0001445866-12-000924.txt : 20121114 0001445866-12-000924.hdr.sgml : 20121114 20121114123817 ACCESSION NUMBER: 0001445866-12-000924 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: Asian Trends Media Holdings, Inc CENTRAL INDEX KEY: 0001306035 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RETAIL STORES, NEC [5990] IRS NUMBER: 331013808 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52020 FILM NUMBER: 121202542 BUSINESS ADDRESS: STREET 1: 7/F, CHAI WAN INDUSTRIAL CITY, STREET 2: PHASE 2, 70 WING TAI ROAD, CITY: CAI WAN, STATE: K3 ZIP: 00000 BUSINESS PHONE: 852-2889-0183 MAIL ADDRESS: STREET 1: 7/F, CHAI WAN INDUSTRIAL CITY, STREET 2: PHASE 2, 70 WING TAI ROAD, CITY: CAI WAN, STATE: K3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: Clifford China Estates Inc DATE OF NAME CHANGE: 20080225 FORMER COMPANY: FORMER CONFORMED NAME: Elite Artz, Inc DATE OF NAME CHANGE: 20041015 10-Q 1 atdh10q.htm 10-Q atdh10q.htm


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 (Mark One)
 
ooQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: September 30, 2012

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

For the transition period from ____________ to _____________
Commission File No.000-52020
         
ASIAN TRENDS MEDIA HOLDINGS, INC.
( Exact name of small business issuer as specified in its charter
 
NEVADA
 
90-0201309
 
 
(State or other jurisdiction of
 
(IRS Employer Identification No.)
 
 
incorporation or organization)
     

     
203 Hankow Center, 5-15 Hankow Road,
   
Tsimshatsui, Kowloon, Hong Kong
 
n/a
(Address of Principal Executive Offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: 852-2192-4805

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days..   Yeso   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 o  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 the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
 
  Large accelerated filer o
 Non-accelerated filer o
 Accelerated filer            o (do not check if smaller reporting company)
 Smaller reporting company o
   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No o
State the number of shares outstanding of each of the issuer’s classes of common equity, as of September 30, 2012, are as follows:
Class of Securities
Shares Outstanding
Common Stock, $0.001 par value
81,912,000 shares
 
Transitional Small Business Disclosure Format (check one): Yes o No o
 

 
 

 



PART I – FINANCIAL INFORMATION
 
1
  1
  2
  3
  4
7
8
8
     
PART II – OTHER INFORMATION
 
9
9
9
9
9
9
     
10




PART I – FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

ASIAN TRENDS MEDIA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

   
September 30,
2012
(Unaudited)
   
December 31,
2011
(Audited)
 
ASSETS
           
CURRENT ASSETS
           
Accounts receivable
    249       185  
Total current assets
    249       185  
                 
PROPERTY, PLANT & EQUIPMENT, NET
    -       19,821  
                 
TOTAL ASSETS
  $ 249     $ 20,006  
                 
LIABILITIES AND EQUITY
               
LIABILITIES
               
CURRENT LIABILITIES
               
Accounts payable
    17,387       17,387  
Accrued expenses and other payables
    259,012       256,412  
Advances from shareholders
    17,654       17,654  
Notes payable
    129,064       127,967  
Total current liabilities
    423,117       419,420  
                 
TOTAL LIABILITIES
  $ 423,117     $ 419,420  
                 
SHAREHOLDERS’ EQUITY
               
Common stock, Par value $0.001, 225,000,000 shares authorized; $0.01 par value; 81,912,000 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively
    81,912       81,912  
Additional paid in capital
    634,545       634,545  
Accumulated deficits
    (1,139,325 )     (1,115,871 )
                 
TOTAL SHAREHOLDERS’ EQUITY
    (422,868 )     (399,414 )
                 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
  $ 249     $ 20,006  
                 
 
See accompanying notes to the condensed consolidated financial statements



CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (UNAUDITED)

   
Three months ended
September 30,
   
Nine months ended
September 30,
 
   
2012
   
2011
   
2012
   
2011
 
CONTINUING OPERATIONS
                       
REVENUES
  $ 13       31     $ 64       185  
                                 
COST OF SALES
    -       -       -       -  
                                 
GROSS PROFIT
    13       31       64       185  
                                 
EXPENSES
                               
General and administrative (inclusive of depreciation)
    1,300       21,409       3,697       42,070  
Impairment of property, plant and equipment
    -       -       19,821       -  
TOTAL OPERATING EXPENSES
    1,300       21,409       23,518       42,070  
                                 
LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES
    (1,287 )     (21,378 )     (23,454 )     (41,885 )
                                 
PROVISION FOR INCOME TAXES
    -       -       -       -  
                                 
NET LOSS FROM CONTINUING OPERATIONS
  $ (1,287 )     (21,378 )   $ (23,454 )     (41,885 )
                                 
DISCONTINUED OPERATIONS
                               
Net income
    -       -       -       49,955  
Gain on disposal of discontinued operations
    -       -       -       115,468  
                                 
NET INCOME FROM DISCONTINUED OPERATIONS
  $ -       -     $ -       165,423  
                                 
NET (LOSS) / INCOME FOR THE PERIOD
  $ (1,287 )     (21,378 )   $ (23,454 )     123,538  
                                 
OTHER COMPREHENSIVE INCOME
    -       -       -       -  
                                 
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD
  $ (1,287 )     (21,378 )   $ (23,454 )     123,538  
                                 
LOSS PER SHARE, BASIC AND DILUTED – CONTINUING OPERATIONS
  $ (0.00 )     (0.00 )   $ (0.00 )     0.00  
                                 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED
    81,912,000       81,912,000       81,912,000       78,260,474  
 
See accompanying notes to the condensed consolidated financial statements




CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

   
For the nine months ended September 30,
 
   
2012
   
2011
 
Cash flows from operating activities
           
Net loss from continuing operations
  $ (23,454 )   $ (41,885 )
Depreciation
    -       9,834  
Impairment of property, plant and equipment
    19,821       -  
Changes in operating assets and liabilities:
               
Increase in accounts receivable
    (64 )     (185 )
Decrease  in prepaid expenses and other receivables
    -       18,955  
Increase in accrued expenses and other payables
    2,600       891  
Net cash used in continuing operating activities
    (1,097 )     (12,390 )
Net cash provided by discontinued operating activities
    -       32,901  
Net cash (used in) / provided by operating activities
    (1,097 )     20,511  
                 
Cash flows from investing activities
               
Net cash used in continuing investing activities
    -       -  
Net cash used in discontinued investing activities
    -       (188,817 )
Net cash used in investing activities
    -       (188,817 )
                 
Cash flows from financing activities
               
Increase in advance from a shareholder
    1,097       (77,596 )
Net cash provided by / (used in) continuing financing activities
    1,097       (77,596 )
Net cash provided by discontinued financing activities
    -       -  
Net cash provided by / (used in) financing activities
    1,097       (77,596 )
                 
Net (decrease) /increase in cash and cash equivalents
               
Continuing operations
    -       (89,986 )
Discontinued operations
    -       (155,916 )
      -       (245,902 )
Cash and cash equivalents at beginning of period
               
Continuing operations
    -       89,986  
Discontinued operations
    -       155,916  
      -       245,902  
Cash and cash equivalents at end of period
               
Continuing operations
    -       -  
Discontinued operations
    -       -  
    $ -     $ -  
Non cash financing activities:
               
Forfeiture of common stocks in disposal of subsidiaries
  $ -     $ 22,147  
Cancellation of shares
    -       256,412  
 
See accompanying notes to the condensed consolidated financial statements
 
 


ASIAN TRENDS MEDIA HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 
NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES
 
The Company was incorporated under the laws of the State of Delaware.

At the beginning of 2010, The Company was principally engaged in operating liquid crystal display (“LCD”) flat-panel televisions and LCD billboards that advertise throughout Hong Kong and create revenue by selling advertising airtime. On August 31, 2010 the Company closed an Agreement for a Share Exchange with Global Mania Empire Management Limited (“GME”) to acquire 100% ownership of GME from its shareholders. GME is a Hong Kong company that specializes in project and artist management.

On January 21, 2011, the Company entered into an Asset Sale, Purchase and Transfer Agreement (the "Sale Agreement") with the collective former shareholders of GME, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, and Wong Wing Fung Charlie, each an individual resident of Hong Kong (collectively referred to as “Buyers").

According to the terms of the Sale Agreement, the Registrant sold its subsidiary Asian Trends Broadcasting Inc. (“ATBI”), a British Virgin Islands company and its subsidiaries GME, Great China Media Limited (“GCM”), a Hong Kong company, and Great China Game Limited (“GCG”), a Hong Kong company, to the Buyers. The consideration for the transaction shall consist of the return by the Buyers and surrender to the Registrant of a total of 22,147,810 shares of the Registrant’s common stock.

The project and artist management are reported as discontinued operations. The comparative amounts in consolidated statements of income and consolidated statements of cash flows that attributable to the discontinued operations are reclassified to conform to current year’s presentation.

The Company assigned the LCD flat-panel televisions and LCD billboards advertisement operations to Great China Media Limited (the “Assignee”), and in return the Assignee shall pay 5% of the gross proceeds from the business to the Company. Revenue is recognized in arrears on a quarterly basis and when collectability is reasonably assured.

NOTE 2 – BASIS OF PRESENTATION
 
The unaudited interim financial statements of the Company and the Company’s subsidiaries for the three months and nine months ended September 30, 2012 and 2011 have been prepared pursuant to the rules & regulations of the SEC. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading.  All significant intercompany balances and transactions have been eliminated. The functional currency for the majority of the Company’s operations is the Hong Kong dollar (“HKD”), while the reporting currency is the US Dollar.
 
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.

In the opinion of the management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2012, results of operations and cash flows for the three months and nine months ended September 30, 2012 have been made. The results of operations for the nine months ended September 30, 2012 are not necessarily indicative of the operating results for the full year.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
(a)  
Economic and Political Risk

The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations.

The Company’s major operations in Hong Kong are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic, and legal environment. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things.

(b)  
Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of six months or less to be cash equivalents. The Company maintains bank accounts in Hong Kong through its wholly-owned subsidiary.

 
 
 
(c)  
Fair Value of Financial Instruments

The carrying amounts of financial instruments such as cash and accounts payable approximate their fair value because of the short maturities of these instruments. The fair value of receivables from associated companies and payables to associated companies are not practical to estimate based upon the related party nature of the underlying transactions.

(d)  
Revenue Recognition

For continuing operations, the Company is principally engaged in operating LCD flat-panel televisions and LCD billboards that advertise throughout Hong Kong and create revenue by selling advertising airtime. On December 15, 2010, the Company assigned the operations to the assignee, and in return the assignee shall pay 5% of the gross proceeds from the business to the Company.

Revenue is recognized in arrears on a quarterly basis and when collectability is reasonably assured.

(e)  
Earnings Per Share

Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.  As of the balance sheet dates, there were no dilutive securities outstanding.

(f)  
Foreign Currency Translation
 
The accompanying condensed consolidated financial statements are presented in United States dollars.  The functional currency of the Company is Hong Kong Dollar (“HK$”). Capital accounts of the consolidated financial statements are translated into United States dollars (“US$”) from Hong Kong dollars (“HK$”) at their historical exchange rates when the capital transactions occurred.  Assets and liabilities are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate during the period. The translation rates are as follows:

   
September 30,
2012
   
December 31, 2011
   
September 30,
2011
 
Period/year end HK$ : US$ exchange rate
   
0.1282
     
0.1282
     
0.1282
 
Average yearly HK$ : US$ exchange rate
   
0.1282
     
0.1282
     
0.1282
 

(g)  
Recent Accounting Pronouncements

The Company has adopted all recently issued accounting pronouncements. The adoption of these accounting pronouncements including those not yet in effect, is not anticipated to have a material effect on the financial statements of the Company.
 
NOTE 4 – PROPERTY AND EQUIPMENT
 
Property, plant and equipment of the Company consist primarily of computer and display equipment owned and operated by the Company. Property, plant and equipment as of September 30, 2012 and December 31, 2011 are summarized as follows:

   
September 30, 2012
   
December 31, 2011
 
   
(Unaudited)
   
(Audited)
 
At cost:
               
Computer equipment
 
$
-
   
$
13,147
 
Leasehold improvement
   
-
     
47,533
 
Office equipment
   
-
     
30,133
 
Furniture
   
-
     
11,632
 
Site display system
   
-
     
10,640
 
     
-
     
113,085
 
Less: Accumulated depreciation
   
-
     
(93,264
)
Property, plant and equipment, net
   
-
     
19,821
 
 
 


Depreciation expenses for the nine months ended September 30, 2012 and 2011 were analyzed as follows:

   
Nine months ended
September 30, 2012
   
Nine months ended
September 30, 2011
 
Attributable to continuing operations
  $ -     $ 9,834  
Attributable to discontinued operations
    -       -  
      -       9,834  

 
NOTE 5 – ADVANCE FROM SHAREHOLDERS

The advances from shareholders are unsecured, interest free and have no fixed terms of repayment.
 
NOTE 6 – GOING CONCERN

The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the accompanying condensed consolidated financial statements, the Company has an accumulated deficit of $1,139,325 and a working capital deficit of $422,868.

The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may dependent upon the continuing financial support of investors, directors and/or stockholders of the Company. The Company intends to attempt to acquire additional operating capital through private equity offerings to the public and existing investors to fund its business plan. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.




Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations – Three Months Ended September 30, 2012 as Compared to Three Months Ended September 30, 2011.

The following table summarizes the results of our operations during the three-month period ended September 30, 2012 and 2011.

 
Three months ended September 30,
   
Increase /(decrease)
 
% Increase /(decrease)
 
2012
   
2011
     
Revenue
 
$
13
   
$
31
   
$
(18
)
   
(58.06
 %)
Cost of sales
     
-
   
-
     
-
     
N/A
 
Gross profit
   
13
     
31
     
(18
)
   
(58.06
 %)
General & administrative
   
1,300
     
21,409
     
(20,109
)
   
(93.93
 %)
Net Loss from operations
   
(1,287
)
   
(21,378
)
   
20,091
     
93.98
%
Provision for taxation
   
-
     
-
     
-
     
N/A
 
Net loss
   
(1,287
)
   
(21,378
)
   
20,091
     
93.98
%

General and administrative expenses

General and administrative expenses decreased from $21,409 in the three months of 2011 to $1,300 for the same period of 2012, representing a decrease of $20,109 or 93.93%.
 
Net income

Net loss for the three months ended September 30 of 2012 was $1,287 as compared to net loss for the same period in 2011 of $21,378.

Results of Operations – Nine months ended September 30, 2012 as compared to nine months ended September 30, 2011.

The following table summarizes the results of our operations during the three-month period ended September 30, 2012 and 2011.

   
Nine months ended September 30,
             
   
2012
   
2011
   
Increase /(decrease)
   
% Increase /(decrease)
 
Revenue
  $ 64     $ 185      $ (121 )     (65.41 %)
Cost of sales
    -       -       -       N/A  
Gross profit
    64       185       (121 )     (65.41 %)
General & administrative
    23,518       42,070       (18,552 )     (44.10 %)
Net Loss from operations
    (23,454 )     (41,885       (18,431 )     (44.00 %)
Net Income from disposal of discontinued operations
    -       165,423       (165,423 )     N/A  
Provision for taxation
            -       -       N/A  
Net loss
    (23,454 )     123,538       (146,992 )     N/A  

General and administrative expenses

General and administrative expenses decreased from $41,885 in the nine months of 2011 to $23,454 for the same period of 2012, representing an increase of $18,431 or 44.00%.
 
Net income

Net loss for the nine months ended September 30, 2012 was $23,454 as compared to net income for the same period in 2011 of $123,538.

Liquidity and Capital Resources from operations

Cash

Our cash balance at September 30, 2012 was $0, compared with our cash balance of $0 as at September 30, 2011. The cash balances remain stable compared with the same period in 2011.
 
 

 

Operating Activities

Net cash used in operating activities during the nine months ended September 30 of 2012 amounted to $1,097 comparing net cash used in operating activities of $89,986 in the same period of 2011.

Working capital

Our net current liabilities increased by $66,483 to $422,868 at September 30, 2012 from $356,385 at September 30, 2011.

Going Concern

The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the accompanying condensed consolidated financial statements, the Company has an accumulated deficit of $1,139,325 and a working capital deficit of $422,868.

The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may dependent upon the continuing financial support of investors, directors and/or stockholders of the Company. The Company intends to attempt to acquire additional operating capital through private equity offerings to the public and existing investors to fund its business plan. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
There have been no material changes in market risk since the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

ITEM 4.  CONTROLS AND PROCEDURES
 
Evaluation of disclosure controls and procedures
 
Our management, including our Chief Executive Officer and Chief Financial Officer, has concluded that our disclosure controls and procedures are appropriate and effective. They have evaluated these controls and procedures as of the date of this report on Form 10-Q. There were no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Our management believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.

The Company’s management confirm that there was no change in the Company’s internal control over financial reporting during the quarter ended September 30, 2012 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
 




 
ITEM 1.  LEGAL PROCEEDINGS
 
There is no pending litigation by or against us.
 
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
 
None

ITEM 4.  [REMOVED AND RESERVED]

None.
 
ITEM 5.  OTHER INFORMATION

None

ITEM 6.  EXHIBITS

Exhibits

Exhibit
Number
 
 
Description
31.1
 
Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2
 
Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1
 
Certification of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2
 
Certification of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 

 



 
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
   
ASIAN TRENDS MEDIA HOLDINGS, INC.
     
     
Dated: November 14, 2012
  By:
/s/ ZHI JIAN ZENG
   
Zhi Jian Zeng
   
Chief Executive Officer
     
     
     
Dated:  November 14, 2012
  By:
/s/ HUANG JIAN NAN
   
Huang Jian Nan
   
Chief Financial Officer

 
 
10

 
 
EX-31.1 2 ex311.htm EXHIBIT 31.1 ex311.htm
EXHIBIT 31.1

SECTION 302 CERTIFICATION
 
I, Zhi Jian Zeng, certify that: 
 
1.  
I have reviewed this quarterly report on Form 10-Q of Asian Trends Media Holdings, Inc.;
 
 
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)) 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.  
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
 
 
c.  
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 the 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.
 

/s/ Zhi Jian Zeng
Date: November14, 2012
Zhi Jian Zeng
Chief Executive Officer and Director
 
 

 
 

 

EX-31.2 3 ex312.htm EXHIBIT 31.2 ex312.htm
EXHIBIT 31.2
 
SECTION 302 CERTIFICATION 
 
I, Huang Jian Nan, certify that: 
 
 
1.  
I have reviewed this quarterly report on Form 10-Q of Asian Trends Media Holdings, Inc.;
 
 
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)) 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.  
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
 
 
c.  
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 the 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.
 

/s/ Huang Jian Nan
Date: November 14, 2012
Huang Jian Nan
Chief Financial Officer
 
 

 
 

 

EX-32.1 4 ex321.htm EXHIBIT 32.1 ex321.htm
 
 
EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002 
 
The undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that this Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Asian Trends Media Holdings, Inc. 
 
/s/ Zhi Jian Zeng
Date: November 14, 2012
Zhi Jian Zeng
Chief Executive Officer and Director  
 
 

 
 

 

EX-32.2 5 ex322.htm EXHIBIT 32.2 ex322.htm
EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002 
 
The undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that this Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Asian Trends Media Holdings, Inc. 
 
/s/ Huang Jian Nan
Date: November 14, 2012
Huang Jian Nan
Chief Financial Officer  
 
 

 
 

 

EX-101.INS 6 atdh-20120930.xml XBRL INSTANCE DOCUMENT false --12-31 Q3 2012 2012-09-30 10-Q 0001306035 Yes Smaller Reporting Company Asian Trends Media Holdings, Inc. No No 81912000 249 185 249 185 249 20006 17387 17387 259012 256412 17654 17654 129064 127967 423117 419420 423117 419420 81912 81912 634545 634545 -1115871 -399414 249 20006 0.001 0.001 225000000 225000000 81912000 81912000 81912000 81912000 13 31 64 185 13 31 64 185 1300 21409 3697 42070 1300 21409 23518 42070 -1287 -21378 -23454 -41885 -1287 -21378 49955 115468 165423 -1287 -21378 -23454 123538 -1287 -21378 -23454 123538 -0.00 -0.00 -0.00 0.00 81912000 81912000 81912000 78260474 -23454 -41885 19821 -64 -185 18955 2600 891 -1097 -12390 32901 -1097 20511 -188817 -188817 1097 -77596 1097 -77596 1097 -77596 -89986 -155916 -245902 89986 155916 245902 22147 256412 <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 1 &#150; ORGANIZATION AND PRINCIPAL ACTIVITIES</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company was incorporated under the laws of the State of Delaware.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>At the beginning of 2010, The Company was principally engaged in operating liquid crystal display (&#147;LCD&#148;) flat-panel televisions and LCD billboards that advertise throughout Hong Kong and create revenue by selling advertising airtime. On August 31, 2010 the Company closed an Agreement for a Share Exchange with Global Mania Empire Management Limited (&#147;GME&#148;) to acquire 100% ownership of GME from its shareholders. GME is a Hong Kong company that specializes in project and artist management.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>On January 21, 2011, the Company entered into an Asset Sale, Purchase and Transfer Agreement (the &quot;Sale Agreement&quot;) with the collective former shareholders of GME, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, and Wong Wing Fung Charlie, each an individual resident of Hong Kong (collectively referred to as &#147;Buyers&quot;).</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>According to the terms of the Sale Agreement, the Registrant sold its subsidiary Asian Trends Broadcasting Inc. (&#147;ATBI&#148;), a British Virgin Islands company and its subsidiaries GME, Great China Media Limited (&#147;GCM&#148;), a Hong Kong company, and Great China Game Limited (&#147;GCG&#148;), a Hong Kong company, to the Buyers. The consideration for the transaction shall consist of the return by the Buyers and surrender to the Registrant of a total of 22,147,810 shares of the Registrant&#146;s common stock.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The project and artist management are reported as discontinued operations. The comparative amounts in consolidated statements of income and consolidated statements of cash flows that attributable to the discontinued operations are reclassified to conform to current year&#146;s presentation.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company assigned the LCD flat-panel televisions and LCD billboards advertisement operations to Great China Media Limited (the &#147;Assignee&#148;), and in return the Assignee shall pay 5% of the gross proceeds from the business to the Company. Revenue is recognized<font style='display:none'> </font>in arrears on a quarterly basis and when collectability is reasonably assured. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 2&nbsp;&#150; BASIS OF PRESENTATION</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The unaudited interim financial statements of the Company and the Company&#146;s subsidiaries for the three months and nine months ended September 30, 2012 and 2011 have been prepared pursuant to the rules &amp; regulations of the SEC. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading.&nbsp;&nbsp;All significant intercompany balances and transactions have been eliminated. The functional currency for the majority of the Company&#146;s operations is the Hong Kong dollar (&#147;HKD&#148;), while the reporting currency is the US Dollar.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>In the opinion of the management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2012, results of operations and cash flows for the three months and nine months ended September 30, 2012 have been made. The results of operations for the nine months ended September 30, 2012 are not necessarily indicative of the operating results for the full year.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 3 &#150; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>(a) Economic and Political Risk</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong&#146;s economy may influence the Company&#146;s business, financial condition, and results of operations.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s major operations in Hong Kong are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic, and legal environment. The Company&#146;s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&#160;(b) Cash and Cash Equivalents</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company considers all highly liquid investments purchased with original maturities of six months or less to be cash equivalents. The Company maintains bank accounts in Hong Kong through its wholly-owned subsidiary.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&#160;(c) Fair Value of Financial Instruments</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The carrying amounts of financial instruments such as cash and accounts payable approximate their fair value because of the short maturities of these instruments. The fair value of receivables from associated companies and payables to associated companies are not practical to estimate based upon the related party nature of the underlying transactions.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&#160;(d) Revenue Recognition</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>For continuing operations, the Company is principally engaged in operating&nbsp;LCD flat-panel televisions and LCD billboards that advertise throughout Hong Kong and create revenue by selling advertising airtime. On December 15, 2010, the Company assigned the operations to the assignee, and in return the assignee shall pay 5% of the gross proceeds from the business to the Company.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Revenue is recognized in arrears on a quarterly basis and when collectability is reasonably assured.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&#160;</p> <p style='margin:0in;margin-bottom:.0001pt'>(e) Earnings Per Share</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. &nbsp;As of the balance sheet dates, there were no dilutive securities outstanding.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;(f) Foreign Currency Translation</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The accompanying condensed consolidated financial statements are presented in United States dollars. &nbsp;The functional currency of the Company is Hong Kong Dollar (&#147;HK$&#148;). Capital accounts of the consolidated financial statements are translated into United States dollars (&#147;US$&#148;) from Hong Kong dollars (&#147;HK$&#148;) at their historical exchange rates when the capital transactions occurred. &nbsp;Assets and liabilities are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate during the period. The translation rates are as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="83%" style='width:83.82%;margin-left:-19.5pt'> <tr> <td width="69%" valign="bottom" style='width:69.52%;padding:0in 0in 1.4pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" valign="bottom" style='width:10.16%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30, 2012</p> </td> <td width="10%" valign="bottom" style='width:10.16%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31, 2011</p> </td> <td width="10%" valign="bottom" style='width:10.16%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30, 2011</p> </td> </tr> <tr> <td width="69%" valign="bottom" style='width:69.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Period/year end HK$ : US$ exchange rate</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> </tr> <tr> <td width="69%" valign="bottom" style='width:69.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Average yearly HK$ : US$ exchange rate</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&#160;</p> <p style='margin:0in;margin-bottom:.0001pt'>(g) Recent Accounting Pronouncement</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company has adopted all recently issued accounting pronouncements. The adoption of&nbsp;these accounting pronouncements including those not yet in effect, is not anticipated to have a material effect on the financial statements of the Company.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE </b><b>4</b><b> &#150; PROPERTY AND EQUIPMENT</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Property, plant and equipment of the Company consist primarily of computer and display equipment owned and operated by the Company. Property, plant and equipment as of September 30, 2012 and December 31, 2011 are summarized as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="88%" style='width:88.48%;margin-left:-33.0pt'> <tr> <td width="77%" valign="bottom" style='width:77.9%;padding:0in 0in 1.7pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30, 2012 (Unaudited)</p> </td> <td width="11%" valign="bottom" style='width:11.4%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31, 2011 (Audited)</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td valign="bottom" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.4%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>At cost:</p> </td> <td width="10%" valign="bottom" style='width:10.7%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.4%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Computer equipment</p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$13,147</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Leasehold improvement</p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>47,533</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Office equipment</p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>30,133</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Furniture</p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>11,632</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:#CCEEFF;padding:0in 0in 3.45pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Site display system</p> </td> <td width="10%" valign="bottom" style='width:10.7%;border:none;border-bottom:double black 4.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;border:none;border-bottom:double black 4.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>10,640</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>113,085</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:#CCEEFF;padding:0in 0in 1.7pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Accumulated depreciation</p> </td> <td width="10%" valign="bottom" style='width:10.7%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(93,264)</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:white;padding:0in 0in 3.45pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Property, plant and equipment, net</p> </td> <td width="10%" valign="bottom" style='width:10.7%;border:none;border-bottom:double black 4.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;border:none;border-bottom:double black 4.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>19,821</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Depreciation expenses for the nine months ended September 30, 2012 and 2011 were analyzed as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="85%" style='width:85.74%;margin-left:-29.25pt'> <tr> <td width="80%" valign="bottom" style='width:80.42%;padding:0in 0in 1.7pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Nine months ended September 30, 2012</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Nine months ended September 30, 2011</p> </td> </tr> <tr> <td width="80%" valign="bottom" style='width:80.42%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Attributable to continuing operations</p> </td> <td width="9%" valign="bottom" style='width:9.78%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="9%" valign="bottom" style='width:9.78%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$9,834</p> </td> </tr> <tr> <td width="80%" valign="bottom" style='width:80.42%;background:white;padding:0in 0in 1.7pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Attributable to discontinued operations</p> </td> <td width="9%" valign="bottom" style='width:9.78%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="9%" valign="bottom" style='width:9.78%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr> <td width="80%" valign="bottom" style='width:80.42%;background:#CCEEFF;padding:0in 0in 3.45pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Depreciation</p> </td> <td width="9%" valign="bottom" style='width:9.78%;border:none;border-bottom:double black 4.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="9%" valign="bottom" style='width:9.78%;border:none;border-bottom:double black 4.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$9,834</p> </td> </tr> </table> </div> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE </b><b>5</b><b> &#150; ADVANCE FROM SHAREHOLDERS</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The advances from shareholders are unsecured, interest free and have no fixed terms of repayment.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE </b><b>6</b><b> &#150; GOING CONCERN</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the accompanying condensed consolidated financial statements, the Company has an accumulated deficit of $1,139,325 and a working capital deficit of $422,868.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may dependent upon the continuing financial support of investors, directors and/or stockholders of the Company. The Company intends to attempt to acquire additional operating capital through private equity offerings to the public and existing investors to fund its business plan. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>(a) Economic and Political Risk</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong&#146;s economy may influence the Company&#146;s business, financial condition, and results of operations.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s major operations in Hong Kong are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic, and legal environment. The Company&#146;s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&#160;(b) Cash and Cash Equivalents</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company considers all highly liquid investments purchased with original maturities of six months or less to be cash equivalents. The Company maintains bank accounts in Hong Kong through its wholly-owned subsidiary.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&#160;(c) Fair Value of Financial Instruments</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The carrying amounts of financial instruments such as cash and accounts payable approximate their fair value because of the short maturities of these instruments. The fair value of receivables from associated companies and payables to associated companies are not practical to estimate based upon the related party nature of the underlying transactions.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&#160;(d) Revenue Recognition</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>For continuing operations, the Company is principally engaged in operating&nbsp;LCD flat-panel televisions and LCD billboards that advertise throughout Hong Kong and create revenue by selling advertising airtime. On December 15, 2010, the Company assigned the operations to the assignee, and in return the assignee shall pay 5% of the gross proceeds from the business to the Company.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Revenue is recognized in arrears on a quarterly basis and when collectability is reasonably assured.</p> <!--egx--> <p style='margin:0in;margin-bottom:.0001pt'>(e) Earnings Per Share</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. &nbsp;As of the balance sheet dates, there were no dilutive securities outstanding.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;(f) Foreign Currency Translation</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The accompanying condensed consolidated financial statements are presented in United States dollars. &nbsp;The functional currency of the Company is Hong Kong Dollar (&#147;HK$&#148;). Capital accounts of the consolidated financial statements are translated into United States dollars (&#147;US$&#148;) from Hong Kong dollars (&#147;HK$&#148;) at their historical exchange rates when the capital transactions occurred. &nbsp;Assets and liabilities are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate during the period. The translation rates are as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="83%" style='width:83.82%;margin-left:-19.5pt'> <tr> <td width="69%" valign="bottom" style='width:69.52%;padding:0in 0in 1.4pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" valign="bottom" style='width:10.16%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30, 2012</p> </td> <td width="10%" valign="bottom" style='width:10.16%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31, 2011</p> </td> <td width="10%" valign="bottom" style='width:10.16%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30, 2011</p> </td> </tr> <tr> <td width="69%" valign="bottom" style='width:69.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Period/year end HK$ : US$ exchange rate</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> </tr> <tr> <td width="69%" valign="bottom" style='width:69.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Average yearly HK$ : US$ exchange rate</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--> <p style='margin:0in;margin-bottom:.0001pt'>(g) Recent Accounting Pronouncement</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company has adopted all recently issued accounting pronouncements. The adoption of&nbsp;these accounting pronouncements including those not yet in effect, is not anticipated to have a material effect on the financial statements of the Company.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="83%" style='width:83.82%;margin-left:-19.5pt'> <tr> <td width="69%" valign="bottom" style='width:69.52%;padding:0in 0in 1.4pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" valign="bottom" style='width:10.16%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30, 2012</p> </td> <td width="10%" valign="bottom" style='width:10.16%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31, 2011</p> </td> <td width="10%" valign="bottom" style='width:10.16%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30, 2011</p> </td> </tr> <tr> <td width="69%" valign="bottom" style='width:69.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Period/year end HK$ : US$ exchange rate</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> </tr> <tr> <td width="69%" valign="bottom" style='width:69.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Average yearly HK$ : US$ exchange rate</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> <td width="10%" valign="bottom" style='width:10.16%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.1282</p> </td> </tr> </table> </div> <!--egx--><div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="88%" style='width:88.48%;margin-left:-33.0pt'> <tr> <td width="77%" valign="bottom" style='width:77.9%;padding:0in 0in 1.7pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>September 30, 2012 (Unaudited)</p> </td> <td width="11%" valign="bottom" style='width:11.4%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31, 2011 (Audited)</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td valign="bottom" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.4%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>At cost:</p> </td> <td width="10%" valign="bottom" style='width:10.7%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.4%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Computer equipment</p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$13,147</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Leasehold improvement</p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>47,533</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Office equipment</p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>30,133</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Furniture</p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>11,632</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:#CCEEFF;padding:0in 0in 3.45pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Site display system</p> </td> <td width="10%" valign="bottom" style='width:10.7%;border:none;border-bottom:double black 4.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;border:none;border-bottom:double black 4.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>10,640</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" valign="bottom" style='width:10.7%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>113,085</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:#CCEEFF;padding:0in 0in 1.7pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Accumulated depreciation</p> </td> <td width="10%" valign="bottom" style='width:10.7%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(93,264)</p> </td> </tr> <tr> <td width="77%" valign="bottom" style='width:77.9%;background:white;padding:0in 0in 3.45pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Property, plant and equipment, net</p> </td> <td width="10%" valign="bottom" style='width:10.7%;border:none;border-bottom:double black 4.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="11%" valign="bottom" style='width:11.4%;border:none;border-bottom:double black 4.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>19,821</p> </td> </tr> </table> </div> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="85%" style='width:85.74%;margin-left:-29.25pt'> <tr> <td width="80%" valign="bottom" style='width:80.42%;padding:0in 0in 1.7pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Nine months ended September 30, 2012</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Nine months ended September 30, 2011</p> </td> </tr> <tr> <td width="80%" valign="bottom" style='width:80.42%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Attributable to continuing operations</p> </td> <td width="9%" valign="bottom" style='width:9.78%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="9%" valign="bottom" style='width:9.78%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$9,834</p> </td> </tr> <tr> <td width="80%" valign="bottom" style='width:80.42%;background:white;padding:0in 0in 1.7pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Attributable to discontinued operations</p> </td> <td width="9%" valign="bottom" style='width:9.78%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="9%" valign="bottom" style='width:9.78%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr> <td width="80%" valign="bottom" style='width:80.42%;background:#CCEEFF;padding:0in 0in 3.45pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Depreciation</p> </td> <td width="9%" valign="bottom" style='width:9.78%;border:none;border-bottom:double black 4.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="9%" valign="bottom" style='width:9.78%;border:none;border-bottom:double black 4.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$9,834</p> </td> </tr> </table> </div> 1.0000 22147810 The Company assigned the LCD flat-panel televisions and LCD billboards advertisement operations to Great China Media Limited (the &#147;Assignee&#148;), and in return the Assignee shall pay 5% of the gross proceeds from the business to the Company. 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Note 4 - Property and Equipment
3 Months Ended
Sep. 30, 2012
Note 4 - Property and Equipment:  
Note 4 - Property and Equipment

NOTE 4 – PROPERTY AND EQUIPMENT

 

Property, plant and equipment of the Company consist primarily of computer and display equipment owned and operated by the Company. Property, plant and equipment as of September 30, 2012 and December 31, 2011 are summarized as follows:

 

 

September 30, 2012 (Unaudited)

December 31, 2011 (Audited)

 

 

 

At cost:

 

 

Computer equipment

-

$13,147

Leasehold improvement

-

47,533

Office equipment

-

30,133

Furniture

-

11,632

Site display system

-

10,640

 

-

113,085

Less: Accumulated depreciation

-

(93,264)

Property, plant and equipment, net

-

19,821

 

Depreciation expenses for the nine months ended September 30, 2012 and 2011 were analyzed as follows:

 

 

Nine months ended September 30, 2012

Nine months ended September 30, 2011

Attributable to continuing operations

-

$9,834

Attributable to discontinued operations

-

-

Depreciation

-

$9,834

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Note 3 - Summary of Significant Accounting Policies
3 Months Ended
Sep. 30, 2012
Note 3 - Summary of Significant Accounting Policies:  
Note 3 - Summary of Significant Accounting Policies

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

(a) Economic and Political Risk

 

The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations.

 

The Company’s major operations in Hong Kong are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic, and legal environment. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things.

 

 (b) Cash and Cash Equivalents

 

The Company considers all highly liquid investments purchased with original maturities of six months or less to be cash equivalents. The Company maintains bank accounts in Hong Kong through its wholly-owned subsidiary.

 

 (c) Fair Value of Financial Instruments

 

The carrying amounts of financial instruments such as cash and accounts payable approximate their fair value because of the short maturities of these instruments. The fair value of receivables from associated companies and payables to associated companies are not practical to estimate based upon the related party nature of the underlying transactions.

 

 (d) Revenue Recognition

 

For continuing operations, the Company is principally engaged in operating LCD flat-panel televisions and LCD billboards that advertise throughout Hong Kong and create revenue by selling advertising airtime. On December 15, 2010, the Company assigned the operations to the assignee, and in return the assignee shall pay 5% of the gross proceeds from the business to the Company.

 

Revenue is recognized in arrears on a quarterly basis and when collectability is reasonably assured.

 

 

(e) Earnings Per Share

 

Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.  As of the balance sheet dates, there were no dilutive securities outstanding.

 

 (f) Foreign Currency Translation

 

The accompanying condensed consolidated financial statements are presented in United States dollars.  The functional currency of the Company is Hong Kong Dollar (“HK$”). Capital accounts of the consolidated financial statements are translated into United States dollars (“US$”) from Hong Kong dollars (“HK$”) at their historical exchange rates when the capital transactions occurred.  Assets and liabilities are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate during the period. The translation rates are as follows:

 

 

September 30, 2012

December 31, 2011

September 30, 2011

Period/year end HK$ : US$ exchange rate

0.1282

0.1282

0.1282

Average yearly HK$ : US$ exchange rate

0.1282

0.1282

0.1282

 

 

(g) Recent Accounting Pronouncement

 

The Company has adopted all recently issued accounting pronouncements. The adoption of these accounting pronouncements including those not yet in effect, is not anticipated to have a material effect on the financial statements of the Company.

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Sep. 30, 2012
Dec. 31, 2011
CURRENT ASSETS    
Accounts receivable $ 249 $ 185
Total current assets 249 185
PROPERTY, PLANT & EQUIPMENT, NET   19,821
TOTAL ASSETS 249 20,006
CURRENT LIABILITIES    
Accounts payable 17,387 17,387
Accrued expenses and other payables 259,012 256,412
Advances from shareholders 17,654 17,654
Notes payable 129,064 127,967
Total current liabilities 423,117 419,420
TOTAL LIABILITIES 423,117 419,420
SHAREHOLDERS' EQUITY    
Common stock, Par value $0.001, 225,000,000 shares authorized; $0.01 par value; 81,912,000 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively 81,912 81,912
Additional paid in capital 634,545 634,545
Accumulated deficits (1,139,325) (1,115,871)
TOTAL SHAREHOLDERS' EQUITY (422,868) (399,414)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 249 $ 20,006
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 1 - Organization and Principal Activities
3 Months Ended
Sep. 30, 2012
Note 1 - Organization and Principal Activities:  
Note 1 - Organization and Principal Activities

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

 

The Company was incorporated under the laws of the State of Delaware.

 

At the beginning of 2010, The Company was principally engaged in operating liquid crystal display (“LCD”) flat-panel televisions and LCD billboards that advertise throughout Hong Kong and create revenue by selling advertising airtime. On August 31, 2010 the Company closed an Agreement for a Share Exchange with Global Mania Empire Management Limited (“GME”) to acquire 100% ownership of GME from its shareholders. GME is a Hong Kong company that specializes in project and artist management.

 

On January 21, 2011, the Company entered into an Asset Sale, Purchase and Transfer Agreement (the "Sale Agreement") with the collective former shareholders of GME, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, and Wong Wing Fung Charlie, each an individual resident of Hong Kong (collectively referred to as “Buyers").

 

According to the terms of the Sale Agreement, the Registrant sold its subsidiary Asian Trends Broadcasting Inc. (“ATBI”), a British Virgin Islands company and its subsidiaries GME, Great China Media Limited (“GCM”), a Hong Kong company, and Great China Game Limited (“GCG”), a Hong Kong company, to the Buyers. The consideration for the transaction shall consist of the return by the Buyers and surrender to the Registrant of a total of 22,147,810 shares of the Registrant’s common stock.

 

The project and artist management are reported as discontinued operations. The comparative amounts in consolidated statements of income and consolidated statements of cash flows that attributable to the discontinued operations are reclassified to conform to current year’s presentation.

 

The Company assigned the LCD flat-panel televisions and LCD billboards advertisement operations to Great China Media Limited (the “Assignee”), and in return the Assignee shall pay 5% of the gross proceeds from the business to the Company. Revenue is recognized in arrears on a quarterly basis and when collectability is reasonably assured.

 

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