Baoshinn Corp (BHNN) research, news, and more from GeoInvesting

Company description

Tue, 22 Apr 2008 04:00:00 GMT

Baoshinn Corporation operates principally through its wholly owned Hong Kong based subsidiary BSI. BSI offers extended travel services focusing primarily on wholesale business and corporate clients. BSI is a ticket consolidator of major international airlines and provides travel services such as ticketing, hotel and accommodation arrangements, tour packages, incentive tours and group sightseeing services. Baoshinn Corporation began trading on the OTCBB in September 2007.

Investor Alert

Sun, 20 Nov 2011 05:00:00 GMT

The accumulative loss has raised substantial doubt about our ability to continue as a going concern. These doubts were outlined in our independent auditor’s report on our consolidated financial statements for the year ended December 31, 2010, which are included in our annual report on Form 10-K/A. Although our consolidated financial statements raise substantial doubt about our ability to continue as a going concern, they did not include any adjustments relating to recoverability and classification of recorded assets, or the amounts or classifications of liabilities that might be necessary in the event we cannot continue as a going concern. Certain of our shareholders have verbally agreed to provide continuing financial support to us for future losses we may incur.

Comments & Business Outlook

Fri, 18 Nov 2011 05:00:00 GMT

Baoshinn CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Stated in US Dollars)


	*For 3 Months* *Ended September 30* *Unaudited*		*For 9 months* *Ended September 30* *Unaudited*
	*2011*	*2010*	*2011*	*2010*
	$	$	$	$
Retail and Corporate revenue	11,001,016	8,451,190	29,565,990	22,080,447
Commission from travel booking services	29,692	25,550	179,512	82,439
Incentive commissions	148,792	83,025	247,114	236,637

Net sales	11,179,500	8,559,765	29,992,616	22,399,523
Cost of sales	(10,817,435)	(8,233,711)	(28,909,195)	(21,385,054)

Gross profit	362,065	326,054	1,083,420	1,014,469
Other operating income – Note 5	9,555	9,372	28,087	25,659
Depreciation	(4,619)	(4,787)	(15,225)	(16,220)
Administrative and other operating expenses	(305,466)	(312,731)	(942,864)	(926,113)

Profit/(Loss) from operations	61,535	17,908	153,419	97,795
Other non-operating (income)/expenses - Note 6	1,400	(735)	5,190	(445)
Interest expenses – Note 7	(4)	-	(4)	(141)

Profit before income taxes	62,931	17,173	158,605	97,209
Income taxes - Note 8	-	-	-	-

Net Profit	62,931	17,173	158,605	97,209
Non-controlling interest	(9,881)	(15,716)	(24,179)	(51,636)

Net Profit attributable to the Company	53,050	1,457	134,426	45,573

Earning per share of common stock – Note 4
- Basic	0.25 cents	0.007 cents	0.63 cents	0.213 cents
- Diluted	0.25 cents	0.007 cents	0.62 cents	0.210 cents

Weighted average number of common stock – Note 4
- Basic	21,400,000	21,400,000	21,400,000	21,400,000
- Diluted	21,400,000	21,780,000	21,507,582	21,657,670

Liquidity Requirements

Fri, 02 Sep 2011 04:00:00 GMT

Financing Our Capital Expenditures

During the next 12 months, the Company anticipates that it will implement its business plan for expanding into the China market. The initial investment is expected to be approximately US$1,200,000. These funds will be used for setting up a China flagship company in Shanghai. Expenses are expected to include obtaining travel licenses, office renovation, purchase of communication equipment, purchase of computers and office equipment. An additional investment of US$1,500,000 may be required as the working capital for the Shanghai office.

Our primary source of capital has been from sales and issuances of equity securities. Our primary use of capital has been for the expansion and development of our business, and the associated need for increased working capital. Our working capital requirements are expected to increase in line with the growth of our business. We have no lines of credit or other bank financing arrangements. We expect that working capital requirements will be funded through a combination of our existing funds, cash flow from operations, private loans, and issuance of equity and debt securities.

Comments & Business Outlook

Sun, 03 Apr 2011 04:00:00 GMT

BAOSHINN CORPORATION

CONSOLIDATED STATEMENT OF OPERATIONS

(Stated in US Dollars)


	*For Year Ended* *31 Dec, 2010*	*For Year Ended* *31 Dec, 2009*	*For 9 Months Ended* *31 Dec, 2008*
	$	$	$

Retail and Corporate revenue	30,161,944	23,912,150	24,704,983
Commission from travel booking services	117,873	156,544	113,117
Incentive commissions	320,610	239,045	304,787

Net sales	30,600,427	24,307,739	25,122,887
Cost of sales	(29,252,793)	(23,008,756)	(24,076,245)

Gross profit	1,347,634	1,298,983	1,046,642
Other operating income – Note 5	59,226	54,984	57,725
Depreciation	(21,601)	(27,821)	(28,866)
Administrative and other operating expenses	(1,285,542)	(1,298,752)	(1,224,028)

Income/(Loss) from operations	99,717	27,394	(148,527)
Other non-operating income - Note 6	4,917	1,149	10,266
Interest expenses – Note 7	(736)	(1,230)	(8,083)

Income/(Loss) before income taxes	103,898	27,313	(146,344)
Income taxes - Note 8	(24,433)	(6,176)	-

Net Income/(Loss)	79,465	21,137	(146,344)
Non-controlling interest	(53,711)	(15,978)	2,171

Net Income/(Loss)	25,754	5,159	(144,173)

Earning/(Loss) per share of common stock – Note 4
- Basic	0.12 cents	0.02 cents	(0.67) cents
- Diluted	0.12 cents	0.02 cents	(0.67) cents

Weighted average number of common stock – Note 4
- Basic	21,400,000	21,400,000	21,400,000
- Diluted	21,688,504	21,623,860	21,400,000

GeoTeam Note: Fourth Quarter 2010 vs. 2009 EPS was $(0.09) vs. nil.

For the year ended December 31, 2010, the Company has experienced an increase in sales revenues, and the Company was recognized by Eva Airline as its top selling agent in Hong Kong. Eva Airlines operates both short haul routes within South East Asia and long haul routes including North America and Europe. The company has also been appointed as a first tier agent for two additional airlines, i.e., HongKong Airlines & HongKong Express. Hong Kong Airlines mainly operates flights originating from Hong Kong to destinations in Asian cities, including Bangkok, Kuala Lumpur, Manila, and major cities in Japan. HongKong express mainly operates flights originating from Hong Kong to mainland China, second tier cities, including Changsha, Fuzhou, Hangzhou, Hefei, Guiyang etc.

Investor Alert

Sun, 03 Apr 2011 04:00:00 GMT

Risk Factors section was omitted from the 2010 10K.