LOYAL BEST PROPERTY DEVELOPMENT LIMITED AND
SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Real Estate Capitalization and Cost
Allocation
Real estate held for development
or sale consists of residential and commercial units under construction and
units completed. Construction in progress includes costs associated in development
and construction of the Olympic Center project.
Real estate held for development
or sale is stated at cost or estimated net realizable value, whichever is
lower. Costs include land and land improvements, direct construction costs and
development costs, including predevelopment costs, interest on indebtedness,
real estate taxes, insurance, construction overhead and indirect project costs.
Selling and advertising costs are expensed as incurred. Total estimated costs of
multi-unit developments are allocated to individual units based upon specific
identification methods.
If the real estate is determined to
be impaired, it will be written down to its fair market value. Real estate held
for development or sale costs include the cost of land use rights, land
development and home construction costs, engineering costs, insurance costs,
wages, real estate taxes, and interest related to development and construction.
All costs are accumulated by specific projects and allocated to residential and
commercial units within the respective projects. The Company leases the land
for the residential unit sites under land use rights with various terms from
the government of the PRC. The Company evaluates the carrying value for impairment
based on the undiscounted future cash flows of the assets. Write-downs of
inventory deemed impaired would be recorded as adjustments to the cost basis.
No depreciation is provided for
construction in progress.
Capitalization of Interest
In accordance with SFAS 34, interest
incurred during construction is capitalized to construction in progress. All
other interest is expensed as incurred. During the year ended December 31, 2007, the
Company did not have any construction therefore no interest was capitalized.
Foreign currencies
- The Company’s
principal country of operations is in PRC. The financial position and
results of operations of the Company are determined using the local currency
(“Renminbi” or “Yuan”) as the functional currency. The results of operations
denominated in foreign currency are translated at the average rate of exchange
during the reporting period.
Assets and liabilities of the
Company have been translated at year- end exchange rates, while revenues and
expenses have been translated at average exchange rates in effect during the year.
Resulting cumulative translation adjustments have been recorded as other
comprehensive income (loss) as a separate component of stockholders' equity.
Equity denominated in the
functional currency is translated at the historical rate of exchange at the time
of capital contribution. All translation adjustments resulting from the translation of
the financial statements into the reporting currency (“US Dollars”) are dealt
with as an exchange fluctuation reserve in shareholders’ equity.
Earnings Per Share
– Basic
earnings per share is computed by dividing net income by the
weighted-average number of common shares outstanding during the period. Diluted
earnings per share is computed by dividing net income by the weighted-average
number of common shares and dilutive potential common shares outstanding during
the period.
As of June 30, 2007, there were no
outstanding securities or other contracts to issue common stock, such as options,
warrants or conversion rights, which would have a dilutive effect on earnings per
share as the effect of options outstanding at that time was anti- dilutive.
Use of estimates
– The preparation
of financial statements in accordance with generally accepted accounting
principles require management to make estimates and assumptions that affect
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.
F-7
LOYAL BEST PROPERTY DEVELOPMENT LIMITED AND
SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Recent accounting pronouncements
– In September 2006, FASB issued SFAS 157 ‘Fair Value Measurements’.
This Statement defines fair value, establishes a framework for measuring fair value
in generally accepted accounting principles (GAAP), and expands disclosures
about fair value measurements. This Statement applies under other accounting
pronouncements that require or permit fair value measurements, the Board having
previously concluded in those accounting pronouncements that fair value is the
relevant measurement attribute. Accordingly, this Statement does not require any
new fair value measurements. However, for some entities, the application of this
Statement will change current practice. This Statement is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The management is currently
evaluating the effect of this pronouncement on financial statements.
In September 2006, FASB issued SFAS
158 ‘Employers’ Accounting for Defined Benefit Pension and Other
Postretirement Plans—an amendment of FASB Statements No. 87, 88, 106, and 132(R)’ This
Statement improves financial reporting by requiring an employer to recognize
the over funded or under funded status of a defined benefit postretirement plan
(other than a multiemployer plan) as an asset or liability in its statement of
financial position and to recognize changes in that funded status in the year
in which the changes occur through comprehensive income of a business entity or
changes in unrestricted net assets of a not-for-profit organization. This Statement
also improves financial reporting by requiring an employer to measure the funded
status of a plan as of the date of its year-end statement of financial position,
with limited exceptions. An employer with publicly traded equity securities is
required to initially recognize the funded status of a defined benefit
postretirement plan and to provide the required disclosures as of the end of the
fiscal year ending after December 15, 2006. An employer without publicly traded
equity securities is required to recognize the funded status of a defined benefit
postretirement plan and to provide the required disclosures as of the end of the
fiscal year ending after June 15, 2007. However, an employer without
publicly traded equity securities is required to disclose the following
information in the notes to financial statements for a fiscal year ending after
December 15, 2006, but before June 16, 2007, unless it has applied the
recognition provisions of this Statement in preparing those financial
statements:
a. A brief description of the
provisions of this Statement
b. The date that adoption is
required
c. The date the employer plans
to adopt the recognition provisions of this Statement, if earlier.
The requirement to measure plan
assets and benefit obligations as of the date of the employer’s fiscal year-end
statement of financial position is effective for fiscal years ending after December
15, 2008. The management is currently evaluating the effect of this
pronouncement on financial statements.
In February 2007, FASB issued FASB
Statement No. 159, The Fair Value Option for Financial Assets and Financial
Liabilities. FAS 159 is effective for fiscal years beginning after November 15, 2007.
Early adoption is permitted subject to specific requirements outlined in
the new Statement. Therefore, calendar-year companies may be able to adopt FAS
159 for their first quarter 2007 financial statements.
The new Statement allows entities
to choose, at specified election dates, to measure eligible financial assets
and liabilities at fair value that are not otherwise required to be measured at
fair value. If a company elects the fair value option for an eligible item,
changes in that item's fair value in subsequent reporting periods must be
recognized in current earnings. FAS 159 also establishes presentation and
disclosure requirements designed to draw comparison between entities that elect
different measurement attributes for similar assets and liabilities. The management
is currently evaluating the effect of this pronouncement on financial statements.
In December 2007, the FASB issued
SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements”.
This Statement amends ARB 51 to establish accounting and reporting
standards for the noncontrolling (minority) interest in a subsidiary and for the
deconsolidation of a subsidiary. It clarifies that a noncontrolling interest
in a subsidiary is an ownership interest in the consolidated entity that
should be reported as equity in the consolidated financial statements. SFAS
No. 160 is effective for the Company’s fiscal year beginning October 1, 2009.
Management is currently evaluating the effect of this pronouncement on financial
statements.
F-8
LOYAL BEST PROPERTY DEVELOPMENT LIMITED AND
SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In March 2008, the FASB issued FASB
Statement No. 161, Disclosures about Derivative Instruments and Hedging
Activities. The new standard is intended to improve financial reporting about
derivative instruments and hedging activities by requiring enhanced
disclosures to enable investors to better understand their effects on an
entity’s financial position, financial performance, and cash flows. It is
effective for financial statements issued for fiscal years and interim periods
beginning after November 15, 2008, with early application encouraged. The new
standard also improves transparency about the location and amounts of derivative
instruments in an entity’s financial statements; how derivative instruments and
related hedged items are accounted for under Statement 133; and how derivative
instruments and related hedged items affect its financial position, financial
performance, and cash flows. Management is currently evaluating the effect of this
pronouncement on financial statements.
In December 2007, the FASB issued
SFAS No. 141(R), “Business Combinations”. This Statement replaces SFAS No.
141, Business Combinations. This Statement retains the fundamental requirements in
Statement 141 that the acquisition method of accounting (which Statement 141
called the purchase method) be used for all business combinations and for an
acquirer to be identified for each business combination. This Statement also
establishes principles and requirements for how the acquirer: a) recognizes and
measures in its financial statements the identifiable assets acquired, the
liabilities assumed, and any noncontrolling interest in the acquiree; b)
recognizes and measures the goodwill acquired in the business combination or a
gain from a bargain purchase and c) determines what information to disclose to
enable users of the financial statements to evaluate the nature and financial
effects of the business combination. SFAS No. 141(R) will apply
prospectively to business combinations for which the acquisition date is on or
after Company’s fiscal year beginning October 1, 2009. While the Company has not
yet evaluated this statement for the impact, if any, that SFAS No. 141(R) will have
on its consolidated financial statements, the Company will be required to expense
costs related to any acquisitions after September 30, 2009. The management is
currently evaluating the effect of this pronouncement on financial statements.
Shenyang Loyal Best was the
successful bidder of the auction of four parcels of land No. D40/D41/D45/D46 located
at the center area of Hunnan New Zone in the city of Shenyang (the “Project”)
dated on Jan.26, 2007. Shenyang Loyal Best signed the Confirmation Letter
of Auction with Shenyang Municipal Planning and Land Resources Bureau Hunnan New Zone
Branch after the bid. As of June 30, 2007, Shenyang Loyal Best paid $20,242,739 as
deposit of purchasing the lands.
The total purchase price of the lands
are $82,572,553 (RMB624,131,164) per the confirmation letter, including two
installment payments: 50% of the land cost should be paid within 30 days on the
date of the confirmation letter and the rest portion should be made before June
30, 2007. If the payments could not be made on time, the successful bidder may be
disqualified as the purchaser.. Shenyang Loyal Best did not fully pay the
purchase amount of the land costs and the Company is in default as of June 30, 2007
per the payment term of the confirmation letter.
The Company entered into a definitive
agreement with Silverstrand International Holdings Limited (“Silverstrand”) dated June
28, 2007, pursuant to which Silverstrand agreed to purchase all of the outstanding
shares of Loyal Best for US$4,010,000. Silverstrand is the wholly owned subsidiary
of Great China International Holding, Inc. (“Great China”), a public company in the
United States. The acquisition was consummated on August 6, 2007. Shenyang Loyal
Best paid additional amount of $19,797,769 for land cost and $1,907,903 for
taxes. In November 2007, Silverstrand disposed the Company and its subsidiary to
an unrelated party on November 2007.
In October 2007, Shenyang Loyal Best
obtained permits of construction lands for the four parcels of the land and obtained
official certificates of land use right for the lands No. D40/D41on December 2007.
|
|
|
|
4.
|
Loan from related parties
|
|
|
|
|
|
|
The loan from related parties at June 30, 2007 was compromised as follow:
F-9
LOYAL BEST PROPERTY DEVELOPMENT LIMITED AND
SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
|
June 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured, 12% annum
|
|
Loans from related parties
|
20,197,503
|
|
and due on demand
|
|
|
|
|
Non-interest bearing,
|
|
Interest payable to related parties
|
140,579
|
|
unsecured and due on
|
|
|
|
|
demand
|
|
Total
|
$ 20,338,082
|
|
|
The Company is registered in Hong
Kong and has operations in primarily the tax jurisdictions of the People’s
Republic of China (PRC) and Hong Kong. For operation in Hong Kong, the Company
has incurred net accumulated operating losses for income tax purposes The
Company believes that it is more likely than not that these net accumulated
operating losses will not be utilized in the future. Therefore, the Company
has provided full valuation allowance for the deferred tax assets arising from
the losses at these locations as of June 30, 2007. Accordingly, the Company has no net
deferred tax assets.
The following is a reconciliation of
the provision for income taxes at the U.S. federal income tax rate to the income
taxes reflected in the Statement of Operations:
|
|
|
2007
|
|
|
|
Tax expense (credit) - HK
|
17.5%
|
|
|
|
Valuable allowance
|
(17.5)%
|
|
|
|
Tax expense (credit) - PRC
|
33%
|
|
|
|
Valuable allowance
|
(33)%
|
|
|
|
Tax expense at actual rate
|
0%
|
|
Hong Kong
As of June 30, 2007, the Company in
the Hong Kong had approximately $136,846 in net operating loss carry forwards
available to offset future taxable income. The deferred tax assets for the Hong Kong
entities at June 30, 2007 consists mainly of net operating loss carry
forwards and were fully reserved as the management believes it is more likely
than not that these assets will not be realized in the future.
The following table sets forth
the significant components of the net deferred tax assets for operation in Hong
Kong as of June 30, 2007.
|
|
|
6-30-2007
|
|
|
|
Net operation loss carry forward
|
$ 136,846
|
|
|
|
Total deferred tax assets
|
23,948
|
|
|
|
Less: valuation allowance
|
(23,948)
|
|
|
|
Net deferred tax assets
|
$ --
|
|
PRC
As of June 30, 2007, the Company in
the PRC had approximately $69,097 in net operating loss carry forwards available
to offset future taxable income. Federal net operating losses can generally be
carried forward 5 years. The deferred tax assets for the PRC entities at June 30, 2007 consists mainly of net operating loss carry forwards and were fully
reserved as the management believes it is more likely than not that these assets
will not be realized in the future.
F-10
LOYAL BEST PROPERTY DEVELOPMENT LIMITED AND
SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table sets forth
the significant components of the net deferred tax assets for operation in the
PRC as of June 30, 2007.
|
|
|
6-30-2007
|
|
|
|
Net operation loss carry forward
|
$ 69,097
|
|
|
|
Total deferred tax assets
|
22,802
|
|
|
|
Less: valuation allowance
|
(22,802)
|
|
|
|
Net deferred tax assets
|
$ --
|
|
Aggregate net deferred tax assets
The following table sets forth the
significant components of the aggregate net deferred tax assets of the Company
as of June 30, 2007:
|
|
|
6-30-2007
|
|
|
|
Aggregate:
|
|
|
|
|
Total deferred tax assets
|
$ 46,750
|
|
|
|
Less: valuation allowance
|
(46,750)
|
|
|
|
Net deferred tax assets
|
$ --
|
|
|
|
|
|
6.
|
Other comprehensive income
|
|
|
|
|
|
|
Balances of related after-tax
components comprising accumulated other comprehensive income (loss), included in
stockholders’ equity, at June 30, 2007 are as follows:
|
|
|
June 30, 2007
|
|
|
|
Balance at January 01, 2007
|
--
|
|
|
|
Change in 2007
|
$ 272,595
|
|
|
|
Balance at June 30, 2007
|
272,595
|
|
The accompanying consolidated
financial statements have been prepared in conformity with generally accepted
accounting principles which contemplate continuation of the company as a going
concern. However, the Company has an accumulated deficit of $205,943 as of June 30, 2007 and the Company's operations do not generate sufficient cash to cover
its operating costs. In view of the matters described above, recoverability of
a major portion of the recorded asset amounts shown in the accompanying
consolidated balance sheet is dependent upon continued operations of the company,
which in turn is dependent upon the Company’s ability to raise additional capital,
obtain financing and succeed in its future operations, The financial statements
do not include any adjustments relating to the recoverability and
classification of recorded asset amounts or amounts and classification of
liabilities that might be necessary should the Company be unable to continue as a
going concern.
Management has taken certain
restructuring steps to provide the necessary capital to continue its operations.
These steps included: 1) Seeking out a potential buyer of the operation, and 2) Entered into discussions with Great China
International Holdings to acquire the organization.
F-11
GREAT CHINA INTERNATIONAL HOLDINGS AND
SUBSIDIARIES
CONSOLIDATED PRO-FORMA STATEMENT OF
FINANCIAL CONDITIONS
AS OF JUNE 30,
2007
|
|
GCIH
|
|
Loyal
Best
|
|
Pro
forma
adjustment
|
|
Pro Forma
Combined
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
Cash and equivalents
|
|
|
$
|
2,866,409
|
|
|
$
|
87,499
|
|
|
|
|
|
|
|
2,953,908
|
|
|
Accounts receivable, net of allowance of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$770,798 and $1,443,476 respectively
|
|
|
|
739,227
|
|
|
|
17,315
|
|
|
|
|
|
|
|
756,542
|
|
|
Advances to suppliers
|
|
|
|
4,868,122
|
|
|
|
--
|
|
|
|
|
|
|
|
4,868,122
|
|
|
Advances to employees
|
|
|
|
14,273
|
|
|
|
--
|
|
|
|
|
|
|
|
14,273
|
|
|
Deposits
|
|
|
|
3,274,629
|
|
|
|
20,242,739
|
|
|
|
|
|
|
|
23,517,368
|
|
|
Properties held for resale
|
|
|
|
9,545,386
|
|
|
|
--
|
|
|
|
|
|
|
|
9,545,386
|
|
|
Assets held for sale, net of impairment of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$199,542 at June 30, 2007
|
|
|
|
6,816,875
|
|
|
|
--
|
|
|
|
|
|
|
|
6,816,875
|
|
|
Prepaid expenses
|
|
|
|
14,658
|
|
|
|
--
|
|
|
|
|
|
|
|
14,658
|
|
|
|
|
|
|
|
|
|
|
|
Total Current Assets
|
|
|
|
28,139,579
|
|
|
|
20,347,553
|
|
|
|
|
|
|
|
48,487,132
|
|
|
|
|
Property & Equipment - net
|
|
|
|
48,135,933
|
|
|
|
--
|
|
|
|
|
|
|
|
48,135,933
|
|
|
Construction in progress
|
|
|
|
--
|
|
|
|
61,019
|
|
|
|
|
|
|
|
61,019
|
|
|
Goodwill
|
|
|
|
|
|
|
|
|
|
|
|
3,942,066 1)
|
|
|
|
3,942,066
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
$
|
76,275,512
|
|
|
$
|
20,408,572
|
|
|
|
|
|
|
|
100,626,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Stockholders' Equity
|
|
|
|
Current Liabilities
|
|
|
|
Accounts payable and accrued expenses
|
|
|
$
|
9,475,556
|
|
|
$
|
2,556
|
|
|
|
4,010,000 1)
|
|
|
|
13,488,112
|
|
|
Deposits held
|
|
|
|
705,078
|
|
|
|
--
|
|
|
|
|
|
|
|
705,078
|
|
|
Advances from buyers
|
|
|
|
2,181,506
|
|
|
|
--
|
|
|
|
|
|
|
|
2,181,506
|
|
|
Amounts due to related companies
|
|
|
|
6,118
|
|
|
|
--
|
|
|
|
|
|
|
|
6,118
|
|
|
Loan from related parties
|
|
|
|
--
|
|
|
|
20,338,082
|
|
|
|
|
|
|
|
20,338,082
|
|
|
Taxes payable
|
|
|
|
3,354,441
|
|
|
|
--
|
|
|
|
|
|
|
|
3,354,441
|
|
|
Short-term loans
|
|
|
|
48,707,349
|
|
|
|
--
|
|
|
|
|
|
|
|
48,707,349
|
|
|
Current portion of long-term debt
|
|
|
|
664,574
|
|
|
|
--
|
|
|
|
|
|
|
|
664,574
|
|
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities
|
|
|
|
65,094,622
|
|
|
|
20,340,638
|
|
|
|
|
|
|
|
89,445,260
|
|
|
|
|
|
|
|
|
Long term debt, net of current portion shown above
|
|
|
|
9,017,317
|
|
|
|
--
|
|
|
|
|
|
|
|
9,017,317
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
Common stock, $.001 par value 50,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares authorized, 11,782,036 issued and out-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
standing at June 30, 2007 and December 31, 2006
|
|
|
|
11,783
|
|
|
|
1,282
|
|
|
|
(1,282) 1)
|
|
|
|
11,783
|
|
|
Additional paid in capital
|
|
|
|
4,542,308
|
|
|
|
--
|
|
|
|
|
|
|
|
4,542,308
|
|
|
Retained deficit
|
|
|
|
(3,088,582
|
)
|
|
|
(205,943
|
)
|
|
|
205,943 1)
|
|
|
|
(3,088,582
|
)
|
|
|
|
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
698,064
|
|
|
|
272,595
|
|
|
|
(272,595) 1)
|
|
|
|
698,064
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders' Equity
|
|
|
|
2,163,573
|
|
|
|
67,934
|
|
|
|
|
|
|
|
2,163,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity
|
|
|
$
|
76,275,512
|
|
|
$
|
20,408,572
|
|
|
|
|
|
|
|
100,626,150
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
1.
|
Elimination of equity section of Loyal Best before the acquisition and to record the purchase of Loyal
Best by Great China International Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation
|
|
|
Total purchase price
|
|
4,010,000
|
|
Net assets of Loyal Best
|
|
67,934
|
|
Goodwill
|
|
3,942,066
|
PF-1
GREAT CHINA INTERNATIONAL HOLDINGS AND
SUBSIDIARIES
CONSOLIDATED PRO-FORMA STATEMENTS OF
OPERATIONS
FOR THE SIX MONTH PERIOD ENDED JUNE 30,
2007
|
|
GCIH
|
|
Loyal Best
|
|
Pro forma
adjustment
|
|
Pro Forma
Combined
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
$
|
1,624,800
|
|
|
$
|
--
|
|
|
|
|
|
|
$
|
1,624,800
|
|
|
Rental and management fee income
|
|
|
|
2,862,234
|
|
|
|
--
|
|
|
|
|
|
|
|
2,862,234
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
4,487,034
|
|
|
|
--
|
|
|
|
|
|
|
|
4,487,034
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
Cost of properties sold
|
|
|
|
1,690,952
|
|
|
|
--
|
|
|
|
|
|
|
|
1,690,952
|
|
|
Building management expenses
|
|
|
|
1,540,908
|
|
|
|
--
|
|
|
|
|
|
|
|
1,540,908
|
|
|
Operating and selling expenses
|
|
|
|
73,721
|
|
|
|
--
|
|
|
|
|
|
|
|
73,721
|
|
|
Administrative expenses
|
|
|
|
2,194,338
|
|
|
|
74,338
|
|
|
|
|
|
|
|
2,268,676
|
|
|
Depreciation and amortization
|
|
|
|
1,115,243
|
|
|
|
--
|
|
|
|
|
|
|
|
1,115,243
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
|
6,615,162
|
|
|
|
74,338
|
|
|
|
|
|
|
|
6,689,500
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
|
(2,128,128
|
)
|
|
|
(74,338
|
)
|
|
|
|
|
|
|
(2,202,466
|
)
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
6,484,101
|
|
|
|
9,279
|
|
|
|
|
|
|
|
6,484,101
|
|
|
Impairment loss
|
|
|
|
(199,542
|
)
|
|
|
--
|
|
|
|
|
|
|
|
(199,542
|
)
|
|
Interest and finance costs
|
|
|
|
(1,295,259
|
)
|
|
|
(140,884
|
)
|
|
|
|
|
|
|
(1,295,259
|
)
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense)
|
|
|
|
4,989,300
|
|
|
|
(131,605
|
)
|
|
|
|
|
|
|
4,989,300
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
|
2,861,172
|
|
|
|
(205,943
|
)
|
|
|
|
|
|
|
2,786,834
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
1,015,645
|
|
|
|
--
|
|
|
|
|
|
|
|
1,015,645
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
1,845,527
|
|
|
|
(205,943
|
)
|
|
|
|
|
|
|
1,771,189
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
|
229,720
|
|
|
|
272,595
|
|
|
|
|
|
|
|
229,720
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
|
$
|
2,075,247
|
|
|
$
|
66,652
|
|
|
|
|
|
|
$
|
2,000,909
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income (loss) per share
|
|
|
$
|
0.16
|
|
|
$
|
(21
|
)
|
|
|
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic and diluted shares outstanding
|
|
|
|
11,782,036
|
|
|
|
10,000
|
|
|
|
|
|
|
|
11,782,036
|
|
|
|
|
|
|
|
|
|
|
PF-2
HH Biotechnology (CE) (USOTC:HHBT)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
HH Biotechnology (CE) (USOTC:HHBT)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
