ASIAN TRENDS MEDIA HOLDINGS, INC.
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( Exact name of small business issuer as specified in its charter)
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NEVADA
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90-0201309
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(State or other jurisdiction of
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(IRS Employer Identification No.)
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incorporation or organization)
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203 Hankow Center, 5-15 Hankow Road,
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Tsimshatsui, Kowloon, Hong Kong
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n/a
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(Address of Principal Executive Offices)
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(Zip Code)
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Large accelerated filer o
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Non-accelerated filer o
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Accelerated filer o (do not check if smaller reporting company)
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Smaller reporting company o
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Class of Securities
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Shares Outstanding
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Common Stock, $0.001 par value
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81,912,000 shares
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September 30,
2012
(Unaudited)
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December 31,
2011
(Audited)
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ASSETS
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CURRENT ASSETS
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Accounts receivable
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249 | 185 | ||||||
Total current assets
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249 | 185 | ||||||
PROPERTY, PLANT & EQUIPMENT, NET
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- | 19,821 | ||||||
TOTAL ASSETS
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$ | 249 | $ | 20,006 | ||||
LIABILITIES AND EQUITY
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LIABILITIES
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CURRENT LIABILITIES
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Accounts payable
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17,387 | 17,387 | ||||||
Accrued expenses and other payables
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259,012 | 256,412 | ||||||
Advances from shareholders
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17,654 | 17,654 | ||||||
Notes payable
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129,064 | 127,967 | ||||||
Total current liabilities
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423,117 | 419,420 | ||||||
TOTAL LIABILITIES
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$ | 423,117 | $ | 419,420 | ||||
SHAREHOLDERS’ EQUITY
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Common stock, Par value $0.001, 225,000,000 shares authorized; $0.01 par value; 81,912,000 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively
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81,912 | 81,912 | ||||||
Additional paid in capital
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634,545 | 634,545 | ||||||
Accumulated deficits
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(1,139,325 | ) | (1,115,871 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY
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(422,868 | ) | (399,414 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$ | 249 | $ | 20,006 | ||||
Three months ended
September 30,
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Nine months ended
September 30,
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2012
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2011
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2012
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2011
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CONTINUING OPERATIONS
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REVENUES
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$ | 13 | 31 | $ | 64 | 185 | ||||||||||
COST OF SALES
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- | - | - | - | ||||||||||||
GROSS PROFIT
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13 | 31 | 64 | 185 | ||||||||||||
EXPENSES
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General and administrative (inclusive of depreciation)
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1,300 | 21,409 | 3,697 | 42,070 | ||||||||||||
Impairment of property, plant and equipment
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- | - | 19,821 | - | ||||||||||||
TOTAL OPERATING EXPENSES
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1,300 | 21,409 | 23,518 | 42,070 | ||||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES
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(1,287 | ) | (21,378 | ) | (23,454 | ) | (41,885 | ) | ||||||||
PROVISION FOR INCOME TAXES
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- | - | - | - | ||||||||||||
NET LOSS FROM CONTINUING OPERATIONS
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$ | (1,287 | ) | (21,378 | ) | $ | (23,454 | ) | (41,885 | ) | ||||||
DISCONTINUED OPERATIONS
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Net income
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- | - | - | 49,955 | ||||||||||||
Gain on disposal of discontinued operations
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- | - | - | 115,468 | ||||||||||||
NET INCOME FROM DISCONTINUED OPERATIONS
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$ | - | - | $ | - | 165,423 | ||||||||||
NET (LOSS) / INCOME FOR THE PERIOD
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$ | (1,287 | ) | (21,378 | ) | $ | (23,454 | ) | 123,538 | |||||||
OTHER COMPREHENSIVE INCOME
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- | - | - | - | ||||||||||||
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD
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$ | (1,287 | ) | (21,378 | ) | $ | (23,454 | ) | 123,538 | |||||||
LOSS PER SHARE, BASIC AND DILUTED – CONTINUING OPERATIONS
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$ | (0.00 | ) | (0.00 | ) | $ | (0.00 | ) | 0.00 | |||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED
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81,912,000 | 81,912,000 | 81,912,000 | 78,260,474 |
For the nine months ended September 30,
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2012
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2011
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Cash flows from operating activities
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Net loss from continuing operations
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$ | (23,454 | ) | $ | (41,885 | ) | ||
Depreciation
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- | 9,834 | ||||||
Impairment of property, plant and equipment
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19,821 | - | ||||||
Changes in operating assets and liabilities:
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Increase in accounts receivable
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(64 | ) | (185 | ) | ||||
Decrease in prepaid expenses and other receivables
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- | 18,955 | ||||||
Increase in accrued expenses and other payables
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2,600 | 891 | ||||||
Net cash used in continuing operating activities
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(1,097 | ) | (12,390 | ) | ||||
Net cash provided by discontinued operating activities
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- | 32,901 | ||||||
Net cash (used in) / provided by operating activities
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(1,097 | ) | 20,511 | |||||
Cash flows from investing activities
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Net cash used in continuing investing activities
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- | - | ||||||
Net cash used in discontinued investing activities
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- | (188,817 | ) | |||||
Net cash used in investing activities
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- | (188,817 | ) | |||||
Cash flows from financing activities
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Increase in advance from a shareholder
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1,097 | (77,596 | ) | |||||
Net cash provided by / (used in) continuing financing activities
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1,097 | (77,596 | ) | |||||
Net cash provided by discontinued financing activities
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- | - | ||||||
Net cash provided by / (used in) financing activities
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1,097 | (77,596 | ) | |||||
Net (decrease) /increase in cash and cash equivalents
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Continuing operations
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- | (89,986 | ) | |||||
Discontinued operations
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- | (155,916 | ) | |||||
- | (245,902 | ) | ||||||
Cash and cash equivalents at beginning of period
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Continuing operations
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- | 89,986 | ||||||
Discontinued operations
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- | 155,916 | ||||||
- | 245,902 | |||||||
Cash and cash equivalents at end of period
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Continuing operations
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- | - | ||||||
Discontinued operations
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- | - | ||||||
$ | - | $ | - | |||||
Non cash financing activities:
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Forfeiture of common stocks in disposal of subsidiaries
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$ | - | $ | 22,147 | ||||
Cancellation of shares
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- | 256,412 |
(a)
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Economic and Political Risk
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(b)
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Cash and Cash Equivalents
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(c)
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Fair Value of Financial Instruments
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(d)
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Revenue Recognition
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(e)
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Earnings Per Share
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(f)
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Foreign Currency Translation
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September 30,
2012
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December 31, 2011
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September 30,
2011
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Period/year end HK$ : US$ exchange rate
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0.1282
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0.1282
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0.1282
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Average yearly HK$ : US$ exchange rate
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0.1282
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0.1282
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0.1282
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(g)
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Recent Accounting Pronouncements
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September 30, 2012
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December 31, 2011
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(Unaudited)
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(Audited)
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At cost:
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Computer equipment
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$
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-
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$
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13,147
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Leasehold improvement
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-
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47,533
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Office equipment
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-
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30,133
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Furniture
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-
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11,632
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Site display system
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-
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10,640
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-
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113,085
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Less: Accumulated depreciation
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-
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(93,264
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)
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Property, plant and equipment, net
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-
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19,821
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Nine months ended
September 30, 2012
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Nine months ended
September 30, 2011
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Attributable to continuing operations
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$ | - | $ | 9,834 | ||||
Attributable to discontinued operations
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- | - | ||||||
- | 9,834 |
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Three months ended September 30,
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Increase /(decrease)
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% Increase /(decrease)
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2012
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2011
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Revenue
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$
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13
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$
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31
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$
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(18
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)
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(58.06
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%)
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Cost of sales
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-
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-
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-
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N/A
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Gross profit
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13
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31
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(18
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)
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(58.06
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%)
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General & administrative
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1,300
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21,409
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(20,109
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)
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(93.93
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%)
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Net Loss from operations
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(1,287
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)
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(21,378
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)
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20,091
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93.98
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%
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Provision for taxation
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-
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-
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-
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N/A
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Net loss
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(1,287
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)
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(21,378
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)
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20,091
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93.98
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%
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Nine months ended September 30,
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2012
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2011
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Increase /(decrease)
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% Increase /(decrease)
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Revenue
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$ | 64 | $ | 185 | $ | (121 | ) | (65.41 | %) | |||||||
Cost of sales
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- | - | - | N/A | ||||||||||||
Gross profit
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64 | 185 | (121 | ) | (65.41 | %) | ||||||||||
General & administrative
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23,518 | 42,070 | (18,552 | ) | (44.10 | %) | ||||||||||
Net Loss from operations
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(23,454 | ) | (41,885 | (18,431 | ) | (44.00 | %) | |||||||||
Net Income from disposal of discontinued operations
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- | 165,423 | (165,423 | ) | N/A | |||||||||||
Provision for taxation
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- | - | N/A | |||||||||||||
Net loss
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(23,454 | ) | 123,538 | (146,992 | ) | N/A |
Exhibit
Number
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Description
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31.1
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Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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31.2
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Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32.1
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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.
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32.2
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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
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ASIAN TRENDS MEDIA HOLDINGS, INC.
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Dated: November 14, 2012
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By:
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/s/ ZHI JIAN ZENG
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Zhi Jian Zeng
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Chief Executive Officer
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Dated: November 14, 2012
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By:
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/s/ HUANG JIAN NAN
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Huang Jian Nan
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Chief Financial Officer
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2.
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3.
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4.
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b.
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5.
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a.
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b.
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/s/ Zhi Jian Zeng
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Date: November14, 2012
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Zhi Jian Zeng
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Chief Executive Officer and Director
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1.
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I have reviewed this quarterly report on Form 10-Q of Asian Trends Media Holdings, Inc.;
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2.
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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;
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3.
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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;
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4.
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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:
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a.
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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;
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b.
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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
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c.
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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
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5.
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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):
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a.
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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
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b.
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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.
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/s/ Huang Jian Nan |
Date: November 14, 2012
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Huang Jian Nan
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Chief Financial Officer
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/s/ Zhi Jian Zeng |
Date: November 14, 2012
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Zhi Jian Zeng
Chief Executive Officer and Director
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/s/ Huang Jian Nan |
Date: November 14, 2012
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Huang Jian Nan
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Chief Financial Officer
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Note 4 - Property and Equipment
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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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:
Depreciation expenses for the nine months ended September 30, 2012 and 2011 were analyzed as follows:
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