0001549727-13-000125.txt : 20130712 0001549727-13-000125.hdr.sgml : 20130712 20130712172332 ACCESSION NUMBER: 0001549727-13-000125 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130712 DATE AS OF CHANGE: 20130712 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Asia Travel Corp CENTRAL INDEX KEY: 0001027235 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 860779928 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21909 FILM NUMBER: 13966619 BUSINESS ADDRESS: STREET 1: UNIT 1202, LEVEL 12, ONE PEKING STREET 2: 1 PEKING ROAD, TSIM SHA TSUI CITY: KOWLOON STATE: K3 ZIP: 00000 BUSINESS PHONE: 85239809369 MAIL ADDRESS: STREET 1: UNIT 1202, LEVEL 12, ONE PEKING STREET 2: 1 PEKING ROAD, TSIM SHA TSUI CITY: KOWLOON STATE: K3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: REALGOLD INTERNATIONAL INC DATE OF NAME CHANGE: 20111221 FORMER COMPANY: FORMER CONFORMED NAME: PIRANHA VENTURES INC DATE OF NAME CHANGE: 20091217 FORMER COMPANY: FORMER CONFORMED NAME: PIRANHA INTERACTIVE PUBLISHING INC DATE OF NAME CHANGE: 19961118 10-K 1 asiatravelcorpform10kmarch31.htm FORM 10-K UNITED STATES

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-K


[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934


For the fiscal year ended March 31, 2013


[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT


For the transition period from __________ to __________

                                           

ASIA TRAVEL CORPORATION

 (Exact name of registrant as specified in its charter)

Formerly” Realgold International, Inc.”


Nevada

 

000-21909

 

86-0779928

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(IRS Employer ID No.)



Unit 1202, Level 12, One Peking,

1 Peking Road, Tsim Sha Tsui,

Kowloon, Hong Kong

 (Address of principal executive office)



Registrant's telephone number, including area code: +852 39809369


Copy of Communications To:

Bernard & Yam, LLP 

Attention: Bin Zhou, Esq. 

401 Broadway Suite 1708 

New York, NY 10013 

Tel: 212-219-7783 

Fax: 212-219-3604 

(Name, Address and Telephone Number of Person 

Authorized to Receive Notice and Communications on Behalf of Registrant) 


Securities registered under Section 12(b) of the Exchange Act:


Title of each class     Name of each exchange on which registered

None                                           Not Applicable


Securities registered under Section 12(g) of the Exchange Act:


Common Stock, par value $0.001


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act

Yes [  ] No   [ X]


Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act

Yes [  ]  No   [ X  ]




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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [   ]


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).                                                                                         

                                                                                                                                 Yes [ X ]  No  [  ]


Indicate by check mark if disclosure of delinquent filers in response to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.                                                                                                                     

                            Yes [ X ]  No  [  ]


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer [  ]

Accelerated Filer [  ]

Non-accelerated Filer [  ]

Smaller Reporting Company [ X ]

 

 

 

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes  [  ] No [ X ]


State the aggregate market value of the voting and non-voting common equity held by non-affiliates (6,278,150 shares of common stock as September 30, 2012)  computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.  The bid on September 28, 2012 , was $1.23 giving the shares held by non-affiliates a market value of $7,722,124.


As of June 30, 2013, the Registrant had 51,960,101 shares of common stock and 20,000 shares of preferred stock issued and outstanding.



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PART I


Item 1. Business


Organization and Corporate History


Asia Travel Corporation (formerly “Realgold International, Inc.”)  (the “Company” or “Asia Travel”) was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999.  On December 15, 2011, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Piranha Ventures, Inc. to Realgold International Inc.  During December 2011, the Company established a subsidiary in Hong Kong, Realgold Venture Pte Limited (Realgold Venture”).


On November 22, 2012, Realgold Venture entered into a Lease Management Agreement (“Lease Management Agreement”) with Zhuhai Tengfei Investment Co., Ltd. (“Tengfei Investment”), a limited liability company formed under the laws of the People’s Republic of China (“China” or “PRC”). Under the Lease Management Agreement, Tengfei Investment leased the managerial and operating rights of Zhuhai Tengda International Travel Agency Co., Ltd. (“Tengda Travel”), a wholly owned subsidiary of Tengfei Investment, to Realgold Venture. Based on the agreement, Realgold obtained 20 years of business operation right from Tengda Travel from Nov 11, 2012 to November 19, 2032 for a consideration of US$16,048 (RMB100,000) per year.


On November 25, 2012, Realgold Venture entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement’) with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Realgold Venture 100% of the ownership of Zhuhai Tengda Business Hotel Co., Ltd. (“Tengda Hotel”) for a total transfer price of RMB 400,000 Yuan (approximately $64,192).


On November 29, 2012, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengda Hotel to Realgold Venture. On March 26, 2013,  Guangdong Province Department of Foreign Trade and Economic Cooperation approved this ownership transfer.


Tengda Hotel and Tengda Travel are wholly owned subsidiaries of Tengfei Investment. They are considered as entities under common control. Accordingly, the financial statements for Tengda Hotel and Tengda Travel have been consolidated for all periods presented, similar to a pooling-of-interests.


Tengda Travel is a limited liability company formed under the laws of the People’s Republic of China on December 23, 2011. As of March 31, 2013, Tengda Travel had registered capital of RMB 300,000, or approximately $47,662 based on the exchange rate as of March 31, 2013. Tengda Travel’s principal activity is to provide packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers.


Tengda Hotel, formerly named Zhuhai Meihua Hotel Co., Ltd., is a limited liability company formed under the laws of the People’s Republic of China on January 16, 2006. Tengda Hotel had registered capital of RMB 500,000, or approximately $79,403 based on the exchange rate as of March 31, 2013. Tengda Hotel is a three-star hotel with 59 guest rooms, including 24 Standard Rooms, 24 Deluxe Rooms, 10 Business Rooms and 1 Luxury Suite, with many other amenities including fitness club, gym, business center, gift shop, meeting room , ballroom, game room, and a large parking lot.


Upon the completion of the said ownership transfer, Tengda Hotel became the wholly owned subsidiary of Realgold Venture.


On May 23, 2012, the Board of Directors of the Company adopted an Amendment to the Articles of Incorporation to increase authorized stock from 10,000,000 preferred shares and 99,000,000 common shares to 10,000,000 preferred shares and 990,000,000 common shares.




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Set forth below is the Company’s organizational chart:


[asiatravelcorpform10kmarc001.jpg]


Stock Split

 

On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share. The capital stock accounts, all share data and earnings per share data give effect to the stock split, applied retrospectively, to all periods presented.



Overview of the Business


We operate a travel agency through lease management and a hotel through direct ownership in China.


Travel Agency


We operate Tengda Travel through lease management. Tengda Travel is a travel agency located in Zhuhai, Guangdong Province, China. Through Tengda Travel, we provide the following travel services and products:


(1)

Packaged tours


Tengda Travel contracts with traffic service providers, accommodation providers and leisure service providers to purchase tickets, accommodation, leisure or entertainment packages in bulk and then resell them to our customers with a mark-up. 


(2)

 Reservation of hotel rooms and golf course.


Tengda Travel has contracted with a number of hotels and golf courses in China to offer the reservation services. Our customers receive confirmed bookings with those hotels and golf courses through us. 


(3)

Corporate conferences, exhibits and show events


Tengda Travel also occasionally organizes corporate conferences, exhibits and show events for our institutional customers, however, it is not one of our main lines of business.


Hotel




4




Tengda Hotel, our wholly owned subsidiary in China, operates a hotel (Tengda Business Hotel) in Zhuhai, Guangdong Province, China. Tengda Business Hotel was opened in late 2006. It is a three-star hotel with 59 guest rooms, including 24 Standard Rooms, 24 Deluxe Rooms, 10 Business Rooms and 1 Luxury Suite, with many other amenities including fitness club, gym, business center, gift shop, meeting room, ballroom, game room, and a large parking lot.


Customers


Our customers are primarily tourists and business travelers. Our tourist customers are from mainland China, Hong Kong, Macau, Taiwan, Singapore, Malaysia and other southeastern Asian countries. We also assist other travel agencies to arrange their tours. In addition, we organize annual or quarterly corporate conferences and exhibition events for enterprises and institutional customers.


Our customers are diverse.  Most of our customers are individuals and none of our customers comprise more than 1% of our revenue.  The loss of any one of our customers will not have a material adverse effect on any segment of our business or our business, as a whole.


Our Competitors


There are hundreds of travel agencies and thousands of hotels in China. We are relatively very small compared to those province level or national level travel agencies and those large hotels. Due to the size of our operations and assets, neither our travel agency nor our hotel has any significant market share in China (less than 1% of the travel service and hotel service markets in China).


Insurance


As a travel agency, Tengda Travel subscribed to various types of travel insurance including visitors accidental injury insurance, personal accident travel insurance, accommodation tourist life insurance, travel assistance insurance and travel bailout insurance.


As a hotel, Tengda Hotel subscribed to various types of insurance including visitors accidental injury insurance and property insurance.


Government Regulation


Foreign Currency Exchange


Pursuant to the Foreign Currency Administration Rules promulgated on January 29, 1996 and amended on August 1, 2008, as well as various regulations issued by State Administration of Foreign Exchange (“SAFE”) and other relevant PRC government authorities, the RMB is freely convertible into a foreign currency for current account items, including trade-related receipts and payments, interest and dividends, but not for capital account items, such as direct equity investments, loans and repatriation of investment, unless prior approval from SAFE or a local branch has been obtained. Transactions that occur within the PRC must be settled in RMB. Almost all of our revenues will be settled in RMB and, any future restrictions on currency exchanges may limit our ability to use revenue generated in RMB to fund any future business activities outside China or to make dividend or other payments in U.S. dollars.


Travel Agency Regulatory Authority


Travel agencies are directly administrated by local tourism bureaus while these bureaus are attributed to China National Tourism Administration (“CNTA”). CNTA is the tourism policies and regulations maker and statistics distributor. Regulations on Administration of Tourism Agencies are formulated by CNTA.


Local government, local tourism supervisory authorities and local consumer associations perform supervisory duties. Tengda Travel is under the supervision of Zhuhai City Urban Tourism Bureau.


There are a series of regulations on the administration of travel agencies. Those who violated these regulations would be punished with fining, warning, business suspension, cancellation of the license or criminal penalties.


Hotel Regulatory Authorities




5




The hotel industry is regulated by multiple government authorizes including the Public Security Bureau, the Civil Defense Bureau, Trade and Industry Administration.  The hotel License is only issued and approved after review of these relevant departments.


License, Permit and Approval


We have all the following licenses, permits and approvals under PRC laws:


For travel agency:


Travel agency business license

Corporate Business License

Tax registration certificate

Organization code certificate


For hotel:


Fire inspection certificate

Special Trade License

Corporate Business License

Tax registration certificate

Organization code certificate


Intellectual Property


We do not own any intellectual property rights other than our legal business names which were reserved in our business license and may not be used by other parties.


Properties


Tengda Hotel leased an 8-story-building for hotel services from Zhuhai City Xiangzhou District Meihua Street Office under a lease agreement dated November 1, 2010 for a ten-year term commencing November 1, 2010 to October 31, 2020.  The rental expenses were $102,580 for the fiscal year ended March 31, 2013 as compared to $97,357 for the fiscal year ended March 31, 2012.


Environmental Laws


Our business operations are not subject to environmental laws.


Employees


As of June 30, 2013, Tengda Hotel has 16 employees, 10 of whom had entered into official employment agreements with Tengda Hotel. Tengda Travel has 22 employees, 15 of whom had entered into official employment agreements with Tengda Travel. In addition, Tengda Travel has 18 non-employee sales agents and 14 non-employee contracted tour guides.


Sales and Marketing



6




Tengda Hotel conducts direct sales and marketing. Tengda Travel uses both the direct sale and agency sale. Tengda Travel has 18 non-employee sales agents who are compensated with the commissions of the sales they make for Tengda Travel.


Management


Tan Lung Lai, President, Treasurer, Director, CEO and CFO of Asia Travel, Malaysian, age 36. He is an Executive Director of Estancia Holding Sdn Bhd. He was appointed to the Board and as Chief Executive Office, Chief Financial Officer, Director, President, and Treasurer of Realgold in 2011. Mr. Tan has competencies in overseeing the total business management with expertise in identifying, pursuing and developing new projects and market position. With more than 10 years experience, he has successfully managed international trade business such as the exports and imports of electronic components and computer hardware such as RAM , IC chip and etc. He has also worked in hospitality industry at Genesis Jewel Hotel in Melaka, a vibrant tourist destination. He also explored the gold mining industry and acquired a land with rich mineral reservoir from Dataran Mineral Sdn Bhd in Kelantan.


Tan Po Hwa, director and secretary of Asia Travel, Malaysian, age 31, graduated from Sekolah Menengah_Seri Kota in 2000. He also received a Certificate from Malaysian Insurance Institute in 2001. From 2001 to 2011, he served as an insurance representative at American International Assurance (AIA). His responsibilities included calling policy holders to explain the terms and conditions of the policies, calculating premium, customizing the insurance programs, selling various insurance products, developing and maintaining new accounts, and collecting information when claims are made.


Tan Po Hwa is the cousin of Tan Lung Lai.


None of our executive officers and board directors has been involved in any of the following proceedings during the past ten (10) years:


1.  any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;


2.   Any conviction in a criminal proceeding or being subject to a pending criminal proceedings (excluding traffic violations and other minor offenses);


3.  being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or


4.  Being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.



Item 1A. Risk Factors


Not required fro Smaller Reporting Company



Item 3. Legal Proceedings


None.


Item 4.  Mine Safety Disclosures


None




7





PART II


Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.


Asia Travel’s Common Stock is quoted on the over the counter bulletin board under the symbol “ATSR”.  The following table represents the high and low per share bid information for our common stock for each quarterly period in fiscal 2013 and  2012. Such high and low bid information reflects inter-dealer quotes, without retail markup, markdown or commissions and may not represent actual transactions.


Year Ended 2013

 

High

 

Low

Quarter ended June 30

$ 1.42

 

0.72

Quarter ended September 30

  1.23

 

0.70

Quarter ended December

  1.23

 

0.71

Quarter ended March 31

  0.80

 

0.50


Year Ended 2012

 

High

 

Low

Quarter ended June 30

$ 0.51

 

0.04

Quarter ended September 30

 1.01  

 

   0.25

Quarter ended December

2.00

 

 0.55

Quarter ended March 31

  0.07

 

0.04











Since its inception, Asia Travel has not paid any dividends on its Common Stock, and Asia Travel does not anticipate that it will pay dividends in the foreseeable future. At June 30, 2013, Asia Travel had 116 stockholders of record.  As of June 30, 2013,  Asia Travel had 51,960,101 shares of its Common Stock issued and outstanding.


Recent Sales of Unregistered Securities


Asia Travel has sold shares of its common stock and preferred stock as follows:  


On November 21, 2012, the Company entered into a Regulation S Stock Purchase Agreement with a group of 35 non-US individual purchasers (“Purchasers”). Under the Agreement, the Company issued a total of Forty-Four Million Six Hundred Ninety Thousand (44,690,000) shares of common stock to Purchasers for a total price of $ 446,900 ($ 0.01 per share), pursuant to the exemption from registration provided by Section 4(2) of the Securities Act of 1933.


On December 16, 2011, the Company entered into a Regulation S Stock Purchase Agreement with a group of 64 non-US individual purchasers (“Purchasers”). Under the Agreement, the Company will issue a total of 6,000,000 shares of common stock to Purchasers for a total price of $ 600,000 ($ 0.10 per share). The 6,000,000 shares of common stock were issued on February 20, 2012. The issuance of the 6,000,000 shares is pursuant to the exemption provided by Regulation S. None of the Purchasers is a US person and the transactions underlying the Agreement are carried out outside the US, pursuant to the exemption from registration provided by Section 4(2) of the Securities Act of 1933. 


On December 15, 2011, the Company entered into a Series A Preferred Stock Purchase Agreement with Tan Lung Lai, our President, CEO and CFO. Under the Agreement, the Company will issue 20,000 shares of Series A Preferred Stock to Tan Lung Lai for a total price of $ 20,000. Series A Preferred Stock is a class of preferred stock that the Company created on November 2, 2011. One share of Series A Preferred Stock may be converted into 1,000 shares of Common Stock. The 20,000 shares of Series A Preferred Stock that Tan Lung Lai purchases from Company may be converted into 20,000,000 shares of common stock. The holder of each one share of Series A Preferred Stock is entitled to 1,000 votes. Therefore, the 20,000 Shares of Series A Preferred Stock that Tan Lung Lai purchases from Company grant Tan Lung Lai with 20,000,000 votes of voting rights. The 20,000 shares of Series A Preferred Stock were issued to Tan Lung Lai on February 20, 2012. The sale of the 20,000 shares of Series A Preferred Stock has not been registered with the SEC and was pursuant to the exemption from registration provided by Section 4(2) of the Securities Act of 1933.




8




On December 30, 2010, the Company offered and sold 55,556 shares of its common stock for $0.045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.


On November 9, 2010, the Company converted its outstanding related party notes payable totaling $2,500 into 55,556 shares of Common Stock.


On June 15, 2010, the Company converted its outstanding related party notes payable totaling $5,000 into 111,111 shares of Common Stock.


On June 15, 2010, the Company offered and sold 166,667 shares of its common stock for $0.045 per share to qualified purchasers through an offer and sale in compliance with exemptions from state and federal registration requirements.


All conversions and stock sales in 2010 were to accredited investors and primarily to management.  All conversions and sales related to the issuance of common stock were pursuant to Section 4(2) of the Securities Act.


In 2009, the Company sold 3,888,885 shares to seven accredited investors.  The aggregate purchase price was $17,500.  The sale was pursuant to 4(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act.  In December 2009, the Company issued 5,500,733 shares of common stock for conversion of a promissory note in the amount of $24,753 and issued 1,246,533 shares of common stock for the conversion of a promissory note in the amount of $5,610.  The 1,246,533 shares were issued to Curtis Olsen, a former director of the Company, and the 5,500,733 shares were issued to a corporation controlled by Kip Eardley, a former director and officer of the Company.  The shares were issued pursuant to 4(2) of the Securities Act.


In 2007, the Company sold 100,000 shares of its 1997 Series Preferred Stock which carries a voting preference of allowing the holder to have 50 votes for every one share of Preferred Stock held.  The shares were sold to one person under section 4(2) of the Securities Act at a purchase price of $5,000.   The shares of Preferred Stock were converted into shares of Common Stock in December 2009.


Item 6.  Selected Financial Data


This item does not apply to smaller reporting companies.




9




Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.


Management's Discussion and Analysis or Plan of Operation


Asia Travel Corporation (formerly Realgold International, Inc.)  (the “Company” or “Asia Travel”)  was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999. On May 23, 2013, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Realgold International Inc. to Asia Travel Corporation.  During December 2011, the Company established a subsidiary in Hong Kong, Realgold Venture Pte Limited (“Realgold Venture).


On November 22, 2012, Realgold Venture entered into a Lease Management Agreement (“Lease Management Agreement”) with Zhuhai Tengfei Investment Co., Ltd. (“Tengfei Investment”), a limited liability company formed under the laws of the People’s Republic of China (“China” or “PRC”). Under the Lease Management Agreement, Tengfei Investment leased the managerial and operating rights of Zhuhai Tengda International Travel Agency Co., Ltd. (“Tengda Travel”), a wholly owned subsidiary of Tengfei Investment, to Realgold Venture. The major terms of the Lease Management Agreement are:


(1) The term of the Lease Management Agreement is 20 years (November 20, 2012 to November 19, 2032).

(2)The total lease fee is RMB 2,000,000 Yuan (approximately $320,760) (RMB 100,000 Yuan per year).

(3)Realgold Venture is responsible for all the daily operations and management of Tengda Travel.

(4)Realgold Venture is entitled to all the revenues of Tengda Travel.

(5)Realgold Venture is responsible for all the expenses and costs of Tengda Travel.


On November 25, 2012, Realgold Venture entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement’) with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Realgold Venture 100% of the ownership of Zhuhai Tengda Business Hotel Co., Ltd. (“Tengda Hotel”) for a total transfer price of RMB 400,000 Yuan (approximately $64,191).


On November 29, 2012, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengda Hotel to Realgold Venture. On March 26, 2013, Guangdong Province Department of Foreign Trade and Economic Cooperation approved the transfer of ownership..


Upon the completion of the said ownership transfer, Tengda Hotel becomes the wholly owned subsidiary of Realgold Venture.


Tengda Travel is a travel agency located in Zhuhai, Guangdong Province, China. Through Tengda Travel, we provide packaged tour, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers. Tengda Hotel operates a hotel (Tengda Business Hotel) in Zhuhai, Guangdong Province, China. Tengda Business Hotel was opened in late 2006. Tengda Hotel is a three-star hotel with 59 guest rooms, including 24 Standard Rooms, 24 Deluxe Rooms, 10 Business Rooms and 1 Luxury Suite, with many other amenities including fitness club, gym, business center, gift shop, meeting room , ballroom, game room, and a large parking lot.


In the year ended March 31, 2013, revenue from our Tengda Travel and Tengda Hotel represented 81.0% and 19.0% of our revenue, respectively. We do not have any operations other than acting as a holding entity during the year ended March 31, 2012.


Asia Travel Corporation (formerly “Realgold International, Inc.”)  (the “Company” or “Asia Travel”) was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999.  On December 15, 2011, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Piranha Ventures, Inc. to Realgold International Inc.  During December 2011, the Company established a subsidiary in Hong Kong, Realgold Venture Pte Limited (Realgold Venture”).


On November 22, 2012, Realgold Venture entered into a Lease Management Agreement (“Lease Management Agreement”) with Zhuhai Tengfei Investment Co., Ltd. (“Tengfei Investment”), a limited liability company formed under the laws of the People’s Republic of China (“China” or “PRC”). Under the Lease Management Agreement, Tengfei Investment leased the managerial and operating rights of Zhuhai Tengda International Travel Agency Co., Ltd. (“Tengda Travel”), a wholly owned subsidiary of Tengfei



10




Investment, to Realgold Venture. Based on the agreement, Realgold obtained 20 years of business operation right from Tengda Travel from Nov 11, 2012 to November 19, 2032 for a consideration of US$16,048 (RMB100,000) per year.


On November 25, 2012, Realgold Venture entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement’) with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Realgold Venture 100% of the ownership of Zhuhai Tengda Business Hotel Co., Ltd. (“Tengda Hotel”) for a total transfer price of RMB 400,000 Yuan (approximately $64,192).


On November 29, 2012, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengda Hotel to Realgold Venture. On March 26, 2013,  Guangdong Province Department of Foreign Trade and Economic Cooperation approved this ownership transfer.


Tengda Hotel and Tengda Travel are wholly owned subsidiaries of Tengfei Investment. They are considered as entities under common control. Accordingly, the financial statements for Tengda Hotel and Tengda Travel have been consolidated for all periods presented, similar to a pooling-of-interests.


Tengda Travel is a limited liability company formed under the laws of the People’s Republic of China on December 23, 2011. As of March 31, 2013, Tengda Travel had registered capital of RMB 300,000, or approximately $47,662 based on the exchange rate as of March 31, 2013. Tengda Travel’s principal activity is to provide packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers.


Tengda Hotel, formerly named Zhuhai Meihua Hotel Co., Ltd., is a limited liability company formed under the laws of the People’s Republic of China on January 16, 2006. Tengda Hotel had registered capital of RMB 500,000, or approximately $79,403 based on the exchange rate as of March 31, 2013. Tengda Hotel is a three-star hotel with 59 guest rooms, including 24 Standard Rooms, 24 Deluxe Rooms, 10 Business Rooms and 1 Luxury Suite, with many other amenities including fitness club, gym, business center, gift shop, meeting room , ballroom, game room, and a large parking lot.


Upon the completion of the said ownership transfer, Tengda Hotel became the wholly owned subsidiary of Realgold Venture.


On May 23, 2012, the Board of Directors of the Company adopted an Amendment to the Articles of Incorporation to increase authorized stock from 10,000,000 preferred shares and 99,000,000 common shares to 10,000,000 preferred shares and 990,000,000 common shares.


Results of Operations and Business Outlook


Our main changes in results of operations are mainly derived from consolidation with our newly acquired subsidiaries. Net sales for the year ended March 31, 2013 and March 31, 2012 were $121,974 and zero, respectively.


Cost of goods sold was $96,831 for year ended March 31, 2013. Gross profit margin in percentage for the year ended March 31, 2013 was 20.6%. Significant portions of our operating costs are from Tengda Travel, which are  fixed costs.


Our operating expenses decreased by $1,756,724 to $264,246 for the year ended March 31, 2013. The decrease in operating expenses is mainly due to the decrease in stock based compensation of $1,980,000 in the fiscal year 2013, which was partially offset by the consolidation of the financial results with Tengda Travel and Tengda Hotel after November 2012. Our operating expenses consist of general and administrative and selling expenses.


Net loss decreased by $1,780,183 for the year ended March 31, 2013 from $2,020,970 for the year ended March 31, 2012.   The decrease in net loss is mainly due to the decrease in stock based compensation.


LIQUIDITY AND CAPITAL RESOURCES


We financed our operations and expansion from cash flow from operations and contribution from our shareholders. The table below sets forth certain items on our balance sheet reflecting the changes to our financial condition as of March 31, 2013 from our financial condition as of March 31, 2012.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of Mar.31

 

As of Mar. 31

 

 

 

 

 

2013

 

2012

 

Change

 

Cash and cash equivalents

$

6,337

$

581,000

 

(98.9%)

 

Other receivable

 

403

 

-

 

 

 

Prepaid expenses and other current assets

 

-

 

22,000

 

(100.0%)

 

Shareholders receivable

 

809,901

 

-

 

-

 

Accrued other expenses

 

5,237

 

-

 

-

 

Shareholders payable

 

14,805

 

12,442

 

19.0%

 









Cash and cash equivalents was $6,337 as of March 31, 2013, a decrease of 98.9% from $581,000 as of March 31, 2012. The decrease was primarily due to the repayment of shareholders and advanced to related parties during year ended March 31, 2013, which was partially offset by the proceeds of $446,900 from the issuance of common stock.


Current liabilities were $20,042 as of March 31, 2013, representing an increase of 61.1% as compared to $12,442 at the beginning of the year. The increase in current liabilities was mainly due to the increase in accounts payable and accrued expenses from Tengda Travel and Tengda Hotel.


Critical Accounting Policies and Estimates


Basis of presentation

The Company’s accounting policies used in the preparation of the accompanying consolidated financial statements conform to accounting principles generally accepted in the United States of America ("US GAAP") and have been consistently applied.


Principles of consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation.


Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 could differ from those estimates.


Revenue Recognition

The Company plans to recognize revenue when the following four conditions are present: (1) persuasive evidence of an agreement exists, (2) the price is fixed or determinable, (3) delivery has occurred or services are rendered, and (4) collection is reasonably assured.

Revenue derived from hotel services is recognized when the rooms are occupied and the services are performed. Travel agency services revenues are recognized when the travel-related service, golf package service or transportation is provided, or when the organization service of corporate conferences, exhibitions and show events is commenced. Deferred revenue consisting of deposits paid in advance is recognized as revenue when the services are performed for hotels and upon commencement of travel agency services.


Credit risk

The Company may be exposed to credit risk from its cash and fixed deposits at banks. No allowance has been made for estimated irrecoverable amounts determined by reference to past default experience and the current economic environment.


Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.


Item 8. Financial Statements and Supplementary Data


The Company’s financial statements are presented immediately following the signature page to this Form 10-K.


Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure


The Company has had no disagreements with its principal independent accountants with respect to accounting practices or procedures or financial disclosure.




12




Item 9A. Controls and Procedures


Evaluation of Disclosure Controls and Procedures


Our management, consisting of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were not effective such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure. A controls system cannot provide absolute assurance, however, that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.


We may have inadvertently violated Section 402 of the Sarbanes-Oxley and Section 13(k) of the Exchange Act and may be subject to sanctions for such violations.


Section 13(k) of the Exchange Act provides that it is unlawful for a company such as ours, which has a class of securities registered under Section 12(g) of the Exchange Act, to directly or indirectly, including through any subsidiary, extend or maintain credit in the form of a personal loan to or for any director or executive officer of the company. Issuers violating Section 13(k) of the Exchange Act may be subject to civil sanctions, including injunctive remedies and monetary penalties, as well as criminal sanctions. The imposition of any of such sanctions on the Company may have a material adverse effect on our business, financial position, results of operations or cash flows.


On November 25, 2012, Realgold Venture entered into an Ownership Transfer Agreement with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Realgold Venture 100% of the ownership of Zhuhai Tengda Business Hotel Co., Ltd. (“Tengda Hotel”) for a total transfer price of RMB 400,000 Yuan (approximately $64,192). The director of the Company loaned RMB 400,000 Yuan to Realgold Venture for the purpose of the purchase. This loan was offset by the receivables from this director.  The loans are unsecured and bear no interest. These loans have no fixed payment terms.

The existence of indebtedness of the Company’s Director to the Company at the time we acquired Tengda Hotel  and the continuation of such indebtedness thereafter may constitute a violation of Section 13(k) of the Exchange Act and Section 402(a) of Sarbanes-Oxley.


Management’s Annual Report on Internal Control over Financial Reporting


Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.


Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

 

Our management, the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our internal control over financial reporting as of March 31, 2013.  Based on this evaluation, our management concluded that, as of March 31, 2013, our internal control over financial reporting was not effective to ensure that information required to be disclosed by us in our periodic reports is recorded, processed, summarized and reported, within the time periods specified for each report and that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our financial statements are prepared by our financial and accounting staff under the direction of our Chief Financial Officer in accordance with generally accepted accounting principles in effect in the PRC; however we engage an outside consultant to convert our financial statements for presentation in accordance with generally accepted accounting principles in effect in the United States ("US GAAP"). We believe our internal controls over financial reporting in accordance with PRC GAAP are adequate for the proper supervision of the conduct of our business. Nevertheless, the need to convert our financial statements into US GAAP and the lack of familiarity of our accounting staff with US GAAP and US securities laws and regulations is a deficiency in our internal controls over financial reporting and disclosure controls and procedures. This deficiency will not be considered remediated until we hire financial and accounting personnel with the requisite knowledge and experience concerning US GAAP.




13




Changes in internal control over financial reporting


There have been no changes in internal control over financial reporting.


This Annual Report on Form 10-K does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report on Form 10-K.


Item 9B. Other Information


None





14




PART III


Item 10. Directors, Executive Officers, and Corporate Governance


The following table sets forth information with respect to the current officers and directors of Asia Travel. Asia Travel’s directors serve for a term of one year and thereafter until their successors have been duly elected by the stockholders and qualified.  Asia Travel’s officers serve for a term of one year and thereafter until their successors have been duly elected by the Board of Directors and qualified.     



Tan Lung Lai, President, Treasurer, Director, CEO and CFO of Realgold International, Inc, Malaysian, age 36. He is an Executive Director of Estancia Holding Sdn Bhd. He was appointed to the Board and as Chief Executive Office, Chief Financial Officer, Director, President, and Treasurer of Realgold in 2011. Mr. Tan has competencies in overseeing the total business management with expertise in identifying, pursuing and developing new projects and market position. With more than 10 years experience, he has successfully managed international trade business such as the exports and imports of electronic components and computer hardware such as RAM , IC chip and etc. He has also worked in hospitality industry at Genesis Jewel Hotel in Melaka, a vibrant tourist destination. He also explored the gold mining industry and acquired a land with rich mineral reservoir from Dataran Mineral Sdn Bhd in Kelantan.


Tan Po Hwa, director and secretary of Realgold International, Malaysian, age 31, graduated from Sekolah Menengah_Seri Kota in Year 2000. He also received a Certificate from Malaysian Insurance Institute in Year 2001. From Year 2001 to Year 2011, he served as an insurance representative at American International Assurance (AIA). His responsibilities included calling policy holders to explain the terms and conditions of the policies, calculating premium, customizing the insurance programs, selling various insurance products, developing and maintaining new accounts, and collecting information when claims are made.


Tan Po Hwa is the cousin of Tan Lung Lai, 


None of our executive officers and board directors has been involved in any of the following proceeding during the past ten (10) years:


1.  

any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;


2.  

 Any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);


3.  

being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or


4.  

Being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.




 

 

 

 

Compliance With Section 16(A) Of The Exchange Act


The Company is not aware of any late reports filed by officers, directors and ten percent shareholders.


Item 11. Executive Compensation


Since inception, we have not paid any cash or non-cash executive compensation (including stock options or awards, perquisites, or deferred compensation plans), whatsoever, to the officers or directors.


The following tables set forth certain summary information concerning all plan and non-plan compensation awarded to, earned by, or paid to the named executive officers and directors by any person for all services rendered in all capacities to the Company in the past two fiscal years:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name of Executive Officer and/or Director

Position

 

Fiscal Years

Salary

Bonus and Other     Compensation

Securities Underlying Stock Options

 

 

 

 

 

 

 

Tan Lung Lai

President/CEO/CFO/Director/Treasurer

 

2013   

$ 0

$ 0

$ 0

 

 

 

2012

$ 0

$ 1,980,000

$ 0

Tan Po Hwa

Secretary, Director

 

2013

$ 0

$ 0

$ 0

 

 

 

2012

$ 0

$ 0

$ 0


During February, 2012, stock based compensation for $1,980,000 was recorded when the Company issued 20,000 shares of preferred stock to our CEO Tan Lung Lai for proceeds of $20,000. The preferred stock has an estimated fair value of $2,000,000 on the grant date. The Company allocated proceeds of $20,000 to preferred stock and $1,980,000 was recorded as stock compensation

Outstanding Equity Awards At Fiscal Year-End


We had no outstanding equity awards at fiscal year end.


Option/Stock Appreciation Rights (SAR) Grants in Last Fiscal Year


In fiscal 2013, there were no stock option or SAR Grants.


Stock Option Exercise

In fiscal 2013, none of the named executives exercised any options to purchase shares of common stock.


Long-Term Incentive Plan (“LTIP”)


There were no awards granted during fiscal year 2013 under a long-term incentive plan.


Board of Directors Compensation


Each director may be paid his expenses, if any, of attendance at each meeting of the board of directors, and may be paid a stated salary as director or a fixed sum for attendance at each meeting of the board of directors or both.  No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefore. We did not compensate our director for service on the Board of Directors during fiscal 2013.    


No other compensation arrangements exist between Asia Travel and our officers and directors.


Employment Contracts and Termination of Employment and Change-in-Control Arrangements


Asia Travel does not have any employment contracts with our executive officer.  No other compensatory plan or arrangements exist between Asia Travel and our executive officer that results or will result from the resignation, retirement or any other termination of such executive officer’s employment with Asia Travel or from a change-in-control of Asia Travel.


Code of Ethics


We have adopted a Code of Ethics that applies to all of our directors and executive officers serving in any capacity for our Company, including our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.


Board of Directors Interlocks and Insider Participation in Compensation Decisions


No such interlocks existed and no such decisions were made during fiscal year 2013.


Option Plans


Asia Travel has no option plans and no outstanding options.



16





Termination of Employment and Change of Control Arrangement


There are no compensatory plans or arrangements, including payments to be received from the Company, with respect to any person named in Cash Compensation set out above which would in any way result in payments to any such person because of his resignation, retirement, or other termination of such person's employment with the Company or its subsidiaries, or any change in control of the Company, or a change in the person's responsibilities following a change in control of the Company.


Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters


Security Ownership of Certain Beneficial Owners:


The following table sets forth certain information as of June 30, 2013, with respect to the beneficial ownership of Asia Travel’s Common Stock by each director of Asia Travel and each person known by Asia Travel to be the beneficial owner of more than 5% of Asia Travel’s outstanding shares of Common Stock.  At June 30, 2013, there were 51,960,101 shares of common stock outstanding.  For purposes of this table, information as to the beneficial ownership of shares of common stock is determined in accordance with the rules of the Securities and Exchange Commission and includes general voting power and/or investment power with respect to securities. Except as otherwise indicated, all shares of our common stock are beneficially owned, and sole investment and voting power is held, by the person named. For purposes of this table, a person or group of persons is deemed to have “beneficial ownership” of any shares of common stock, which such person has the right to acquire within 60 days after the date hereof. The inclusion herein of such shares listed beneficially owned does not constitute an admission of beneficial ownership.



17





 

 

 

 


Title of Class


Name of Beneficial Owner

Number of Shares Owned


Percent of Class

 

 

 

(1)

 

Principal Stockholders

(5% or more)

 

 

 

 

 

 

Common

Guohua Li


Room 902 No.1 Unit No.1 Bldg Meilinyazhu, Zhuhai City, Guangdong Province, China

5,000,000

9.62%

 

 

 

 

Common

Lim Geok Kim


100-D Jalan Panjang

Melaka, Malaysia 75000

5,000,000

9.62%

 

 

 

 

Common

Lee Kim Chaw


No 627 Taman Bahagia Bukit Baru

Melaka, Malaysia 75150

3,790,000

7.29%

 

 

 

 

Common

All of Principal Stockholders

(5% or more)

13,790,000

26.54%

 

 

 

 

 

Director(s) and Officers:

 

 

 

 

 

 

Common

Tan Lung Lai (2) 


69-2, Jalan Taman Melaka Raya 25,
Taman Melaka Raya, 75000 Melaka, Malaysia.                              

991,951

1.91%

 

 

 

 

Common

Tan Po Hwa (3)


69-2, Jalan Taman Melaka Raya 25,
Taman Melaka Raya, 75000 Melaka, Malaysia. 

0

0.00%

 

 

 

 

Common

All Officers and Director as a Group

991,951

1.91%


(1)Calculated based on the 51,960,101 shares of common stock outstanding as of July 10, 2013.


(2) As of June 30, 2013, our CEO, CFO , Director and President Tan Lung Lai holds 991,951 shares of common stock and 20,000 shares of Series A Preferred Stock, which entitle him to a total of 20,991,951 votes, which represent approximately 40.4% of the total votes represented by all our issued and outstanding common stock and preferred stock.


(3) Tan Po Hwa is Tan Lung Lai’s cousin.

ITEM 13. Certain Relationships and Related Transactions and Director Independence.


None



18





Policy for Approval of Related Party Transactions

 

We do not currently have a formal related party approval policy for review and approval of transactions required to be disclosed pursuant to Item 404(a) of Regulation S-K.  


 Item 14. Principal Accountant Fees and Services


(1) Audit Fees - The aggregate fees billed in each of the last two fiscal years for professional services rendered by the Company’s principal accountant for the audit of the annual financial statements and review of financial statements included in the Form 10-Q or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are:   $26,000 during  2013 and $14,000 during 2012.


(2) Audit-Related Fees - The aggregate fees billed in each of the last two fiscal years for assurance and related services by the Company’s principal accountant that are reasonably related to the performance of the audit or review of the financial statements and are not reported in (1) Audit Fees:   $0 for 2013 and  $0 for 2012.


(3) Tax Fees - The aggregate fees billed in each of the last two fiscal years for professional services rendered by the Company’s principal accountant for tax compliance, tax advice, and tax planning:     $0 for 2013and $0 for 2012.


(4) All Other Fees - The aggregate fees billed in each of the last two fiscal years for products and services provided by the Company’s principal accountant, other than the services reported in (1) Audit Fees; (2) Audit-Related Fees; and (3) Tax Fees:     $0 for 2013 and $0 for 2012.


(5) We do not have a standing audit committee, an audit committee financial expert, or any committee or person performing a similar function. We currently have limited working capital and no revenues. Management does not believe that it would be in our best interests at this time to retain independent directors to sit on an audit committee. If we are able to raise sufficient financing in the future, then we will likely seek out and retain independent directors and form an audit, compensation committee and other applicable committees.


(6) Not Applicable


ITEM 15. Exhibits, Financial Statements, Schedules



Financial Statements – the following financial statements are included in this report:


The following financial statements, notes thereto, and the related independent registered public accounting firm’s report contained on page F-2 to our financial statements are herein incorporated:

March 31, 2013 and March 31, 2012


Report of Independent Registered Public Accounting Firm         

Balance Sheets – As of March 31, 2013 and March 31, 2012

Statements of Operations – For the Years ended March 31, 2013 and March 31, 2012

Statement of Changes in Stockholders' Equity (Deficit) – For the Years ended March 31, 2013 and March 31, 2012

Statements of Cash Flows – For the Years ended March 31, 2013 and March 31, 2012

Notes to Financial Statements – For the Years ended March 31, 2013 and March 31, 2012


Financial Statement Schedules – There are no financial statement schedules included as part of this report


Exhibits – The following exhibits are included as part of this report:


Exhibits


a) Index of Exhibits:


Exhibit Table #  Title of Document  Location




19




3 (i)  Articles of Incorporation  Incorporated by reference*


3 (ii)  Bylaws  Incorporated by reference*


4  Specimen Stock Certificate Incorporated by reference*


31  Rule 13a-14(a)/15d-14a(a) Certification – CEO & CFO This filing


32  Section 1350 Certification – CEO & CFO This filing






* Incorporated by reference from the Company's registration statement on Form 10-SB filed with the Commission, SEC File No. 000-21909.


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Asia Travel Corporation

(Registrant)


Dated: July 12, 2013


By:  /s/ Tan Lung Lai         

     Tan Lung Lai


Chief Executive Officer

Chief Financial Officer








20




Asia Travel Corporation

 (formerly Realgold International , Inc.)

Index to Financial Statements


 


Report of Independent Registered Public Accounting Firm                                                                   

                F-2

Consolidated Balance Sheets – As of March 31, 2013 and March 31, 2012

F-3

Consolidated Statements of Operations – For the Years ended March 31, 2013 and 2012

F-4

Consolidated  Statement of Changes in Stockholders' Equity (Deficit) – For the Years ended

March 31, 2013 and 2012

F-5

Consolidated Statements of Cash Flows – For the Years ended March 31, 2013 and 2012

F-6

Notes to Consolidated Financial Statements – For the Years ended March 31, 2013 and 2012

F-7








21




[asiatravelcorpform10kmarc002.jpg]


F-2

 

22






ASIA TRAVEL CORPORATION

(FORMERLY KNOWN AS REALGOLD INTERNATIONAL, INC.)

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

March 31,

 

March 31,

 

 

 

2013

 

2012

          ASSETS

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

     Cash in bank

 

 

 $           6,337

 

 $       581,000

     Other receivables

 

 

                403

 

                  -   

     Prepaid expenses

 

 

 -

 

            22,000

 

 

 

 

 

 

          Total Current Assets

 

 

          6,740

 

          603,000

 

 

 

 

 

 

Related party receivables

 

 

          809,901

 

                    -

 

 

 

 

 

 

TOTAL ASSETS

 

 

 $       816,641

 

 $       603,000

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

     Accrued liabilities

 

 

 $           5,237

 

 $                -   

    Related Party Payable

 

 

         14,805

 

            12,442

 

 

 

 

 

 

          Total Current Liabilities

 

 

            20,042

 

            12,442

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

     Preferred stock; $.001 par value, 10,000,000 shares

 

 

 

 

 

      authorized; 20,000 shares issued and outstanding, respectively

 

                  20

 

                  20

 

 

 

 

 

 

     Common stock;

 

 

 

 

 

       $.001 par value, 990,000,000 shares authorized;

 

 

 

 

 

       51,960,101 and 7,270,101 shares issued and outstanding, respectively

 

            51,960

 

             7,270

     Capital in excess of par value

 

 

       8,992,918

 

       8,590,708

     Retained deficit

 

 

      (8,248,227)

 

      (8,007,440)

     Accumulated other comprehensive loss

 

 

                 (72)

 

                    -

 

 

 

 

 

 

          Total Stockholders' Equity (Deficit)

 

 

          796,599

 

          590,558

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 $       816,641

 

 $       603,000

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

F-3

23





ASIA TRAVEL CORPORATION

(FORMERLY KNOWN AS REALGOLD INTERNATIONAL, INC.)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 

 

 

 

 

 

 

 

 

 

 

 

 

Fort the year ended

 

 

 

 

 

 

 

March 31,

 

March 31,

 

 

 

 

 

 

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 $             121,974

 

                        -   

 

 

 

 

Cost of sales

 

 

                  96,831

 

                        -   

 

 

 

 

Gross Margin

 

 

                  25,143

 

                        -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

     General and administrative

 

 

                264,246

 

             2,020,970

 

 

 

 

        Total expenses

 

 

                264,246

 

             2,020,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING LOSS

 

 

               (239,103)

 

            (2,020,970)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME AND EXPENSE

 

 

 

 

 

 

 

 

 

     Interest  income

 

 

                      302

 

                        -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

 

 

               (238,801)

 

            (2,020,970)

 

 

 

 

     Provision for income taxes

 

 

                  (1,986)

 

                        -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

 

 $            (240,787)

 

 $         (2,020,970)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE LOSS

 

 

 

 

 

 

 

 

 

Foreign currency translation loss

 

 

(72)

 

 $                       -

 

 

 

 

COMPREHENSIVE LOSS

 

 

 $            (240,859)

 

 $         (2,020,970)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS PER SHARE - basic and diluted

 

 

 $                 (0.01)

 

 $                 (0.28)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES- basic and diluted

 

 

           43,230,815

 

 $         7,270,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

F-4

24




ASIA TRAVEL CORPORATION

(FORMERLY KNOWN AS REALGOLD INTERNATIONAL, INC.)

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Other

 

Preferred Stock

 

Common Stock

 

Capital in excess

 

Retained

Comprehensive

 

 Shares

 

Amount

 

 Shares

Amount

 

of Par Value

 

 Deficit

 

Income (Loss)

Total

Balance at March 31, 2011

                 -   

 

$

 

      17,500,036

 

$

17,500

 

$

5,963,863

 

$

   (5,986,470)

 

$

 

$

          (5,107)

Capital contribution

      20,000

 

 

20

 

 

 

 

 

 

 

2,626,845

 

 

 

 

 

 

 

 

    2,626,865

Stock split

 

 

 

 

 

(10,229,935)

 

 

(10,230)

 

 

 

 

 

 

 

 

 

 

 

       (10,230)

Net loss

 

 

 

 

 

 

 

 

 

 

 

   (2,020,970)

 

 

 

 

  (2,020,970)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2012

      20,000

 

 $

       20

 

        7,270,101

 

  $

        7,270

 

  $

   8,590,708

 

  $

   (8,007,440)

 

  $

          -   

 

  $

    590,558

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 



(240,787) 

 

 

 -

 

 

       (240,787)

 

 

 

 

 

 

 

Sale of Common Stock

 

 

 

        -   

 

      44,690,000

 

 

     44,690

 

 

      402,210

 

 

      

 

 

 

 

 

         446,900

Foreign currency translation adjustment

 

 

 

                      -

 

 

 

 

                    


  -

 

 

                     


 -

 

 

                  



    -

 

 

       



(72)

 

 

       (72)

Balance at March 31, 2013

      



20,000

 

 



$

       



20

 

      



51,960,101

 

  

$

     



51,960

 

  $

   



8,992,918

 

  $

   



(8,248,227)

 

  $

       



(72)

 

  $

  796,599

 



The accompanying notes are an integral part of these financial statements.


F-5

25







ASIA TRAVEL CORPORATION

(FORMERLY KNOWN AS REALGOLD INTERNATIONAL, INC.)

STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

For the year ended

 

March 31,

 

March 31,

 

2013

 

2012

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

     Net (loss)

 $                (240,787)

 

$                   (2,020,970)

     Adjustments to reconcile net (loss) to net cash used

 

 

 

     by operating activities

 

 

 

     Goodwill impairment

                       59,355

 

                                      -

     Stock based compensation

                                 -

 

                        1,980,000

     Changes in assets and liabilities

 

 

 

          Increase in accounts receivables

                         2,133

 

                                      -

          Increase (decrease)  in prepaid expenses

                       20,941

 

                          (22,000)

          Increase in accrued expenses and other payables

                         3,815

 

                            (2,360)

          Decrease in accrued liabilities

                     (21,321)

 

-

 

 

 

 

          Net cash (used) by operating activities

                   (175,864)

 

                          (65,330)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

     Business acquisition, net of cash acquired

                     (38,150)

 

 -

     Advance to related parties

                   (809,901)

 

                                      -

 

 

 

 

          Net cash (used) by investing activities

                   (848,051)

 

-

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

     Loan from related party

                       14,730

 

                              9,197

     Proceeds from preferred stock sale

                                 -

 

                            20,000

     Proceeds from common stock sale

                                 -

 

                          600,000

     Repayment of related party loan

                     (12,442)

 

                                      -

     Sale of common stock

                     446,900

 

                            16,635

 

 

 

 

          Net cash provided by financing activities

                     449,188

 

                          645,832

 

 

 

 

NET INCREASE (DECREASE) IN CASH

                   (574,727)

 

                          580,502

 

 

 

 

CASH - BEGINNING OF PERIOD

                     581,000

 

                                 498

 

 

 

 

Effect of Changes in Exchange Rate

                              64

 

                                      -

CASH - END OF PERIOD

 $                      6,337

 

 $                        581,000

 

 

 

 

SUPPLEMENTAL INFORMATION

 

 

 

     Interest paid during the period

 $                              -

 

$                                    -

 

 

 

 

     Income taxes paid during the period

 $                              -

 

$                                    -

 

 

 

 

The accompanying notes are an integral part of these financial statements.




F-6


 

26




Asia Travel Corporation

(Formerly Known as Realgold International, Inc.)

Notes to Consolidated Financial Statements

March 31, 2013 and March 31, 2012


Note 1: Basis of Presentation and Summary of Significant Accounting Policies


The consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission.


Organization – Asia Travel Corporation (formerly Realgold International, Inc.)  (the “Company” or “Asia Travel”) was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999.  On May 23, 2013, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Realgold International Inc. to Asia Travel Corporation During December 2011, the Company established a subsidiary in Hong Kong, Realgold Venture Pte Limited (Realgold Venture”).


On November 22, 2012, Realgold Venture entered into a Lease Management Agreement (“Lease Management Agreement”) with Zhuhai Tengfei Investment Co., Ltd. (“Tengfei Investment”), a limited liability company formed under the laws of the People’s Republic of China (“China” or “PRC”). Under the Lease Management Agreement, Tengfei Investment leased the managerial and operating rights of Zhuhai Tengda International Travel Agency Co., Ltd. (“Tengda Travel”), a wholly owned subsidiary of Tengfei Investment, to Realgold Venture. Based on the agreement, Realgold obtained 20 years of business operation right from Tengda Travel from Nov 11, 2012 to November 19, 2032 for a consideration of US$16,048 (RMB100,000) per year.


On November 25, 2012, Realgold Venture entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement’) with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Realgold Venture 100% of the ownership of Zhuhai Tengda Business Hotel Co., Ltd. (“Tengda Hotel”) for a total transfer price of RMB 400,000 Yuan (approximately $64,192).


On November 29, 2012, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengda Hotel to Realgold Venture. On March 26, 2013, Guangdong Province Department of Foreign Trade and Economic Cooperation approved the transfer of ownership..


Tengda Hotel and Tengda Travel are wholly owned subsidiaries of Tengfei Investment. They are considered as entities under common control. Accordingly, the financial statements for Tengda Hotel and Tengda Travel have been combined for all periods presented, similar to a pooling-of-interests.


Tengda Travel is a limited liability company formed under the laws of the People’s Republic of China on December 23, 2011. As of March 31, 2013, Tengda Travel had registered capital of RMB 300,000, or approximately $48,328 based on the exchange rate as of March 31, 2013. Tengda Travel’s principal activity is to provide packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers.


Tengda Hotel, formerly named Zhuhai Meihua Hotel Co., Ltd., is a limited liability company formed under the laws of the People’s Republic of China on January 16, 2006. Tengda Hotel had registered capital of RMB 500,000, or approximately $80,546 based on the exchange rate as of March 31, 2013. Tengda Hotel is a three-star hotel with 59 guest rooms, including 24 Standard Rooms, 24 Deluxe Rooms, 10 Business Rooms and 1 Luxury Suite, with many other amenities including fitness club, gym, business center, gift shop, meeting room , ballroom, game room, and a large parking lot.


Upon the completion of the said ownership transfer, Tengda Hotel becomes the wholly owned subsidiary of Realgold Venture.


On May 23, 2012, the Board of Directors of the Company adopted an Amendment to the Articles of Incorporation to increase authorized stock from 10,000,000 preferred shares and 99,000,000 common shares to 10,000,000 preferred shares and 990,000,000 common shares.


Our current organizational structure is set forth in the diagram below:


F-7

27




[asiatravelcorpform10kmarc003.jpg]



Stock Split

On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share. The capital stock accounts, all share data and earnings per share data give effect to the stock split, applied retrospectively, to all periods presented.


Going Concern – The Company’s financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company requires additional capital to continue its limited operations. Furthermore, the Company’s officers and directors serve in their capacities without compensation. The Company assumes that these arrangements and the availability of future capital sources will continue into the future, but no assurance thereof can be given. A change in these circumstances would have a material adverse effect on the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.


Income Taxes

The Company utilizes the liability method of accounting for income taxes as set forth in FASC 740-20, “Accounting for Income Taxes.” Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.  An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.

The Company does not accrue United States income tax on unremitted earnings from foreign operations, as it is the Company’s intention to invest these earnings in the foreign operations indefinitely. The Company also believes that the total amount of unrecognized tax benefits as of March 31, 2013, if recognized, would not have a material effect on its effective tax rate. The Company further believes that there are no tax positions for which it is reasonably possible, based on current Chinese tax law and policy, that the unrecognized tax benefits will significantly increase or decrease over the next 12 months producing, individually or in the aggregate, a material effect on the Company’s results of operations, financial condition or cash flows.


Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year


On November 29, 2012, Asia Travel changed its fiscal year end from December 31 to March 31. Certain reclassifications have been made to the previous year’s financial statements to conform to current year presentation, with no effect on previously reported net income.


Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 could differ from those estimates.




28




Cash and Cash Equivalents

For purposes of reporting cash flows, the Company considers all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.  Management believes that Company’s cash and cash equivalents held by major banks located in the PRC are of high credit quality as of March 31, 2013.


Revenue Recognition

The Company plans to recognize revenue when the following four conditions are present: (1) persuasive evidence of an agreement exists, (2) the price is fixed or determinable, (3) delivery has occurred or services are rendered, and (4) collection is reasonably assured.


Revenue derived from hotel services is recognized when the rooms are occupied and the services are performed. Travel agency services revenues are recognized when the travel-related service, golf package service or transportation is provided, or when the organization service of corporate conferences, exhibitions and show events is commenced. Deferred revenue consisting of deposits paid in advance is recognized as revenue when the services are performed for hotels and upon commencement of travel agency services.


Credit risk


The Company may be exposed to credit risk from its cash and fixed deposits at banks. No allowance has been made for estimated irrecoverable amounts determined by reference to past default experience and the current economic environment.


Property, plant and equipment


Fixed assets, comprising office equipment are stated at cost less accumulated depreciation. Depreciation for office equipment, except computers, is computed using the straight-line method over the estimated useful lives of 5 years. Depreciation for computers is computed using the straight-line method over the estimated useful lives of 3 years.


Comprehensive income


Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. For the Company, comprehensive income for the periods presented includes net income and foreign currency translation adjustments.


Foreign currency translation


Assets and liabilities of the Company with a functional currency other than US$ are translated into US$ using year end exchange rates. Income and expense items are translated at the average exchange rates in effect during the year. Foreign currency translation differences are included as a component of Accumulated Other Comprehensive Income in Stockholders’ Equity.


The exchange rates used to translate amounts in RMB into USD for the purposes of preparing the combined financial statements were as follows:

 

 

 

 

 

 

 

 

 

 

 

2013

 

Year end RMB : USD exchange rate

 

 

6.2076

 

Year-average RMB : USD exchange rate

 

 

6.2390

 







The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into USD at the rates used in translation.


Post-retirement and post-employment benefits


The Company contributes to a state pension plan in respect of its PRC employees. Other than the above, the Company does not provide any other post-retirement or post-employment benefits.


Income (Loss) Per Common Share

Basic and diluted net loss per common share is computed using the net loss applicable to common shareholders and the weighted average number of shares of common stock outstanding. Diluted net loss per common share does not differ from basic net loss per common share since potential shares of common stock from conversion of preferred stocks are anti-dilutive for all periods presented.



29




The fully diluted shares would be 63,230,815 for the year ended March 31, 2013. The Company has no other potentially dilutive securities for the year ended March 31, 2013.


Recently Issued Accounting Pronouncements

The Company has reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.


Note 2: Income Taxes


The Company was incorporated in the United States and has operations in three tax jurisdictions - the United States, the Hong Kong Special Administrative Region (“HK SAR”), and mainland China.

 

USA

The Company and its subsidiaries are subject to income taxes on an entity basis on income arising in, or derived from, the tax jurisdiction in which they operate. As the Company had no income generated in the United States, there was no tax expense or tax liability.

 

Hong Kong

Realgold Venture Pte Limited was incorporated in Hong Kong and is subject to Hong Kong income taxes. As Realgold Venture Pte Limited had no income generated in Hong Kong, there was no tax expense or tax liability.

 

China

Tengda Hotel and Tengda Travel, which were incorporated in the PRC, are governed by the income tax law of the PRC and are subject to PRC enterprise income tax (“EIT”).


 Income tax expenses (benefit) consist of the following:

 

 

For the year ended

 

 

For the year ended

 

 

 

March 31, 2013

 

 

March 31, 2012

 

Current

 

$

1986

 

 

$

-

 

Deferred

 

 

-

 

 

 

-

 

Total

 

$

1,986

 

 

$

-

 

 

The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of FASB ASC 740. The Company has recorded no deferred tax assets or liabilities as of March 31, 2013, and 2012.The amount of and ultimate realization of the benefits from the operating loss carry forwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company and other future events, the effects of which cannot be determined at this time. Because of the uncertainty surrounding the realization of the loss carry forwards, the Company has established a valuation allowance equal to the tax effect of the loss carry forwards and, therefore, no deferred tax asset has been recognized for the loss carry forwards.


The Company has no tax positions at March 31, 2013 and March 31, 2012 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.  The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  During the year ended March 31, 2013 and March 31, 2012, the Company recognized no interest and penalties.  The Company had no accruals for interest and penalties at March 31, 2013 and March 31, 2012. Income tax periods 2010, 2011, and 2012 are open for examination by taxing authorities.


Note 3: Capital Stock


Preferred Stock –


The Company has 10,000,000 shares of authorized preferred stock at $0.01 par value. As of March 31, 2013 and March 31, 2012, the Company has 20,000 and 20,000 shares of preferred stock issued and outstanding, respectively.  


On February 2012 our CEO purchased series A Preferred Stock for a total price of $20,000. One share of Series A Preferred Stock may be converted into 1,000 shares of Common Stock. The 20,000 shares of Series A Preferred Stock that our CEO, Tan Lung Lai, acquired from the Company may be converted into 20,000,000 shares of common stock. The holder of each one share of Series A Preferred Stock is entitled to 1,000 votes. There is no dividend rate for this class of Preferred Stock.




30




Accounting for the Series A Preferred Stock


The Series A Preferred Stock has been classified as permanent equity as there was no redemption provision at the option of the holders. The Company evaluated the embedded conversion feature in its Series A Preferred Stock to determine if there was an embedded derivative requiring bifurcation. The Company concluded that the embedded conversion feature of the Series A Preferred Stock is not required to be bifurcated because the conversion feature is clearly and closely related to the host instrument. The Company believes the economic risks and characteristics of the Series A Preferred Stock itself and the common stock the embedded conversion feature allows the Investor to convert into have similar economic risks and characteristics.


Stock-Based Compensation


The Company accounts for stock-based compensation under FASB ASC subtopic 718-10, Compensation – Stock Compensation: Overall. Under FASB Subtopic 718-10, the Company measures the cost of the employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service periods.


During February, 2012, stock based compensation for $1,980,000 was recorded when the Company issued 20,000 shares of preferred stock to our CEO for proceeds of $20,000. The preferred stock has an estimated fair value of $2,000,000 on the grant date. The Company allocated proceeds of $20,000 to preferred stock and $1,980,000 was recorded as stock compensation.


Common Stock 


On April 21, 2011, the Company cancelled 500,000 shares that were issued in 2009 and 2010 to certain shareholders that in turn sold their shares to the current president of the Company with his intention to cancel the shares to reduce insider holdings. Accordingly, a credit to common stock at $500 and debit to paid-in capital was recorded.


On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share. Recognizing the difficulty of odd lot shareholders to sell their shares of common stock, the reverse split did not reduce any shareholder below 100 shares so that any shareholder of record on the record date who would otherwise have had less than 100 shares as a result of the reverse split was not reduced below 100 shares.


In February 2012, the Company issued 6,000,000 shares of common stock to a group of 64 non-US individuals for a total price of $ 600,000 ($ 0.10 per share).


On November 21, 2012, the Company entered into a Regulation S Stock Purchase Agreement with a group of 35 non-US individual purchasers (“Purchasers”). Under the Agreement, the Company issued a total of Forty-Four Million Six Hundred Ninety Thousand (44,690,000) shares of common stock to Purchasers for a total price of $ 446,900 ($ 0.01 per share).


Note 4:  Acquisition and Pro Forma Statement


On November 22, 2012, Asia Travel’s wholly owned subsidiary Realgold Venture entered into a Lease Management Agreement (“Lease Management Agreement”) with Tengfei Investment. Under the Lease Management Agreement, Tengfei Investment leased the managerial and operating rights of Tengda Travel, a wholly owned subsidiary of Tengfei Investment, to Realgold Venture.


On November 25, 2012, Realgold Venture entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement’) with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Realgold Venture 100% of the ownership of Tengda Hotel for a total transfer price of RMB 400,000 Yuan (approximately $64,000). The total purchase price was allocated as follows:


Total purchase price:


Cash

$

64,000

 

 

 

Allocated as follows:

 

 

    Cash & cash equivalents

 $

25,850

      Accounts receivable

 

2,129

      Other receivable

 

400

       Prepayment

 

1,472

       Accounts payable and accrued expenses

 

(25,207)

Goodwill

 $

59,355

 

$

64,000

 Less cash acquired

 $

(25,850)

Cash, net of cash acquired

$

38,150


 The excess fair value of net assets acquired over the purchase price was recorded as goodwill impairment.


On November 29, 2012, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengda Hotel to Realgold Venture. On March 26, 2013, Guangdong Province Department of Foreign Trade and Economic Cooperation approved the transfer of ownership.


Upon the completion of the said ownership transfer, Tengda Hotel becomes the wholly owned subsidiary of Realgold Venture.

 

31




Pro Forma Financial Information


The unaudited pro forma financial information presented below summarizes the consolidated operating results of the Company and Tengda Hotel and Tengda Travel for the year ended March 31, 2013, as if the acquisition had occurred on April 1, 2012.


The pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition taken place on April 1, 2012. The unaudited pro forma consolidated statements of operations combine the historical results of the Company and the historical results of the acquired entity for the periods described above.


 

 

 

 

 

 

 

 

Asia Travel International

 

 

 

 

 

 

Unaudited Pro Forma Statement of Operations and Comprehensive Income

 

 

 

 

For the Year Ended March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical

 

 

 

 

 

 

 

Combined

 

 

 

 

 

 

 

Tengda Hotel and

 

 

 

 

 

Combined

 

Tengda Travel

 

Asia Travel

 

Adjustments

 

Pro Forma

 

 

 

 

 

 

 

 

Revenue

 $                  145,190

 

121,974

 

 

 

 $           289,758

Net loss

 $                  (21,836)

 

 $           (240,787)

 

               (12,000)

 

 $         (272,637)

 

 

 

 

 

 

 

 

Loss per share - basic and diluted

 

 

 $                 (0.01)

 

 

 

 $               (0.02)

 

   

 

 

 

 

 

 

Weighted average number of common shares

 

           13,770,465

 

 

 

         13,770,465

 

 

 

 

 

 

 

 


Note: The currency exchange rate is based on the average exchange rate of the related period.


 

 

(1)

The historical operating results of the Company were based on the Company’s financial statements for the year ended March 31, 2013.


 

 

(2)

The historical information of Tengda Hotel and Tengda Travel were derived from the books and the records of Tengda Hotel and Tengda Travel for the six months ended September 30, 2012.


 

 

(3)

Pro forma adjustment was based on the assumption that there are lease expense USD4,000 per quarter.


 Note 5: Shareholders Receivables


Section 13(k) of the Exchange Act provides that it is unlawful for a company such as ours, which has a class of securities registered under Section 12(g) of the Exchange Act, to directly or indirectly, including through any subsidiary, extend or maintain credit in the form of a personal loan to or for any director or executive officer of the company. Issuers violating Section 13(k) of the Exchange Act may be subject to civil sanctions, including injunctive remedies and monetary penalties, as well as criminal sanctions. The imposition of any of such sanctions on the Company may have a material adverse effect on our business, financial position, results of operations or cash flows.




32




As of March 31, 2013,  the indebtedness of the Company to its shareholders and related entities with common owners and directors was $795,096 as follows:  During the periods presented, the Company has receivables due from its shareholders. The loans are unsecured and bear no interest. These loans have no fixed payment terms.





Name of Related Party from Whom Loans were Received

 

March 31, 2013

 

Relation

Mr. Tan Lun Lai

 

$

31,058

 

 Director of the Company

Tengfei Investment

 

$

778,843

 

 Former owner of Tengda Hotel Company

 

 

$

809,901

 

 

Mr. Guohua Li

 

$

(14,805)

 

Former owner of Tengfei Investment

Total

 

$

795,096

 

 

 

 

 

 

 

 


The loans are unsecured and bear no interest. These loans have no fixed payment terms.


Note 6: Operating Risk


Foreign currency risk


Most of the transactions of the Company were settled in Renminbi. In the opinion of the management, the Company does not have significant foreign currency risk exposure.


Company’s operations are substantially in foreign countries


Substantially all of the Company’s operations are processed in China. The Company’s operations are subject to various political, economic, and other risks and uncertainties inherent in China. Among other risks, the Company’s operations are subject to the risks of restrictions on transfer of funds; export duties, quotas, and embargoes; domestic and international customs and tariffs; changing taxation policies; foreign exchange restrictions; and political conditions and governmental regulations.



Note 7. Operating Lease


Tengda Hotel leased an 8-story-building for hotel services from Zhuhai City Xiangzhou District Meihua Street Office under a lease agreement dated November 1, 2010 for a ten-year term commencing November 1, 2010 to October 31, 2020. Future minimum payments under this operating lease as of  March 31, 2013 as follows:


 

 

 

 

 

 

 

 

Operating

For the Twelve Months Ending March 31,

 

Leases

2013

$

102,708

2014

 

104,848

2015

 

109,127

2016

 

109,127

2017

 

111,267

Thereafter

 

327,379

Total future minimum lease payments

$

864,456


Total rental expense on the operating lease was $34,236 from beginning of lease on December 1, 2012 to March 31, 2013.


 



33




Note 8. Segments Reporting


The Company operates in two segments: travel agency (which provides packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers and travel agency.) and hotel services.

There were no inter-segment sales for the year ended March 31, 2013 and 2012.



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment

 

 

 

Depreciation

 

 

 

 

Year  Ended

 

Net

 

Loss

 

Total

 

and

 

Capital

 

 

Mar. 31

 

Sales

 

pre-tax

 

Assets

 

Amortization

 

Expenditure

Hotel Services

 

2013

 

$54,928

 

$(14,997)

 

$2,998

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Travel Agency

 

2013

 

67,046

 

(5,307)

 

2,548

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

2013

 

-

 

(220,483)

 

811,095

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$121,974

 

$(240,787)

 

$816,641

 

 

 

 




34




Note 9: Related Party Transactions


On February 20, 2012, the Company issued 20,000 shares of Series A Preferred Stock to Tan Lung Lai, the Company’s President, CEO and CFO, for a total price of $ 20,000, under a Series A Preferred Stock Purchase Agreement that the Company entered with Tan Lung Lai on December 15, 2011. The Series A Preferred Stock is a class of preferred stock that the Company created on November 2, 2011. One share of Series A Preferred Stock may be converted into 1,000 shares of Common Stock and the holder of each one share of Series A Preferred Stock is entitled to 1,000 votes. The 20,000 shares of Series A Preferred Stock that Tan Lung Lai acquired from the Company may be converted into 20,000,000 shares of common stock and also granted Tan Lung Lai with 20,000,000 votes of voting rights.


Note 10:  Subsequent Events

ASC 855-16-50-4 establishes accounting and disclosure requirements for subsequent events. ASC 855 details the period after the balance sheet date during which we should evaluate events or transactions that occur for potential recognition or disclosure in the financial statements, the circumstances under which we should recognize events or transactions occurring after the balance sheet date in our financial statements and the required disclosures for such events.  We adopted this statement effective June 15, 2009 and have evaluated all subsequent events through the date these financial statements were issued.


 



35



EX-31 2 ex312.htm EXHIBIT 31 Exhibit 31

Exhibit 31.2

CERTIFICATION

 

I, Tan Lung Lai, certify that:

 

 

1.

I have reviewed this annual report on Form 10-K of Asia Travel Corporation (formerly “Realgold International, Inc”);


 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: July 12, 2013

/s/ Tan Lung Lai

     Tan Lung Lai

Chief Financial Officer




EX-31 3 ex311.htm EXHIBIT 31 Exhibit 31

Exhibit 31.1

CERTIFICATION

 

I, Tan Lung Lai, certify that:

 

 

1.

I have reviewed this annual report on Form 10-K of Asia Travel Corporation (formerly “Realgold International, Inc”);


 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: July 12, 2013

/s/ Tan Lung Lai

     Tan Lung Lai

Chief Executive Officer




EX-32 4 ex322.htm EXHIBIT 32 Exhibit 32

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of Asia Travel Corporation, formerly known as “Realgold International, Inc” (the “Company”) on Form 10-K for the period ended March 31, 2013 as filed with the Securities and Exchange Commission (the “Report”), I, Tan Lung Lai, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

 

 

 

 

Date: July 12, 2013

 

/s/ Tan Lung Lai

 

 

     Tan Lung Lai

Chief Financial Officer

 

 

 




EX-32 5 ex321.htm EXHIBIT 32 Exhibit 32

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of Asia Travel Corporation, formerly known as “Realgold International, Inc” (the “Company”) on Form 10-K for the period ended March 31, 2013 as filed with the Securities and Exchange Commission (the “Report”), I, Tan Lung Lai, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

  

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

 

 

 

 

Date: July 12, 2013

 

/s/ Tan Lung Lai

 

 

     Tan Lung Lai

Chief Executive Officer

 

 

 




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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://none.com/role/AsiaTravelCorporationFormerlyKnownAsRealgoldInternationalInc.ConsolidatedStatementsOfCashFlows226 XML 17 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1: Basis of Presentation and Summary of Significant Accounting Policies (Policies)
12 Months Ended
Mar. 31, 2013
Accounting Policies [Abstract]  
Organization

Organization – Asia Travel Corporation (formerly Realgold International, Inc.) (the “Company” or “Asia Travel”) was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999. On May 23, 2013, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Realgold International Inc. to Asia Travel Corporation During December 2011, the Company established a subsidiary in Hong Kong, Realgold Venture Pte Limited (Realgold Venture”).

Stock Split

Stock Split

On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share. The capital stock accounts, all share data and earnings per share data give effect to the stock split, applied retrospectively, to all periods presented.

Going Concern

Going Concern – The Company’s financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company requires additional capital to continue its limited operations. Furthermore, the Company’s officers and directors serve in their capacities without compensation. The Company assumes that these arrangements and the availability of future capital sources will continue into the future, but no assurance thereof can be given. A change in these circumstances would have a material adverse effect on the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Income Taxes

Income Taxes

The Company utilizes the liability method of accounting for income taxes as set forth in FASC 740-20, “Accounting for Income Taxes.” Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.

 

The Company does not accrue United States income tax on unremitted earnings from foreign operations, as it is the Company’s intention to invest these earnings in the foreign operations indefinitely. The Company also believes that the total amount of unrecognized tax benefits as of March 31, 2013, if recognized, would not have a material effect on its effective tax rate. The Company further believes that there are no tax positions for which it is reasonably possible, based on current Chinese tax law and policy, that the unrecognized tax benefits will significantly increase or decrease over the next 12 months producing, individually or in the aggregate, a material effect on the Company’s results of operations, financial condition or cash flows.

Amendments to Articles of Incorporation or Bylaws

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

 

On November 29, 2012, Asia Travel changed its fiscal year end from December 31 to March 31. Certain reclassifications have been made to the previous year’s financial statements to conform to current year presentation, with no effect on previously reported net income.

Estimates

Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

For purposes of reporting cash flows, the Company considers all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Management believes that Company’s cash and cash equivalents held by major banks located in the PRC are of high credit quality as of March 31, 2013.

Revenue Recognition

Revenue Recognition

The Company plans to recognize revenue when the following four conditions are present: (1) persuasive evidence of an agreement exists, (2) the price is fixed or determinable, (3) delivery has occurred or services are rendered, and (4) collection is reasonably assured.

 

Revenue derived from hotel services is recognized when the rooms are occupied and the services are performed. Travel agency services revenues are recognized when the travel-related service, golf package service or transportation is provided, or when the organization service of corporate conferences, exhibitions and show events is commenced. Deferred revenue consisting of deposits paid in advance is recognized as revenue when the services are performed for hotels and upon commencement of travel agency services.

Credit risk

Credit risk

 

The Company may be exposed to credit risk from its cash and fixed deposits at banks. No allowance has been made for estimated irrecoverable amounts determined by reference to past default experience and the current economic environment.

Property, plant and equipment

Property, plant and equipment

 

Fixed assets, comprising office equipment are stated at cost less accumulated depreciation. Depreciation for office equipment, except computers, is computed using the straight-line method over the estimated useful lives of 5 years. Depreciation for computers is computed using the straight-line method over the estimated useful lives of 3 years.

Comprehensive income

Comprehensive income

 

Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. For the Company, comprehensive income for the periods presented includes net income and foreign currency translation adjustments.

Foreign currency translation

Foreign currency translation

 

Assets and liabilities of the Company with a functional currency other than US$ are translated into US$ using year end exchange rates. Income and expense items are translated at the average exchange rates in effect during the year. Foreign currency translation differences are included as a component of Accumulated Other Comprehensive Income in Stockholders’ Equity.

 

The exchange rates used to translate amounts in RMB into USD for the purposes of preparing the combined financial statements were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

Year end RMB : USD exchange rate

 

 

6.2076

 

Year-average RMB : USD exchange rate

 

 

6.2390

 

 

 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into USD at the rates used in translation.

Post-retirement and post-employment benefits

Post-retirement and post-employment benefits

 

The Company contributes to a state pension plan in respect of its PRC employees. Other than the above, the Company does not provide any other post-retirement or post-employment benefits.

Income (Loss) Per Common Share

Income (Loss) Per Common Share

Basic and diluted net loss per common share is computed using the net loss applicable to common shareholders and the weighted average number of shares of common stock outstanding. Diluted net loss per common share does not differ from basic net loss per common share since potential shares of common stock from conversion of preferred stocks are anti-dilutive for all periods presented. The fully diluted shares would be 63,230,815 for the year ended March 31, 2013. The Company has no potentially dilutive securities for the year ended March 31, 2013.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

The Company has reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.

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ASIA TRAVEL CORPORATION (FORMERLY KNOWN AS REALGOLD INTERNATIONAL INC.) CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Income Statement [Abstract]    
Revenue $ 121,974   
Cost of sales 96,831   
Gross Margin 25,143   
General and administrative 264,246 2,020,970
Total expenses 264,246 2,020,970
OPERATING LOSS (239,103) (2,020,970)
Interest income 302   
LOSS BEFORE INCOME TAXES (238,801) (2,020,970)
Provision for income taxes (1,986)   
NET LOSS (240,787) (2,020,970)
Foreign currency translation loss (72)   
COMPREHENSIVE LOSS $ (240,859) $ (2,020,970)
LOSS PER SHARE - basic and diluted $ (0.01) $ (0.47)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES- basic and diluted 43,230,815 4,270,101
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Note 4. Acquisition and Pro Forma Statement
12 Months Ended
Mar. 31, 2013
Business Combinations [Abstract]  
Note 4:Acquisition and Pro Forma Statement

Note 4:  Acquisition and Pro Forma Statement


On November 22, 2012, Asia Travel’s wholly owned subsidiary Realgold Venture entered into a Lease Management Agreement (“Lease Management Agreement”) with Tengfei Investment. Under the Lease Management Agreement, Tengfei Investment leased the managerial and operating rights of Tengda Travel, a wholly owned subsidiary of Tengfei Investment, to Realgold Venture.


On November 25, 2012, Realgold Venture entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement’) with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Realgold Venture 100% of the ownership of Tengda Hotel for a total transfer price of RMB 400,000 Yuan (approximately $64,000). The total purchase price was allocated as follows:

  

 

 

Total purchase price:

 

 

            Cash

 

$

64,000

 

 

Allocated as follows:   
    Cash & cash equivalents  $25,850 
      Accounts receivable   2,129 
      Other receivable   400 
       Prepayment   1,472 
       Accounts payable and accrued expenses   (25,206)
       Goodwill   59,355
Less cash acquired $64,000
The excess fair value of net assets acquired over the purchase price was recorded as goodwill impairment.   (25,850)
Cash, net of cash acquired  $4,645 

 

The excess fair value of net assets acquired over the purchase price was recorded as goodwill impairment.

On November 29, 2012, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengda Hotel to Realgold Venture. On March 26, 2013, Guangdong Province Department of Foreign Trade and Economic Cooperation approved the transfer of ownership.


Upon the completion of the said ownership transfer, Tengda Hotel becomes the wholly owned subsidiary of Realgold Venture.


Pro Forma Financial Information


The unaudited pro forma financial information presented below summarizes the consolidated operating results of the Company and Tengda Hotel and Tengda Travel for the year ended March 31, 2013, as if the acquisition had occurred on April 1, 2012.


The pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition taken place on April 1, 2012. The unaudited pro forma consolidated statements of operations combine the historical results of the Company and the historical results of the acquired entity for the periods described above.


 

 

 

 

 

 

 

 

Asia Travel International

 

 

 

 

 

 

Unaudited Pro Forma Statement of Operations and Comprehensive Income

 

 

 

 

For the Year Ended March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical

 

 

 

 

 

 

 

Combined

 

 

 

 

 

 

 

Tengda Hotel and

 

 

 

 

 

Combined

 

Tengda Travel

 

Asia Travel

 

Adjustments

 

Pro Forma

 

 

 

 

 

 

 

 

Revenue

 $                  145,190

 

121,974

 

 

 

 $           289,758

Net loss

 $                  (21,836)

 

 $           (240,787)

 

               (12,000)

 

 $         (272,637)

 

 

 

 

 

 

 

 

Loss per share - basic and diluted

 

 

 $                 (0.01)

 

 

 

 $               (0.02)

 

   

 

 

 

 

 

 

Weighted average number of common shares

 

           13,770,465

 

 

 

         13,770,465

 

 

 

 

 

 

 

 


Note: The currency exchange rate is based on the average exchange rate of the related period.


 

 

(1)

The historical operating results of the Company were based on the Company’s financial statements for the year ended March 31, 2013.


 

 

(2)

The historical information of Tengda Hotel and Tengda Travel were derived from the books and the records of Tengda Hotel and Tengda Travel for the six months ended September 30, 2012.


 

 

(3)

Pro forma adjustment was based on the assumption that there are lease expense USD4,000 per quarter.

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Note 1: Basis of Presentation and Summary of Significant Accounting Policies - Organization (Details Narrative)
Mar. 31, 2013
May 23, 2012
Mar. 31, 2012
Note 1 Basis Of Presentation And Summary Of Significant Accounting Policies - Organization Details Narrative      
Preferred Stock, Authorized 10,000,000 10,000,000 10,000,000
Common Stock, Authorized 990,000,000 99,000,000 990,000,000
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Note 1: Basis of Presentation and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Mar. 31, 2013
Accounting Policies [Abstract]  
Schedule of Exchange Rate

 

    
   2013
Year end RMB : USD exchange rate   6.2076 
Year-average RMB : USD exchange rate   6.2390 

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Mr. Tan Lun Lai
 
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Tengfei Investment
 
Due from Related Parties 778,843
Subtotal
 
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Mr. Guohua Li
 
Due from Related Parties $ (14,805)
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Note 4: Acquisition and Pro Forma Statement - Aquisition Purchase Price (Details) (USD $)
12 Months Ended
Mar. 31, 2013
Business Combinations [Abstract]  
Total purchase price: Cash $ 64,000
Cash & cash equivalents 25,850
Accounts receivable 2,129
Other receivable 400
Prepayment 1,472
Accounts payable and accrued expenses (25,206)
Goodwill 59,355
Less cash acquired 64,000
The excess fair value of net assets acquired over the purchase price was recorded as goodwill impairment. (25,850)
Cash, net of cash acquired $ 38,150
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Note 1: Basis of Presentation and Summary of Significant Accounting Policies - Foreign Currency Translation (Details Narrative) (USD $)
12 Months Ended
Mar. 31, 2013
Year end RMB:USD Exchange Rate
 
Exchange rate $ 6.2076
Year-average RMB:USD Exchange Rate
 
Exchange rate $ 6.239
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ASIA TRAVEL CORPORATION (FORMERLY KNOWN AS REALGOLD INTERNATIONAL INC.) CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (240,787) $ (2,020,970)
Adjustments to reconcile net (loss) to net cash used by operating activities    
Goodwill impairment 59,355   
Stock based compensation   1,980,000
Changes in assets and liabilities    
Increase in accounts receivables 2,133   
Increase (decrease) in prepaid expenses 20,941 (22,000)
Increase in accrued expenses and other payables 3,815 (2,360)
Decrease in accounts liabilities (21,321)  
Net cash (used) by operating activities (175,864) (65,330)
CASH FLOWS FROM INVESTING ACTIVITIES    
Business acquisition, net of cash acquired (38,150)  
Advance to related parties (809,901)   
Net cash (used) By investing Activities (848,051)   
CASH FLOWS FROM FINANCING ACTIVITIES    
Loan from related party 14,730 9,197
Proceeds from preferred stock sale    20,000
Proceeds from common stock sale    600,000
Repayment of related party loan (12,442)   
Sale of common stock 446,900 16,635
Net cash provided by financing activities 449,188 645,832
NET INCREASE (DECREASE) IN CASH (574,727) 580,502
CASH - BEGINNING OF PERIOD 581,000 498
Effect of Changes in Exchange Rate 64   
CASH - END OF PERIOD $ 6,337 $ 581,000
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Note 2: Income Taxes
12 Months Ended
Mar. 31, 2013
Income Tax Disclosure [Abstract]  
Note 2: Income Taxes

Note 2: Income Taxes


The Company was incorporated in the United States and has operations in three tax jurisdictions - the United States, the Hong Kong Special Administrative Region (“HK SAR”), and mainland China.

 

USA

The Company and its subsidiaries are subject to income taxes on an entity basis on income arising in, or derived from, the tax jurisdiction in which they operate. As the Company had no income generated in the United States, there was no tax expense or tax liability.

 

Hong Kong

Realgold Venture Pte Limited was incorporated in Hong Kong and is subject to Hong Kong income taxes. As Realgold Venture Pte Limited had no income generated in Hong Kong, there was no tax expense or tax liability.

 

China

Tengda Hotel and Tengda Travel, which were incorporated in the PRC, are governed by the income tax law of the PRC and are subject to PRC enterprise income tax (“EIT”).

 

Income tax expenses (benefit) consist of the following:

    For the year ended     For the year ended  
    March 31, 2013     March 31, 2012  
Current   $ 1986     $ -  
Deferred     -       -  
Total   $ 1,986     $ -  

 

The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of FASB ASC 740. The Company has recorded no deferred tax assets or liabilities as of March 31, 2013, and 2012. 

 


The amount of and ultimate realization of the benefits from the operating loss carry forwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company and other future events, the effects of which cannot be determined at this time. Because of the uncertainty surrounding the realization of the loss carry forwards, the Company has established a valuation allowance equal to the tax effect of the loss carry forwards and, therefore, no deferred tax asset has been recognized for the loss carry forwards.


The Company has no tax positions at March 31, 2013 and March 31, 2012 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.  The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  During the year ended March 31, 2013 and March 31, 2012, the Company recognized no interest and penalties.  The Company had no accruals for interest and penalties at March 31, 2013 and March 31, 2012. Income tax periods 2010, 2011, and 2012 are open for examination by taxing authorities.

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Note 5: Shareholders Receivables
12 Months Ended
Mar. 31, 2013
Accounting Policies [Abstract]  
Note 5: Shareholders Receivables

Note 5: Shareholders Receivables

Section 13(k) of the Exchange Act provides that it is unlawful for a company such as ours, which has a class of securities registered under Section 12(g) of the Exchange Act, to directly or indirectly, including through any subsidiary, extend or maintain credit in the form of a personal loan to or for any director or executive officer of the company. Issuers violating Section 13(k) of the Exchange Act may be subject to civil sanctions, including injunctive remedies and monetary penalties, as well as criminal sanctions. The imposition of any of such sanctions on the Company may have a material adverse effect on our business, financial position, results of operations or cash flows.


As of March 31, 2013,  the indebtedness of the Company to its shareholders and related entities with common owners and directors was $795,096 as follows:  During the periods presented, the Company has receivables due from its shareholders. The loans are unsecured and bear no interest. These loans have no fixed payment terms.

 

Name of Related Party from Whom Loans were Received

 

March 31, 2013

 

Relation

Mr. Tan Lun Lai

 

$

31,058

 

 Director of the Company

Tengfei Investment

 

$

778,843

 

 Former owner of Tengda Hotel Company

 

 

$

809,901

 

 

Mr. Guohua Li

 

$

(14,805)

 

Former owner of Tengfei Investment

Total

 

$

795,096

 

 

 

 

 

 

 

 

 

 

The loans are unsecured and bear no interest. These loans have no fixed payment terms.

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CONSOLIDATED BALANCE SHEETS (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://none.com/role/AsiaTravelCorporationFormerlyKnownAsRealgoldInternationalInc.ConsolidatedBalanceSheets219 XML 42 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 3: Capital Stock
12 Months Ended
Mar. 31, 2013
Equity [Abstract]  
Note 3: Capital Stock

Note 3: Capital Stock


Preferred Stock –


The Company has 10,000,000 shares of authorized preferred stock at $0.01 par value. As of March 31, 2013 and March 31, 2012, the Company has 20,000 and 20,000 shares of preferred stock issued and outstanding, respectively.  


On February 2012 our CEO purchased series A Preferred Stock for a total price of $20,000. One share of Series A Preferred Stock may be converted into 1,000 shares of Common Stock. The 20,000 shares of Series A Preferred Stock that our CEO, Tan Lung Lai, acquired from the Company may be converted into 20,000,000 shares of common stock. The holder of each one share of Series A Preferred Stock is entitled to 1,000 votes. There is no dividend rate for this class of Preferred Stock.


Accounting for the Series A Preferred Stock


The Series A Preferred Stock has been classified as permanent equity as there was no redemption provision at the option of the holders. The Company evaluated the embedded conversion feature in its Series A Preferred Stock to determine if there was an embedded derivative requiring bifurcation. The Company concluded that the embedded conversion feature of the Series A Preferred Stock is not required to be bifurcated because the conversion feature is clearly and closely related to the host instrument. The Company believes the economic risks and characteristics of the Series A Preferred Stock itself and the common stock the embedded conversion feature allows the Investor to convert into have similar economic risks and characteristics.


Stock-Based Compensation


The Company accounts for stock-based compensation under FASB ASC subtopic 718-10, Compensation – Stock Compensation: Overall. Under FASB Subtopic 718-10, the Company measures the cost of the employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service periods.


During February, 2012, stock based compensation for $1,980,000 was recorded when the Company issued 20,000 shares of preferred stock to our CEO for proceeds of $20,000. The preferred stock has an estimated fair value of $2,000,000 on the grant date. The Company allocated proceeds of $20,000 to preferred stock and $1,980,000 was recorded as stock compensation.


Common Stock 


On April 21, 2011, the Company cancelled 500,000 shares that were issued in 2009 and 2010 to certain shareholders that in turn sold their shares to the current president of the Company with his intention to cancel the shares to reduce insider holdings. Accordingly, a credit to common stock at $500 and debit to paid-in capital was recorded.


On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share. Recognizing the difficulty of odd lot shareholders to sell their shares of common stock, the reverse split did not reduce any shareholder below 100 shares so that any shareholder of record on the record date who would otherwise have had less than 100 shares as a result of the reverse split was not reduced below 100 shares.


In February 2012, the Company issued 6,000,000 shares of common stock to a group of 64 non-US individuals for a total price of $ 600,000 ($ 0.10 per share).


On November 21, 2012, the Company entered into a Regulation S Stock Purchase Agreement with a group of 35 non-US individual purchasers (“Purchasers”). Under the Agreement, the Company issued a total of Forty-Four Million Six Hundred Ninety Thousand (44,690,000) shares of common stock to Purchasers for a total price of $ 446,900 ($ 0.01 per share).

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Note 3: Capital Stock- Preferred Stock (Details Narrative) (USD $)
12 Months Ended
Mar. 31, 2012
Mar. 31, 2013
May 23, 2012
Note 3 Capital Stock- Preferred Stock Details Narrative      
Preferred Stock, Shares Authorized 10,000,000 10,000,000 10,000,000
Preferred Stock, Par or Stated Value Per Share $ 0.001 $ 0.001  
Preferred Stock, Shares Outstanding 20,000 20,000  
Proceeds from Issuance of Preferred Stock and Preference Stock $ 20,000    
Preferred Stock Issued During Period 20,000    
Preferred stock converted to common stock 20,000,000 [1]    
Preferred Stock, Voting Rights 1,000    
[1] One share of Series A Preferred Stock may be converted into 1,000 shares of Common Stock.
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Note 4: Acquisition and Pro Forma Statement - Pro Forma Statement of Operations (Details) (USD $)
12 Months Ended
Mar. 31, 2013
Revenue $ 289,758
Net loss (272,637)
Loss per share - basic and diluted $ (0.02)
Weighted average number of common shares 13,770,465
Tengda Hotel and Tengda Travel
 
Revenue 145,190
Net loss (21,836)
Asia Travel
 
Revenue 121,974
Net loss (240,787)
Loss per share - basic and diluted $ (0.01)
Weighted average number of common shares 13,770,465
Adjustments
 
Net loss $ (12,000)
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Note 8. Segments Reporting - Schedule of Segment Reporting Information, by Segment (Details) (USD $)
12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Net sales $ 121,974   
Segment Loss pre-tax (240,787) (2,020,970)
Total Assets 816,641 603,000
Hotel Services
   
Net sales 54,928  
Segment Loss pre-tax (14,997)  
Total Assets 2,998  
Travel Agency
   
Net sales 67,046  
Segment Loss pre-tax (5,307)  
Total Assets 2,548  
Company
   
Segment Loss pre-tax (220,483)  
Total Assets $ 811,095  
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ASIA TRAVEL CORPORATION (FORMERLY KNOWN AS REALGOLD INTERNATIONAL INC.) CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Mar. 31, 2013
Mar. 31, 2012
Statement of Financial Position [Abstract]    
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Par or Stated Value Per Share $ 0.001 $ 0.001
Preferred Stock, Shares Outstanding 20,000 20,000
Common Stock, Shares Authorized 990,000,000 990,000,000
Common Stock, Par or Stated Value Per Share $ 0.001 $ 0.001
Common Stock, Shares Outstanding 51,960,101 7,270,101

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Note 8. Segments Reporting
12 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Note 8. Segments Reporting

Note 8. Segments Reporting

 

The Company operates in two segments: travel agency (which provides packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers and travel agency.) and hotel services.

There were no inter-segment sales for the year ended March 31, 2013 and 2012.

 

              

Segment

         

Depreciation

      
    

Year  Ended

    

Net

    

Loss

    

Total

    

and

    

Capital

 
    

Mar. 31

    

Sales

    

pre-tax

    

Assets

    

Amortization

    

Expenditure

 
Hotel Services   2013   $54,928   $(14,997)  $2,998    —      —   
                               
Travel Agency   2013    67,046    (5,307)   2,548    —      —   
                               
Company   2013    —      (220,483)   811,095    —      —   
                               
Total       $121,974   $(240,787)  $816,641           
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ASIA TRAVEL CORPORATION CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (USD $)
Preferred Stock
Common Stock
Capital in excess of Par Value
Retained Deficit
Accumulated Other Comprehensive Income (Loss)
Total
Beginning Balance, Amount at Mar. 31, 2011   $ 17,500 $ 5,963,863 $ (5,986,470)   $ (5,107)
Beginning Balance, Shares at Mar. 31, 2011   17,500,036        
Capital Contribution, Shares 20,000          
Capital Contribution, Amount 20   2,626,845     2,626,865
Stock Split, Shares   (10,229,935)        
Stock Split, Amount   (10,230)       (10,230)
Net income (loss)       (2,020,970)   (2,020,970)
Ending Balance, Amount at Mar. 31, 2012 20 7,270 8,590,708 (8,007,440)   590,558
Ending Balance, Shares at Mar. 31, 2012 20,000 7,270,101        
Sale of Common Stock, Shares   44,690,000        
Sale of Common Stock, Amount   44,690 402,210     446,990
Net income (loss)       (240,787)   (240,787)
Foreign Currency Translation Adjustment         (72) (72)
Ending Balance, Amount at Mar. 31, 2013 $ 20 $ 51,960 $ 8,992,918 $ (8,248,227) $ (72) $ 796,599
Ending Balance, Shares at Mar. 31, 2013 20,000 51,960,101        
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ASIA TRAVEL CORPORATION (FORMERLY KNOWN AS REALGOLD INTERNATIONAL INC.) CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2013
Mar. 31, 2012
CURRENT ASSETS    
Cash in bank $ 6,337 $ 581,000
Other receivables 403   
Prepaid expenses   22,000
Total Current Assets 6,740 603,000
Related party receivables 809,901   
TOTAL ASSETS 816,641 603,000
CURRENT LIABILITIES    
Accrued liabilities 5,237   
Related Party Payable 14,805 12,442
Total Current Liabilities 20,042 12,442
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock; $.001 par value, 10,000,000 shares authorized; 20,000 shares issued and outstanding, respectively 20 20
Common stock;$.001 par value, 990,000,000 shares authorized; 51,960,101 and 7,270,101 shares issued and outstanding, respectively 51,960 7,270
Capital in excess of par value 8,992,918 8,590,708
Retained deficit (8,248,227) (8,007,440)
Accumulated other comprehensive loss (72)   
Total Stockholders' Equity (Deficit) 796,599 590,558
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 816,641 $ 603,000
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Note 3: Capital Stock - Stockbased Compensation (Details Narrative) (USD $)
12 Months Ended
Mar. 31, 2012
Note 3 Capital Stock - Stockbased Compensation Details Narrative  
Share-based Compensation $ 1,980,000
Preferred Stock Issued During Period 20,000
Proceeds from Issuance of Preferred Stock and Preference Stock 20,000
Fair Value of Preferred Stock $ 2,000,000
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Note 8. Segments Reporting (Tables)
12 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment

 

              

Segment

         

Depreciation

      
    

Year  Ended

    

Net

    

Loss

    

Total

    

and

    

Capital

 
    

Mar. 31

    

Sales

    

pre-tax

    

Assets

    

Amortization

    

Expenditure

 
Hotel Services   2013   $54,928   $(14,997)  $2,998    —      —   
                               
Travel Agency   2013    67,046    (5,307)   2,548    —      —   
                               
Company   2013    —      (220,483)   811,095    —      —   
                               
Total       $121,974   $(240,787)  $816,641           

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Note 7. Operating Lease: Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $)
Oct. 31, 2020
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Leases, Operating [Abstract]            
Operating Leases, Future Minimum Payments Due, Next Twelve Months           $ 102,708
Operating Leases, Future Minimum Payments, Due in Two Years         104,848  
Operating Leases, Future Minimum Payments, Due in Three Years       109,127    
Operating Leases, Future Minimum Payments, Due in Four Years     109,127      
Operating Leases, Future Minimum Payments, Due in Five Years   111,267        
Operating Leases, Future Minimum Payments, Due Thereafter 327,379          
Operating Leases, Future Minimum Payments Due $ 864,456          
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Note 7. Operating Lease (Details) (USD $)
4 Months Ended
Mar. 31, 2013
Note 7. Operating Lease Details  
Operating Lease, Rent Expense $ 34,236
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Note 7. Operating Lease
12 Months Ended
Mar. 31, 2013
Leases [Abstract]  
Note 7. Operating Lease

Note 7. Operating Lease

Tengda Hotel leased an 8-story-building for hotel services from Zhuhai City Xiangzhou District Meihua Street Office under a lease agreement dated November 1, 2010 for a ten-year term commencing November 1,2010 to October 31,2020. Future minimum payments under this operating lease as of  March 31, 2013 as follows:


 

 

 

 

 

 

 

 

Operating

For the Twelve Months Ending March 31,

 

Leases

2013

$

102,708

2014

 

104,848

2015

 

109,127

2016

 

109,127

2017

 

111,267

Thereafter

 

327,379

Total future minimum lease payments

$

864,456


Total rental expense on the operating lease was $34,236 from beginning of lease on December 1, 2012 to March 31, 2013.

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Note 3: Capital Stock- Common Stock (Details Narrative) (USD $)
3 Months Ended
Dec. 31, 2012
Mar. 31, 2012
Jun. 30, 2011
Note 3 Capital Stock- Common Stock Details Narrative      
Stock Repurchased and Retired During Period, Shares     500,000
Stock Repurchased During Period, Value     $ 500
Stock Issued During Period, Shares, New Issues 44,690,000 6,000,000  
Stock Issued During Period, Value, Issued for Cash $ 446,900 $ 600,000  
Stock price, per share $ 0.01 $ 0.10  
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Note 10. Subsequent Events
12 Months Ended
Mar. 31, 2013
Subsequent Events [Abstract]  
Note 10: Subsequent Events

Note 10:  Subsequent Events

ASC 855-16-50-4 establishes accounting and disclosure requirements for subsequent events. ASC 855 details the period after the balance sheet date during which we should evaluate events or transactions that occur for potential recognition or disclosure in the financial statements, the circumstances under which we should recognize events or transactions occurring after the balance sheet date in our financial statements and the required disclosures for such events.  We adopted this statement effective June 15, 2009 and have evaluated all subsequent events through the date these financial statements were issued.

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background-color: #ffffff; margin-top: 0px"> <p style="margin: 0px">Thereafter</p></td> <td style="width: 24px; vertical-align: top; background-color: #ffffff; margin-top: 0px"> <p style="margin: 0px">&#160;</p></td> <td style="width: 71px; vertical-align: bottom; background-color: #ffffff; margin-top: 0px"> <p style="text-align: right; margin: 0px">327,379</p></td></tr> <tr> <td style="width: 165px; vertical-align: bottom; background-color: #ffffff; margin-top: 0px"> <p style="margin: 0px">Total future minimum lease payments</p></td> <td style="width: 24px; vertical-align: top; background-color: #ffffff; margin-top: 0px"> <p style="text-align: right; margin: 0px">$</p></td> <td style="width: 71px; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #ffffff; margin-top: 0px; border-top: #000000 2px solid"> <p style="text-align: right; margin: 0px">864,456</p></td></tr> </table>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 false0falseNote 7. Operating Lease (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://none.com/role/Note7.OperatingLeaseTables12 XML 75 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 6: Operating Risk
12 Months Ended
Mar. 31, 2013
Risks and Uncertainties [Abstract]  
Note 6: Operating Risk

Note 6: Operating Risk

Foreign currency risk

Most of the transactions of the Company were settled in Renminbi. In the opinion of the management, the Company does not have significant foreign currency risk exposure.

Company’s operations are substantially in foreign countries

Substantially all of the Company’s operations are processed in China. The Company’s operations are subject to various political, economic, and other risks and uncertainties inherent in China. Among other risks, the Company’s operations are subject to the risks of restrictions on transfer of funds; export duties, quotas, and embargoes; domestic and international customs and tariffs; changing taxation policies; foreign exchange restrictions; and political conditions and governmental regulations.

XML 76 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1: Basis of Presentation and Summary of Significant Accounting Policies
12 Months Ended
Mar. 31, 2013
Accounting Policies [Abstract]  
Note 1: Basis of Presentation and Summary of Significant Accounting Policies

Note 1: Basis of Presentation and Summary of Significant Accounting Policies

 

The consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission.

 

Organization - Asia Travel Corporation (formerly Realgold International, Inc.) (the “Company” or “Asia Travel”) was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999. On May 23, 2013, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Realgold International Inc. to Asia Travel Corporation During December 2011, the Company established a subsidiary in Hong Kong, Realgold Venture Pte Limited (Realgold Venture”).

 

On November 22, 2012, Realgold Venture entered into a Lease Management Agreement (“Lease Management Agreement”) with Zhuhai Tengfei Investment Co., Ltd. (“Tengfei Investment”), a limited liability company formed under the laws of the People”s Republic of China (“China” or “PRC”). Under the Lease Management Agreement, Tengfei Investment leased the managerial and operating rights of Zhuhai Tengda International Travel Agency Co., Ltd. (“Tengda Travel”), a wholly owned subsidiary of Tengfei Investment, to Realgold Venture. Based on the agreement, Realgold obtained 20 years of business operation right from Tengda Travel from Nov 11, 2012 to November 19, 2032 for a consideration of US$16,048 (RMB100,000) per year.

 

On November 25, 2012, Realgold Venture entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement”) with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Realgold Venture 100% of the ownership of Zhuhai Tengda Business Hotel Co., Ltd. (“Tengda Hotel”) for a total transfer price of RMB 400,000 Yuan (approximately $64,192).

 

On November 29, 2012, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengda Hotel to Realgold Venture. On March 26, 2013, Guangdong Province Department of Foreign Trade and Economic Cooperation approved the transfer of ownership..

 

Tengda Hotel and Tengda Travel are wholly owned subsidiaries of Tengfei Investment. They are considered as entities under common control. Accordingly, the financial statements for Tengda Hotel and Tengda Travel have been combined for all periods presented, similar to a pooling-of-interests.

 

Tengda Travel is a limited liability company formed under the laws of the People”s Republic of China on December 23, 2011. As of March 31, 2013, Tengda Travel had registered capital of RMB 300,000, or approximately $48,328 based on the exchange rate as of March 31, 2013. Tengda Travel”s principal activity is to provide packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers.

 

Tengda Hotel, formerly named Zhuhai Meihua Hotel Co., Ltd., is a limited liability company formed under the laws of the People”s Republic of China on January 16, 2006. Tengda Hotel had registered capital of RMB 500,000, or approximately $80,546 based on the exchange rate as of March 31, 2013. Tengda Hotel is a three-star hotel with 59 guest rooms, including 24 Standard Rooms, 24 Deluxe Rooms, 10 Business Rooms and 1 Luxury Suite, with many other amenities including fitness club, gym, business center, gift shop, meeting room , ballroom, game room, and a large parking lot.

 

Upon the completion of the said ownership transfer, Tengda Hotel becomes the wholly owned subsidiary of Realgold Venture.

 

On May 23, 2012, the Board of Directors of the Company adopted an Amendment to the Articles of Incorporation to increase authorized stock from 10,000,000 preferred shares and 99,000,000 common shares to 10,000,000 preferred shares and 990,000,000 common shares.

 

Our current organizational structure is set forth in the diagram below:

 

 

 

Stock Split

On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share. The capital stock accounts, all share data and earnings per share data give effect to the stock split, applied retrospectively, to all periods presented.

 

Going Concern - The Company”s financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company requires additional capital to continue its limited operations. Furthermore, the Company”s officers and directors serve in their capacities without compensation. The Company assumes that these arrangements and the availability of future capital sources will continue into the future, but no assurance thereof can be given. A change in these circumstances would have a material adverse effect on the Company”s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Income Taxes

The Company utilizes the liability method of accounting for income taxes as set forth in FASC 740-20, “Accounting for Income Taxes.” Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.

 

The Company does not accrue United States income tax on unremitted earnings from foreign operations, as it is the Company’s intention to invest these earnings in the foreign operations indefinitely. The Company also believes that the total amount of unrecognized tax benefits as of March 31, 2013, if recognized, would not have a material effect on its effective tax rate. The Company further believes that there are no tax positions for which it is reasonably possible, based on current Chinese tax law and policy, that the unrecognized tax benefits will significantly increase or decrease over the next 12 months producing, individually or in the aggregate, a material effect on the Company’s results of operations, financial condition or cash flows.

 

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

 

On November 29, 2012, Asia Travel changed its fiscal year end from December 31 to March 31. Certain reclassifications have been made to the previous year”s financial statements to conform to current year presentation, with no effect on previously reported net income.

 

Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 could differ from those estimates.

 

Cash and Cash Equivalents

For purposes of reporting cash flows, the Company considers all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Management believes that Company”s cash and cash equivalents held by major banks located in the PRC are of high credit quality as of March 31, 2013.

 

Revenue Recognition

The Company plans to recognize revenue when the following four conditions are present: (1) persuasive evidence of an agreement exists, (2) the price is fixed or determinable, (3) delivery has occurred or services are rendered, and (4) collection is reasonably assured.

 

Revenue derived from hotel services is recognized when the rooms are occupied and the services are performed. Travel agency services revenues are recognized when the travel-related service, golf package service or transportation is provided, or when the organization service of corporate conferences, exhibitions and show events is commenced. Deferred revenue consisting of deposits paid in advance is recognized as revenue when the services are performed for hotels and upon commencement of travel agency services.

 

Credit risk

 

The Company may be exposed to credit risk from its cash and fixed deposits at banks. No allowance has been made for estimated irrecoverable amounts determined by reference to past default experience and the current economic environment.

 

Property, plant and equipment

 

Fixed assets, comprising office equipment are stated at cost less accumulated depreciation. Depreciation for office equipment, except computers, is computed using the straight-line method over the estimated useful lives of 5 years. Depreciation for computers is computed using the straight-line method over the estimated useful lives of 3 years.

 

Comprehensive income

 

Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. For the Company, comprehensive income for the periods presented includes net income and foreign currency translation adjustments.

 

Foreign currency translation

 

Assets and liabilities of the Company with a functional currency other than US$ are translated into US$ using year end exchange rates. Income and expense items are translated at the average exchange rates in effect during the year. Foreign currency translation differences are included as a component of Accumulated Other Comprehensive Income in Stockholders” Equity.

 

The exchange rates used to translate amounts in RMB into USD for the purposes of preparing the combined financial statements were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

Year end RMB : USD exchange rate

 

 

6.2076

 

Year-average RMB : USD exchange rate

 

 

6.2390

 

 

 

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into USD at the rates used in translation.

 

Post-retirement and post-employment benefits

 

The Company contributes to a state pension plan in respect of its PRC employees. Other than the above, the Company does not provide any other post-retirement or post-employment benefits.

 

Income (Loss) Per Common Share

Basic and diluted net loss per common share is computed using the net loss applicable to common shareholders and the weighted average number of shares of common stock outstanding. Diluted net loss per common share does not differ from basic net loss per common share since potential shares of common stock from conversion of preferred stocks are anti-dilutive for all periods presented. The fully diluted shares would be 63,230,815 for the year ended March 31, 2013. The Company has no potentially dilutive securities for the year ended March 31, 2013.

 

Recently Issued Accounting Pronouncements

The Company has reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.

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Note 2: Income Taxes (Tables)
12 Months Ended
Mar. 31, 2013
Note 2 Income Taxes Tables  
Income Tax Benefit
    For the year ended     For the year ended  
    March 31, 2013     March 31, 2012  
Current   $ 1986     $ -  
Deferred     -       -  
Total   $ 1,986     $ -  
XML 87 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 9: Related Party Transactions
12 Months Ended
Mar. 31, 2013
Related Party Transactions [Abstract]  
Note 9: Related Party Transactions

Note 9: Related Party Transactions


On February 20, 2012, the Company issued 20,000 shares of Series A Preferred Stock to Tan Lung Lai, the Company’s President, CEO and CFO, for a total price of $ 20,000, under a Series A Preferred Stock Purchase Agreement that the Company entered with Tan Lung Lai on December 15, 2011. The Series A Preferred Stock is a class of preferred stock that the Company created on November 2, 2011. One share of Series A Preferred Stock may be converted into 1,000 shares of Common Stock and the holder of each one share of Series A Preferred Stock is entitled to 1,000 votes. The 20,000 shares of Series A Preferred Stock that Tan Lung Lai acquired from the Company may be converted into 20,000,000 shares of common stock and also granted Tan Lung Lai with 20,000,000 votes of voting rights.

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Note 7. Operating Lease (Tables)
12 Months Ended
Mar. 31, 2013
Leases [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases

 

 

 

 

 

 

 

 

Operating

For the Twelve Months Ending March 31,

 

Leases

2013

$

102,708

2014

 

104,848

2015

 

109,127

2016

 

109,127

2017

 

111,267

Thereafter

 

327,379

Total future minimum lease payments

$

864,456

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Note 4: Acquisition and Pro Forma Statement (Tables)
12 Months Ended
Mar. 31, 2013
Business Combinations [Abstract]  
Aquisition Purchase Price

  

 

 

Total purchase price:

 

 

            Cash

 

$

64,000

 

 

Allocated as follows:   
    Cash & cash equivalents  $25,850 
      Accounts receivable   2,129 
      Other receivable   400 
       Prepayment   1,472 
       Accounts payable and accrued expenses   (25,206)
       Goodwill   59,355
Less cash acquired $64,000
The excess fair value of net assets acquired over the purchase price was recorded as goodwill impairment.   (25,850)
Cash, net of cash acquired  $4,645 
Pro Forma Statement of Operations
             
Asia Travel International         
Unaudited Pro Forma Statement of Operations and Comprehensive Income      
For the Year Ended March 31, 2013         
             
    

Historical

                
    

Combined

                
    

Tengda Hotel and

              

Combined

 
    

Tengda Travel

    

Asia Travel

    

Adjustments

    

Pro Forma

 
                     
Revenue  $145,190    121,974        $289,758 
Net loss  $(21,836)  $(240,787)   (12,000)  $(272,637)
                     
Loss per share - basic and diluted       $(0.01)       $(0.02)
                     
Weighted average number of common shares   13,770,465         13,770,465 
                     
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Operating Lease: Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://none.com/role/Note7.OperatingLeaseScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesDetails68 XML 93 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information (USD $)
12 Months Ended
Mar. 31, 2013
Jun. 30, 2013
Sep. 30, 2012
Document And Entity Information      
Entity Registrant Name Asia Travel Corp    
Entity Central Index Key 0001027235    
Document Type 10-K    
Document Period End Date Mar. 31, 2013    
Amendment Flag false    
Current Fiscal Year End Date --03-31    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? Yes    
Entity Filer Category Smaller Reporting Company    
Entity Public Float     $ 7,722,124
Entity Common Stock, Shares Outstanding   51,960,101  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2013    
XML 94 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 5: Shareholders Receivables (Tables)
12 Months Ended
Mar. 31, 2013
Accounting Policies [Abstract]  
Schedule of Loans to Shareholders and Related Entities

 

Name of Related Party from Whom Loans were Received

 

March 31, 2013

 

Relation

Mr. Tan Lun Lai

 

$

31,058

 

 Director of the Company

Tengfei Investment

 

$

778,843

 

 Former owner of Tengda Hotel Company

 

 

$

809,901

 

 

Mr. Guohua Li

 

$

(14,805)

 

Former owner of Tengfei Investment

Total

 

$

795,096

 

 

 

 

 

 

 

 

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