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. |