See accompanying notes to the condensed financial statements

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See accompanying notes to the condensed financial statements

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See accompanying notes to the condensed financial statements

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GLOBAL MANIA EMPIRE MANAGEMENT LIMITED

Notes to the Financial Statements

NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES

Global Mania Empire Management Limited was incorporated in Hong Kong on October 6, 2008.  The Company is engaged in the business of managing artists in the entertainment industry and projects relating to these artists.

NOTE 2 - PRINCIPLES OF CONSOLIDATION

The accompanying consolidated financial statements include the accounts of the Company and the Company’s subsidiaries. All significant inter-company balances and transactions have been eliminated. The consolidated financial statements are prepared in accordance with generally accepted accounting principles used in the United States of America.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations.

The Company’s major operations in Hong Kong are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic, and legal environment. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things.

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company maintains bank accounts in Hong Kong through its wholly-owned subsidiary.

Property, plant and equipment are carried at cost less accumulated depreciation. The cost of maintenance and repairs is charged to the statement of income as incurred, whereas significant renewals and betterments are capitalized. The cost and the related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statement of income.

The Company provides for depreciation of property, plant and equipment principally by use of the straight-line method for financial reporting purposes. Property, plant and equipment are depreciated over the following estimated useful lives:

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The depreciation expense for the period ended June 30, 2010 and June 30, 2009 amounted to $1,862 and $1,015 respectively.

The long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology or other industry changes. Determination of recoverability of assets to be held and used is by comparing the carrying amount of an asset to future net undiscounted cash flows to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. There were no impairments of long-lived assets for the period ended June 30, 2010.

The Company has adopted the provisions of statements of Financial Accounting Standards No. 109, "Accounting for Income Taxes," which incorporates the use of the asset and liability approach of accounting for income taxes. The Company allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain.

In accordance with the relevant tax laws and regulations of Hong Kong, the corporation income tax rate applicable is 16.5%. At times generally accepted accounting principles requires the Company to recognize certain income and expenses that do not conform to the timing and conditions allowed by Hong Kong. The Company has no income tax expense for period ended June 30, 2010.

The carrying amounts of the Company's cash, other receivable, other payable and accrued expenses approximate to their fair values because of the short maturity of these items.

Revenue represents the invoiced value of services rendered to customers during the period. Revenue is recognized when all of the following criteria are met:

Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As of June 30, 2010 and 2009, there was no dilutive security outstanding.

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The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Hong Kong mandates companies to operate a mandatory provident fund plan, which is available to all employees in Hong Kong. Both the Company and the employees are required to contribute 5% (subject to an aggregate amount of $256) per month of the employees’ relevant income.  Contributions from the Company are 100% vested to the employees as soon as they are paid to the plan.  Contributions to the plan are expensed in the statement of operations as they become payable in accordance with the rules of the plan.  The assets of the plan are held separately from those of the Company and managed by independent professional fund managers.  The Company provides no other retirement benefits to its employees.

Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation gain, net of tax.

The accompanying consolidated financial statements are presented in United States Dollar (US$). The functional currency of the Company is the Hong Kong Dollar (HK$). Capital accounts of the consolidated financial statements are translated into US$ from HK$ at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the year. The translation rates are as follows:

The Company does not expect that the adoption of other recent accounting pronouncements to have any material impact on its financial statements.

NOTE 3 – ACCOUNTS RECEIVABLE

Accounts receivable is carried at the net invoiced value charged to customer. The Company will record an allowance for doubtful accounts to cover estimated credit losses. Management reviews and adjusts this allowance periodically based on historical experience and its evaluation of the collectability of outstanding accounts receivable. The Company evaluates the credit risk of its customers utilizing historical data and estimates of future performance. There were no allowances for doubtful accounts as of June 30, 2010.

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NOTE 4 – DEPOSITS PAID AND OTHER RECEIVABLES

Deposits paid consists of payments and deposits made by the Company to third parties in the normal course of business operations with no interest being charged and no fixed repayment terms. These payments are made for the products and services that are used by the Company in its current operations.

The Company evaluates the amounts recorded as deposits paid and other receivables on a periodic basis and records a charge to the current operations of the Company when the related expense has been incurred or when the amounts reported as other receivables is no longer deemed to be collectible by the Company.

Deposits paid and other receivables as of June 30, 2010 and 2009 are summarized as follows:

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment of the Company consist primarily of furniture and fixtures and computer equipment owned and operated by the Company. Property, plant and equipment as of June 30, 2010 and 2009 are summarized as follows:

The depreciation expense for the period ended June 30, 2010 and 2009 amounted to $1,862 and $1,015, respectively.

NOTE 6 - ACCRUED EXPENSES AND OTHER PAYABLES

NOTE 7 - INCOME TAX AND DEFERRED TAX LIABILITIES

Corporation Income Tax ("CIT")

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In accordance with the relevant tax laws and regulations of Hong Kong, the statutory corporate income tax rate is 16.5% for the period ended June 30, 2010 and 2009.  No provision for the statutory corporate income tax is made as the Company incurred losses for the period ended June 30, 2010 and 2009.

The Company's actual tax expense differs from the "expected" tax expense for the period ended June 30, 2010 and 2009 (computed by applying the CIT rate of 16.5% to net loss of the Company).

The provisions for income taxes for the period ended June 30, 2010 and 2009 are summarized as follows:

There are no other timing differences between reported book or financial income and income computed for income tax purposes.  Therefore, the Company has made no adjustment for deferred tax assets or liabilities.

NOTE 8 – CERTAIN RELATIONSHIPS AND RELATED PARTIES TRANSACTIONS, AND DIRECTOR INDEPENDENCE

(a)

Advances from shareholders

Advances from shareholders are unsecured, interest free and are expected to be repaid the coming year.

(b)

Transactions with related parties

During the period ended June 30, 2010 and 2009, the Company had the following related party transactions:

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NOTE 9 - COMMON STOCK

The Company was incorporated on October 6, 2008 with authorized shares of 10,000 with a par value of HK$1 each. 100 shares were issued for cash in the amount of $113 at the inception of the Company.

On November 6, 2009, 100 ordinary shares of HK$1 each were issued for cash in the amount of $113.

 NOTE 10 - CONTINGENCIES AND COMMITMENTS

The Company has no contingencies and commitments as of June 30, 2010 and 2009, respectively.

NOTE 11 - SUBSEQUENT EVENTS

On June 25, 2010, the Company and the shareholders of the Company entered into an Agreement for a Share Exchange (the “Agreement”) with Asian Trends Media Holdings, Inc., a Nevada incorporated company (“Asian Trends”) and the Agreement was closed on August 31, 2010.  Pursuant to the Agreement, Asian Trends acquired 100% ownership of the Company.

Upon the closing of the Agreement, the Company became a 100% subsidiary of Asian Trends.

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