Proforma Financial Statements of Teda Travel Group, Inc. and Subsidiary as of December 31, 2003
EXHIBIT 10.3
TEDA TRAVEL GROUP, INC.
AND SUBSIDIARY
PRO FORMA CONSOLIDATED
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2003
TEDA TRAVEL GROUP, INC. AND SUBSIDIARY
PRO FORMA CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2003
(UNAUDITED)
Historical | ||||||||||||||
Teda Hotels Management Company, Limited | Teda Travel Group, Inc. | Pro Forma Adjustments | Pro Forma Teda Travel Group, Inc. | |||||||||||
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CURRENT ASSETS | ||||||||||||||
Cash | $ | 98,079 | $ | 882 | $ | 98,961 | ||||||||
Accounts receivable, net | 88,509 | 6,000 | 94,509 | |||||||||||
Prepaid expenses and other current assets | 55,355 | — | 55,355 | |||||||||||
Total Current Assets | 241,943 | 6,882 | 248,825 | |||||||||||
PROPERTY AND EQUIPMENT – NET | 13,064 | 284 | 13,348 | |||||||||||
INVESTMENT IN AFFILIATE | 3,661,868 | — | 3,661,868 | |||||||||||
TOTAL ASSETS | $ | 3,916,875 | $ | 7,166 | $ | 3,924,041 | ||||||||
CURRENT LIABILITIES | ||||||||||||||
Accounts payable and accrued expenses | $ | 47,334 | $ | 3,161 | $ | 50,495 | ||||||||
Due to related parties | 3,263,724 | — | 3,263,724 | |||||||||||
TOTAL LIABILITIES | 3,311,058 | 3,161 | 3,314,219 | |||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding | — | — | — | |||||||||||
Class A common stock, $.001 par value, 100,000,000 shares authorized, 18,899,586 shares issued and outstanding | 100 | 39,505 | (1) | (20,705 | ) | 18,900 | ||||||||
Class B common stock, $.001 par value, 2,000,000 shares authorized, no shares issued and outstanding | — | 2,000 | (1) | (2,000 | ) | — | ||||||||
Additional paid-in capital | — | 3,569,426 | (1) | (3,584,221 | ) | (14,795 | ) | |||||||
Retained earnings (deficit) | 605,717 | (3,606,926 | ) | (1) | 3,606,926 | 605,717 | ||||||||
Total Stockholders’ Equity | 605,817 | 4,005 | 609,822 | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,916,875 | $ | 7,166 | $ | 3,924,041 | ||||||||
See accompanying notes to pro forma consolidated financial statements.
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TEDA TRAVEL GROUP, INC. AND SUBSIDIARY
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
DECEMBER 31, 2003
(UNAUDITED)
Historical | ||||||||||||
Teda Hotels Management Company Limited | Teda Travel Group, Inc. | Pro Forma Adjustments | Pro Forma Teda Travel Group, Inc. | |||||||||
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REVENUE, NET | $ | 396,794 | $ | — | $ | 396,794 | ||||||
EXPENSES | ||||||||||||
Management fees | 31,400 | — | 31,400 | |||||||||
Payroll | 117,784 | — | 117,784 | |||||||||
Other selling, general and administrative | 313,046 | — | 313,046 | |||||||||
Total Expenses | 462,230 | — | 462,230 | |||||||||
LOSS FROM OPERATIONS | (65,436 | ) | — | (65,436 | ) | |||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Equity in earnings of affiliate | 51,409 | — | 51,409 | |||||||||
Loss on disposal of property and equipment | (3,202 | ) | — | (3,202 | ) | |||||||
Other income | 370 | — | 370 | |||||||||
Total Other Income (Expenses) | 48,577 | — | 48,577 | |||||||||
LOSS BEFORE TAXES | (16,859 | ) | — | (16,859 | ) | |||||||
Income taxes | 23,795 | — | 23,795 | |||||||||
NET LOSS | $ | (40,654 | ) | $ | — | $ | (40,654 | ) | ||||
Pro forma net loss per common share – basic and diluted | $ | — | ||||||||||
Pro forma weighted average number of common shares outstanding – basic and diluted | 17,856,443 | |||||||||||
See accompanying notes to pro forma consolidated financial statements.
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TEDA TRAVEL GROUP, INC. AND SUBSIDIARY
NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2003
(UNAUDITED)
NOTE: (1)
To record the reverse merger and recapitalization of Teda Travel Group, Inc. by Teda Hotels Management Company, Limited.
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