 1,117,917 | ||
|
Restricted
cash
|
23,192,802 | |||
|
Notes
receivable, net of reserve of $736,279 and $732,461 at June 30, 2010 and
March 31, 2010, respectively
|
- | |||
|
Inventories,
net
|
2,765,992 | |||
|
Prepayments
for goods
|
323,773 | |||
|
Due
from employees
|
- | |||
|
Other
assets
|
224,266 | |||
|
Due
from a related party
|
233,080 | |||
|
Deferred
taxes
|
492,396 | |||
|
Total
current assets
|
28,350,226 | |||
|
Plant
and equipment, net
|
15,700,625 | |||
|
Land
use rights, net
|
1,602,991 | |||
|
Construction
in progress
|
30,077,799 | |||
|
Deposits
|
1,214,907 | |||
|
Deferred
taxes
|
761,785 | |||
|
Other
long-term assets
|
9,766 | |||
|
Total
long-term assets
|
49,367,873 | |||
|
TOTAL
ASSETS
|
$ | 77,718,099 | ||
|
CURRENT
LIABILITIES
|
||||
|
Accounts
payable
|
$ | 8,749,292 | ||
|
Other
payables and accrued liabilities
|
1,335,489 | |||
|
Short-term
debt
|
41,249,319 | |||
|
Customer
deposits
|
4,341,424 | |||
|
Due
to employees
|
88,159 | |||
|
Payable
to contractors
|
1,174,841 | |||
|
Due
to related parties
|
12,423,325 | |||
|
Deferred
taxes
|
459,427 | |||
|
Taxes
payable
|
573,587 | |||
|
Derivative
liabilities
|
479,645 | |||
|
Current
portion of long-term notes payable
|
534,539 | |||
|
Total
current liabilities
|
71,409,047 | |||
|
LONG-TERM
LIABILITIES
|
||||
|
Long-term
bank loan
|
2,945,118 | |||
|
Deferred
taxes
|
794,754 | |||
|
Due
to employees
|
127,506 | |||
|
Total
long-term liabilities
|
3,867,378 | |||
|
TOTAL
LIABILITIES
|
$ | 78,188,883 | ||
|
SHAREHOLDERS'
EQUITY
|
||||
|
Common
stock, par value $0.001 per share; 30,000,000 shares authorized,
17,012,458 and 12,640,000 shares issued and outstanding at June 30, 2010
and March 31, 2010, respectively
|
17,012 | |||
|
Additional
paid-in capital
|
8,376,523 | |||
|
Retained
deficit (restricted portion was $0 and $950,327 at June 30, 2010 and March
31, 2010, respectively )
|
(8,500,966 | ) | ||
|
Accumulated
other comprehensive income
|
2,549,105 | |||
|
TOTAL
SHAREHOLDERS' EQUITY
|
2,441,674 | |||
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 77,718,099 | ||
1