NOTE 6 - DISCONTINUED OPERATIONS HELD FOR SALE

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

NOTE 6 - DISCONTINUED OPERATIONS HELD FOR SALE

NOTE 6 DISCONTINUED OPERATIONS HELD FOR SALE

In the prior year, the Company sold its subsidiaries namely its 63.2% subsidiary Clixster Mobile Sdn. Bhd. on July 28, 2015 and its 50% subsidiary ATC Marketing Limited on August 3, 2015 (the “Disposed Subsidiaries”) containing its MVNO business and electronics trading company to an independent third party buyer. The buyer paid $8,500 and the assuming of debts without recourse in the Disposed Subsidiaries which resulted in a gain of $5,091,189 to the Company. As a result of the sale, the historical activities and balances of these operations are reported as discontinued operations held for sale in the accompanying condensed consolidated financial statements for all periods presented.

The following table provides the components of Discontinued operations – net of tax:    

	Three months ended March 31
	2016	2015
	US$	US$
Net revenue	-	639,380
Less: sales discount	-	(65,670)
Cost of revenue	-	(561,064)
Gross profit	-	12,646
Administrative expenses	-	(736,805)
Loss from operations	-	(724,159)
Other expenses
Foreign exchange loss	-	(469,577)
Other expense	-	(9,924)
Interest expenses	-	(90,000)
Loss from discontinued operations before taxation	-	(1,293,660)
Taxation	-	-
Loss from discontinued operations	-	(1,293,660)

The net cash flows of our discontinued operations for each of the categories of operating, investing and financing activities are not significant for any periods presented.