EX-99.2 4 ex99_2.htm ASI HOLDINGS LIMITED Unassociated Document
 
Exhibit 99.2
 
ASI HOLDINGS LIMITED
 
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
  
June 30, 2010
 
Index to Condensed Consolidated Financial Statements
  
   
Condensed Consolidated Balance Sheet as of June 30, 2010 and December 31, 2009 (unaudited)
2
Condensed Consolidated Statement of Operations for the six months period ended June 30, 2010 and 2009 (unaudited)
3
Condensed Consolidated Statements of Cash Flows for the six months period ended June 30, 2010 and 2009 (unaudited)
4
Notes to Condensed Consolidated Financial Statements (unaudited)
5 to 11
 
 
 
 
 
ASI Holdings Limited
Condensed Consolidated Balance Sheets  
(Unaudited)
 
   
As of
    
As of
  
   
June 30, 2010
    
December 31, 2009
  
ASSETS
            
Current assets:
            
Cash and cash equivalents
  
$
272,432
    
$
90,543
  
Accounts receivable, net of allowance for bad debts
    
5,404,565
      
4,767,736
  
Inventories, net
    
2,606,109
      
1,709,107
  
Deposits
    
46,029
      
24,688
  
Prepayments
    
16,982
      
30,780
  
Other receivables
    
6,664
      
-
  
Total current assets
    
8,352,781
      
6,622,854
  
                 
Property and equipment, at cost
    
101,207
      
39,115
  
Less: accumulated depreciation
    
(50,960
)
    
(15,466
)
Property and equipment, net
    
50,247
      
23,649
  
                 
Total assets
  
$
8,403,028
    
$
6,646,503
  
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
                
Current liabilities:
                
Secured bank overdraft
    
-
      
28,923
  
Short term loan
    
500,000
      
500,000
  
Accounts payable
    
10,512,657
      
7,684,336
  
Provision for warranty service
    
469,365
      
276,362
  
Accrued expenses and other payable
    
509,237
      
577,825
  
Due to bank under factoring agreement
    
25,652
      
504,368
  
Total liabilities
  
$
12,016,911
    
$
9,571,814
  
                 
Stockholders' deficit
                
Common stock, $0..1282 par value;
    
6,410
      
6,410
  
Other comprehensive loss
    
(26,494
)
    
(1,063
)
Accumulated deficit
    
(3,593,799
)
    
(2,930,658
)
Total stockholders' deficit
    
(3,613,883
)
    
(2,925,311
)
                 
Total liabilities and stockholders' deficit
  
$
8,403,028
    
$
6,646,503
  
 
See accompanying notes to condensed consolidated financial statements.
 
 
2
 
 
ASI Holdings Limited
Condensed Consolidated Statement of Operations
(Unaudited)
 
   
For Six Months Ending
  
   
June 30, 2010
    
June 30, 2009
  
Net revenue
  
$
10,973,580
    
$
8,009,840
  
Cost of revenue
    
10,201,436
      
7,018,201
  
Gross profit
    
772,144
      
991,639
  
                 
Operating expenses
                
Selling expenses
    
220,230
      
21,985
  
General and administrative
    
1,108,589
      
1,000,482
  
Total operating expenses
    
1,328,819
      
1,022,467
  
                 
Loss from operations
    
(556,675
)
    
(30,829
)
                 
Other expenses:
                
Factoring charges
    
106,465
      
-
  
Total other expenses
    
106,465
      
-
  
                 
Net loss from continuing operations
    
(663,141
)
    
(30,829
)
                 
Other comprehensive loss
                
Foreign currency translation Loss
    
25,431
      
5,723
  
                 
Net comprehensive loss
  
$
(688,571
)
  
$
(36,552
)
 
See accompanying notes to condensed consolidated financial statements.
 
 
3
 
 
ASI Holdings Limited
Condensed Consolidated Statement of Cash Flows
(Unaudited)
 
   
For Six Months Ended
  
   
June 30, 2010
    
June 30, 2009
  
             
Operating activities:
            
   Net loss from continuing operations
  
$
(663,141
)
  
$
(30,829
)
                 
Adjustments to reconcile net income to net cash provided by operating activities
                
Depreciation
    
35,494
      
35,698
  
Increase in accounts receivable
    
(636,829
)
    
(3,128,176
)
Increase in inventory
    
(897,002
)
    
(2,067,647
)
Decrease in prepaid expenses
    
13,798
      
605
  
Increase in other receivable
    
(6,665
)
    
-
  
Increase in deposits
    
(21,341
)
    
(1,163
)
Decrease non-controlling Interest
    
-
      
12,287
  
Increase in accounts payable
    
2,828,320
      
4,325,422
  
   Increase/(decrease) in accrued expenses
    
(68,588
)
    
642,893
  
Increase in warranty provision
    
193,003
      
105,960
  
Decrease related party
    
-
      
(71,837
)
Decrease secured bank draft
    
(28,923
)
    
-
  
Increase short term loan
    
-
      
500,000
  
Net cash provided by operating activities from continuing operations
    
1,411,269 
      
354,042 
  
                 
Investing activities:
                
Acquisitions of property and equipment
    
(62,092
)
    
(33,000
)
Net cash used in investing activities
                
 
 
4