EX-99.1 2 v117309_ex99-1.htm Unassociated Document
 
 Exhibit 99.1
 
CHINA FUNDAMENTAL ACQUISITION CORPORATION
(A Corporation in the Development Stage)
  
PRO FORMA BALANCE SHEET
As of May 28, 2008
(unaudited)
 
ASSETS
  
   
As of
21-May-08
      
Pro Forma Adjustments
  
Pro Forma
Totals
  
Current assets:
  
   
          
 
  
Cash and cash equivalents
  
$
678,078
    
(5)
 
  
(7
)
$
678,071
  
Cash held in trust
    
30,000,000
    
(1)
    
3,908,250
   
33,908,250
  
Other receivable
    
　15,100
    
(3)
 
  
9,123
   
　24,223
  
Total current assets
    
　30,693,178
    
 
    
3,917,366
   
　34,610,544
 
Total assets
  
$
30,693,178
    
 
    
3,917,366
 
$
34,610,544
 
                           
LIABILITIES AND SHAREHOLDERS' EQUITY
                        
                           
Current liabilities:
                        
Accrued registration costs
  
$
506,213
              
$
506,213
  
Accrued expenses
    
5,373
    
(4)
 
  
1,750
   
7,123
  
Deferred underwriting fee
    
1,050,000
    
(1)
 
  
141,750
   
1,191,750
  
Notes payable to shareholders
    
　70,000
    
 
          
　70,000
  
Total current liabilities
    
　1,631,586
    
 
    
143,500
   
　1,775,086
 
                           
Ordinary shares subject to possible redemption (1,312,499 shares (1,489,687 shares after over-allotment) at redemption value)
    
　10,499,992
    
(2) (6)
 
  
1,371,085
    
　11,871,077
  
                           
Commitments
                        
                     
Shareholders' equity:
  
   
              
Ordinary shares, $0.001 par value per share, authorized 50,000,000 shares, issued and outstanding 3,515,626 shares (3,844,688 shares after over-allotment) (excluding 1,312,499 shares (1,489,687 shares after over-allotment) subject to possible redemption)
     3,516    
(1) (2)
     329     3,845  
Additional paid-in capital
    
18,568,627
    
(1) (2) (6)
 
  
2,395,086
   
20,963,713
  
Deficit accumulated during the development stage
    
　(10,543
)
  
(3) (4) (5)
 
  
7,366
   
　(3,177
)
Total shareholders' equity
    
　18,561,600
    
  
    
2,402,781
   
　20,964,381
 
Total liabilities and shareholders' equity
  
$
30,693,178
    
 
    
3,917,366
 
$
34,610,544
 
 
 
Notes on Pro Forma Adjustments:
1.
Adjustment for net proceeds from sales of an additional 506,250 units and deferred underwriting fee.
2.
Adjustment for reclassifying amount for ordinary shares subject to possible redemption.
3.
Adjustment for interest income earned on the trust account.
4.
Adjustment for accrual of expenses for office space, administrative services and secretarial support.
5.
Adjustment for bank charges paid.
6.
Accretion of 34.99% of interest income earned to ordinary shares subject to possible redemption reclassified from additional paid-in capital.