0001437749-12-011652.txt : 20121114 0001437749-12-011652.hdr.sgml : 20121114 20121114111233 ACCESSION NUMBER: 0001437749-12-011652 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHYSICAL PROPERTY HOLDINGS, INC. CENTRAL INDEX KEY: 0001048055 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 980203281 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26573 FILM NUMBER: 121201869 BUSINESS ADDRESS: STREET 1: 23RD FLOOR AIA TOWER STREET 2: NO. 183 ELECTRIC ROAD CITY: NORTH POINT STATE: K3 ZIP: 00000 BUSINESS PHONE: 7149496880 MAIL ADDRESS: STREET 1: 23RD FLOOR AIA TOWER STREET 2: NO. 183 ELECTRIC ROAD CITY: NORTH POINT STATE: K3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: PHYSICAL SPA & FITNESS INC DATE OF NAME CHANGE: 19971017 10-Q 1 pphi_10q-093012.htm FORM 10-Q pphi_10q-093012.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934:

For the transition period from______ to _______
 
Commission File Number 0-26573

PHYSICAL PROPERTY HOLDINGS INC.
(Exact name of Registrant as specified in its charter)

Delaware
98-0203281
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)

23/F AIA Tower
No. 183 Electric Road, North Point
Hong Kong
(Address of principal executive offices)

(011) (852) 2917-0000
(Registrant's telephone number)
 
Check whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes x  No o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act:
 
 Large Accelerated Filer o  Accelerated Filer o  Non-accelerated Filer o  Smaller Reporting Company x
      
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes o   No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:  
November 14, 2012, 28,329,353 shares.

 
 

 
 
PHYSICAL PROPERTY HOLDINGS INC.

Form 10-Q for the period ended September 30, 2012

TABLE OF CONTENTS

     
Page
       
 
       
   
       
   
3
       
   
4
       
   
5
       
   
6 – 8
       
 
9 - 11
       
 
12
       
 
12
       
 
       
 
12
     
 
13
       
   
14
 
 
2

 
 
PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS
 
PHYSICAL PROPERTY HOLDINGS INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

   
Three months ended September 30,
   
Nine months ended September 30,
 
   
2011
   
2012
   
2012
   
2011
   
2012
   
2012
 
   
HK$’000
   
HK$’000
   
US$’000
   
HK$’000
   
HK$’000
   
US$’000
 
                                     
Operating Revenue
                                   
Rental income
   
203
     
248
     
32
     
604
     
624
     
80
 
Total operating revenues
   
203
     
248
     
32
     
604
     
624
     
80
 
                                                 
Operating Expenses
                                               
Rent and related expenses
   
(24
)
   
(24
)
   
(3
)
   
(72
)
   
(73
)
   
(9
)
Depreciation
   
(86
)
   
(86
)
   
(11
)
   
(258
)
   
(258
)
   
(33
)
Other selling and administrative expenses
   
(152
)
   
(190
)
   
(25
)
   
(499
)
   
(518
)
   
(67
)
Total operating expenses
   
(262
)
   
(300
)
   
(39
)
   
(829
)
   
(849
)
   
(109
)
                                                 
Loss from operations
   
(59
)
   
(52
)
   
(7
)
   
(225
)
   
(225
)
   
(29
)
                                                 
Non-operating expenses
                                               
Interest expenses
   
(51
)
   
(49
)
   
(6
)
   
(156
)
   
(148
)
   
(19
)
Total non-operating expenses
   
(51
)
   
(49
)
   
(6
)
   
(156
)
   
(148
)
   
(19
)
                                                 
Loss before income taxes
   
(110
)
   
(101
)
   
(13
)
   
(381
)
   
(373
)
   
(48
)
                                                 
Provision for income taxes
   
--
     
--
     
--
     
--
     
--
     
--
 
                                                 
Net loss and total comprehensive loss
   
(110
)
   
(101
)
   
(13
)
   
(381
)
   
(373
)
   
(48
)
                                                 
Loss per share of common stock (in cents)
   
(0.39
)
   
(0.36
)
   
(0.05
)
   
(1.34
)
   
(1.32
)
   
(0.17
)
                                                 
WWeighted average number of shares of common stock outstanding
   
28,329,353
     
28,329,353
     
28,329,353
     
28,329,353
     
28,329,353
     
28,329,353
 
 
The financial statements should be read in conjunction with the accompanying notes.
 
 
3

 
 
PHYSICAL PROPERTY HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

   
As of
December 31,
2011
   
As of
September 30, 2012 (Unaudited)
 
   
HK$’000
   
HK$’000
   
US$’000
 
                   
ASSETS
                 
                   
Current assets
                 
Cash and bank balances
   
24
     
14
     
2
 
Trade receivables
   
12
     
--
     
--
 
Management fees and utility deposits
   
24
     
26
     
3
 
Total current assets
   
60
     
40
     
5
 
                         
Bank deposits, collateralized
   
82
     
82
     
11
 
Property, plant and equipment, net of accumulated depreciation of HK$2,841,000 (US$364,000) as of September 30, 2012 (December 31, 2011: HK$2,583,000)
   
10,205
     
9,947
     
1,275
 
                         
Total assets
   
10,347
     
10,069
     
1,291
 
                         
LIABILITIES AND STOCKHOLDERS' EQUITY
                       
                         
Current liabilities
                       
Bank loans - (Note 3)
   
9,555
     
9,137
     
1,171
 
Other payables
   
258
     
242
     
31
 
Due to Principal Stockholder - (Note 5)
   
1,551
     
2,080
     
267
 
Total current liabilities
   
11,364
     
11,459
     
1,469
 
                         
Commitments and contingencies - (Note 6)
                       
                         
Stockholders' equity
                       
Common stock, par value US$0.001 each, 100 million shares of stock authorized; 28,329,353 shares of stock issued and outstanding
   
221
     
221
     
28
 
Additional paid-in capital
   
73,608
     
73,608
     
9,437
 
Accumulated losses
   
(74,846
)
   
(75,219
)
   
(9,643
)
Total stockholders' deficit
   
(1,017
)
   
(1,390
)
   
(178
)
                         
Total liabilities and stockholders' equity
   
10,347
     
10,069
     
1,291
 
 
The financial statements should be read in conjunction with the accompanying notes.
 
 
4

 
 
PHYSICAL PROPERTY HOLDINGS INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

   
Nine Months Ended September 30,
 
   
2011
   
2012
   
2012
 
   
HK$’000
   
HK$’000
   
US$’000
 
                   
Cash flows from operating activities
                 
Net loss
   
(381
)
   
(373
)
   
(48
)
Adjustments to reconcile net loss to net cash used in operating activities:
                       
Depreciation
   
258
     
258
     
33
 
Changes in working capital:
                       
Trade receivables
   
(2
   
12
     
2
 
Management fees and utility deposits
   
--
     
(2
)
   
--
 
Other payables
   
14
     
(16
   
(2
Net cash used in operating activities
   
(111
)
   
(121
   
(15
                         
Cash flows from financing activities
                       
Repayment of bank loans
   
(409
)
   
(418
)
   
(54
)
Net advance from Principal Stockholder - (Note 5)
   
556
     
529
     
68
 
Net cash provided by financing activities
   
147
     
111
     
14
 
                         
Net increase (decrease) in cash and cash equivalents
   
36
     
(10
   
(1
                         
Cash and cash equivalents at beginning of period
   
14
     
24
     
3
 
                         
Cash and cash equivalents at end of period
   
50
     
14
     
2
 
 
The financial statements should be read in conjunction with the accompanying notes.
 
 
5

 
  
PHYSICAL PROPERTY HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements include the accounts of Physical Property Holdings Inc. and the subsidiaries that it controls (collectively referred to as the "Company"). The Company, through its subsidiaries, is engaged in the real estate business by holding five residential apartments in Hong Kong. Unless otherwise specified in the text, references to the Company include the Company and its subsidiaries. These financial statements should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The balance sheet at December 31, 2011 has been derived from the audited financial statements at that date but the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.
 
Translation of amounts from Hong Kong Dollars ("HK$") into United States Dollars ("US$") for the convenience of the reader has been made at the exchange rate of US$1.00 = HK$7.8. No representation is made that the Hong Kong Dollar amounts could have been, or could be, converted into United States Dollars, at that rate on September 30, 2012 or at any other certain rate.
 
The Company had negative working capital of HK$11,419,000 as of September 30, 2012 and incurred losses of HK$373,000 and HK$381,000 for the nine months ended September 30, 2012 and 2011 respectively. These conditions raised substantial doubt about the Company’s ability to continue as a going concern.

Continuation of the Company as a going concern is dependent upon attaining profitable operations in the future, exercising tight cost and cash flow controls measures, and the financial support from the Principal Stockholder.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Principal Stockholder has undertaken to make available adequate funds to the Company as and when required to maintain the Company as a going concern.  Having taken into consideration the undertaking provided by the Principal Stockholder, management believes that the Company will be able to settle its liabilities when they become due.  However, there can be no assurance that the financing from the Principal Stockholder will be continued.

For the nine months ended September 30, 2012, Ngai Keung Luk, Chairman, Chief Executive Officer and the Principal Stockholder, made a net advance of HK$529,000 or US$68,000 to the Company as described in note 5 below.  Mr. Luk owns 82.52% of the Company’s issued and outstanding shares of common stock as of the date this quarterly report is filed.

The Company has evaluated subsequent events through the date this quarterly report is filed.

2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

As of the date this quarterly report is filed, there are no recently issued accounting pronouncements which adoption would have a material impact on the Company’s financial statements.
 
3. BANK LOANS

During the nine-month periods ended September 30, 2012 and 2011, the Company repaid HK$418,000 and HK$409,000 of its existing bank loans, respectively. The outstanding loan balances as of September 30, 2012 and December 31, 2011 are analyzed as follows:

End of maturity
 
Interest rate
 
Principal
 
       
2011
   
2012
   
2012
 
       
HK$’000
   
HK$’000
   
US$’000
 
                       
2026
 
2.1% per annum
   
9,555
     
9,137
     
1,171
 
 
 
6

 
 
PHYSICAL PROPERTY HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
3. BANK LOANS (Continued)
 
Payables during the following periods according to bank repayment terms notices
   
Principal
 
   
2011
   
2012
   
2012
 
   
HK$’000
   
HK$’000
   
US$’000
 
2012 / 2013
   
559
     
567
     
73
 
2013 / 2014
   
570
     
579
     
74
 
2014 / 2015
   
583
     
592
     
76
 
2015 / 2016
   
595
     
604
     
77
 
2016 / 2017
   
607
     
617
     
79
 
    Thereafter
   
6,641
     
6,178
     
792
 
                         
     
9,555
     
9,137
     
1,171
 
  
As the bank loans are repayable on demand upon request at the bank’s discretion, regardless of the expected repayment dates of the outstanding loan principals as set out in the repayment terms notices issued by the bank, the entire balance of the bank loans is presented as current liabilities in the consolidated balance sheet.  
 
The collateral of the bank loans includes:

(i)  
leasehold properties in Hong Kong with a net book value of HK$9,863,000 and HK$10,075,000 as of September 30, 2012 and December 31, 2011 respectively;
(ii)  
fixed deposits of HK$82,000 as of September 30, 2012 and December 31, 2011; and
(iii)  
joint and several guarantee provided by the Principal Stockholder and his spouse.
 
4. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
 
 
Three months ended September 30,
   
Nine months ended September 30,
 
2011
   
2012
 
2012
   
2011
 
2012
2012
 
HK$’000
  $
HK’000
 
US$’000
  $
HK’000
 
HK$’000
US$’000
Cash paid for:
                       
Interest expenses
51
   
49
 
6
   
156
 
148
19

5. RELATED PARTY TRANSACTIONS
 
During the nine-month periods ended September 30, 2012 and 2011, the Company had net advance from the Principal Stockholder of HK$529,000 and HK$556,000 respectively. The movements of the amount due to the Principal Stockholder are analyzed as follows:
 
   
Nine months ended September 30,
 
   
2011
   
2012
 
   
HK$’000
   
HK$’000
   
US$’000
 
Balance at beginning of period
   
826
     
1,551
     
199
 
                         
Advance from the Principal Stockholder
   
296
     
516
     
66
 
Repayment to the Principal Stockholder
   
--
     
(10
)
   
(1
)
Expenses paid by the Principal Stockholder on behalf of the Company
   
260
     
23
     
3
 
                         
Net advance from the Principal Stockholder
   
556
     
529
     
68
 
                         
Balance at end of period
   
1,382
     
2,080
     
267
 

 
7

 
 
PHYSICAL PROPERTY HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5. RELATED PARTY TRANSACTIONS (Continued)

In addition, during the nine-month periods ended September 30, 2012 and 2011, a related company which is controlled by the Principal Stockholder of the Company, provided office space and general support for the Company’s activities with an aggregate charge of HK$243,000 and HK$243,000, respectively.

6. COMMITMENTS AND CONTINGENCIES

The Company leases out its properties under operating leases with average lease terms of two years. The future aggregate minimum rental receivables under non-cancellable operating leases are as follows:

   
As of
December 31,
2011
   
As of September 30,
2012
 
   
HK$’000
   
HK$’000
   
US$’000
 
                   
Within one year
   
785
     
763
     
98
 
In the second year
   
251
     
324
     
41
 
                         
     
1,036
     
1,087
     
139
 

Potential administrative proceeding

On or about October 22, 2007, the Securities and Exchange Commission (the “SEC”) sent a “voluntary request letter” seeking certain information and documents about the Company and another company known as Score One, Inc, in connection with an investigation into alleged spam e-mail campaigns and potential securities fraud violations.

Subsequently, on or about January 11, 2008, the SEC sent a subpoena to the Company for additional information and documents concerning the Company and Score One, Inc. in furtherance of its investigation into potential spam e-mail campaigns and securities fraud violations.  Management of the Company retained counsel and responded to the subpoena.
 
On or about September 16, 2010, the SEC sent a letter to the Company in which they stated that they intended to institute an administrative proceeding against the Company, pursuant to Section 12(j) of the Exchange Act to determine whether it is appropriate to suspend or revoke the registration of the Company’s securities.  

On or about February 1, 2011, the SEC filed a complaint in US District Court, Eastern District of Michigan, Southern District, SEC v. Gregg M.S. Berger, et al., for securities fraud involving spamming stock, pump and dump schemes, misleading press releases, violation of numerous SEC rules governing the issuance of S-8 stock, misleading reverse mergers, etc.  The Company and its officers and directors were not named as defendants in the case.

Other than the above, as of September 30, 2012 and December 31, 2011, the Company had no material outstanding commitments and contingencies.
 
 
8

 
 
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

PRELIMINARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

THIS REPORT CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS ABOUT OUR OPERATIONS. PROSPECTIVE SHAREHOLDERS SHOULD UNDERSTAND THAT SEVERAL FACTORS GOVERN WHETHER ANY FORWARD-LOOKING STATEMENT CONTAINED HEREIN WILL BE OR CAN BE ACHIEVED. ANY ONE OF THOSE FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED HEREIN. THESE FORWARD-LOOKING STATEMENTS INCLUDE PLANS AND OBJECTIVES OF MANAGEMENT FOR FUTURE OPERATIONS, INCLUDING PLANS AND OBJECTIVES RELATING TO THE PRODUCTS AND THE FUTURE ECONOMIC PERFORMANCE OF THE COMPANY. ASSUMPTIONS RELATING TO THE FOREGOING INVOLVE JUDGMENTS WITH RESPECT TO, AMONG OTHER THINGS, FUTURE ECONOMIC, COMPETITIVE AND MARKET CONDITIONS, FUTURE BUSINESS DECISIONS, AND THE TIME AND MONEY REQUIRED TO SUCCESSFULLY COMPLETE DEVELOPMENT PROJECTS, ALL OF WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT ACCURATELY AND MANY OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. ALTHOUGH THE COMPANY BELIEVES THAT THE ASSUMPTIONS UNDERLYING THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE REASONABLE, ANY OF THOSE ASSUMPTIONS COULD PROVE INACCURATE AND, THEREFORE, THERE CAN BE NO ASSURANCE THAT THE RESULTS CONTEMPLATED IN ANY OF THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN WILL BE REALIZED. BASED ON ACTUAL EXPERIENCE AND BUSINESS DEVELOPMENT, THE COMPANY MAY ALTER ITS MARKETING, CAPITAL EXPENDITURE PLANS OR OTHER BUDGETS, WHICH MAY IN TURN AFFECT THE COMPANY'S RESULTS OF OPERATIONS. IN LIGHT OF THE SIGNIFICANT UNCERTAINTIES INHERENT IN THE FORWARD-LOOKING STATEMENTS INCLUDED THEREIN, THE INCLUSION OF ANY SUCH STATEMENT SHOULD NOT BE REGARDED AS A REPRESENTATION BY THE COMPANY OR ANY OTHER PERSON THAT THE OBJECTIVES OR PLANS OF THE COMPANY WILL BE ACHIEVED.

Overview of Company's Business:

The Company, through its wholly-owned subsidiary, Good Partner Limited, owns five residential apartments located in Hong Kong.

RESULTS OF OPERATIONS

The following table sets forth selected data as a percentage of total operating revenue for the periods indicated.

   
Three months ended September 30
   
Nine months ended September 30
 
   
2011
   
2012
   
2011
   
2012
 
                         
Operating Revenues
   
100.00
   
100.00
   
100.00
   
100.00
                                 
Total operating expenses
   
(129.06
%)
   
(120.97
%)
   
(137.25
%)
   
(136.06
%)
                                 
Loss from operations
   
(29.06
%)
   
(20.97
%)
   
(37.25
%)
   
(36.06
%)
                                 
Loss before income taxes
   
(54.19
%)
   
(40.73
%)
   
(63.08
%)
   
(59.78
%)
                                 
Provision for income taxes
   
--
     
--
     
--
     
--
 
                                 
Net loss
   
(54.19
%)
   
(40.73
%)
   
(63.08
%)
   
(59.78
%)

 
9

 
 
THREE MONTHS ENDED SEPTEMBER 30, 2012 (UNAUDITED) COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2011 (UNAUDITED)

OPERATING REVENUES. Operating revenues for the third quarter of 2012 totaled HK$248,000 (US$32,000) compared to HK$203,000 for the corresponding period in 2011. This represented an increase of 22% mainly due to all of the properties being let out in the third quarter of 2012, and rental increments for three of the properties, while a property was vacant for one and a half months during the same period in 2011.

OPERATING EXPENSES. The Company's operating expenses totaled HK$300,000 (US$39,000), or 121% of operating revenues, for the third quarter of 2012, compared to HK$262,000, or 129% of operating revenues, for the third quarter of 2011. This represented an increase of 15%, mainly because agency fees, repair and maintenance costs in relation to new tenancies were incurred in this quarter.

TOTAL NON-OPERATING EXPENSES. Total non-operating expenses for the third quarter of 2012 totaled HK$49,000 (US$6,000) compared to HK$51,000 for the third quarter of 2011. This represented a decrease of 4% due to reduction in interest expenses attributable to the decrease in average loan balances as a result of the progress on repayment.

PROVISION FOR INCOME TAXES. The Company did not make any tax provision for the third quarter in view of the losses incurred.

NET LOSS AND TOTAL COMPREHENSIVE LOSS. The Company has recorded a net loss and total comprehensive loss of HK$101,000 (US$13,000) for the third quarter of 2012, compared to a net loss and total comprehensive loss of HK$110,000 for the third quarter of 2011. This represented a decrease in loss of 8% due to the net effect of the increase in rental income and the increase in administrative expenses as mentioned above.
 
NINE MONTHS ENDED SEPTEMBER 30, 2012 (UNAUDITED) COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2011 (UNAUDITED)

OPERATING REVENUES. Operating revenues for the nine months of 2012 totaled HK$624,000 (US$80,000) compared to HK$604,000 for the corresponding period in 2011. This represented an increase of 3% mainly due to rental increases for three of the properties.

OPERATING EXPENSES. The Company's operating expenses totaled HK$849,000 (US$109,000), or 136% of operating revenues, for the first nine months of 2012, compared to HK$829,000, or 137% of operating revenues, for the first nine months of 2011. This represented an increase of 2%, mainly because certain administrative expenses in relation to new tenancies were incurred in the first nine months of 2012.

TOTAL NON-OPERATING EXPENSES. Total non-operating expenses for the first nine months of 2012 totaled HK$148,000 (US$19,000) compared to HK$156,000 for the first nine months of 2011. This represented a decrease of 5% due to reduction in interest expenses attributable to the decrease in average loan balances as a result of the progress on repayment.

PROVISION FOR INCOME TAXES. The Company did not make any tax provision for the period under review because there were losses incurred.

NET LOSS AND TOTAL COMPREHENSIVE LOSS. The Company has recorded a net loss and total comprehensive loss of HK$373,000 (US$48,000) for the first nine months of 2012, compared to a net loss and total comprehensive loss of HK$381,000 for the first nine months of 2011. This represented a decrease in loss of HK$8,000 (US$1,000) due to the net effect of the increase in rental income and the increase in administrative expenses as mentioned above.
 
 
10

 
 
LIQUIDITY AND CAPITAL RESOURCES

The Company has financed its operations primarily through advances from the Principal Stockholder.

Cash and cash equivalent balances as of September 30, 2012 and December 31, 2011 were HK$14,000 (US$2,000) and HK$24,000, respectively.

Net cash used in operating activities was HK$121,000 (US$15,000) and HK$111,000 for the nine-month periods ended September 30, 2012 and 2011, respectively.

Net cash provided by financing activities, which mainly includes repayment of bank loans and advances from the Principal Stockholder, were HK$111,000 (US$14,000) and HK$147,000 during the nine-month periods ended September 30, 2012 and 2011, respectively.

During the nine-month period ended September 30, 2012 and 2011, the Company has not entered into any transactions using derivative financial instruments or derivative commodity instruments or held any marketable equity securities of publicly traded companies.

Consistent with the general practice of lessors of residential apartments, the Company receives monthly rentals, which are due on the first day of each billing period and are non-refundable. This practice creates working capital that the Company generally utilizes for working capital purposes.

The Company has no trade receivable balance as of September 30, 2012 and trade receivable balance of HK$12,000 as of December 31, 2011. The Company obtains rental deposits from its tenants and has never experienced any significant problems with collection of accounts receivable. No provision for doubtful receivables is therefore made for the period under review.

During the nine-month periods ended September 30, 2012 and 2011, the Company had no purchases of investments.

Management believes that cash flow generated from the operations of the Company, the tight cost and cash flow control measures and the existing cash and bank balances on hand should be sufficient to satisfy the working capital requirement of the Company for at least the next 12 months as the Principal Stockholder has confirmed his intention to make available adequate funds to the Company as and when required to maintain the Company as a going concern.  However, there can be no assurance that the financing from him will be continued.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (GAAP) requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available for such items as depreciable lives. The Company revises the recorded estimates when better information is available, facts change or actual amounts can be determined. These revisions can affect operating results.

The critical accounting policies and use of estimates are discussed in and should be read in conjunction with the annual consolidated financial statements and notes included in the Company’s latest 10-K, as filed with the SEC on March 26, 2012, which includes audited consolidated financial statements for the year ended December 31, 2011.

 
11

 
 
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The operations of the Company are solely in Hong Kong and they are subject to risks associated with, among others, interest rate and liquidity risk. These risks have similar considerations and risks typically associated with investments in the real estate market of the United States and Western European countries. These are described further in the following:

INTEREST RATE RISK

The Company’s exposure to the risk of changes in market interest rates relates primarily to its long term debt obligations with a floating interest rate.  The Company monitors the movement of interest rates on an ongoing basis and evaluates the exposure of its debt obligations.

LIQUIDITY RISK

The Company’s financial statements have been prepared on a going concern basis. For the nine months ended September 30, 2012, the Company reported a negative working capital of HK$11,419,000, of which HK$8,570,000 would be due for repayment over one year according to the latest repayment terms notices issued by the bank and a net loss of HK$373,000, respectively. The Company has relied on private financing from the Principal Stockholder of the Company, who has confirmed his intention to make available adequate funds to the Company as and when required to maintain the Company as a going concern. However, there can be no assurance that the financing from him will be continued. The accompanying financial statements do not include or reflect any adjustments that might result from the outcome of these uncertainties.

ITEM 4 - CONTROLS AND PROCEDURES

The Chief Executive Officer and Chief Financial Officer (the principal executive officer and principal financial officer, respectively) of the Company have concluded, based on their evaluation as of September 30, 2012, that the design and operation of the Company's "disclosure controls and procedures" (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act")) are effective to ensure that information required to be disclosed in the reports filed or submitted by the Company under the Exchange Act is accumulated, recorded, processed, summarized and reported to the management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding whether or not disclosure is required.

During the nine months ended September 30, 2012, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS

There are no pending material legal proceedings to which the Company or any of its properties is subject, nor to the knowledge of the Company, are any such legal proceedings threatened, except as described below.
 
On or about October 22, 2007, the Securities and Exchange Commission (the “SEC”) sent a “voluntary request letter” seeking certain information and documents about the Company and another company known as Score One, Inc, in connection with an investigation into alleged spam e-mail campaigns and potential securities fraud violations.

Subsequently, on or about January 11, 2008, the SEC sent a subpoena to the Company for additional information and documents concerning the Company and Score One, Inc. in furtherance of its investigation into potential spam e-mail campaigns and securities fraud violations.  Management of the Company retained counsel and responded to the subpoena.
 
On or about September 16, 2010, the SEC sent a letter to the Company in which they stated that they intended to institute an administrative proceeding against the Company, pursuant to Section 12(j) of the Exchange Act to determine whether it is appropriate to suspend or revoke the registration of the Company’s securities.
 
 
12

 
 
On February 1, 2011, the SEC filed a complaint in US District Court, Eastern District of Michigan, Southern District, SEC v. Gregg M.S. Berger, et al., for securities fraud involving spamming stock, pump and dump schemes, misleading press releases, violation of numerous SEC rules governing the issuance of S-8 stock, misleading reverse mergers, etc.  The Company and its officers and directors were not named as defendants in the case.

ITEM 6 – EXHIBITS

31.1
Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934*
   
31.2
Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934*
   
32.1
Certification of the Company's Chief Executive Officer Pursuant to 18 U.S.C. SS. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
   
32.2
Certification of the Chief Financial Officer Pursuant to 18 U.S.C. SS. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
 
101
The following materials from our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, and (iv) Notes to Condensed Consolidated Financial Statements.**

*
Filed herewith
**
Information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 
13

 
 
SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
PHYSICAL PROPERTY HOLDINGS INC.
(Registrant)
 
November 14, 2012
/s/ Ngai Keung Luk
 
Ngai Keung Luk
 
Chairman and Chief Executive Officer
 
(Principal Executive Officer)
   
   
November 14, 2012
/s/ Darrie Lam
 
Darrie Lam
 
Chief Financial Officer
 
(Principal Financial and Accounting Officer)
 
 
 
14
EX-31.1 2 ex31-1.htm EXHIBIT 31.1 ex31-1.htm
EXHIBIT 31.1
 
CERTIFICATION

I, Ngai Keung Luk, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of Physical Property Holdings Inc. (the "registrant");

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 14, 2012
/s/ Ngai Keung Luk
 
Ngai Keung Luk
 
Chairman and Chief Executive Officer
 
 
EX-31.2 3 ex31-2.htm EXHIBIT 31.2 ex31-2.htm
EXHIBIT 31.2
 
CERTIFICATION

I, Darrie Lam, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of Physical Property Holdings Inc. (the "registrant");

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 14, 2012
/s/ Darrie Lam
 
Darrie Lam
 
Chief Financial Officer

 
EX-32.1 4 ex32-1.htm EXHIBIT 32.1 ex32-1.htm
EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SS. 1350 ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Report of Physical Property Holdings Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ngai Keung Luk, Chairman and Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Ngai Keung Luk
Ngai Keung Luk
Chairman and Chief Executive Officer

November 14, 2012


EX-32.2 5 ex32-2.htm EXHIBIT 32.2 ex32-2.htm
EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SS. 1350 ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Report of Physical Property Holdings Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Darrie Lam, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Darrie Lam
Darrie Lam
Chief Financial Officer

November 14, 2012
EX-101.INS 6 ppyh-20120930.xml XBRL INSTANCE 0001048055 2011-07-01 2011-09-30 0001048055 2012-07-01 2012-09-30 0001048055 2011-01-01 2011-09-30 0001048055 2012-01-01 2012-09-30 0001048055 2011-12-31 0001048055 2012-09-30 0001048055 2010-12-31 0001048055 2011-09-30 0001048055 2012-11-14 0001048055 ppyh:USDollarsMember 2012-09-30 0001048055 ppyh:HKMember 2012-09-30 0001048055 2012-07-01 2026-09-30 0001048055 ppyh:PrincipalStockholderMember 2012-01-01 2012-09-30 0001048055 ppyh:PrincipalStockholderMember 2011-01-01 2011-09-30 iso4217:HKD iso4217:USD iso4217:HKD xbrli:shares iso4217:USD xbrli:shares xbrli:shares xbrli:pure 203000 248000 32000 604000 624000 80000 203000 248000 32000 604000 624000 80000 24000 24000 3000 72000 73000 9000 86000 86000 11000 258000 258000 33000 152000 190000 25000 499000 518000 67000 262000 300000 39000 829000 849000 109000 -59000 -52000 -7000 -225000 -225000 -29000 51000 49000 6000 156000 148000 19000 -51000 -49000 -6000 -156000 -148000 -19000 -110000 -101000 -13000 -381000 -373000 -48000 -110000 -101000 -13000 -381000 -373000 -48000 -0.39 -0.36 -0.05 -1.34 -1.32 -0.17 28329353 28329353 28329353 28329353 24000 14000 2000 12000 24000 26000 3000 60000 40000 5000 82000 82000 11000 10205000 9947000 1275000 10347000 10069000 1291000 9555000 9137000 1171000 258000 242000 31000 1551000 2080000 267000 11364000 11459000 1469000 221000 221000 28000 73608000 73608000 9437000 -74846000 -75219000 -9643000 -1017000 -1390000 -178000 10347000 10069000 1291000 2583000 2841000 364000 0.001 0.001 0.001 100000000 100000000 28329353 28329353 28329353 28329353 48000 2000 -12000 -2000 2000 14000 -16000 -2000 -111000 -121000 -15000 54000 556000 529000 68000 147000 111000 14000 36000 -10000 -1000 14000 3000 50000 PHYSICAL PROPERTY HOLDINGS, INC. 10-Q --12-31 28329353 false 0001048055 Yes No Smaller Reporting Company No 2012 Q3 2012-09-30 <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1. BASIS OF PRESENTATION</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying unaudited condensed consolidated financial statements include the accounts of Physical Property Holdings Inc. and the subsidiaries that it controls (collectively referred to as the "Company"). The Company, through its subsidiaries, is engaged in the real estate business by holding five residential apartments in Hong Kong. Unless otherwise specified in the text, references to the Company include the Company and its subsidiaries. These financial statements should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The balance sheet at December 31, 2011 has been derived from the audited financial statements at that date but the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Translation of amounts from Hong Kong Dollars ("HK$") into United States Dollars ("US$") for the convenience of the reader has been made at the exchange rate of US$1.00 = HK$7.8. No representation is made that the Hong Kong Dollar amounts could have been, or could be, converted into United States Dollars, at that rate on September 30, 2012 or at any other certain rate.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company had negative working capital of HK$11,419,000 as of September 30, 2012 and incurred losses of HK$373,000 and HK$381,000 for the nine months ended September 30, 2012 and 2011 respectively. These conditions raised substantial doubt about the Company&#8217;s ability to continue as a going concern.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Continuation of the Company as a going concern is dependent upon attaining profitable operations in the future, exercising tight cost and cash flow controls measures, and the financial support from the Principal Stockholder.&#160;&#160;The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Principal Stockholder has undertaken to make available adequate funds to the Company as and when required to maintain the Company as a going concern.&#160;&#160;Having taken into consideration the undertaking provided by the Principal Stockholder, management believes that the Company will be able to settle its liabilities when they become due.&#160;&#160;However, there can be no assurance that the financing from the Principal Stockholder will be continued.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the nine months ended September 30, 2012, Ngai Keung Luk, Chairman, Chief Executive Officer and the Principal Stockholder, made a net advance of HK$529,000 or US$68,000 to the Company as described in note 5 below.&#160;&#160;Mr.&#160;Luk owns 82.52% of the Company&#8217;s issued and outstanding shares of common stock as of the date this quarterly report is filed.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company has evaluated subsequent events through the date this quarterly report is filed.</font> </div><br/> 5 1.00 7.8 11419000 373000 381000 529000 68000 0.8252 <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the date this quarterly report is filed, there are no recently issued accounting pronouncements which adoption would have a material impact on the Company&#8217;s financial statements.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3. BANK LOANS</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the nine-month periods ended September 30, 2012 and 2011, the Company repaid HK$418,000 and HK$409,000 of its existing bank loans, respectively. 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