0001136261-12-000608.txt : 20121114 0001136261-12-000608.hdr.sgml : 20121114 20121114110014 ACCESSION NUMBER: 0001136261-12-000608 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: China Teletech Holding Inc CENTRAL INDEX KEY: 0001346287 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 593565377 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-130937 FILM NUMBER: 121201788 BUSINESS ADDRESS: STREET 1: C/O CORPORATION SERVICE COMPANY STREET 2: 1201 HAYS STREET CITY: TALLAHASSEE STATE: FL ZIP: 32301-2525 BUSINESS PHONE: 850-521-1000 MAIL ADDRESS: STREET 1: C/O CORPORATION SERVICE COMPANY STREET 2: 1201 HAYS STREET CITY: TALLAHASSEE STATE: FL ZIP: 32301-2525 FORMER COMPANY: FORMER CONFORMED NAME: Guangzhou Global Telecom, Inc. DATE OF NAME CHANGE: 20080506 FORMER COMPANY: FORMER CONFORMED NAME: GuangZhou Global Telecom, Inc. DATE OF NAME CHANGE: 20070329 FORMER COMPANY: FORMER CONFORMED NAME: AVALON DEVELOPMENT ENTERPRISES, INC. DATE OF NAME CHANGE: 20051208 10-Q 1 form10q.htm 10-Q Q3 2012 DOC


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
For the quarterly period ended September 30, 2012
 
or
   
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ________ to _________   
 
Commission File Number 333-130937
 
CHINA TELETECH HOLDING, INC.
 (Exact name of registrant as specified in its charter)
 
Florida
59-3565377
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
   
c/o Corporation Service Company
1201 Hays Street
Tallahassee, FL
32301
(Address of principal executive offices)
(Zip Code)
 
(850) 521-1000
 (Registrant's telephone number, including area code)
 

N/A
 (Former name, former address and former fiscal year, if changed since last report)

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 of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
o
  Accelerated filer
o
Non-accelerated filer
o
  Smaller reporting company
x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o  No x
 
As of November 14, 2012, there were 62,417,622 shares outstanding of the registrant's common stock.
 
 
 

 
 
PART 1 - FINANCIAL INFORMATION
 
Item 1. Financial Statements.
 
China Teletech Holding, Inc.

Unaudited Consolidated Financial Statements

September 30, 2012 and December 31, 2011

(Stated in US Dollars)

 
 

China Teletech Holding, Inc.

Contents

Pages

 

 

Report of Independent Registered Public Accounting Firm

1

 

 

Consolidated Balance Sheets

2 - 3

 

 

Consolidated Statements of Income

4

 

 

Consolidated Statements of Changes in Stockholders' Equity

5

 

 

Consolidated Statements of Cash Flows

6 - 7

 

 

Notes to Consolidated Financial Statements

8 - 22

 

 

 

 

 

 


Board of Directors and Stockholders
China Teletech Holding, Inc.

Report of Independent Registered Public Accounting Firm

We have reviewed the accompanying consolidated balance sheets of China Teletech Holding, Inc. as of September 30, 2012 and December 31, 2011, and the related consolidated statements of income, stockholders' equity and cash flows for the nine-month periods ended September 30, 2012 and December 31, 2011. These interim consolidated financial statements are the responsibility of the Company's management.

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the accompanying interim consolidated financial statements for them to be in conformity with United States generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 12 to the consolidated financial statements, the Company has incurred substantial losses which raise substantial doubt about its ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

San Mateo, California
November 8, 2012

WWC, P.C.
Certified Public Accountants

 

 

 


China Teletech Holding, Inc.
Consolidated Balance Sheets
As of September 30, 2012 and December 31, 2011
(Stated in US Dollars)

ASSETS         9/30/2012     12/31/2011
      Note          
Current Assets                
     Cash and Cash Equivalents       $ 3,372,544    $ 69,270 
     Short-term Investment         394,695      597,043 
     Other Receivables     4   2,309      204,252 
     Due from related parties     5   29,288      904,846 
     Purchase Deposits             23,049 
     Prepaid expenses         99,397     
     Inventories         272,810      549,908 
          Total Current Assets         4,171,043      2,348,368 
                 
Non-Current Assets                
     Property, plant & equipment, net     6   54,811     
     Other non-current assets         87,099      71,145 
          Total Non-Current Assets         141,910      71,145 
                 
TOTAL ASSETS       $ 4,312,953    $ 2,419,513 
                 
LIABILITIES & STOCKHOLDERS' EQUITY                                                          
Current Liabilities                
     Taxes payable     7 $ 755,433    $ 2,081,044 
     Due to related parties     5   334,949      30,000 
     Accrued liabilities and other payables         54,278      127,548 
     Convertible debenture - current portion     8       2,866,323 
          Total Current Liabilities         1,144,660      5,104,915 
                 
Non-Current Liabilities                
     Convertible debenture - non-current portion         1,300,000     
          Total Non-Current Liabilities         1,300,000     
                 
TOTAL LIABILITIES       $ 2,444,660    $ 5,104,915 

See Notes to Consolidated Financial Statements and Accountants' Report

2


China Teletech Holding, Inc.
Consolidated Balance Sheets
As of September 30, 2012 and December 31, 2011
(Stated in US Dollars)

          9/30/2012     12/31/2011
STOCKHOLDERS' EQUITY                
     Common stock US$0.01 par value; 1,000,000,000                 
          authorized, 60,947,366 and 185,263,627 shares issued and                
          outstanding at September 30, 2012 and December 31, 2011, respectively     9 $ 609,474    $ 1,852,836 
     Additional Paid in capital         4,764,355      1,684,019 
     Other Comprehensive Income         29,941      32,231 
     Retained Earnings         (3,876,558)     (6,548,179)
     Minority Interest         341,081      293,691 
                 
TOTAL STOCKHOLDERS' EQUITY         1,868,293      (2,685,402)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $ 4,312,953    $ 2,419,513 

 

 

 

 

 

See Notes to Consolidated Financial Statements and Accountants' Report

3


China Teletech Holding, Inc.
Consolidated Statements of Income
For the three-month and nine-month periods ended September 30, 2012 and 2011
(Stated in US Dollars)

      Three months ended     Nine months ended
      9/30/2012     9/30/2011     9/30/2012     9/30/2011
Sales   $ 8,562,535    $ 3,093,734    $ 19,641,115    $ 15,825,168 
Cost of sales     8,289,881      3,024,554      19,003,427      15,400,929 
Gross profit     272,654      69,180      637,688      424,239 
                         
Operating expenses                        
Administrative and general expenses     140,583      93,220      892,465      271,729 
Total operating expense     140,583      93,220      892,465      271,729 
                         
Income (Loss) from Operations     132,071      (24,040)     (254,777)     152,510 
                         
Gain on forgiveness of long term debt             1,566,323     
Gain on disposal of a subsidiary             1,371,596     
Other income     32,704      297      152,027      46,159 
Interest income     30          50      11 
Other expenses     (175)     (23)     (791)     (3,600)
Interest expense     15          10     
Income before taxation     164,645      (23,764)     2,834,438      195,080 
Income tax     (52,154)     (3,603)     (115,427)     (63,078)
Net Income (Loss)   $ 112,491    $ (27,367)   $ 2,719,011    $ 132,002 
                         
Other comprehensive income:                        
Foreign currency translation change     (6,833)     30,774      (2,290)     55,920 
Comprehensive income     105,658      3,407      2,716,721      187,922 
                         
Net income attributable to:                        
     non-controlling interest   $ 10,440    $ 19,389    $ 47,390    $ 62,998 
     the Company     102,051      (46,756)     2,671,621      69,004 
    $ 112,491    $ (27,367)   $ 2,719,011    $ 132,002 
                         
Earnings Per Share                        
Basic   $ 0.00    $ 0.00    $ 0.04    $ 0.00 
Diluted   $ 0.00    $ 0.00    $ 0.04    $ 0.00 
                         
Weighted Average Shares Outstanding                        
-Basic (adjusted for 1 for 10 reverse stock split)     63,283,393      14,947,513      76,004,751      14,947,513 
-Diluted (adjusted for 1 for 10 reverse stock split)     63,283,393      14,947,513      76,004,751      14,947,513 

See Notes to Consolidated Financial Statements and Accountants' Report

4


China Teletech Holding, Inc.
Consolidated Statements of Changes in Stockholders' Equity
For the nine-month period ended September 30, 2012 and the year ended December 31, 2011
(Stated in US Dollars)

                Additional     Other                  
    Total Number     Common     Paid     Comprehensive     Retained     Minority      
    of Shares     Stock     Capital     Income     Earnings     Interest     Total
                                         
Balance, January 1, 2011   149,475,127    $ 1,494,751    $ 1,409,399    $ 10,875    $ (6,138,894)   $ 321,483    $ (2,902,386)
Issuance of common stock   6,865,500      68,655      274,620                  343,275 
Issuance of share-based compensation   28,943,000      289,430                      289,430 
Net Income                   (409,285)         (409,285)
Dividends paid to non-controlling shareholders                       (88,953)     (88,953)
Non-controlling Interest                         61,161      61,161 
Foreign Currency Translation               21,356              21,356 
Balance at December 31, 2011   185,283,627    $ 1,852,836    $ 1,684,019    $ 32,231    $ (6,548,179)   $ 293,691    $ (2,685,402)
                                         
Balance, January 1, 2012   185,283,627    $ 1,852,836    $ 1,684,019    $ 32,231    $ (6,548,179)   $ 293,691    $ (2,685,402)
Reserve common stock split - 1 for 10   (166,754,990)     (1,667,550)     1,667,550                 
Value of stock to acquire China Teletech Limited   40,000,000      400,000      1,014,545                  1,414,545 
Issuance of share-based compensation   5,689,167      56,892      398,241                  455,133 
Cancellation of shares issued   (3,270,438)     (32,704)                             (32,704)
Net Income                   2,671,621          2,671,621 
Non-controlling Interest                       47,390      47,390 
Foreign Currency Translation               (2,290)             (2,290)
Balance at September 30, 2012   60,947,366    $ 609,474    $ 4,764,355    $ 29,941    $ (3,876,558)   $ 341,081    $ 1,868,293 

See Notes to Consolidated Financial Statements and Accountants' Report

5


China Teletech Holding, Inc.
Consolidated Statements of Cash Flows
For the three-month and nine-month periods ended September 30, 2012 and 2011
(Stated in US Dollars)

      Three months ended     Nine months ended
      9/30/2012     9/30/2011     9/30/2012     9/30/2011
Cash flow from operating activities                        
Net income (losss)   $ 102,051    $ (46,756)   $ 2,671,621    $ 69,004 
                         
     Minority interest     10,440      19,389      47,390      62,998 
     Depreciation     3,038      2,651      6,078      8,913 
     Ordinary gain on bargain             (119,022)    
     Gain on disposal of subsidiary             (1,371,596)    
     Gain on forgiveness of long term debt             (1,566,323)    
     Stock compensation             455,133     
     Gain on stock cancellation     (32,704)         (32,704)    
     Loss on disposal of property, plant and equipment                 3,561 
     Decrease (increase) in other receivables     (2,309)     44,306      201,943      (6,537)
     Decrease (increase) in amount due from related parties     (24,438)     22,899      234,161      (363,957)
     Decrease (increase) in prepaid expenses     30,814      (50,042)     30,427      (50,042)
     Decrease (increase) in purchase deposit         309,185      158,649      (22,915)
     Decrease (increase) in inventories     (158,368)     (167,399)     401,502      451,532 
     Increase (decrease) in tax payables     50,343      25,697      128,571      163,900 
     Increase (decrease) in accrued liabilities and other payables     (28,734)     40,264      98,529      40,925 
                         
Net cash provided by (used in) operating activities     (49,867)     200,194      1,344,359      357,382 
                         
Cash flows from investing activities                        
     Purchase of property, plant and equipment     331          331     
     Net cash inflow from purchase of subsidiary - China Teletech Limited             1,783,812     
     Disposal of a subsidiary             569       
     Purchase for short-term investment     893      (4,359)     202,348      (226,130)
     Payments for deposits     20      (15)     (15,955)     (1,562)
                         
Net cash provided by/(used in) investing activities   $ 1,244    $ (4,374)   $ 1,971,105    $ (227,692)

See Notes to Consolidated Financial Statements and Accountants' Report

6


China Teletech Holding, Inc.
Consolidated Statements of Cash Flows
For the three-month and nine-month periods ended September 30, 2012 and 2011
(Stated in US Dollars)

      Three months ended     Nine months ended
      9/30/2012     9/30/2011     9/30/2012     9/30/2011
                         
Cash flows from financing activities                        
Net cash provided by financing activities                
                         
Net Increase /(Decrease) in Cash & Cash Equivalents     (48,623)     195,820      3,315,464      129,690 
                         
Effect of Currency Translation     (7,024)     30,775      (12,190)     55,919 
                         
Cash & Cash Equivalents at Beginning of Period     3,428,191      118,944      69,270      159,930 
                         
Cash & Cash Equivalents at End of Period   $ 3,372,544    $ 345,539    $ 3,372,544    $ 345,539 

See Notes to Consolidated Financial Statements and Accountants' Report

7


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

  1. ORGANIZATION AND PRINCIPAL ACTIVITIES
  2. China Teletech Holding, Inc. (the "Company"), formerly known as Avalon Development Enterprise, Inc., was incorporated in the State of Florida, United States (an OTCBB Company) on March 29, 1999.

    On March 27, 2007, the Company underwent a reverse-merger with Global Telecom Holdings Limited (GTHL, a British Virgin Islands (BVI) Company incorporated on April 1, 2004 under the British Virgin Islands International Business Companies Act (CAP. 291)) and its wholly-owned subsidiary Guangzhou Global Telecommunication Company Limited (GGT, established on December 4, 2004 in PRC with a registered and paid-up capital of RMB 3,030,000 (approximate $375,307)) involving an exchange of shares whereby the Company issued an aggregate of 39,817,500 shares of common stock in exchange for all of the issued and outstanding shares of GTHL. In connection with the reverse merger, the Company issued 200,000 shares of common stock to Zenith Capital Management LLC in April 2007 at a price of $2.50 per share.

    Pursuant to a Stock Purchase Agreement dated July 29, 2008, the Company acquired 51% of the issued and outstanding shares in Guangzhou Renwoxing Telecom ("GRT"), a limited liability company incorporated in China. Pursuant to the terms of the Stock Purchase Agreements, the Shareholders agreed to sell and transfer the proportion of the shares to the Company for a purchase consideration of US$291,833.

    On March 2, 2012, pursuant to a board of resolution passed during the special meeting of the Company, the name of the Company was changed from Guangzhou Global Telecom, Inc. to China Teletech Holding, Inc. On March 20, 2012, the name change was effective and approved by FINRA.

    On March 30, 2012, the Company completed a share exchange transaction with China Teletech Limited, a British Virgin Islands corporation ("CTL"), by entering into a share exchange agreement (the "Agreement") with CTL and the former shareholders of CTL. Pursuant to the Agreement, the Company acquired all the outstanding capital stock of CTL from the former shareholders of CTL in exchange for the issuance of 40,000,000 shares of our common stock (the "Share Exchange"). The shares issued to the former shareholders of CTL constituted approximately 68.34% of the Company's issued and outstanding shares of common stock as of an immediately after the commutation of the Share Exchange. As a result of the Share Exchange, CTL became the Company's wholly owned subsidiary and Dong Liu and Yuan Zhao, the former shareholders of CTL, became our principal shareholders. 

    In connection with the share exchange agreement, Yankuan Li resigned as the Company's Chairman of the Board of Directors but remained as a member of the Board of Directors of the Company.  Dong Liu was appointed as the Company's Chairman of the Board of Directors, Yuan Zhao, Yau Kwong Lee and Kwok Ming Wai Andrew were appointed as the Company's members of the Board of Directors.

8


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

    CTL was formed for the purpose of providing a group structure to enhance the viable capacity as discussed below of its two variable interest entities located in the People's Republic of China ("PRC"); namely, (a) Shenzhen Rongxin Investment Co., Ltd. ("Shenzhen Rongxin") and (b) Guangzhou Rongxin Science and Technology Limited ("Guangzhou Rongxin").

    The Company, through its subsidiaries, is principally engaged in the distribution and trading of rechargeable phone cards, cellular phones and accessories within cities in PRC. Customers of the Company embrace wholesalers, retailers, and final users.

  1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
    1. Method of Accounting
    2. The Company maintains its general ledger and journals with the accrual method of accounting for financial reporting purposes. The financial statements and notes are representations of management. Accounting policies adopted by the Company conform to generally accepted accounting principles in the United States of America and have been consistently applied in the presentation of financial statements.

    3. Consolidation
    4. The consolidated financial statements include the accounts of China Teletech Holdings, Inc. and five wholly and partially owned subsidiaries. The consolidated financial statements were compiled in accordance with generally accepted accounting principles of the United States of America. All significant inter-company accounts and transactions have been eliminated in consolidation.

      The company owned the following subsidiaries since the reserve-merger and soon thereafter. As of September 30, 2012, detailed identities of the consolidating subsidiaries are as follows:

      Name of Company

      Place of Incorporation

      Attributable Equity Interest %

      Registered Capital

       

       

       

       

      Global Telecom Holdings, Ltd.

      BVI

      100%

      HKD 7,800

      China Teletech Limited

      BVI

      100%

      USD 10

      Guangzhou Renwoxing Telecom Co., Ltd.

      PRC

      51%

      RMB 3,010,000

      Shenzhen Rongxin Investment Co., Ltd

      PRC

      100%

      RMB 10,000,000

      Guangzhou Rongxin Science and Technology Limited

      PRC

      100%

      HK 1,200,000

9


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

    1. Economic and Political Risks
    2. The Company's operations in the PRC 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, legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, restriction on international remittances, and rates and methods of taxation, among other things.

    3. Use of Estimates
    4. Our discussion and analysis is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting years. These accounts and estimates include, but are not limited to, the estimation on useful lives of property, plant and equipment. Actual results could differ from those estimates.

    5. Cash and Cash Equivalents
    6. The Company considers all cash and other highly liquid investments with initial maturities of three months or less to be cash equivalents.

    7. Accounts Receivable
    8. Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An allowance for doubtful accounts is made when recovery of the full amount is doubtful.

    9. Inventories
    10. Inventories are stated at the lower of cost or market value. Cost is computed using the first-in, first-out method and includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Market value is determined by reference to the sales proceeds of items sold in the ordinary course of business or estimates based on prevailing market conditions. The inventories are telecommunication products such as mobile phone, rechargeable phone cards, smart chips, and interactive voice response cards.

10


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

    1. Property, Plant, and Equipment, net
    2. Property, plant and equipment, net are carried at cost net of accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method with no salvage value. Estimated useful lives of the property, plant and equipment are as follows:

      Motor Vehicles

      Three to five years

      Computer Equipment

      Five years

    3. Accounting for Impairment of Long-Lived Assets
    4. The Company adopted Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS 144"), which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with SFAS 144.SFAS 144 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets.

      The long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology or other industry changes. Determination of recoverability of assets to be held and used is by comparing the carrying amount of an asset to future net undiscounted cash flows to be generated by the assets.

      If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the reporting periods, there was no impairment loss.

    5. Revenue Recognition
    6. Revenue from the sale of the products is recognized on the transfer of risks and rewards of ownership, which generally coincides with the time when the goods are delivered to customers and the title has passed.

    7. Cost of Sales
    8. The Company's cost of sales is comprised mainly of cost of goods sold.

    9. Selling Expenses
    10. Selling expenses are comprised of salaries for the sales force, client entertainment, commissions, advertising, and travel and lodging expenses.

11


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

    1. General & Administrative Expenses
    2. General and administrative expenses include executive compensation, general overhead such as the finance department and administrative staff, depreciation, office rental and utilities.

    3. Advertising
    4. The Company expensed all advertising costs as incurred.

    5. Foreign Currency Translation
    6. The Company maintains its financial statements in the functional currency, which is the Renminbi (RMB). Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchanges rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income for the respective periods.

      For financial reporting purposes, the financial statements of the Company, which are prepared using the functional currency, have been translated into United States dollars. Assets and liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange rates and stockholders' equity is translated at historical exchange rates. Translation adjustments are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders' equity.

      Exchange Rates

      9/30/2012

      12/31/2011

      9/30/2011

      Year end RMB : US$ exchange rate

      6.3340

      6.3647

      6.4018

      Average year RMB : US$ exchange rate

      6.3275

      6.4735

      6.5060

       

       

       

       

      Year end HKD : US$ exchange rate

      7.7549

      7.7691

      7.7934

      Average year HKD : US$ exchange rate

      7.7597

      7.7851

      7.7867

      RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.

    7. Income Taxes
    8. The Company uses the accrual method of accounting to determine and report its taxable reduction of income taxes for the year in which they are available. The Company has

12


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

      implemented Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes. Income tax liabilities computed according to the United States, People's Republic of China (PRC), and British Virgin Islands (BVI) tax laws are provided for the tax effects of transactions reported in the financial statements and consists of taxes currently due plus deferred taxes related primarily to differences between the basis of fixed assets and intangible assets for financial and tax reporting. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will be either taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes also are recognized for operating losses that are available to offset future income taxes. A valuation allowance is created to evaluate deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize that tax benefit, or that future realization is uncertain.

      In respect of the Company's subsidiaries domiciled and operated in China, the taxation of these entities are summarized below:

      • GGT, GRT, Shenzhen Rongxin and Guangzhou Rongxin are located in the PRC and GTHL and CTL are located in the British Virgin Islands; all of these entities are subject to the relevant tax laws and regulations of the PRC and British Virgin Islands in which the related entity domiciled. The maximum tax rates of the subsidiaries pursuant to the countries in which they domicile are: -
      • Subsidiary

        Country of Domicile

        Income Tax Rate

        GGT, GRT, Shenzhen Rongxin and

        Guangzhou Rongxin

        PRC

        25.0%

        GTHL and CTL

        British Virgin Islands

        0.00%

      • Effective January 1, 2008, PRC government implements a new 25% tax rate across the board for all enterprises regardless of whether domestic or foreign enterprise without any tax holiday which is defined as "two-year exemption followed by three-year half exemption" hitherto enjoyed by tax payers. As a result of the new tax law of a standard 25% tax rate, tax holidays terminated as of December 31, 2007. However, PRC government has established a set of transition rules to allow enterprises already started tax holidays before January 1, 2008, to continue enjoying the tax holidays until being fully utilized.
      • Since China Teletech Holding, Inc. is primarily a holding company without any business activities in the United States. The Company shall not be subject to United States income tax for the nine-month periods ended September 30, 2012 and 2011.

    1. Statutory Reserve
    2. Statutory reserve refers to the amount appropriated from the net income in accordance with PRC laws or regulations, which can be used to recover losses and increase capital, as approved, and, are to be used to expand production or operations. PRC laws prescribe

13


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

      that an enterprise operating at a profit, must appropriate, on an annual basis, from its earnings, an amount to the statutory reserve to be used for future company development. Such an appropriation is made until the reserve reaches a maximum equalling 50% of the enterprise's registered capital.

    1. Fair Value of Financial Instruments

      For certain of the Company's financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, "Fair Value Measurements and Disclosures," requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, "Financial Instruments," defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

       

       

      • Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

       

       

      • Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

       

       

      • Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

      The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815.

      As of September 30, 2012 and December 31, 2011, the Company did not identify any assets and liabilities that were required to be presented on the balance sheet at fair value.

    2. Other Comprehensive Income
    3. The Company's functional currency is the Renminbi ("RMB"). For financial reporting purposes, RMB were translated into United States Dollars ("USD" or "$") as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the

14


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

      use of different exchange rates from period to period are included as a component of stockholders' equity as "Accumulated other comprehensive income".

      Gains and losses resulting from foreign currency transactions are included in income. There has been no significant fluctuation in exchange rate for the conversion of RMB to USD after the balance sheet date.

      The Company uses FASB ASC Topic 220, "Reporting Comprehensive Income". Comprehensive income is comprised of net income and all changes to the statements of stockholders' equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. Comprehensive income for the nine month period ended September 30, 2012 and 2011 included net income and foreign currency translation adjustments.

    1. Goodwill
    2. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable assets acquired in a business combination. In accordance with Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other Intangible Assets", goodwill is no longer subject to amortization. Rather, goodwill is subject to at least an annual assessment for impairment, applying a fair-value based test. Fair value is generally determined using a discounted cash flow analysis.

    3. Segment Reporting

      FASB ASC Topic 280, "Disclosures about Segments of an Enterprise and Related Information" requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manners in which management disaggregates a company.

    4. Recent Accounting Pronouncements
    5. On July 27, 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. The ASU provides entities with an option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. If an entity concludes that it is more than 50% likely that an indefinite-lived intangible asset is not impaired, no further analysis is required. However, if an entity concludes otherwise, it would be required to determine the fair value of the indefinite-lived intangible asset to measure the amount of actual impairment, if any, as currently required under US GAAP. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early

15


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

      adoption is permitted. The adoption of this pronouncement will not have a material impact on its financial statements.

      As of September 30, 2012, there are no other recently issued accounting standards not yet adopted that would have a material effect on the Company's consolidated financial statements.

  1. CONCENTRATION
  2. A substantial portion of the Company and the Company's subsidiaries' business operations depend on mobile telecommunications in PRC; any loss or deterioration of such relationship may result in severe disruption to the business operations impacting the Company's revenue. The Company and the Company's subsidiaries rely entirely on the networks and gateways of these phone operators to provide its services. The Company and the Company's subsidiaries' agreements with these operators are generally for a short period of one year and generally do not have automatic renewal provision. If these providers are unwilling to continue business with the Company and the Company's subsidiaries, the Company and the Company's subsidiaries' ability to conduct its existing business would be adversely affected.

  3. OTHER RECEIVABLES
  4. Other receivables as of September 30, 2012 and December 31, 2011 pertained to the Company voluntarily extending financing to business associates for purchase of merchandise in return for 60% of gross profit in those transactions, in lieu of interest, as well as loans to third parties with no interest, security and specific terms of repayment.

     

    As of 9/30/2012

     

    As of 12/31/2011

    Type of Account

             

    Trade financing to business associates

    $

    2,309

     

    $

    204,252

    Allowance for bad debt

     

    -

       

    -

    Other receivable, net

    $

    2,309

     

    $

    204,252

  5. DUE FROM/TO RELATED PARTIES
  6. The following table presents the balances the Company due to and from related parties.

     

     

    As of 9/30/2012

     

    As of 12/31/2011

    Due from related parties

    $

    29,288

    $

    904,846

    Due to related parties

     

    (334,949)

     

    (30,000)

    Net due from (due to)

     

    (305,661)

     

    874,846

16


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

    Amounts owing to the Company's related parties are non-interest-bearing and payable on demand.

  1. PROPERTY, PLANT, AND EQUIPMENT
  2. Property, plant, and equipment consist of the following as of September 30, 2012 and December 31, 2011:

     

    As of 9/30/2012

     

    As of 12/31/2011

               

    At cost

             

         Motor Vehicles
         Computer equipment

    $

    60,557
    332

     

    $

    -
    -

    Total

    $

    60,889

     

    $

    -

               

    Less: Accumulated depreciation

             

         Motor Vehicles
         Computer equipment

    $

    (6,056)
    (22)

     

    $

    -
    -

     

    $

    (6,078)

     

    $

    -

               
     

    $

    54,811

     

    $

    -

    The depreciation expenses were $ 6,078 and $Nil for the nine months and for the year ended September 30, 2012 and December 31, 2011, respectively.

  3. TAXES PAYABLE

    Taxes payable consisted of the following as of September 30, 2012 and December 31, 2011:

     

    As of 9/30/2012

     

    As of 12/31/2011

               

    Value added tax payable
    Corporate income tax payable

    $

    160
    721,883

     

    $

    1,221,499
    826,033

    Business tax payable

     

    33,381

       

    33,508

    Others

     

    9

       

    4

     

    $

    755,433

     

    $

    2,081,044

    The Company has been collecting from its customers Value Added Tax (VAT), on behalf of the government. The Company was granted by the government to pay the balance dues under installments up to the end of 2008. The reason of this special arrangement is that the government may waive past due VAT after decision has been made in accordance with regulations for technology zone on tax-exemption matter. However, the Company has not received the approval notice from the government at December 31, 2011.

17


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

  1. CONVERTIBLE BONDS AND BOND WARRANTS
  2. On July 31, 2007 and January 1, 2008, the Company completed two financing transactions with several investors (the "Subscriber") issuing $2,000,000 and $1,000,000, respectively, Fixed Rate Convertible Debenture due in 2009 and a stock purchase warrant to purchase an aggregate of 2,090,592 shares of the Company common stock, subject to adjustments for stock splits or reorganizations as set forth in the warrant, that will expire in 2012 (the "Warrants").

    The Debentures were subscribed at a price equal to 87.5% of their principal amount, which is the issue price of $3,428,571 less a 12.5% discount. The Debentures were issued pursuant to, and are subject to the terms and conditions of, a trust deed dated July 31, 2007 (the "Trust Deed").

    • Interest Rate. The Debenture bears interest at the rate of 8% per annum of the principal amount of the Debentures.
    • Conversion. Each Debenture is convertible at the option of the holder at any time after July 31, 2007 up to July 31, 2009, into shares of our common stock at a fixed conversion price of $0.82 per share.

    On July 31, 2007, the Company also entered into a registration rights agreement with the Subscriber pursuant to which the Company agreed to include the Debenture, the Warrants, and the shares of common stock underlying the Debenture and Warrants in a pre-effective amendment to a registration statement that the Company have on file with the SEC. The Company intends to have the registration statement cover the resale of the Debenture, the Warrants, and the shares of common stock underlying the Debenture and Warrants.

    At July 31, 2007 and January 1, 2008, the dates of issuance, the Company determined the fair value of the Debenture to be $2,000,000 and $1,000,000, respectively. The values of the warrants and the beneficial conversion feature as at December 31, 2007 and 2008 determined under the Black-Scholes valuation method were immaterial. Accordingly, the interest discount on the warrants and beneficial conversion feature were recorded, and are being amortized by the straight-line method over 5 years and 2 years respectively.

    On November 3, 2008, due to market conditions, the Company re-negotiated the terms of the Debentures and Warrants, and entered into a modification agreement (the "Amendment Agreement") with the Holders. Pursuant to the Amendment Agreement, the Company agreed to completely remove the monthly interest payment of the Debentures and Increase the annual interest rate to 18%. Therefore, as described in the Schedule A of the Amendment Agreement, the Company will pay an aggregate of $2,151,110.85 and $1,485,714.10 to the Holders that are due on July 31, 2009 and February 21, 2010, respectively.  The Company acknowledged that the conversion price of the Debentures on the conversion date shall be equal to the lesser of (a) $0.015 (subject to adjustment), and (b) 80% of the lowest closing bid price during the 20 Trading Days immediately prior to the applicable conversion date (subject to adjustment).

18


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

    The Amendment Agreement further modified the terms of the transaction by reducing the exercise price of the Warrants to $0.015 (subject to further adjustment), and therefore the number of shares underlying Warrants issued to the Holders will be increased to an aggregate of 156,097,534 shares as described in Schedule B of the Amendment Agreement.

    The Company further amended the Articles of Incorporation to increase the number of authorized shares of common stock to 1,000,000,000.

    On December 29, 2009, the Company entered into a Settlement Agreement with the Holders. Pursuant to the Settlement Agreement, the Company would make a total payment of $1,300,000 to the Holders no later than January 21, 2010. The Convertible Debentures would be deemed satisfied and all outstanding Warrants held by the Holders would be cancelled. In addition, the Holders agreed to cancel all of the Company shares held by them at such time as the payment has been made.

    In May 2010, the Holders commenced an action against the Company in the Supreme Court of the State of New York in order to recover the outstanding amount of $1,300,000 under the Settlement Agreement. The outcome and estimated loss from this lawsuit cannot be determined at this time.

    On November 28, 2011, the Company entered into a Settlement and Amendment Agreement with holders of its convertible debentures, warrants and restricted shares (the "Holders"). The parties in this Settlement and Amendment Agreement agreed: i) principal amount of the debentures will be reduced from $3 million to $1.3 million; ii) the Holders will surrender common stock purchase warrants to purchase a total of 156,097,534 shares of the Company's common stock, and surrender 32,704,376 restricted shares of the Company, in exchange for settlement payments in the sum of $155,000. The Company has paid a total of $155,000 in settlement payments to the Holders. Therefore, the Company will pay on aggregate of $1.3 million to the Holders that are due on November 28, 2014. The Company acknowledged that the conversion price of $1.3 million Fixed Rate Convertible Debenture on the conversion date shall be equal to the lesser of (a) $0.10 (the Set Price) and (b) 90% of the average of the VWAPs for the five trading days immediately prior to the applicable conversion date (such lower price, as subject to adjustment herein, the Conversion Price). The values of the beneficial conversion feature under the Black-Scholes valuation method were immaterial.

    Gain or loss resulted from this Settlement and Amendment Agreement has been included in the financial statements as of and for the nine months period ended September 30, 2012.

19


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

    Because of the fact that the $1.3 million Fixed Rate Convertible Debenture due in contain one separate securities and yet merged into one package, the Debenture security must identify its constituents and establish the individual value as determined by the Issuer as follows: -

    (1)

    Convertible Debenture (after two rounds)

    $ 1,300,000

    (2)

    Discount

    -

    (3)

    Warrant

    -

    (4)

    Beneficial Conversion Feature

    -

    The Convertible Debentures Payable, net consisted of the following: -

     

     

    9/30/2012

     

    12/31/2011

    Convertible Debenture - Principal and interest

     

     

     

     

    Balance as at beginning of period

     

    $ 2,866,323

     

    $ 2,866,323

     

    Addition

     

    -

     

    -

     

    Redemption

     

    -

     

    -

     

    Interest charged for the current year

    -

     

    -

     

    Repayment of interest in current year

    -

     

    -

     

    Forgiveness of debt

     

    1,566,323

     

    -

     

    Balance as at end of year

     

    $ 1,300,000

     

    $ 2,866,323

     

     

     

    Less: Interest discount - Beneficial conversion feature

     

     

     

    Balance as at beginning of year

     

    $ -

     

    $ -

     

    Addition

     

    -

     

    -

     

    Amortization

     

    -

     

    -

     

    Balance as at end of year

     

    -

     

    -

     

     

     

     

     

     

    Less: Interest Discount - Warrant

     

     

     

     

     

    Balance as at beginning of year

     

    -

     

    -

     

    Addition

     

    -

     

    -

     

    Amortization

     

    -

     

    -

     

    Balance as at end of year

     

    -

     

    -

    Convertible Debenture, net

     

    $ 1,300,000

     

    $ 2,866,323

     

    The Convertible Debenture was classified as current and non-current as follows:

     

     

     

     

     

     

     

     

    9/30/2012

     

    12/31/2011

     

     

     

     

     

     

     

    Current portion

     

    $ -

     

    $ 2,866,323

     

    Non - current Portion

     

    1,300,000

     

    -

     

     

     

    $ 1,300,000

     

    $ 2,866,323

20


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

  1. SHAREHOLDERS' EQUITY
  2. Common stock

    The Company is authorized by its Memorandum of Association (i.e. equivalent to Articles of Incorporation) to issue a total of 1,000,000,000 shares at a par value of US$0.01 of which 60,947,366 and 185,283,627 shares have been issued and outstanding as of September 30, 2012 and December 31, 2011, respectively.

    During the nine-month period ended September 30, 2012, the Company issued approximately 40,000,000 and 5,689,167 shares of common stock for the acquisition of CTL and stock compensation, respectively.

    Common stock reserves split

    On December 9, 2011, the Company's shareholders jointly agreed to a 10 to 1 reverse stock split (the "Reverse Split") on its issued and outstanding common stock, having a par value of $0.01 per share. On February 16, 2012, the Reverse Split was effective and approved by the Financial Industry Regulatory Authority (FINRA).

    Cancellation of shares issued

    On September 4, 2012, holders of its convertible debentures, warrants and restricted shares surrendered 3,270,438 restricted shares of the Company.

  3. COMMITMENTS
  4. Shenzhen Rongxin has operating leases for their premises expiring on December 31, 2013.

    The minimum lease payments for the next four years are as follows:

    2012

    $

    11,384

    2013

     

    22,768

    Total

    $

    34,152

  5. DISPOSAL OF A SUBSIDIARY
  6. On June 30, 2012, the Company's subsidiary, Global Telecom Holdings Limited, entered into an agreement with an independent third party to dispose of its wholly-owned subsidiary Guangzhou Global Telecommunication Company Limited for a cash consideration of US$644.

21


China Teletech Holding, Inc.
Notes to Consolidated Financial Statements
As of September 30, 2012 and December 31, 2011

  1. GOING CONCERN UNCERTAINTIES
  2. These consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

    As of September 30, 2012, the Company has an accumulated deficit of $3,876,558 due to the fact that the Company continued to incur losses over the past several years.

    As a result, these consolidation financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of the Company's ability to continue as a going concern.

22


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

The following discussion and analysis of the results of operations and financial condition of the Company for the three and nine months ended September 30, 2012 and 2011 shall be read in conjunction with its financial statements and notes. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results of the timing of events could differ materially from those projected in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors, Special Note Regarding Forward-Looking Statements and Business sections in our Form 10-K for the year ended December 31, 2011. We use words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and similar expressions to identify forward-looking statements.

Company Overview

We are a national distributor of prepaid calling cards and integrated mobile phone handsets and a provider of mobile handset value-added services. We are an independent qualified corporation that serves as one of the principal distributors of China Telecom, China Unicom, and China Mobile products in Guangzhou City. We maintain and operate the largest prepaid calling card sales and distribution center in Guangzhou City. We are developing an online add-value platform with China Mobile to develop our online business. We have distribution relationships with mobile phone corporations such as Samsung and Panasonic. After the merger with China Teletech Limited Group on March 30, 2012, we started a new distribution business of mineral water and Chinese wine.

On June 30, 2012, the Company strategically sold its wholly-owned subsidiary, Guangzhou Global Telecommunication Company Limited ("GGT"), to a third party. GGT was engaged in the trading and distribution of cellular phones and accessories, prepaid calling cards, and rechargeable store-value cards.

Since September 24, 2012, the Company distributes prepaid calling cards through magazine stalls in Guangzhou City. We started this new segment with 107 magazine stalls and anticipate that the total number of stalls will increase to 300 by the middle of fiscal 2013.

Going Concern

The quarterly (unaudited) consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

As of September 30, 2012, the Company has an accumulated loss of $3,876,558 due to the fact that the Company incurred losses over the past several years. It affected the Company's ability to pay PRC government tax and Debentures.

However, as the Company fulfilled the required obligations of a settlement agreement dated November 28, 2011 with holders of the Convertible Debenture, the principle amount was reduced from $2,866,323 to $1,300,000 and it became a non-current liability. In addition, the Company disposed of a subsidiary, GGT, together with its related VAT payable $1,221,729 on June 30, 2012. As a result, the Company turned to a net current asset financial position and improved its ability to pay current and non-current liabilities since the second quarter of 2012.

23


Results of Operations

Results of Operation for the three months ended September 30, 2012 compared with three months ended September 30, 2011

Total Revenue

During the three months ended September 30, 2012, we generated $8,562,535 in revenue, as compared to $3,093,734 during the same period in 2011, representing an increase of $5,468,801 or approximately 177%. The higher sales amount during the three months ended September 30, 2012 were mainly due to contributions from Guangzhou Rongxin and Shenzhen Rongxin, which the Company acquired March 30, 2012. Guangzhou Rongxin mainly engaged in prepaid calling cards distribution business and it generated revenue of about $3.60 million in the third quarter of 2012. Shenzhen Rongxin engaged in mineral water and Chinese wine distribution business (the product mix of mineral water and Chinese wine was about 15% to 85% respectively) and it generated revenue of about $1.58 million in the third quarter of 2012.

Gross Profit

The gross profit was $272,654 for the three months ended September 30, 2012, as compared to $69,180 during the same period of 2011, representing an increase of $203,474, or 294%. The gross profit margin increased from 2.24% to 3.18%. The increase in gross profit was mainly due to the increase in revenue as explained above. The gross profit ratio of prepaid calling cards dropped from about 2.5% to about 1.6% as the cost of goods increased in a greater extend that the selling price. The new distribution business of mineral water and Chinese wine had a higher gross profit ratio of about 20.4% and about 9.6% respectively. The new distribution business accounted for the increase of the overall gross profit ratio.

Other income

Other income for the three months ended September 30, 2012 was $32,704, as compared to $297 during the same period of 2011. The other income in the third quarter of 2012 was a special income $32,704 recorded as a result of surrender of shares held by Convertible Debenture holders according to the settlement agreement mentioned above.

Expenses

Our general and administrative expenses ("G&A expenses") were $140,583 during the three months ended September 30, 2012, as compared to $93,220 during the three months ended September 30, 2011, representing an increase of $47,363 or 50.8%. The increase in G&A expenses was mainly due to the increase of investor relations, legal and tax services professional fees (totally $29,500) and a short-term office rental expense in New York ($6,500) and the increase of such expenses from two new subsidiaries ($58,656) less the exclusion of such expenses from GGT in the third quarter of 2011 ($40,765) which was disposed on June 30, 2012.

Net results

Net Income recorded $112,491 during the three months ended September 30, 2012, as compared to a net loss recorded $27,367 during the three months ended September 30, 2011. The results turned from net loss to net income mainly due to the increase in gross profit, the special other income less the increase in the G&A expenses which were mentioned above.

Results of Operation for the nine months ended September 30, 2012 compared with nine months ended September 30, 2011

Total Revenue

During the nine months ended September 30, 2012, we generated $19,641,115 in revenue, as compared to $15,825,168 during the same period in 2011, representing an increase of $3,815,947 or approximately 24.1%. The increase in gross profit was mainly due to the increase in revenue from new business of two subsidiaries which covered more than the decrease in revenue from the disposed subsidiary, GGT. A major supplier of store-value cards ceased its business with GGT since the second quarter of 2011 for its internal system upgrade reason. The loss in sales in the first quarter was compensated by the new sales contributions from Guangzhou Rongxin and Shenzhen Rongxin which were acquired on 30 March 2012 by the Company.

24


Gross Profit

The gross profit was $637,688 for the nine months ended September 30, 2012, as compared to $424,239 during the same period of 2011, representing $213,499, or 50.3% increase. The gross profit margin increased from 2.68% to 3.25%. The drop in sales of card business due to the cessation of business of a major supplier reduced the gross profit. However, it was compensated by business of two new acquired companies and this resulted in net increase in sales and gross profits. The gross profit margin of calling cards dropped due to the increase in their costs. However, it was alleviated by a higher gross profit margin in the distribution business of mineral water and Chinese wine. This accounts for the increase in overall gross profit margin.

Special gains

In the nine months of 2012, there were a gain on forgiveness of long term debt $1,566,323 and a gain from disposal of a subsidiary -GGT of amount $1,371,596.

Expenses

Our general and administrative expenses ("G&A expenses") were $892,465 during the nine months ended September 30, 2012, as compared to $271,729 during the same period in 2011, representing an increase of $620,736, or 228%. The increase in G&A expenses was mainly due to the special equity compensation ($455,133) to mainly business partners for business development, the increase in several types of professional fees and the net increase in such expenses from the newly acquired companies less the exclusion of the expenses from GGT which was disposed on June 30, 2012.

Net Income

Net income of $2,719,011 was recorded during the nine months ended September 30, 2012 as compared to net income of $132,002 during the same period in 2011. The increase in net income was mainly due to the increase in gross profit, the two special gains, less the increase in the G&A expenses mentioned above.

Liquidity and Capital Resources

Cash provided by operating activities was $1,344,359 during the nine months ended September 30, 2012, as compared to cash provided by operating activities was 357,382 during the same period of 2011. Cash provided by operating activities during the first nine months of 2012 was mainly resulted from net income attributable to the Company $2,671,621, added adjustments of non-cash expense item stock compensation $455,133, decrease in current assets (other receivables, amounts due from related parties, purchase deposit, inventories and tax payables) $1,124,826, netting off by adjustments of gain on disposal of a subsidiary $1,371,596 and gain on forgiveness of long-term debt $1,566,323. Cash provided by operating activities during the same period of 2011 was mainly resulted from net income attributable to the Company $69,004, added adjustments of non-controlling interest $62,998 and depreciation $8,913 and loss on disposal of equipment $3,561, increase of inventories $415,532, increase in liabilities items (tax payables and accrued liabilities or other payables) $204,825, netting off by increase in current assets items (other receivables, amounts due from related parties, prepaid expenses and purchase deposit) $443,451.

Cash flows provided by investing activities were $1,971,105 for the nine months ended September 30, 2012, as compared to $227,692 used in the same period of 2011. Cash provided by investing activities during the nine months period of 2012 was resulted from net cash inflow from purchase of a subsidiary in the merger $1,783,812 and disposal for short-term investment $202,348, netting off by payments for deposits $15,955. Cash used in investing activities during the same period of 2011 was mainly the purchase of a short-term investment $226,130.

There was no cash flow provided by or used in financing activities for the nine months ended September 30, 2012 and the same period of 2011.

25


Critical Accounting Policies

Our significant accounting policies are summarized in Notes 2 of our financial statements included in this quarter report on Form 10-Q for the period ended September 30, 2012. Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States ("GAAP"). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenues and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.

Recent Accounting Pronouncements

On July 27, 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. The ASU provides entities with an option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. If an entity concludes that it is more than 50% likely that an indefinite-lived intangible asset is not impaired, no further analysis is required. However, if an entity concludes otherwise, it would be required to determine the fair value of the indefinite-lived intangible asset to measure the amount of actual impairment, if any, as currently required under US GAAP. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this pronouncement will not have a material impact on its financial statements.

As of September 30, 2012, there are no other recently issued accounting standards not yet adopted that would have a material effect on the Company's consolidated financial statements.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as "special purpose entities" (SPEs).

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable because we are a smaller reporting company.

Item 4. Controls and Procedures

Disclosure of controls and procedures.

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 ("Exchange Act"), the Company carried out an evaluation, with the participation of the Company's management, including the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") (the Company's principal financial and accounting officer), of the effectiveness of the Company's disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company's CEO and CFO concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

26


Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Currently, we are not aware of any litigation pending or threatened by or against the Company.

Item 1A. Risk Factors.

Not applicable because we are a smaller reporting company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On October 11, 2012, we issued 1,470,256 shares of our common stock to six individuals as compensation for services provided to the Company, with a total fair value of $58,810 at $0.04 per share. These shares were issued in reliance on the exemption under Section 4(2) of the Securities Act of 1933, as amended. These shares of our common stock qualified for exemption under Section 4(2) since the issuance shares by us did not involve a public offering.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

On September 4, 2012, holders of its convertible debentures, warrants and restricted shares surrendered 3,270,438 restricted shares of the Company.

27


Item 6. Exhibits

Exhibit No.

Description

31.1

Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *

31.2

Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *

32.1

Certification of Chief Executive Officer, 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, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 **

101.INS (1)

XBRL Instance Document

101.SCH (1)

XBRL Taxonomy Schema

101.CAL (1)

XBRL Taxonomy Calculation Linkbase

101.DEF (1)

XBRL Taxonomy Definition Linkbase

101.LAB (1)

XBRL Taxonomy Label Linkbase

101.PRE (1)

XBRL Taxonomy Presentation Linkbase

 

*

Filed herewith.

**

In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are furnished and not filed.

(1)

Furnished herewith. XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

28


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CHINA TELETECH HOLDING, INC.

Date: November 14, 2012

By:

/s/ Yankuan Li

Yankuan Li

President, Chief Executive Officer and Director

(Duly Authorized Officer and Principal Executive Officer)

 

Date: November 14, 2012

By:

/s/ Kwok Ming Wai Andrew

Kwok Ming Wai Andrew

Chief Financial Officer, Secretary and Director

(Duly Authorized Officer and Principal Financial Officer)

EX-31.1 2 exh31-1.htm CERTIFICATE Q3 2012 Exhibit 31.1

EXHIBIT 31.1

CERTIFICATION

I, Yankuan Li, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of China Teletech Holding, 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 small business issuer as of, and for, the periods presented in this report;

4.  The small business issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer 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 small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

(c)  Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

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

5.  The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer'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 small business issuer'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 small business issuer's internal control over financial reporting.

Date:  November 14, 2012

By:

/s/ Yankuan Li                      

 

 

Yankuan Li
President and Chief Executive Officer

 

 

 

EX-31.2 3 exh31-2.htm CERTIFICATE Q3 2012 Exhibit 31.2

EXHIBIT 31.2

CERTIFICATION

I, Kwok Ming Wai Andrew, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of China Teletech Holding, 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 small business issuer as of, and for, the periods presented in this report;

4.  The small business issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer 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 small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

(c)  Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

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

5.  The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer'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 small business issuer'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 small business issuer's internal control over financial reporting.

Date:  November 14, 2012   

By:

/s/ Kwok Ming Wai Andrew           

 

 

Kwok Ming Wai Andrew
Chief Financial Officer

 

 

 

EX-32.1 4 exh32-1.htm CERTIFICATE Q3 2012 Exhibit 32.1

EXHIBIT 32.1

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

In connection with the Quarterly Report of China Teletech Holding, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2012 (the "Report"), I, Yankuan Li, President and Chief Executive Officer of the Company, do hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)

the Report fully complies with the requirements of §13(a) or 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. §78m or 78o(d), and,

(2)

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

Date:  November 14, 2012

By:

/s/ Yankuan Li                      

 

 

Yankuan Li
President and Chief Executive Officer

 

 

 

EX-32.2 5 exh32-2.htm CERTIFICATE Q3 2012 Exhibit 32.2

EXHIBIT 32.2

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

In connection with the Quarterly Report of China Teletech Holding, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2012 (the "Report"), I, Kwok Ming Wai Andrew, Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)

the Report fully complies with the requirements of §13(a) or 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. §78m or 78o(d), and,

(2)

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

Date:  November 14, 2012   

By:

/s/ Kwok Ming Wai Andrew           

 

 

Kwok Ming Wai Andrew
Chief Financial Officer

 

 

 

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ORGANIZATION AND PRINCIPAL ACTIVITIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">China Teletech Holding, Inc. (the &#34;Company&#34;), formerly known as Avalon Development Enterprise, Inc., was incorporated in the State of Florida, United States (an OTCBB Company) on March 29, 1999.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">On March 27, 2007, the Company underwent a reverse-merger with Global Telecom Holdings Limited (GTHL, a British Virgin Islands (BVI) Company incorporated on April 1, 2004 under the British Virgin Islands International Business Companies Act (CAP. 291)) and its wholly-owned subsidiary Guangzhou Global Telecommunication Company Limited (GGT, established on December 4, 2004 in PRC with a registered and paid-up capital of RMB 3,030,000 (approximate $375,307)) involving an exchange of shares whereby the Company issued an aggregate of 39,817,500 shares of common stock in exchange for all of the issued and outstanding shares of GTHL. In connection with the reverse merger, the Company issued 200,000 shares of common stock to Zenith Capital Management LLC in April 2007 at a price of $2.50 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">Pursuant to a Stock Purchase Agreement dated July 29, 2008, the Company acquired 51% of the issued and outstanding shares in Guangzhou Renwoxing Telecom (&#34;GRT&#34;), a limited liability company incorporated in China. Pursuant to the terms of the Stock Purchase Agreements, the Shareholders agreed to sell and transfer the proportion of the shares to the Company for a purchase consideration of US$291,833.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">On March 2, 2012, pursuant to a board of resolution passed during the special meeting of the Company, the name of the Company was changed from Guangzhou Global Telecom, Inc. to China Teletech Holding, Inc. 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Sep. 30, 2012
Property, Plant and Equipment [Abstract]  
Major classifications of property and equipment

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  As of 9/30/2012   As of 12/31/2011
           
At cost          
     Motor Vehicles
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332 
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     Motor Vehicles
     Computer equipment
$ (6,056)
(22)
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  $ (6,078)   $ -
           
  $ 54,811    $ -

 

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Sep. 30, 2012
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Convertible senior notes, carrying value 2,285,714
Interest rate 8.00%
Shares covered by Warrants issuance 2,090,592
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Interest rate 8.00%
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2008 Amendment
 
Month and year of issue or amendment 2008-11-03
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Interest rate 18.00%
Shares covered by Warrants issuance 156,097,534
2009 Amendment
 
Month and year of issue or amendment 2009-12-29
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Interest rate 0.00%
Shares covered by Warrants issuance 0
Warrants and Rights Outstanding 0
Conversion price of Debenture 0.00
2011 Amendment
 
Month and year of issue or amendment 2011-11-28
Convertible senior notes, carrying value 1,300,000
Interest rate 0.00%
Shares covered by Warrants issuance 0
Warrants and Rights Outstanding 0
Conversion price of Debenture 0.10
Restricted shares surrendered 3,270,438
Company settlement payment to holders $ 155,000
XML 17 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization and Prinicipal Activities - Note 1
9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Principal Activities [Text Block]

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

China Teletech Holding, Inc. (the "Company"), formerly known as Avalon Development Enterprise, Inc., was incorporated in the State of Florida, United States (an OTCBB Company) on March 29, 1999.

 

On March 27, 2007, the Company underwent a reverse-merger with Global Telecom Holdings Limited (GTHL, a British Virgin Islands (BVI) Company incorporated on April 1, 2004 under the British Virgin Islands International Business Companies Act (CAP. 291)) and its wholly-owned subsidiary Guangzhou Global Telecommunication Company Limited (GGT, established on December 4, 2004 in PRC with a registered and paid-up capital of RMB 3,030,000 (approximate $375,307)) involving an exchange of shares whereby the Company issued an aggregate of 39,817,500 shares of common stock in exchange for all of the issued and outstanding shares of GTHL. In connection with the reverse merger, the Company issued 200,000 shares of common stock to Zenith Capital Management LLC in April 2007 at a price of $2.50 per share.

Pursuant to a Stock Purchase Agreement dated July 29, 2008, the Company acquired 51% of the issued and outstanding shares in Guangzhou Renwoxing Telecom ("GRT"), a limited liability company incorporated in China. Pursuant to the terms of the Stock Purchase Agreements, the Shareholders agreed to sell and transfer the proportion of the shares to the Company for a purchase consideration of US$291,833.

On March 2, 2012, pursuant to a board of resolution passed during the special meeting of the Company, the name of the Company was changed from Guangzhou Global Telecom, Inc. to China Teletech Holding, Inc. On March 20, 2012, the name change was effective and approved by FINRA.

On March 30, 2012, the Company completed a share exchange transaction with China Teletech Limited, a British Virgin Islands corporation ("CTL"), by entering into a share exchange agreement (the "Agreement") with CTL and the former shareholders of CTL. Pursuant to the Agreement, the Company acquired all the outstanding capital stock of CTL from the former shareholders of CTL in exchange for the issuance of 40,000,000 shares of our common stock (the "Share Exchange"). The shares issued to the former shareholders of CTL constituted approximately 68.34% of the Company's issued and outstanding shares of common stock as of an immediately after the commutation of the Share Exchange. As a result of the Share Exchange, CTL became the Company's wholly owned subsidiary and Dong Liu and Yuan Zhao, the former shareholders of CTL, became our principal shareholders.

In connection with the share exchange agreement, Yankuan Li resigned as the Company's Chairman of the Board of Directors but remained as a member of the Board of Directors of the Company.  Dong Liu was appointed as the Company's Chairman of the Board of Directors, Yuan Zhao, Yau Kwong Lee and Kwok Ming Wai Andrew were appointed as the Company's members of the Board of Directors.

CTL was formed for the purpose of providing a group structure to enhance the viable capacity as discussed below of its two variable interest entities located in the People's Republic of China ("PRC"); namely, (a) Shenzhen Rongxin Investment Co., Ltd. ("Shenzhen Rongxin") and (b) Guangzhou Rongxin Science and Technology Limited ("Guangzhou Rongxin").

The Company, through its subsidiaries, is principally engaged in the distribution and trading of rechargeable phone cards, cellular phones and accessories within cities in PRC. Customers of the Company embrace wholesalers, retailers, and final users.

 

 

 

 

 

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Property, Plant, and Equipment Accounting Policies (Narrative) (Details) (Motor Vehicles)
9 Months Ended
Sep. 30, 2012
Y
Motor Vehicles
 
Motor Vehicles, minimum useful lifie, years 3
Motor Vehicles and Computer Equipment, maximum useful lifie, years 5
XML 20 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidating Subsidiary Information (Details)
Sep. 30, 2012
Global Telecom Holdings, Ltd.
 
Place of Incorporation BVI
Attributable Equity Interest, in percenrt 100.00%
Registered Capital HKD 7,800
China Teletech Limited
 
Place of Incorporation BVI
Attributable Equity Interest, in percenrt 100.00%
Registered Capital USD 10
Guangzhou Renwoxing Telecom Co., Ltd.
 
Place of Incorporation PRC
Attributable Equity Interest, in percenrt 51.00%
Registered Capital RMB 3,010,000
Shenzhen Rongxin Investment Co., Ltd
 
Place of Incorporation PRC
Attributable Equity Interest, in percenrt 100.00%
Registered Capital RMB 10,000,000
Guangzhou Rongxin Science and Technology Limited
 
Place of Incorporation PRC
Attributable Equity Interest, in percenrt 100.00%
Registered Capital HK 1,200,000
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Foreign Currency Translation Exchange Rates (Details)
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Foreign Currency Translation Exchange Rates Details      
Year end RMB : US$ exchange rate 6.3340 6.3647 6.4018
Average year RMB : US$ exchange rate 6.3275 6.4735 6.5060
Year end HKD : US$ exchange rate 7.7549 7.7691 7.7934
Average year HKD : US$ exchange rate 7.7597 7.7851 7.7867

XML 23 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsidiary Maximum Income Tax Rates (Details)
Sep. 30, 2012
GGT
 
Domicile Country PRC
Income Tax Rate 25.00%
GRT
 
Domicile Country RRC
Income Tax Rate 25.00%
Shenzhen Rongxin
 
Domicile Country PRC
Income Tax Rate 25.00%
Guangzhou Rongxin
 
Domicile Country PRC
Income Tax Rate 25.00%
GTHL
 
Domicile Country British Virgin Islands
Income Tax Rate 0.00%
CTL
 
Domicile Country British Virgin Islands
Income Tax Rate 0.00%
XML 24 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Cash flow from operating activities        
Net (Loss) / income $ 102,051 $ (46,756) $ 2,671,621 $ 69,004
Non-controlling interest 10,440 19,389 47,390 62,998
Depreciation 3,038 2,651 6,078 8,913
Ordinary gain on bargain 0 0 (119,022) 0
Gain on disposal of a subsidiary 0 0 (1,371,596) 0
Gain on forgiveness of long term debt 0 0 (1,566,323) 0
Stock compensation 0 0 455,133 0
Gain on stock cancellation (32,704) 0 (32,704) 0
Loss on disposal of property, plant and equipment 0 0 0 3,561
Decrease/(Increase) in other receivables (2,309) 44,306 201,943 (6,537)
Decrease/(Increase) in amount due from a related party (24,438) 22,899 234,161 (363,957)
Decrease/(Increase) in prepaid expenses 30,814 (50,042) 30,427 (50,042)
Decrease/(Increase) in purchase deposit 0 309,185 158,649 (22,915)
Decrease/(Increase) in inventories (158,368) (167,399) 401,502 451,532
Increase/(decrease) in tax payables 50,343 25,697 128,571 163,900
Increase/(decrease) in accrued liabilities and other payables (28,734) 40,264 98,529 40,925
Net cash provided by/(used in) operating activities (49,867) 200,194 1,344,359 357,382
Cash flows from investing activities        
Purchase of property, plant and equipment 331 0 331 0
Net cash inflow from purchase of subsidiary - China Teletech Limited 0 0 1,783,812 0
Disposal of a subsidiary 0 0 569 0
Purchase for short-term investment 893 (4,359) 202,348 (226,130)
Payments for deposits 20 (15) (15,955) (1,562)
Net cash provided by/(used in) investing activities 1,244 (4,374) 1,971,105 (227,692)
Cash flows from financing activities        
Net cash provided by financing activities 0 0 0 0
Net Increase/(Decrease) in Cash & Cash Equivalents (48,623) 195,820 3,315,464 129,690
Effect of Currency Translation (7,024) 30,775 (12,190) 55,919
Cash & Cash Equivalents at Beginning of Period 3,428,191 118,944 69,270 159,930
Cash & Cash Equivalents at End of Period $ 3,372,544 $ 345,539 $ 3,372,544 $ 345,539
XML 25 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Receivables (Details) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Type of Account    
Trade financing to business associates $ 2,309 $ 204,252
Allowance for bad debt 0 0
Other receivable, net $ 2,309 $ 204,252
XML 26 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity (Narrative) (Details) (USD $)
9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Shareholders Equity Narrative Details    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 60,947,366 185,283,627
Common stock, shares outstanding 60,947,366 185,283,627
Value of stock to acquire China Teletech Limited (Shares) 0  
Issuance of share-based compensation (Shares) 0 0
XML 27 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
Current Assets    
Cash and Cash Equivalents $ 3,372,544 $ 69,270
Short-term Investment 394,695 597,043
Other Receivables 2,309 [1] 204,252 [1]
Due from related parties 29,288 [2] 904,846 [2]
Purchase deposits 0 23,049
Prepaid expenses 99,397 0
Inventories 272,810 549,908
Total Current Assets 4,171,043 2,348,368
Non-Current Assets    
Property, plant & equipment, net 54,811 [3] 0 [3]
Other non-current assets 87,099 71,145
Total Non-Current Assets 141,910 71,145
TOTAL ASSETS 4,312,953 2,419,513
Current Liabilities    
Taxes payable 755,433 [4] 2,081,044 [4]
Due to related parties 334,949 [2] 30,000 [2]
Accrued liabilities and other payables 54,278 127,548
Convertible debenture - current portion 0 [5] 2,866,323 [5]
Total Current Liabilities 1,144,660 5,104,915
Non-Current Liabilities    
Convertible debenture-non-current portion 1,300,000 0 [5]
Total Non-Current Liabilities 1,300,000 0
TOTAL LIABILITIES 2,444,660 5,104,915
STOCKHOLDERS' EQUITY    
Common stock US$0.01 par value; 1,000,000,000 authorized, 60,947,366 and 185,283,627 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively 609,474 [6] 1,852,836 [6]
Additional Paid in capital 4,764,355 1,684,019
Other Comprehensive Income 29,941 32,231
Retained Earnings (3,876,558) (6,548,179)
Non-controlling Interest 341,081 293,691
TOTAL STOCKHOLDERS' EQUITY 1,868,293 (2,685,402)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,312,953 $ 2,419,513
[1] Note 4
[2] Note 5
[3] Note 6
[4] Note 7
[5] Note 8
[6] Note 9
XML 28 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Changes in Stockholders' Equity (USD $)
Common Stock
Additional Paid In Capital
Other Comprehensive Income
Retained Earnings
Noncontrolling Interest
Total
Beginning Balance at Dec. 31, 2010 $ 1,494,751 $ 1,409,399 $ 10,875 $ (6,138,894) $ 321,483 $ (2,902,386)
Beginning Balance (Shares) at Dec. 31, 2010 149,475,127 0 0 0 0 0
Issuance of common stock 68,655 274,620 0 0 0 343,275
Issuance of common stock (Shares) 6,865,500 0 0 0 0 0
Issuance of share based compensation 289,430 0 0 0 0 289,430
Issuance of share based compensation (Shares) 28,943,000 0 0 0 0 0
Net Income/(Loss) 0 0 0 (409,285) 0 (409,285)
Dividends paid to non-controlling shareholders 0 0 0 0 (88,953) (88,953)
Non-controlling Interest 0 0 0 0 61,161 61,161
Foreign Currency Translation 0 0 21,356 0 0 21,356
Balance at Dec. 31, 2011 1,852,836 1,684,019 32,231 (6,548,179) 293,691 (2,685,402)
Balance (Shares) at Dec. 31, 2011 185,283,627 0 0 0 0 0
Issuance of share based compensation 56,892 398,241 0 0 0 455,133
Issuance of share based compensation (Shares) 5,689,167         0
Reverse common stock split – 1 for 10 (1,667,550) 1,667,550 0 0 0 0
Reverse common stock split – 1 for 10 (Shares) (166,754,990) 0 0 0 0 0
Value of stock to acquire China Teletech Limited 400,000 1,014,545 0 0 0 1,414,545
Value of stock to acquire China Teletech Limited (Shares) 40,000,000 0 0 0 0 0
Cancellation of shares issued (32,704)         (32,074)
Cancellation of shares issued (Shares) (3,270,438)          
Net Income/(Loss) 0 0 0 2,671,621 0 2,671,621
Non-controlling Interest 0 0 0 0 47,390 47,390
Foreign Currency Translation 0 0 (2,290) 0 0 (2,290)
Balance at Sep. 30, 2012 $ 609,474 $ 4,764,355 $ 29,941 $ (3,876,558) $ 341,081 $ 1,868,293
Balance (Shares) at Sep. 30, 2012 60,947,366          
XML 29 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Taxes Payable (Details) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Taxes payable    
Value added tax payable $ 160 $ 1,221,499
Corporate income tax payable 721,883 826,033
Business tax payable 33,381 33,508
Others 9 4
Total $ 755,433 [1] $ 2,081,044 [1]
[1] Note 7
XML 30 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2012
Text Block [Abstract]  
Company Consolidating Subsidiaries

The company owned the following subsidiaries since the reserve-merger and soon thereafter. As of September 30, 2012, detailed identities of the consolidating subsidiaries are as follows:-

 

Name of Company Place of Incorporation Attributable Equity Interest % Registered Capital
       
Global Telecom Holdings, Ltd. BVI 100% HKD 7,800
China Teletech Limited BVI 100% USD 10
Guangzhou Renwoxing Telecom Co., Ltd. PRC 51% RMB 3,010,000
Shenzhen Rongxin Investment Co., Ltd PRC 100% RMB 10,000,000
Guangzhou Rongxin Science and Technology Limited PRC 100% HK 1,200,000
       

 

Schedule of Foreign Currency Exchange Rates

Exchange Rates 9/30/2012 12/31/2011 9/30/2011
Year end RMB : US$ exchange rate 6.3340 6.3647 6.4018
Average year RMB : US$ exchange rate 6.3275 6.4735 6.5060
       
Year end HKD : US$ exchange rate 7.7549 7.7691 7.7934
Average year HKD : US$ exchange rate 7.7597 7.7851 7.7867

 

RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.

 

Taxation of Company Subsidiaries Domiciled and Operated in China

 

Subsidiary Country of Domicile Income Tax Rate

GGT, GRT, Shenzhen Rongxin and

Guangzhou Rongxin

PRC 25.0%
GTHL and CTL British Virgin Islands 0.00%

 

 

XML 31 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments (Operating Leases) (Details) (USD $)
Sep. 30, 2012
Commitments Operating Leases Details  
2012 $ 11,384
2013 22,768
Total $ 34,152
XML 32 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Due From/To Related Parties (Tables)
9 Months Ended
Sep. 30, 2012
Due Fromto Related Parties Tables  
DUE FROM/TO RELATED PARTIES

The following table presents the balances the Company due to and from related parties.

 

    As of 9/30/2012   As of 12/31/2011
Due from related parties $ 29,288  $ 904,846 
Due to related parties   (334,949)   (30,000)
Net due from (due to)   (305,661)   874,846 

 

Amounts owing to the Company's related parties are non-interest-bearing and payable on demand.

 

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XML 34 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical)
9 Months Ended
Sep. 30, 2012
Statement of Stockholders' Equity [Abstract]  
Reverse common stock split 1 for 10
XML 35 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 60,947,366 185,283,627
Common stock, shares outstanding 60,947,366 185,283,627
XML 36 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity - Note 9
9 Months Ended
Sep. 30, 2012
Common Stock Capital [Abstract]  
Common Stock Capital [Text Block]

9. SHAREHOLDERS' EQUITY

Common stock

 The Company is authorized by its Memorandum of Association (i.e. equivalent to Articles of Incorporation) to issue a total of 1,000,000,000 shares at a par value of US$0.01 of which 60,947,366 and 185,283,627 shares have been issued and outstanding as of September 30, 2012 and December 31, 2011, respectively.

During the nine-month period ended September 30, 2012, the Company issued approximately 40,000,000 and 5,689,167 shares of common stock for the acquisition of CTL and stock compensation, respectively.

Common stock reserves split

On December 9, 2011, the Company's shareholders jointly agreed to a 10 to 1 reverse stock split (the "Reverse Split") on its issued and outstanding common stock, having a par value of $0.01 per share. On February 16, 2012, the Reverse Split was effective and approved by the Financial Industry Regulatory Authority (FINRA).

Cancellation of shares issued

On September 4, 2012, holders of its convertible debentures, warrants and restricted shares surrendered 3,270,438 restricted shares of the Company.

XML 37 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
9 Months Ended
Sep. 30, 2012
Nov. 14, 2012
Document and Entity Information [Abstract]    
Entity Registrant Name China Teletech Holding Inc  
Entity Central Index Key 0001346287  
Amendment Flag false  
Document Type 10-Q  
Document Period End Date Sep. 30, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   62,417,622
XML 38 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments - Note 10
9 Months Ended
Sep. 30, 2012
Leases [Abstract]  
Lease Commitments [Text Block]

10. COMMITMENTS

Shenzhen Rongxin has operating leases for their premises expiring on December 31, 2013.

The minimum lease payments for the next four years are as follows:

 

2012 $ 11,384
2013   22,768
Total $ 34,152

 

XML 39 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Income Statement [Abstract]        
Sales $ 8,562,535 $ 3,093,734 $ 19,641,115 $ 15,825,168
Cost of sales 8,289,881 3,024,554 19,003,427 15,400,929
Gross profit 272,654 69,180 637,688 424,239
Operating expenses        
Administrative and general expenses 140,583 93,220 892,465 271,729
Total operating expense 140,583 93,220 892,465 271,729
(Loss) Income from Operations 132,071 (24,040) (254,777) 152,510
Gain on forgiveness of long term debt 0 0 1,566,323 0
Gain on disposal of a subsidiary 0 0 1,371,596 0
Other income 32,704 297 152,027 46,159
Interest income 30 2 50 11
Other expenses (175) (23) (791) (3,600)
Interest expense 15 0 10 0
Income before taxation 164,645 (23,764) 2,834,438 195,080
Income tax (52,154) (3,603) (115,427) (63,078)
Net Income (Loss) 112,491 (27,367) 2,719,011 132,002
Foreign currency translation change (6,833) 30,774 (2,290) 55,920
Comprehensive income 105,658 3,407 2,716,721 187,922
Net income attributable to non-controlling interest 10,440 19,389 47,390 62,998
Net Income (Loss) Attributable to the Company $ 102,051 $ (46,756) $ 2,671,621 $ 69,004
Earnings Per Share        
Basic $ 0.00 $ 0.00 $ 0.04 $ 0.00
Diluted $ 0.00 $ 0.00 $ 0.04 $ 0.00
Weighted Average Shares Outstanding        
-Basic (adjusted for 1 for 10 reverse stock split) 63,283,393 14,947,513 76,004,751 14,947,513
-Diluted (adjusted for 1 for 10 reverse stock split) 63,283,393 14,947,513 76,004,751 14,947,513
XML 40 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Receivables - Note 4
9 Months Ended
Sep. 30, 2012
Receivables [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

4. OTHER RECEIVABLES

 

Other receivables as of September 30, 2012 and December 31, 2011 pertained to the Company voluntarily extending financing to business associates for purchase of merchandise in return for 60% of gross profit in those transactions, in lieu of interest, as well as loans to third parties with no interest, security and specific terms of repayment.

 

  As of 9/30/2012   As of 12/31/2011
Type of Account          
Trade financing to business associates $ 2,309   $ 204,252
Allowance for bad debt   -     -
Other receivable, net $ 2,309   $ 204,252

 

 

 

 

XML 41 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Concentration - Note 3
9 Months Ended
Sep. 30, 2012
Risks and Uncertainties [Abstract]  
Concentration Risk Disclosure [Text Block]

3. CONCENTRATION

 

A substantial portion of the Company and the Company's subsidiaries' business operations depend on mobile telecommunications in PRC; any loss or deterioration of such relationship may result in severe disruption to the business operations impacting the Company's revenue. The Company and the Company's subsidiaries rely entirely on the networks and gateways of these phone operators to provide its services. The Company and the Company's subsidiaries' agreements with these operators are generally for a short period of one year and generally do not have automatic renewal provision. If these providers are unwilling to continue business with the Company and the Company's subsidiaries, the Company and the Company's subsidiaries' ability to conduct its existing business would be adversely affected.

 

 

XML 42 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Receivables (Tables)
9 Months Ended
Sep. 30, 2012
Other Receivables Tables  
Other Receivables

Other receivables as of September 30, 2012 and December 31, 2011 pertained to the Company voluntarily extending financing to business associates for purchase of merchandise in return for 60% of gross profit in those transactions, in lieu of interest, as well as loans to third parties with no interest, security and specific terms of repayment.

 

  As of 9/30/2012   As of 12/31/2011
Type of Account          
Trade financing to business associates $ 2,309   $ 204,252
Allowance for bad debt   -     -
Other receivable, net $ 2,309   $ 204,252

 

XML 43 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Disposal of a Subsidiary - Note11
9 Months Ended
Sep. 30, 2012
Disposal Of Subsidiary - Note11  
Disposal of a Subsidiary [Text Block]

11. DISPOSAL OF A SUBSIDIARY

 

On June 30, 2012, the Company's subsidiary, Global Telecom Holdings Limited, entered into an agreement with an independent third party to dispose of its wholly-owned subsidiary Guangzhou Global Telecommunication Company Limited for a cash consideration of US$644.

XML 44 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Taxes Payable - Note 7
9 Months Ended
Sep. 30, 2012
Taxes Payable - Note 7  
Taxes Payable

7. TAXES PAYABLE

 

Taxes payable consisted of the following as of September 30, 2012 and December 31, 2011:

 

  As of 9/30/2012   As of 12/31/2011
           
Value added tax payable
Corporate income tax payable
$ 160
721,883
  $ 1,221,499
826,033
Business tax payable   33,381     33,508
Others   9     4
  $ 755,433   $ 2,081,044

 

The Company has been collecting from its customers Value Added Tax (VAT), on behalf of the government. The Company was granted by the government to pay the balance dues under installments up to the end of 2008. The reason of this special arrangement is that the government may waive past due VAT after decision has been made in accordance with regulations for technology zone on tax-exemption matter. However, the Company has not received the approval notice from the government at December 31, 2011.

 

XML 45 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Due from/to Related Parties - Note 5
9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

5. DUE FROM/TO RELATED PARTIES

 

The following table presents the balances the Company due to and from related parties.

    As of 9/30/2012   As of 12/31/2011
Due from related parties $ 29,288  $ 904,846 
Due to related parties   (334,949)   (30,000)
Net due from (due to)   (305,661)   874,846 

 

Amounts owing to the Company's related parties are non-interest-bearing and payable on demand.

XML 46 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property, Plant, and Equipment - Note 6
9 Months Ended
Sep. 30, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

6. PROPERTY, PLANT, AND EQUIPMENT

 

Property, plant, and equipment consist of the following as of September 30, 2012 and December 31, 2011:

  As of 9/30/2012   As of 12/31/2011
           
At cost          
     Motor Vehicles
     Computer equipment
$ 60,557
332 
  $ -
-
Total $ 60,889    $ -
           
Less: Accumulated depreciation          
     Motor Vehicles
     Computer equipment
$ (6,056)
(22)
  $ -
-
  $ (6,078)   $ -
           
  $ 54,811    $ -

 

The depreciation expenses were $ 6,078 and $Nil for the nine months and for the year ended September 30, 2012 and December 31, 2011, respectively.

 

XML 47 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Convertible Bonds and Bond Warrants - Note 8
9 Months Ended
Sep. 30, 2012
Convertible Bonds and Bond Warrants [Abstract]  
Convertible Bonds and Bond Warrants [Text Block]

8. CONVERTIBLE BONDS AND BOND WARRANTS

On July 31, 2007 and January 1, 2008, the Company completed two financing transactions with several investors (the "Subscriber") issuing $2,000,000 and $1,000,000, respectively, Fixed Rate Convertible Debenture due in 2009 and a stock purchase warrant to purchase an aggregate of 2,090,592 shares of the Company common stock, subject to adjustments for stock splits or reorganizations as set forth in the warrant, that will expire in 2012 (the "Warrants").

The Debentures were subscribed at a price equal to 87.5% of their principal amount, which is the issue price of $3,428,571 less a 12.5% discount. The Debentures were issued pursuant to, and are subject to the terms and conditions of, a trust deed dated July 31, 2007 (the "Trust Deed").

  • Interest Rate. The Debenture bears interest at the rate of 8% per annum of the principal amount of the Debentures.
  • Conversion. Each Debenture is convertible at the option of the holder at any time after July 31, 2007 up to July 31, 2009, into shares of our common stock at a fixed conversion price of $0.82 per share.

 

On July 31, 2007, the Company also entered into a registration rights agreement with the Subscriber pursuant to which the Company agreed to include the Debenture, the Warrants, and the shares of common stock underlying the Debenture and Warrants in a pre-effective amendment to a registration statement that the Company have on file with the SEC. The Company intends to have the registration statement cover the resale of the Debenture, the Warrants, and the shares of common stock underlying the Debenture and Warrants.

At July 31, 2007 and January 1, 2008, the dates of issuance, the Company determined the fair value of the Debenture to be $2,000,000 and $1,000,000, respectively. The values of the warrants and the beneficial conversion feature as at December 31, 2007 and 2008 determined under the Black-Scholes valuation method were immaterial. Accordingly, the interest discount on the warrants and beneficial conversion feature were recorded, and are being amortized by the straight-line method over 5 years and 2 years respectively.

On November 3, 2008, due to market conditions, the Company re-negotiated the terms of the Debentures and Warrants, and entered into a modification agreement (the "Amendment Agreement") with the Holders. Pursuant to the Amendment Agreement, the Company agreed to completely remove the monthly interest payment of the Debentures and Increase the annual interest rate to 18%. Therefore, as described in the Schedule A of the Amendment Agreement, the Company will pay an aggregate of $2,151,110.85 and $1,485,714.10 to the Holders that are due on July 31, 2009 and February 21, 2010, respectively.  The Company acknowledged that the conversion price of the Debentures on the conversion date shall be equal to the lesser of (a) $0.015 (subject to adjustment), and (b) 80% of the lowest closing bid price during the 20 Trading Days immediately prior to the applicable conversion date (subject to adjustment).

The Amendment Agreement further modified the terms of the transaction by reducing the exercise price of the Warrants to $0.015 (subject to further adjustment), and therefore the number of shares underlying Warrants issued to the Holders will be increased to an aggregate of 156,097,534 shares as described in Schedule B of the Amendment Agreement.

The Company further amended the Articles of Incorporation to increase the number of authorized shares of common stock to 1,000,000,000.

On December 29, 2009, the Company entered into a Settlement Agreement with the Holders. Pursuant to the Settlement Agreement, the Company would make a total payment of $1,300,000 to the Holders no later than January 21, 2010. The Convertible Debentures would be deemed satisfied and all outstanding Warrants held by the Holders would be cancelled. In addition, the Holders agreed to cancel all of the Company shares held by them at such time as the payment has been made.

In May 2010, the Holders commenced an action against the Company in the Supreme Court of the State of New York in order to recover the outstanding amount of $1,300,000 under the Settlement Agreement. The outcome and estimated loss from this lawsuit cannot be determined at this time.

On November 28, 2011, the Company entered into a Settlement and Amendment Agreement with holders of its convertible debentures, warrants and restricted shares (the "Holders"). The parties in this Settlement and Amendment Agreement agreed: i) principal amount of the debentures will be reduced from $3 million to $1.3 million; ii) the Holders will surrender common stock purchase warrants to purchase a total of 156,097,534 shares of the Company's common stock, and surrender 32,704,376 restricted shares of the Company, in exchange for settlement payments in the sum of $155,000. The Company has paid a total of $155,000 in settlement payments to the Holders. Therefore, the Company will pay on aggregate of $1.3 million to the Holders that are due on November 28, 2014. The Company acknowledged that the conversion price of $1.3 million Fixed Rate Convertible Debenture on the conversion date shall be equal to the lesser of (a) $0.10 (the Set Price) and (b) 90% of the average of the VWAPs for the five trading days immediately prior to the applicable conversion date (such lower price, as subject to adjustment herein, the Conversion Price). The values of the beneficial conversion feature under the Black-Scholes valuation method were immaterial.

Gain or loss resulted from this Settlement and Amendment Agreement has been included in the financial statements as of and for the nine months period ended September 30, 2012.

Because of the fact that the $1.3 million Fixed Rate Convertible Debenture due in contain one separate securities and yet merged into one package, the Debenture security must identify its constituents and establish the individual value as determined by the Issuer as follows:

(1) Convertible Debenture (after two rounds) $ 1,300,000
(2) Discount -
(3) Warrant -
(4) Beneficial Conversion Feature -

The Convertible Debentures Payable, net consisted of the following: -

    9/30/2012   12/31/2011
Convertible Debenture - Principal and interest      
  Balance as at beginning of period   $ 2,866,323   $ 2,866,323
  Addition   -   -
  Redemption   -   -
  Interest charged for the current year -   -
  Repayment of interest in current year -   -
  Forgiveness of debt   1,566,323   -
  Balance as at end of year   $ 1,300,000   $ 2,866,323
     
Less: Interest discount - Beneficial conversion feature    
  Balance as at beginning of year   $ -   $ -
  Addition   -   -
  Amortization   -   -
  Balance as at end of year   -   -
           
Less: Interest Discount - Warrant        
  Balance as at beginning of year   -   -
  Addition   -   -
  Amortization   -   -
  Balance as at end of year   -   -
Convertible Debenture, net   $ 1,300,000   $ 2,866,323

 

The Convertible Debenture was classified as current and non-current as follows:
           
    9/30/2012   12/31/2011
           
  Current portion   $ -   $ 2,866,323
  Non - current Portion   1,300,000   -
      $ 1,300,000   $ 2,866,323

 

 

 

XML 48 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property, Plant and Equipment (Details) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Property Plant And Equipment Details    
Motor Vehicles cost $ 60,557 $ 0
Computer equipment 332 0
Total 60,889 0
Motor Vehicles accumulated depreciatioin (6,056) 0
Computer equipment accumulated depreciation (22)  
Total (6,078) 0
Net $ 54,811 [1] $ 0 [1]
[1] Note 6
XML 49 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Methomd of Accopunting and Use of Estimates

The Company maintains its general ledger and journals with the accrual method of accounting for financial reporting purposes. The financial statements and notes are representations of management. Accounting policies adopted by the Company conform to generally accepted accounting principles in the United States of America and have been consistently applied in the presentation of financial statements.

 

Our discussion and analysis is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting years. These accounts and estimates include, but are not limited to, the estimation on useful lives of property, plant and equipment. Actual results could differ from those estimates.

Principles of Consolidation

The consolidated financial statements include the accounts of China Teletech Holdings, Inc. and five wholly and partially owned subsidiaries. The consolidated financial statements were compiled in accordance with generally accepted accounting principles of the United States of America. All significant inter-company accounts and transactions have been eliminated in consolidation.

 

The company owned the following subsidiaries since the reserve-merger and soon thereafter. As of September 30, 2012, detailed identities of the consolidating subsidiaries are as follows:

 

Name of Company Place of Incorporation Attributable Equity Interest % Registered Capital
       
Global Telecom Holdings, Ltd. BVI 100% HKD 7,800
China Teletech Limited BVI 100% USD 10
Guangzhou Renwoxing Telecom Co., Ltd. PRC 51% RMB 3,010,000
Shenzhen Rongxin Investment Co., Ltd PRC 100% RMB 10,000,000
Guangzhou Rongxin Science and Technology Limited PRC 100% HK 1,200,000

 

 

 

 

 

 

Economic and Political Risks

The Company's operations in the PRC 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, legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, restriction on international remittances, and rates and methods of taxation, among other things.

 

 

Cash and Cash Equivalents

The Company considers all cash and other highly liquid investments with initial maturities of three months or less to be cash equivalents.

Accounts Receivable

Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An allowance for doubtful accounts is made when recovery of the full amount is doubtful.

Inventories

Inventories are stated at the lower of cost or market value. Cost is computed using the first-in, first-out method and includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Market value is determined by reference to the sales proceeds of items sold in the ordinary course of business or estimates based on prevailing market conditions. The inventories are telecommunication products such as mobile phone, rechargeable phone cards, smart chips, and interactive voice response cards.

 

Property, Plant, and Equipment, net

Property, plant and equipment, net are carried at cost net of accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method with no salvage value. Estimated useful lives of the property, plant and equipment are as follows:

 

Motor Vehicles Three to five years
Computer Equipment Five years

 

Accounting for Impairment of Long-Lived Assets

The Company adopted Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS 144"), which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with SFAS 144.SFAS 144 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets.

 

The long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology or other industry changes. Determination of recoverability of assets to be held and used is by comparing the carrying amount of an asset to future net undiscounted cash flows to be generated by the assets.

 

If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the reporting periods, there was no impairment loss.

 

Revenue Recognition

Revenue from the sale of the products is recognized on the transfer of risks and rewards of ownership, which generally coincides with the time when the goods are delivered to customers and the title has passed.

 

Cost of Sales

The Company's cost of sales is comprised mainly of cost of goods sold.

Selling Expenses

Selling expenses are comprised of salaries for the sales force, client entertainment, commissions, advertising, and travel and lodging expenses.

General and Administrative Expenses

General and administrative expenses include executive compensation, general overhead such as the finance department and administrative staff, depreciation, office rental and utilities.

Advertisimng

The Company expensed all advertising costs as incurred.

Foreign Currency Translation

The Company maintains its financial statements in the functional currency, which is the Renminbi (RMB). Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchanges rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income for the respective periods.

 

For financial reporting purposes, the financial statements of the Company, which are prepared using the functional currency, have been translated into United States dollars. Assets and liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange rates and stockholders' equity is translated at historical exchange rates. Translation adjustments are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders' equity.

 

Exchange Rates 9/30/2012 12/31/2011 9/30/2011
Year end RMB : US$ exchange rate 6.3340 6.3647 6.4018
Average year RMB : US$ exchange rate 6.3275 6.4735 6.5060
       
Year end HKD : US$ exchange rate 7.7549 7.7691 7.7934
Average year HKD : US$ exchange rate 7.7597 7.7851 7.7867

 

RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.

 

Income Taxes

The Company uses the accrual method of accounting to determine and report its taxable reduction of income taxes for the year in which they are available. The Company has implemented Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes. Income tax liabilities computed according to the United States, People's Republic of China (PRC), and British Virgin Islands (BVI) tax laws are provided for the tax effects of transactions reported in the financial statements and consists of taxes currently due plus deferred taxes related primarily to differences between the basis of fixed assets and intangible assets for financial and tax reporting. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will be either taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes also are recognized for operating losses that are available to offset future income taxes. A valuation allowance is created to evaluate deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize that tax benefit, or that future realization is uncertain.

 

In respect of the Company's subsidiaries domiciled and operated in China, the taxation of these entities are summarized below:

  • GGT, GRT, Shenzhen Rongxin and Guangzhou Rongxin are located in the PRC and GTHL and CTL are located in the British Virgin Islands; all of these entities are subject to the relevant tax laws and regulations of the PRC and British Virgin Islands in which the related entity domiciled. The maximum tax rates of the subsidiaries pursuant to the countries in which they domicile are: -
Subsidiary Country of Domicile Income Tax Rate

GGT, GRT, Shenzhen Rongxin and

Guangzhou Rongxin

PRC 25.0%
GTHL and CTL British Virgin Islands 0.00%
  • Effective January 1, 2008, PRC government implements a new 25% tax rate across the board for all enterprises regardless of whether domestic or foreign enterprise without any tax holiday which is defined as "two-year exemption followed by three-year half exemption" hitherto enjoyed by tax payers. As a result of the new tax law of a standard 25% tax rate, tax holidays terminated as of December 31, 2007. However, PRC government has established a set of transition rules to allow enterprises already started tax holidays before January 1, 2008, to continue enjoying the tax holidays until being fully utilized.
  • Since China Teletech Holding, Inc. is primarily a holding company without any business activities in the United States. The Company shall not be subject to United States income tax for the nine-month periods ended September 30, 2012 and 2011.

Statutory Reserve

Statutory reserve refers to the amount appropriated from the net income in accordance with PRC laws or regulations, which can be used to recover losses and increase capital, as approved, and, are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit, must appropriate, on an annual basis, from its earnings, an amount to the statutory reserve to be used for future company development. Such an appropriation is made until the reserve reaches a maximum equalling 50% of the enterprise's registered capital.

 

Fair Value of Financial Instruments

For certain of the Company's financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, "Fair Value Measurements and Disclosures," requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, "Financial Instruments," defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures.

The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

  • Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
  • Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
  • Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815.

 

As of September 30, 2012 and December 31, 2011, the Company did not identify any assets and liabilities that were required to be presented on the balance sheet at fair value.

 

 

 

 

Other Comprehensive Income

The Company's functional currency is the Renminbi ("RMB"). For financial reporting purposes, RMB were translated into United States Dollars ("USD" or "$") as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity as "Accumulated other comprehensive income".

 

Gains and losses resulting from foreign currency transactions are included in income. There has been no significant fluctuation in exchange rate for the conversion of RMB to USD after the balance sheet date.

 

The Company uses FASB ASC Topic 220, "Reporting Comprehensive Income". Comprehensive income is comprised of net income and all changes to the statements of stockholders' equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. Comprehensive income for the nine month period ended September 30, 2012 and 2011 included net income and foreign currency translation adjustments.

 

 

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable assets acquired in a business combination. In accordance with Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other Intangible Assets", goodwill is no longer subject to amortization. Rather, goodwill is subject to at least an annual assessment for impairment, applying a fair-value based test. Fair value is generally determined using a discounted cash flow analysis.

 

 

Segment Reporting

FASB ASC Topic 280, "Disclosures about Segments of an Enterprise and Related Information" requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manners in which management disaggregates a company.

 

Recent Accounting Pronouncements

On July 27, 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. The ASU provides entities with an option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. If an entity concludes that it is more than 50% likely that an indefinite-lived intangible asset is not impaired, no further analysis is required. However, if an entity concludes otherwise, it would be required to determine the fair value of the indefinite-lived intangible asset to measure the amount of actual impairment, if any, as currently required under US GAAP. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this pronouncement will not have a material impact on its financial statements.

 

As of September 30, 2012, there are no other recently issued accounting standards not yet adopted that would have a material effect on the Company's consolidated financial statements.

 

 

XML 50 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONVERTIBLE BONDS AND BOND WARRANTS (Tables)
9 Months Ended
Sep. 30, 2012
Convertible Bonds And Bond Warrants Tables  
Schedule of Long-term Debt Instruments

Because of the fact that the $1.3 million Fixed Rate Convertible Debenture due in contain one separate securities and yet merged into one package, the Debenture security must identify its constituents and establish the individual value as determined by the Issuer as follows:

(1) Convertible Debenture (after two rounds) $ 1,300,000
(2) Discount -
(3) Warrant -
(4) Beneficial Conversion Feature -

 

The Convertible Debentures Payable, net consisted of the following:

    9/30/2012   12/31/2011
Convertible Debenture - Principal and interest      
  Balance as at beginning of period   $ 2,866,323   $ 2,866,323
  Addition   -   -
  Redemption   -   -
  Interest charged for the current year -   -
  Repayment of interest in current year -   -
  Forgiveness of debt   1,566,323   -
  Balance as at end of year   $ 1,300,000   $ 2,866,323
     
Less: Interest discount - Beneficial conversion feature    
  Balance as at beginning of year   $ -   $ -
  Addition   -   -
  Amortization   -   -
  Balance as at end of year   -   -
           
Less: Interest Discount - Warrant        
  Balance as at beginning of year   -   -
  Addition   -   -
  Amortization   -   -
  Balance as at end of year   -   -
Convertible Debenture, net   $ 1,300,000   $ 2,866,323

 

The Convertible Debenture was classified as current and non-current as follows:
           
    9/30/2012   12/31/2011
           
  Current portion   $ -   $ 2,866,323
  Non - current Portion   1,300,000   -
      $ 1,300,000   $ 2,866,323

 

 

 

XML 51 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (Parenthetical)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Income Statement [Abstract]        
Weighted average shares outstanding basic, ratio of reverse stock split 1 for 10 1 for 10 1 for 10 1 for 10
Weighted average shares outstanding diluted, ratio of reverse stock split 1 for 10 1 for 10 1 for 10 1 for 10
XML 52 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies - Note 2
9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a. Method of Accounting

 

The Company maintains its general ledger and journals with the accrual method of accounting for financial reporting purposes. The financial statements and notes are representations of management. Accounting policies adopted by the Company conform to generally accepted accounting principles in the United States of America and have been consistently applied in the presentation of financial statements.

 

b. Consolidation

 

The consolidated financial statements include the accounts of China Teletech Holdings, Inc. and five wholly and partially owned subsidiaries. The consolidated financial statements were compiled in accordance with generally accepted accounting principles of the United States of America. All significant inter-company accounts and transactions have been eliminated in consolidation.

 

The company owned the following subsidiaries since the reserve-merger and soon thereafter. As of September 30, 2012, detailed identities of the consolidating subsidiaries are as follows:

 

Name of Company Place of Incorporation Attributable Equity Interest % Registered Capital
       
Global Telecom Holdings, Ltd. BVI 100% HKD 7,800
China Teletech Limited BVI 100% USD 10
Guangzhou Renwoxing Telecom Co., Ltd. PRC 51% RMB 3,010,000
Shenzhen Rongxin Investment Co., Ltd PRC 100% RMB 10,000,000
Guangzhou Rongxin Science and Technology Limited PRC 100% HK 1,200,000

 

 

c. Economic and Political Risks

 

The Company's operations in the PRC 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, legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, restriction on international remittances, and rates and methods of taxation, among other things.

 

d. Use of Estimates

 

Our discussion and analysis is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting years. These accounts and estimates include, but are not limited to, the estimation on useful lives of property, plant and equipment. Actual results could differ from those estimates.

 

e. Cash and Cash Equivalents

 

The Company considers all cash and other highly liquid investments with initial maturities of three months or less to be cash equivalents.

 

f. Accounts Receivable

 

Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An allowance for doubtful accounts is made when recovery of the full amount is doubtful.

 

g. Inventories

 

Inventories are stated at the lower of cost or market value. Cost is computed using the first-in, first-out method and includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Market value is determined by reference to the sales proceeds of items sold in the ordinary course of business or estimates based on prevailing market conditions. The inventories are telecommunication products such as mobile phone, rechargeable phone cards, smart chips, and interactive voice response cards.

 

h. Property, Plant, and Equipment, net

 

Property, plant and equipment, net are carried at cost net of accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method with no salvage value. Estimated useful lives of the property, plant and equipment are as follows:

 

Motor Vehicles Three to five years
Computer Equipment Five years

 

i. Accounting for Impairment of Long-Lived Assets

 

The Company adopted Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS 144"), which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with SFAS 144.SFAS 144 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets.

 

The long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology or other industry changes. Determination of recoverability of assets to be held and used is by comparing the carrying amount of an asset to future net undiscounted cash flows to be generated by the assets.

 

If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the reporting periods, there was no impairment loss.

 

j. Revenue Recognition

 

Revenue from the sale of the products is recognized on the transfer of risks and rewards of ownership, which generally coincides with the time when the goods are delivered to customers and the title has passed.

 

k. Cost of Sales

 

The Company's cost of sales is comprised mainly of cost of goods sold.

 

l. Selling Expenses

 

Selling expenses are comprised of salaries for the sales force, client entertainment, commissions, advertising, and travel and lodging expenses.

 

m. General & Administrative Expenses

 

General and administrative expenses include executive compensation, general overhead such as the finance department and administrative staff, depreciation, office rental and utilities.

 

n. Advertising

 

The Company expensed all advertising costs as incurred.

 

o. Foreign Currency Translation

 

The Company maintains its financial statements in the functional currency, which is the Renminbi (RMB). Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchanges rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income for the respective periods.

For financial reporting purposes, the financial statements of the Company, which are prepared using the functional currency, have been translated into United States dollars. Assets and liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange rates and stockholders' equity is translated at historical exchange rates. Translation adjustments are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders' equity.

 

Exchange Rates 9/30/2012 12/31/2011 9/30/2011
Year end RMB : US$ exchange rate 6.3340 6.3647 6.4018
Average year RMB : US$ exchange rate 6.3275 6.4735 6.5060
       
Year end HKD : US$ exchange rate 7.7549 7.7691 7.7934
Average year HKD : US$ exchange rate 7.7597 7.7851 7.7867

 

RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.

 

p. Income Taxes

 

The Company uses the accrual method of accounting to determine and report its taxable reduction of income taxes for the year in which they are available. The Company has implemented Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes. Income tax liabilities computed according to the United States, People's Republic of China (PRC), and British Virgin Islands (BVI) tax laws are provided for the tax effects of transactions reported in the financial statements and consists of taxes currently due plus deferred taxes related primarily to differences between the basis of fixed assets and intangible assets for financial and tax reporting. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will be either taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes also are recognized for operating losses that are available to offset future income taxes. A valuation allowance is created to evaluate deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize that tax benefit, or that future realization is uncertain.

In respect of the Company's subsidiaries domiciled and operated in China, the taxation of these entities are summarized below:

  • GGT, GRT, Shenzhen Rongxin and Guangzhou Rongxin are located in the PRC and GTHL and CTL are located in the British Virgin Islands; all of these entities are subject to the relevant tax laws and regulations of the PRC and British Virgin Islands in which the related entity domiciled. The maximum tax rates of the subsidiaries pursuant to the countries in which they domicile are: -
Subsidiary Country of Domicile Income Tax Rate

GGT, GRT, Shenzhen Rongxin and

Guangzhou Rongxin

PRC 25.0%
GTHL and CTL British Virgin Islands 0.00%
  • Effective January 1, 2008, PRC government implements a new 25% tax rate across the board for all enterprises regardless of whether domestic or foreign enterprise without any tax holiday which is defined as "two-year exemption followed by three-year half exemption" hitherto enjoyed by tax payers. As a result of the new tax law of a standard 25% tax rate, tax holidays terminated as of December 31, 2007. However, PRC government has established a set of transition rules to allow enterprises already started tax holidays before January 1, 2008, to continue enjoying the tax holidays until being fully utilized.
  • Since China Teletech Holding, Inc. is primarily a holding company without any business activities in the United States. The Company shall not be subject to United States income tax for the nine-month periods ended September 30, 2012 and 2011.

 

q. Statutory Reserve

 

Statutory reserve refers to the amount appropriated from the net income in accordance with PRC laws or regulations, which can be used to recover losses and increase capital, as approved, and, are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit, must appropriate, on an annual basis, from its earnings, an amount to the statutory reserve to be used for future company development. Such an appropriation is made until the reserve reaches a maximum equalling 50% of the enterprise's registered capital.

 

r. Fair Value of Financial Instruments

 

For certain of the Company's financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, "Fair Value Measurements and Disclosures," requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, "Financial Instruments," defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

  • Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
  • Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
  • Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815.

 

As of September 30, 2012 and December 31, 2011, the Company did not identify any assets and liabilities that were required to be presented on the balance sheet at fair value.

 

s. Other Comprehensive Income

 

The Company's functional currency is the Renminbi ("RMB"). For financial reporting purposes, RMB were translated into United States Dollars ("USD" or "$") as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity as "Accumulated other comprehensive income".

 

Gains and losses resulting from foreign currency transactions are included in income. There has been no significant fluctuation in exchange rate for the conversion of RMB to USD after the balance sheet date.

 

The Company uses FASB ASC Topic 220, "Reporting Comprehensive Income". Comprehensive income is comprised of net income and all changes to the statements of stockholders' equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. Comprehensive income for the nine month period ended September 30, 2012 and 2011 included net income and foreign currency translation adjustments.

 

t. Goodwill

 

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable assets acquired in a business combination. In accordance with Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other Intangible Assets", goodwill is no longer subject to amortization. Rather, goodwill is subject to at least an annual assessment for impairment, applying a fair-value based test. Fair value is generally determined using a discounted cash flow analysis.

 

u. Segment Reporting

 

FASB ASC Topic 280, "Disclosures about Segments of an Enterprise and Related Information" requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manners in which management disaggregates a company.

 

v. Recent Accounting Pronouncements

 

On July 27, 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. The ASU provides entities with an option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. If an entity concludes that it is more than 50% likely that an indefinite-lived intangible asset is not impaired, no further analysis is required. However, if an entity concludes otherwise, it would be required to determine the fair value of the indefinite-lived intangible asset to measure the amount of actual impairment, if any, as currently required under US GAAP. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this pronouncement will not have a material impact on its financial statements.

 

As of September 30, 2012, there are no other recently issued accounting standards not yet adopted that would have a material effect on the Company's consolidated financial statements.

 

XML 53 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments (Tables)
9 Months Ended
Sep. 30, 2012
Commitments Tables  
Commitmnents

The minimum lease payments for the next four years are as follows:

 

2012 $ 11,384
2013   22,768
Total $ 34,152

 

 

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Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
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Balance as at beginning of period     $ 2,866,323 $ 2,866,323 $ 2,866,323
Addition     0   0
Redemption     0   0
Interest charged for the current year     0   0
Repayment of interest in current year     0   0
Forgiveness of debt 0 0 (1,566,323) 0  
Balance as at end of year 1,300,000   1,300,000   2,866,323
Balance as at beginning of period     0 0 0
Addition     0   0
Amortization     0   0
Balance as at end of year 0   0   0
Balance as at beginning of period     0 0 0
Addition     0   0
Amortization     0   0
Balance as at end of year 0   0   0
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Going Concern Uncertainties - Note12
9 Months Ended
Sep. 30, 2012
Going Concern Uncertainties [Abstract]  
Going Concern Uncertainties [Text Block]

12. GOING CONCERN UNCERTAINTIES

 

These consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

 

As of September 30, 2012, the Company has an accumulated deficit of $3,876,558 due to the fact that the Company continued to incur losses over the past several years.

 

As a result, these consolidation financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of the Company's ability to continue as a going concern.