Attached files
Exhibit 99.4
ASIAN TRENDS MEDIA HOLDINGS, INC.
UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
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INDEX TO PRO-FORMA FINANCIAL STATEMENTS
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| UNAUDITED PRO-FORMA COMBINED CONSOLIDATED BALANCE SHEET, June 30, 2010 |
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| UNAUDITED PRO-FORMA COMBINED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE PERIOD ENDED June 30, 2010 |
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| NOTES TO UNAUDITED PRO-FORMA COMBINED CONSOLIDATED FINANCIAL STATEMENTS |
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| ASIAN TRENDS MEDIA HOLDINGS, INC. | |||||||||
| UNAUDITED CONDENSED PRO FORMA CONSOLIDATED BALANCE SHEETS | |||||||||
| AS OF JUNE 30, 2010 | |||||||||
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| Asian Trends |
| GME |
| Adjustments |
| Pro Forma |
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ASSETS |
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| CURRENT ASSETS |
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Cash and cash equivalents | $ | 62,195 | $ | 69,869 | $ | - | $ | 132,064 |
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| Accounts receivable, net of allowance for doubtful accounts |
| - |
| 104,962 |
| - |
| 104,962 |
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Other receivables and deposits |
| 171,427 |
| 9,575 |
| - |
| 181,002 |
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| Total current assets |
| 263,622 |
| 184,406 |
| - |
| 418,028 |
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| PROPERTY, PLANT & EQUIPMENT, NET |
| 49,859 |
| 6,285 |
| - |
| 56,144 |
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TOTAL ASSETS | $ | 283,481 | $ | 190,691 | $ | - | $ | 474,172 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| LIABILITIES |
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CURRENT LIABILITIES |
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| Accounts payable | $ | 81,900 | $ | 66,348 | $ | - | $ | 148,248 |
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Advances from shareholders |
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| 72,854 |
| - |
| 72,854 |
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| Accrued expenses and other payables |
| 19,136 |
| 171,128 |
| - |
| 190,264 |
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Total current liabilities |
| 101,036 |
| 310,330 |
| - |
| 411,366 |
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TOTAL LIABILITIES |
| 101,036 |
| 310,330 |
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| 411,366 |
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STOCKHOLDERS’ EQUITY |
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| Common stock, par value $0.001, 225,000,000 shares authorized; 95,564,000 shares issued and outstanding as of June 30, 2010 |
| 95,564 |
| 26 |
| 22,122 | (1) | 117,712 |
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Preferred stock, par value of $0.001, 5,000,000 shares authorized; 0 share issued and outstanding as of June 30, 2010 |
| - |
| - |
| - |
| - |
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| Additional paid in capital |
| 883,795 |
| - |
| (22,148) | (2) | 861,647 |
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Accumulated deficit |
| (796,914) |
| (119,665) |
| 26 | (3) | (916,553) |
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| TOTAL STOCKHOLDERS’ EQUITY |
| 182,445 |
| (119,639) |
| - |
| 62,806 |
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| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 283,481 | $ | 190,691 | $ | - | $ | 474,172 |
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See accompanying notes to the unaudited condensed pro forma combined financial statements
which are an integral part of these statements
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| ASIAN TRENDS MEDIA HOLDINGS, INC. | ||||||||
| UNAUDITED CONDENSED PRO FORMA COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| AND COMPREHENSIVE INCOME | ||||||||
| FOR THE SIX MONTHS ENDED JUNE 30, 2010 | ||||||||
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| Asian Trends |
| GME |
| Adjustments |
| Pro Forma |
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| REVENUE | $ | 294 | $ | 398,575 | $ | - | $ | 398,869 |
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| COST OF SALES |
| (294) |
| (249,611) |
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| (249,905) |
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| GROSS PROFIT |
| - |
| 148,964 |
| - |
| 148,964 |
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| EXPENSES |
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| General & administrative |
| 124,625 |
| 220,972 |
| - |
| 345,597 |
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| TOTAL OPERATING EXPENSES |
| 124,625 |
| 220,972 |
| - |
| 345,597 |
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| OPERATING LOSS |
| (124,625) |
| (72,008) |
| - |
| (196,633) |
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| LOSS BEFORE TAXES |
| (124,625) |
| (72,008) |
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| (196,633) |
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| PROVISION FOR INCOME TAXES |
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| - |
| - |
| - |
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| NET LOSS | $ | (124,625) | $ | (72,008) | $ | - | $ | (196,633) |
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| OTHER COMPREHENSIVE INCOME |
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| - |
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| COMPREHENSIVE LOSS | $ | (124,625) | $ | (72,008) | $ | - | $ | (196,633) |
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| NET LOSS PER SHARE, BASIC AND DILUTED | $ | (0.00) |
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| $ | (0.00) |
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| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED |
| 84,099,337 |
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| 106,247,247 |
See accompanying notes to the unaudited condensed pro forma combined financial statements
which are an integral part of these statements
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NOTE 1 BASIS OF PRESENTATION
On June 25, 2010, Asian Trends Media Holdings, Inc. (the “Company”) entered into a share exchange agreement (the “Agreement”) with Global Mania Empire Management Ltd., a Hong Kong company engaging in projects and artistes management (“GME”) and the owners and shareholders of GME. According to the terms of the Agreement, the Company acquired 100% ownership of Global by issuing 22,147,810 shares of its common stock to the owners of GME. The transaction was closed on August 31, 2010.
NOTE 2 PRO-FORMA FINANCIAL STATEMENTS
The Company acquired 100% ownership of GME. The accompanying unaudited pro forma combined financial statements are based upon the historical consolidated balance sheets and consolidated statements of operations of the Company and GME. The unaudited pro forma combined balance sheet as of March 31, 2010 and as of June 30, 2010 has been prepared as if the acquisition occurred on January 1, 2010. The unaudited pro forma combined financial statements of operations for the period ended March 31, 2010 and June 30, 2010 have been prepared as if the acquisition had occurred on January 1, 2010. The statements are based on accounting for business acquisition, whereby the Company will be the surviving corporate entity and GME is a wholly subsidiary of the Company.
NOTE 3 PRO-FORMA ADJUSTMENTS
The consolidating entries on the pro-forma consolidated balance sheet to eliminate investments in subsidiary accounts:
(1)
Net effect of increase in common stock as a result of issuing shares for acquisition and elimination of share capital of GME
(2)
Net effect of reduction in additional paid in capital as a result of issuance of shares for acquisition, elimination of share capital and accumulated loss of GME
(3)
Net effect of eliminating the accumulated loss of GME and the immediate write off of the difference between the cost of investment against the net asset value (deficit) of GME
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