Attached files
| file | filename |
|---|---|
| 8-K/A - TRANSIT MANAGEMENT HOLDING CORP | v229770_8ka.htm |
| EX-16.1 - TRANSIT MANAGEMENT HOLDING CORP | v229770_ex16-1.htm |
| EX-99.3 - TRANSIT MANAGEMENT HOLDING CORP | v229770_ex99-3.htm |
|
CHINA GREEN LIGHTING LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
TRANSIT MANAGEMENT HOLDING CORP.
CONSOLIDATED BALANCE SHEETS
|
PROFORMA
ADJUSTMENTS
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PROFORMA BALANCE SHEET
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(Stated In US Dollar)
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(Stated In US Dollar)
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(Stated In US Dollar)
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(Stated In US Dollar)
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||||||||||||||
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March 31,
2011
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February 28,
2011
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February 28,
2011
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Note
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February 28,
2011
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ASSETS
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Current Assets
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|||||||||||||||||
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Cash
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$ | 340,117 | $ | 201 | (201 | ) | 340,117 | ||||||||||
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Restricted cash
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305,045 | ||||||||||||||||
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Accounts receivable due from non-related parties, net of
allowance for doubtful accounts of nil and nil as of
December 31, 2010 and 2009, respectively
|
2,316,522 | 2,316,522 | |||||||||||||||
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Accounts receivable due from related parties
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610,091 | 610,091 | |||||||||||||||
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Non trade accounts receivable due from a non-related party
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105,160 | 105,160 | |||||||||||||||
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Non trade accounts receivable due from a related party
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457,568 | 457,568 | |||||||||||||||
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Prepayment to suppliers
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790,706 | 790,706 | |||||||||||||||
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Inventories
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922,063 | 922,063 | |||||||||||||||
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Prepaid expenses and other current assets
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313,373 | 313,373 | |||||||||||||||
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Total current assets
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6,160,645 | 201 | 5,855,600 | ||||||||||||||
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Property, plant and equipment - net
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1,265,495 | 1,265,495 | |||||||||||||||
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Total Assets
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$ | 7,426,140 | $ | 201 | (201 | ) | 7,121,095 | ||||||||||
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LIABILITIES AND EQUITY
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0 | ||||||||||||||||
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Current Liabilities
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0 | ||||||||||||||||
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Short-term debt
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$ | 1,220,182 | $ | 1,220,182 | |||||||||||||
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Notes payable due to non-related parties
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762,614 | ||||||||||||||||
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Accounts payable due from non-related parties
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2,292,601 | 16,719 | (16,719 | ) | 2,292,601 | ||||||||||||
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Accounts payable due to a related party
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12,500 | (12,500 | ) | 0 | |||||||||||||
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Interest payable - related party
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7,597 | (7,597 | ) | ||||||||||||||
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Advances from customers
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2,455 | 2,455 | |||||||||||||||
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Income and other taxes payable
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579,513 | 579,513 | |||||||||||||||
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Current portion notes payable - related party
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52,500 | (52,500 | ) | ||||||||||||||
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Accrued expenses and other current liabilities
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327,485 | 327,485 | |||||||||||||||
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Total current liabilities
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5,184,850 | 89,316 | (89,316 | ) | 4,422,236 | ||||||||||||
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Equity
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0 | ||||||||||||||||
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Common stock, ($1 par value, 50,000 shares authorized
and Nil issued and outstanding)
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22,225 | 22,225 | |||||||||||||||
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Additional paid-in-capital
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382,990 | 40,886 | (40,886 | ) |
(1)
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382,990 | |||||||||||
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Statutory reserve
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172,216 | 172,216 | |||||||||||||||
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Retained earnings
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1,578,176 | -152,226 | 130,001 |
(1)+(2)
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1,555,951 | ||||||||||||
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Accumulated other comprehensive income
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107,908 | 107,908 | |||||||||||||||
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Total Equity
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2,241,290 | -89,115 | 89,115 | 2,241,290 | |||||||||||||
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Total Liabilities and Equity
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$ | 7,426,140 | $ | 201 | (201 | ) | 6,663,526 | ||||||||||
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CHINA GREEN LIGHTING LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
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TRANSIT MANAGEMENT HOLDING CORP.
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
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PROFORMA
ADJUSTMENTS
|
PROFORMA CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
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(Stated In US Dollar)
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(Stated In US Dollar)
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(Stated In US Dollar)
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(Stated In US Dollar)
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||||||||||
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three months ended
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three months ended
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three months ended
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March 31,
2011
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February 28,
2011
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Notes
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February 28,
2011
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Revenues
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$ | 1,709,951 | $ | 1,709,951 | |||||||||
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Cost Of Revenues
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1,460,900 | 1,460,900 | |||||||||||
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Gross Profit
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249,051 | 0 | 249,051 | ||||||||||
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Operating Expense:
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Selling and marketing
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20,034 | 20,034 | |||||||||||
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General and administrative
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130,191 | 3,938 | 134,129 | ||||||||||
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Total operating expenses
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150,225 | 3,938 | 154,163 | ||||||||||
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Income (loss) from operations:
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98,826 | (3,938 | ) | 94,888 | |||||||||
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Other income (expenses):
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|||||||||||||
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Other income (expenses)
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(2,658 | ) | -2,658 | ||||||||||
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Interest income
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3,045 | 3,045 | |||||||||||
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Interest expense
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(16,351 | ) | (1,050 | ) | -17,401 | ||||||||
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Total other expenses, net
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(15,964 | ) | (1,050 | ) | -17,014 | ||||||||
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Income before provision for income taxes
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82,862 | (4,988 | ) | 77,874 | |||||||||
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Provision for income taxes
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12,429 | 12,429 | |||||||||||
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Net income
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$ | 70,433 | $ | (4,988 | ) | 65,445 | |||||||
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Other comprehensive income:
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Foreign currency translation adjustment
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21,912 | 0 | 21,912 | ||||||||||
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Comprehensive income
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$ | 92,345 | $ | (4,988 | ) | 87,357 | |||||||
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Net income per share:
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Basic
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$ | 1.85 | $ | 0.000 | 0.004 | ||||||||
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diluted
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1.85 | 0.000 | 0.002 | ||||||||||
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Weighted average number of ordinary shares outstanding:
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|||||||||||||
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Basic
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50,000 | 22,225,200 | 22,225,200 | ||||||||||
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diluted
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50,000 | 40,202,200 | 40,202,200 | ||||||||||
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CHINA GREEN LIGHTING LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
|
TRANSIT MANAGEMENT HOLDING CORP.
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME |
PROFORMA
ADJUSTMENTS
|
PROFORMA CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
|
||||||||
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(Stated In US Dollar)
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(Stated In US Dollar)
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(Stated In US Dollar)
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(Stated In US Dollar)
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For years ended
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For years ended
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For years ended
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December 31,
2010
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November 30,
2010
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Notes
2010 |
November 30,
2010
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Revenues
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$ | 14,378,122 | $ | 0 | 14,378,122 | ||||||
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Cost Of Revenues
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11,547,533 | 11,547,533 | |||||||||
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Gross Profit
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2,830,589 | 0 | 2,830,589 | ||||||||
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Operating Expense:
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Selling and marketing
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145,902 | 145,902 | |||||||||
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General and administrative
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676,540 | 0 | (42,198) (2) | 634,342 | |||||||
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Total operating expenses
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822,442 | 0 | 780,244 | ||||||||
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Income (loss) from operations:
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2,008,147 | 0 | 2,050,345 | ||||||||
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Other income (expenses):
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Other income (expenses)
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32,545 | 32,545 | |||||||||
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Interest income
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30,952 | 30,952 | |||||||||
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Interest expense
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(67,220 | ) | 0 | (67,220 | ) | ||||||
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Total other expenses, net
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(3,723 | ) | 0 | (3,723 | ) | ||||||
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Income before provision for income taxes
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2,004,424 | 0 | 2,046,622 | ||||||||
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Provision for income taxes
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268,244 | 268,244 | |||||||||
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Net income
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$ | 1,736,180 | $ | 0 | 1,778,378 | ||||||
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Other comprehensive income:
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Foreign currency translation adjustment
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49,749 | 0 | 935 (2) | 50,684 | |||||||
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Comprehensive income
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$ | 1,785,929 | $ | 0 | 1,829,062 | ||||||
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Net income per share:
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|||||||||||
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Basic
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$ | 35.72 | $ | 0.000 | 0.082 | ||||||
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diluted
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35.72 | 0.000 | 0.046 | ||||||||
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Weighted average number of ordinary shares outstanding:
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|||||||||||
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Basic
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50,000 | 22,225,200 | 22,225,200 | ||||||||
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diluted
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50,000 | 40,000,000 | 40,000,000 | ||||||||
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – BASIS OF PRESENTATION
In May 2011, China Green Lighting Limited (“CGL” or the “Company”) entered into a Share Exchange Agreement with Transit Management Holding Corp., a Colorado corporation ("Transit") and its wholly-owned subsidiary, Transit Management, Inc., a Colorado corporation. As a result of the reverse acquisition, the Company became Transit's wholly-owned subsidiary and the former shareholders of the Company became controlling stockholders of Transit. The share exchange transaction with Transit was treated as a reverse acquisition, with the Company as the accounting acquirer and Transit as the acquired party.
Consequently, the assets and liabilities and the historical operations that will be reflected in the consolidated financial statements for periods prior to the Share Exchange Agreement will be those of the Company and will be recorded at the historical cost basis. After the completion of the Share Exchange Agreement, the Company’s consolidated financial statements will include the assets and liabilities of the Company and Transit, the historical operations of the Company and the operations of Transit from the closing date of the Share Exchange Agreement.
The Unaudited Pro Forma Combined Balance Sheet represents the combined financial position of the Company and Transit as of February 28, 2011 as if the reverse acquisition occurred on February 28, 2011.
The Unaudited Pro Forma Combined Statements of Operations give effect to the reverse acquisition of Transit by the Company assuming that the reverse acquisition took place on the beginning of the first accounting period presented in these pro forma combined financial statements.
These pro forma consolidated financial statements should be read in conjunction with the historical financial statements of Transit and the Company.
Based on the share exchange agreement between Transit Management Holding Corp. and China Green Lighting Limited, on the 13th day of May 2011 an aggregate of 29900 shares of Series A Convertible Preferred Stock, $0.10 par value will be issued at the closing date, which will be converted at 1 share of preferred stock for 1000 shares of common stock. At the same time, Transit will approve a 1 for 3 reverse stock split of the outstanding common stock. According to the result of legal voting, eventually, there will be 40,202,200 shares of the Company's common stock issued and outstanding.
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NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
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Note 2 – PRO FORMA ADJUSTMENTS
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Proforma Adjustments
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March 31, 2011
|
||||
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1
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Additional Paid in Capital
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40,886
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||
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Retained Earnings
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40,886
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|||
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Eliminate Shell's Equity Accounts
|
||||
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2
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Accounts payable due from non-related parties
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16,719
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||
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Accounts payable due to a related party
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12,500
|
|||
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Interest payable - related party
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7,597
|
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Current portion notes payable - related party
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52,500
|
|||
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Cash
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201
|
|||
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Retained Earnings
|
89,115
|
|||
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Shell's original shareholder and management release all liabilities
|
||||
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Proforma Adjustments
|
||||
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December 31, 2010
|
||||
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1
|
Additional Paid in Capital
|
147,238
|
||
|
Retained Earnings
|
147,238
|
|||
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Eliminate Shell's Equity Accounts
|
||||
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2
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Accounts receivable due from non-related parties
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43,134
|
||
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Operation Expense-general & admin expense
|
42,198
|
|||
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Foreign currency translation adjustment
|
936
|
|||
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Non-related comminment expense
|
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