Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - BEFUT International Co., Ltd. | v235050_ex99-2.htm |
| EX-32.2 - EXHIBIT 32.2 - BEFUT International Co., Ltd. | v235050_ex32-2.htm |
| 10-K/A - FORM 10-K/A - BEFUT International Co., Ltd. | v235050_10ka.htm |
| EX-31.1 - EXHIBIT 31.1 - BEFUT International Co., Ltd. | v235050_ex31-1.htm |
| EX-31.2 - EXHIBIT 31.2 - BEFUT International Co., Ltd. | v235050_ex32-1.htm |
| EX-31.2 - EXHIBIT 31.2 - BEFUT International Co., Ltd. | v235050_ex31-2.htm |
BEFUT INTERNATIONAL CO., LTD.
(Parent Company Only)
Balance Sheets
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June 30, 2010
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June 30, 2009
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Assets
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Current assets:
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Due from intercompany
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107,234 | 500,000 | ||||||
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Total current assets
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107,234 | 500,000 | ||||||
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Investment in contractual consolidated subsidiaries
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39,447,981 | 34,288,227 | ||||||
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Total assets
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$ | 39,555,215 | $ | 34,788,227 | ||||
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Liabilities and stockholders' equity
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Current liabilities:
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Accrued expenses
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$ | 100,000 | $ | 114,671 | ||||
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Loans from unrelated party
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370,000 | - | ||||||
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Convertible notes payable
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- | 500,000 | ||||||
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Other current liabilities
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59,573 | - | ||||||
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Total current liabilities
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529,573 | 614,671 | ||||||
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Stockholders’ equity:
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Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued or outstanding
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- | - | ||||||
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Common stock, $0.001 par value, 200,000,000 shares authorized, 29,715,666 and 29,488,341 shares issued and outstanding at Jun 30, 2010 and 2009, respectively
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29,716 | 29,488 | ||||||
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Additional paid-in capital
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21,838,047 | 21,708,275 | ||||||
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Retained earnings
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14,991,346 | 10,479,170 | ||||||
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Accumulated other comprehensive income
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2,166,533 | 1,956,623 | ||||||
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Total stockholders’ equity
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39,025,642 | 34,173,556 | ||||||
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`
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Total liabilities and stockholders' equity
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$ | 39,555,215 | $ | 34,788,227 | ||||
See Notes to Financial Statements.
1
(Parent Company Only)
Statements of Income (Loss)
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For the Years Ended June 30,
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2010
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2009
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Sales
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$ | - | $ | - | ||||
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Cost of sales
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- | - | ||||||
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Gross profit
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- | - | ||||||
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Operating expenses
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General and administrative expenses
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307,668 | 538,192 | ||||||
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Total operating expenses
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307,668 | 538,192 | ||||||
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Income before provision for income taxes
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(307,668 | ) | (538,192 | ) | ||||
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Provision for income taxes
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- | - | ||||||
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Equity in income of subsidiaries
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4,512,176 | 2,259,413 | ||||||
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Net income
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$ | 4,204,508 | $ | 1,721,221 | ||||
See Notes to Condensed Financial Statements.
2
BEFUT INTERNATIONAL CO., LTD.
(Parent Company Only)
Statements of Cash Flows
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For the Year Ended
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June 30, 2010
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Cash flows from operating activities:
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Net Income
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$ | 4,204,508 | ||
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Adjustments to reconcile net income to net cash Provided by (used in) operating activities:
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- | |||
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Equity in income of subsidiaries
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(4,512,176 | ) | ||
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Changes in current assets and current liabilities:
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||||
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Due from intercompany
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392,766 | |||
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Other current assets
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- | |||
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Accrued expenses
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(14,671 | ) | ||
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Other current liabilities
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59,573 | |||
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Total adjustments
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(4,074,508 | ) | ||
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Net cash provided by operating activities
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130,000 | |||
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Cash flows from investing activities:
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Investment in contractual consolidated subsidiaries
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(439,071 | ) | ||
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Net cash used in investing activities
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(439,071 | ) | ||
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Cash flows from financing activities:
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Convertible notes payable
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(500,000 | ) | ||
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Loans from unrelated parties
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370,000 | |||
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net proceeds from issurance of common stock
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228 | |||
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Additional paid-in capital
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129,772 | |||
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Net cash used in financing activities
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- | |||
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Effect of foreign currency translation on cash
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309,071 | |||
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Net increase in cash and cash equivalents
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- | |||
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Cash and cash equivalents at beginning of year
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- | |||
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Cash and cash equivalents at end of year
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$ | - | ||
See Notes to Financial Statements.
3
BEFUT INTERNATIONAL CO., LTD.
(Parent Company Only)
NOTES TO FINANCIAL STATEMENTS
1. Basis of Presentation.
The accompanying financial statements (the “Parent Company Financial Statements”), including the notes thereto, should be read in conjunction with the consolidated financial statements of BEFUT International Co., Ltd. and the notes thereto.
The Parent Company Financial Statements are prepared in accordance with accounting principles generally accepted in the U.S., which require the Company to make estimates and assumptions regarding valuations of certain financial instruments, the potential outcome of litigation and other matters that affect the Parent Company Financial Statements and related disclosures. The Company believes that the estimates utilized in the preparation of the Parent Company Financial Statements are prudent and reasonable. Actual results could differ materially from these estimates.
2. Due from intercompany.
The Company has transactions with its consolidated subsidiaries determined on an agreed-upon basis.
3. Shareholders’ Equity.
For a discussion of shareholders’ equity, see Note 14 to the Company’s consolidated financial statements.
4