China Kangtai Cactus Bio-tech (IVNE) Inactive
Filed: 5 Mar 04, 12:00am
INTERIM FINANCIAL STATEMENTS
September 30, 2003
(Stated in US Dollars)
(Unaudited)
ADVANCE TECH (ASIA) LIMITED
INTERIM BALANCE SHEETS
September 30, 2003 and March 31, 2003
(Stated in US Dollars)
(Unaudited)
September 30, March 31,
ASSETS 2003 2003
Current
Cash $ 474 $ 74,910
Trade receivables 599,207 1,034,442
Other receivables 2,969 2,949
Prepayment and other deposits 147,542 146,514
750,192 1,258,815
Capital assets 1,710,913 867,811
$ 2,461,105 $ 2,126,626
LIABILITIES
Current
Other payables $ 30,249 $ 14,033
Due to a director 65,145 5,434
Due to a shareholder - 84,579
Provision for taxes 76,740 108,678
Current portion of obligation under capital leases 6,541 12,264
178,675 224,988
Obligations under capital leases 9,467 12,222
Deferred taxes 134,264 133,328
322,406 370,538
STOCKHOLDERS' EQUITY
Common stock
Authorized:
10,000,000 common shares of $1 each
Issued and fully paid:
622 shares (March 31, 2002: 122 shares) 622 122
Paid-in capital 663,711 535,994
Foreign exchange adjustment 15,892 486
Retained earnings 1,458,474 1,219,486
2,138,699 1,756,088
$ 2,461,105 $ 2,126,626
SEE ACCOMPANYING NOTES
ADVANCE TECH (ASIA) LIMITED
STATEMENTS OF OPERATIONS
for the six months September 30, 2003 and 2002
(Stated in US Dollars)
(Unaudited)
2003 2002
Revenue
Hardware and software sales $ 655,743 $ 1,926,772
Cost of sales ( 225,118) ( 28,536)
Gross margin 430,625 1,898,236
System integration sales 16,164 31,793
Interest income - 42
446,789 1,930,071
Expenses
Selling and distribution costs 26,449 242,988
Administrative expenses 162,878 273,871
Amortization expense 16,469 17,834
Other operating expenses 486 3,877
Finance costs 1,519 1,518
207,801 540,088
Income from operation before taxes 238,988 1,389,983
Taxes - -
Net income for the period $ 238,988 $ 1,389,983
Basic and diluted income per share $ 1,165 $ 11,880
Weighted average number of common shares outstanding 205 117
SEE ACCOMPANYING NOTES
STATEMENTS OF CASH FLOWS
for the six months ended September 30, 2003 and 2002
(Stated in US Dollars)
(Unaudited)
2003 2002
Operating Activities
Net income for the period from operations $ 238,988 $ 1,389,983
Adjustment from non-cash items:
Amortization 211,825 17,834
Changes in working capital items:
Trade receivables 435,237 ( 366,601)
Other receivables ( 21) 8,974
Prepayment and other deposits ( 1,029) ( 130,803)
Trade payables - ( 16,025)
Other payables 16,216 8,822
Provision for taxes ( 31,938) -
Cash provided by operating activities 869,278 912,184
Investing Activity
Acquisition of capital assets ( 1,048,835) ( 44,583)
Cash used in investing activities ( 1,048,835) ( 44,583)
Financing Activities
Increase (decrease) in due to a director 187,929 ( 417,614)
Increase in due from a shareholder ( 84,579) -
Payment of finance leases ( 8,649) ( 6,239)
Issuance of common stock - 407,674
Cash provided by (used in) financing activities 94,701 ( 16,179)
Foreign exchange 10,420 -
Net increase (decrease) in cash during the period ( 74,436) 851,422
Cash, beginning of the period 74,910 241
Cash, end of the period $ 474 $ 851,663
Supplemental disclosure of cash flow information:
Cash paid for:
Interest $ 1,519 $ 1,518
Income taxes $ 32,701 $ -
.../Cont'd.
SEE ACCOMPANYING NOTES
ADVANCE TECH (ASIA) LIMITED Continued
STATEMENTS OF CASH FLOWS
for the six months ended September 30, 2003 and 2002
(Stated in US Dollars)
(Unaudited)
2003 2002
Supplemental disclosure of non-cash investing and financing
activities:
Shares issued for settlement of debt $ 128,217 $ -
SEE ACCOMPANYING NOTES
STATEMENT OF STOCKHOLDERS’ EQUITY
for the six months ended September 30, 2003
(Stated in US Dollars)
(Unaudited)
Foreign Retained
Common Shares Paid-in Exchange Earnings
Shares Amount Capital Adjustment (Deficit) Totals
Balance, March 31, 2001 111 $ 111 $ 128,331 $ - $ ( 303,740) $ ( 175,298)
Net income for the year - - - - 796,069 796,069
Foreign currency translation - - - 486 - 486
Balance, March 31, 2002 111 111 128,331 486 492,329 621,257
Issuance of common shares for cash 11 11 407,663 - - 407,674
Net income for the year - - - - 727,157 727,157
Balance, March 31, 2003 122 122 535,994 486 1,219,486 1,756,088
Issuance of common shares for debt 500 500 127,717 - - 128,217
Net income for the period - - - - 238,988 238,988
Foreign currency translation - - - 15,406 - 15,406
Balance, September 30, 2003 622 $ 622 $ 663,711 $ 15,892 $ 1,458,474 $ 2,138,699
SEE ACCOMPANYING NOTES
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2003
(Stated in US Dollars)
(Unaudited)
Note 1Interim Reporting
| While the information presented in the accompanying interim six months financial statements is unaudited, it includes all adjustment which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. These interim financial statements follow the same accounting policies and methods of their application as the Company’s March 31, 2003 annual financial statements. All adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with the Company’s March 31, 2003 annual financial statements. |
Note 2Economic Dependence
| During the period ended September 30, 2003, two customers accounted for 98% of the Company’s sales with totals of 43% and 55% respectively. |
| During the period ended September 30, 2002, three customers accounted for 97% of the Company’s sales with totals of 20%, 26% and 57% respectively. |
Note 3Subsequent Event
| On November 11, 2003, Investnet, Inc. (“Investnet”), a public company listed for trading on the Over-the-Counter Bulletin Board, entered into an acquisition agreement with the Company whereby Investnet will issue 22,312,500 of its common shares at $0.001 per share in exchange for all the issued and outstanding shares of the Company. This transaction will be accounted for as a reverse acquisition, with the Company being treated as the accounting acquirer. |