EX-10.3 3 tedatravelexhibit103.htm PRO FORMA CONDENSED FINANCIAL STATEMENTS BP (x1-53409) Teda Travel 8KA Exhibit 10.3




EXHIBIT 10.3






TEDA TRAVEL GROUP, INC.

AND SUBSIDIARY

PRO FORMA CONSOLIDATED

FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2003








TEDA TRAVEL GROUP, INC. AND SUBSIDIARY

PRO FORMA CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2003

(UNAUDITED)



  

Historical

        
  

Teda Hotels

Management

Company,

Limited

 

Teda Travel

Group, Inc.

   

Pro Forma

Adjustments

 

Pro Forma

Teda Travel

Group, Inc.

 

                                                                                     

   

  

     

  

     

 

     

 

     

   
               

CURRENT ASSETS

              

Cash

 

$

98,079

 

$

882

     

$

98,961

 

Accounts receivable, net

  

88,509

  

6,000

      

94,509

 

Prepaid expenses and other current assets

  

55,355

  

      

55,355

 

Total Current Assets

  

241,943

  

6,882

      

248,825

 
               

PROPERTY AND EQUIPMENT – NET

  

13,064

  

284

      

13,348

 
               

INVESTMENT IN AFFILIATE

  

3,661,868

  

      

3,661,868

 
               

TOTAL ASSETS

 

$

3,916,875

 

$

7,166

     

$

3,924,041

 
               

CURRENT LIABILITIES

              

Accounts payable and accrued expenses

 

$

47,334

 

$

3,161

     

$

50,495

 

Due to related parties

  

3,263,724

  

      

3,263,724

 
               

TOTAL LIABILITIES

  

3,311,058

  

3,161

      

3,314,219

 
               

STOCKHOLDERS’ EQUITY

              

Preferred stock, $.001 par value, 5,000,000

shares authorized, no shares issued

and outstanding

  



  



      



 

Class A common stock, $.001 par value,

100,000,000 shares authorized,

18,899,586 shares issued and outstanding

  



100

  



39,505

 



(1)

 



(20,705



)

 



18,900

 

Class B common stock, $.001 par value,

2,000,000 shares authorized, no shares

issued and outstanding

  



  



2,000

 



(1)

 



(2,000



)

 



 

Additional paid-in capital

  

  

3,569,426

 

(1)

 

(3,584,221

)

 

(14,795

)

Retained earnings (deficit)

  

605,717

  

(3,606,926

)

(1)

 

3,606,926

  

605,717

 

Total Stockholders’ Equity

  

605,817

  

4,005

      

609,822

 
               

TOTAL LIABILITIES AND 

   STOCKHOLDERS’ EQUITY

 


$


3,916,875

 


$


7,166

     


$


3,924,041

 




See accompanying notes to pro forma consolidated financial statements.


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TEDA TRAVEL GROUP, INC. AND SUBSIDIARY

PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS

DECEMBER 31, 2003

(UNAUDITED)



  

Historical

      
  

Teda Hotels

Management

Company

Limited

 

Teda Travel

Group, Inc.

 

Pro Forma

Adjustments

 

Pro Forma

Teda Travel

Group, Inc.

 

                                                                                            

   

  

     

  

     

                    

     

   

REVENUE, NET

 

$

396,794

 

$

   

$

396,794

 
             

EXPENSES

            

Management fees

  

31,400

  

    

31,400

 

Payroll

  

117,784

  

    

117,784

 

Other selling, general and administrative

  

313,046

  

    

313,046

 

Total Expenses

  

462,230

  

    

462,230

 
             

LOSS FROM OPERATIONS

  

(65,436

)

 

    

(65,436

)

             

OTHER INCOME (EXPENSE)

            

Equity in earnings of affiliate

  

51,409

  

    

51,409

 

Loss on disposal of property and equipment

  

(3,202

)

 

    

(3,202

)

Other income

  

370

  

    

370

 

Total Other Income (Expenses)

  

48,577

  

    

48,577

 
             

LOSS BEFORE TAXES

  

(16,859

)

 

    

(16,859

)

             

Income taxes

  

23,795

  

    

23,795

 
             

NET LOSS

 

$

(40,654

)

$

   

$

(40,654

)

             

Pro forma net loss per common share – basic and diluted

         

$

 
             

Pro forma weighted average number of

common shares outstanding – basic and diluted

          


17,856,443

 









See accompanying notes to pro forma consolidated financial statements.


2




TEDA TRAVEL GROUP, INC. AND SUBSIDIARY

NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2003

(UNAUDITED)



NOTE: (1)

To record the reverse merger and recapitalization of Teda Travel Group, Inc. by Teda Hotels Management Company, Limited.




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