Note 4 - Acquisition of A Subsidiary: Fair value of Assets and Liabilities of Xin Chang as of the Acquisition Date (Tables)

9 Months Ended

Feb. 28, 2014

Tables/Schedules

Fair value of Assets and Liabilities of Xin Chang as of the Acquisition Date

Assets
Cash and cash equivalents	$2,157
Trade receivables	200,301
Prepaid expenses and other receivables	9,030
Intangible assets, net – Operating concession	245,655
Total assets	$457,143
Liabilities
Accounts payable	$44,145
Accrued expenses and other payables	63,738
Tax payable	9,294
Total liabilities	117,177
Net assets acquired	339,966
Less: Net assets attributable to non-controlling interests	(149,585)
Net assets acquired attributable to shareholders of the Company	190,381
Cash consideration	256,269
Goodwill	65,888