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 Asia Cork (PINK:AKRK)

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Thursday, May 26, 2011
Liquidity Requirements
On October 31, 2010, a second amendment agreement was entered into between the Company and the note holders whereby the maturity date was further extended to February 28, 2011 and the interest rate under the notes remained at 18% per annum from the issuance date through the maturity date. The Company has filed a registration statement with respect to a proposed public offering with the Securities and Exchange Commission (the “Registration Statement”), with respect to certain Units consisting of Common Stock and warrants. Upon the closing of the proposed offering, the Company shall: (1) pay the investors cash by wire transfer in an amount equal to $350,000 (50% of the outstanding principal amount of the notes) and (2) the investors shall receive, upon conversion of the balance due under the note, such whole number of fully paid and non-assessable shares of the securities that is equal to the quotient of the sum of (i) $350,000 and (ii) all accrued a unpaid interest thereon, divided by fifty percent of the offering price per share of Common Stock offered in the Financing. In the event that the closing shall not occur by February 28, 2011, the interest rate under the note shall increase to 24% per annum, accruing from the first anniversary of the issuance of the note. The interest payable has been accrued and recorded as of March 31, 2011. This amended agreement was expired as the financing did not close until February 28, 2011. The company is negotiating with note holders for extension but there is no assurance that any extension can be obtained by the company.
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Wednesday, May 25, 2011
Comments & Business Outlook
ASIA CORK, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Stated in US Dollars)

   
For The Three Months Ended
March 31,
  
   
2011
    
2010
  
   
Unaudited
    
Unaudited
  
Revenues
   $ 9,737,881     $ 3,634,641  
Cost of Goods Sold
     6,292,939       2,877,486  
Gross Profit
     3,444,942       757,155  
                 
Operating Expenses
                
Selling expenses
     507,456       163,467  
Bad debt expense (recover)
     114,032       (3,514 )
Research & development costs
     -       109,851  
General and administrative expenses
     287,304       208,508  
Total Operating Expenses
     908,792       478,312  
                 
Income From Operations
     2,536,150       278,843  
                 
Other Income (Expenses)
                
Interest expenses , net
     (32,117 )     (44,225 )
Other income , net
     65,142       32,606  
Total Other Income (Expenses)
     33,025       (11,619 )
                 
Income from Continuing Operations Before Taxes
     2,569,175       267,224  
Provision for Income Taxes
     402,827       37,367  
                 
Net Income Before Noncontrolling Interest
     2,166,348       229,857  
                 
Less: Net  income attributable to the noncontrolling interest
     179,645       19,807  
                 
Net Income Attributable to Asia Cork Inc.
   $ 1,986,703     $ 210,050  
                 
Earnings Per Share - Basic and Diluted:
                
- Basic
   $ 0.06     $ 0.01  
- Diluted:
   $ 0.05     $ 0.01  
                 
Weighted Common Shares Outstanding - Basic and Diluted
                
- Basic
     35,827,739       35,663,850  
- Diluted:
     39,431,155       40,269,113  

For the three months ended March 31, 2011, our revenues were $9,737,881 as compared to $3,634,641for the three months ended March 31, 2010, an increase of $6,103,240or 167.92%. The primary reason for the increase was that our major sales of finished goods comprised of wood materials and floors increased for the quarter ended March 31, 2011 as compared to the same period in 2010. In order to expand market share of products for floors, we implemented a sales promotion for our products of floors in January and February 2011, which caused the quantities of floors to increase enormously during this current period. Since we manufactured a new series of products for wood materials commencing April 2010, this generated an increase in revenues for the three months ended March 31, 2011 as compared to the same period in 2010. Likewise, we promoted the unit sales price for our products commencing the first quarter of 2011 thereby further increasing revenues this quarter.

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Monday, April 25, 2011
Investor Alert
On October 31, 2010, a second amendment agreement was entered into between the Company and the note holders whereby the maturity date was further extended to February 28, 2011 and the interest rate under the notes remained at 18% per annum from the issuance date through the maturity date. The Company has filed a registration statement with respect to a proposed public offering with the Securities and Exchange Commission (the “Registration Statement”), with respect to certain Units consisting of Common Stock and warrants. Upon the closing of the proposed offering, the Company shall: (1) pay the investors cash by wire transfer in an amount equal to $350,000 (50% of the outstanding principal amount of the notes) and (2) the investors shall receive, upon conversion of the balance due under the note, such whole number of fully paid and non-assessable shares of the securities that is equal to the quotient of the sum of (i) $350,000 and (ii) all accrued a unpaid interest thereon, divided by fifty percent of the offering price per share of Common Stock offered in the Financing. In the event that the closing shall not occur by February 28, 2011, the interest rate under the note shall increase to 24% per annum, accruing from the first anniversary of the issuance of the note. The interest payable has been accrued and recorded as of December 31, 2010. This amended agreement was expired as the financing did not close until February 28, 2011. The company is negotiating with note holders for extension but there is no assurance that any extension can be obtained by the company.
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Liquidity Requirements

With approximately $19.3 million of net working capital (total current assets less total current liabilities), improvements in our collections of accounts receivable and positive cash flow from operations as of December 31, 2010. This increase was primarily because our accounts receivable balance increased from improvements in credit sales for year ended December 31, 2010, despite our extension of the payment terms by our major customers to nine months as of December 31, 2010. We have been improving collection of our accounts receivable as our customers gradually recover from the financial crisis in 2009. For the year ended December 31, 2010, as a result of the extended payment terms to ours major customers, we generated total net sales revenues of $29,076,185, and the balance of net accounts receivable was $7,162,355, an increase of $1,986,116 during the year ended December 31, 2010, which accounts for 6.8% of the total net sales revenue. In the same period, we had collected $13,766,796 of the total accounts receivable. Simultaneously, in order to reduce the risk in collections, we hope to control payment terms of those major customers during the coming year. Based on the foregoing, we believe that it has sufficient resources to finance its operations for the coming year provided it keeps the current payment terms and maintains collection of accounts receivable.

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Monday, April 18, 2011
Comments & Business Outlook
ASIA CORK INC. AND SUBSIDIARIES
   
For The Years Ended December 31,
  
   
2010
    
2009
  
             
Revenues