WEB NEWS Comments & Business Outlook
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
June 30,
For the Nine Months Ended
June 30,
2014
2013
2014
2013
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenues
Consulting revenue
$
-
$
-
$
-
$
-
Cost of consulting revenue
-
-
-
-
Gross profit
-
-
-
-
Operating Expense
General and administrative expenses
22,853
21,019
73,300
90,795
Depreciation and amortization expenses
472
898
1,882
12,209
Total operating expenses
23,325
21,917
75,182
103,004
Loss from operations
(23,325)
(21,917)
(75,182)
(103,004)
Other Income (Expenses):
Interest income
2
9
10
16
Interest expenses
(15,531)
(13,547)
(45,516)
(39,189)
Total other income (expenses)
(15,529)
(13,538)
(45,506)
(39,173)
Loss before income taxes
(38,854)
(35,455)
(120,688)
(142,177)
Provision for income taxes
-
-
-
-
Net Loss
$
(38,854)
$
(35,455)
$
(120,688)
$
(142,177)
Effects of foreign currency conversion
(1,326)
(14,483)
1,489
(26,074)
Comprehensive Loss
$
(40,180)
$
(49,938)
$
(119,199)
$
(168,251)
Basic and diluted loss per share
$
(0.01)
$
(0.01)
$
(0.04)
$
(0.04)
Weighted average number of shares-basic and diluted
3,272,311
3,272,311
3,272,311
3,272,311
Management Discussion and Analysis
Three Months Ended June 30, 2014 Compared to Three Months Ended June 30, 2013
Commencing in 2009, we began the development of our new business strategy discussed above. Since such time, we had no revenues from operations or gross margin for the three months ended June 30, 2014 and the comparable period in 2013
As a result of the foregoing, our net loss was $38,854 for the three months ended June 30, 2014 compared to a net loss of $35,455 for the three months ended June 30, 2013. The difference is due to the reasons discussed above.
Comments & Business Outlook
CHINA GRAND RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
For the Six Months Ended
March 31,
March 31,
2014
2013
2014
2013
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenues
Consulting revenue
$
-
$
-
$
-
$
-
Cost of consulting revenue
-
-
-
-
Gross profit
-
-
-
-
Operating Expense
General and administrative expenses
21,765
22,561
50,447
69,776
Depreciation and amortization expenses
492
985
1,410
11,311
Total operating expenses
22,257
23,546
51,857
81,087
Loss from operations
(22,257)
(23,546)
(51,857)
(81,087)
Other Income (Expenses):
Interest income
3
4
8
7
Interest expenses
(15,216)
(13,106)
(29,985)
(25,642)
Other expenses
-
-
-
-
Total other income (expenses)
(15,213)
(13,102)
(29,977)
(25,635)
Loss before income taxes
(37,470)
(36,648)
(81,834)
(106,722)
Provision for income taxes
-
-
-
-
Net Loss
$
(37,470)
$
(36,648)
$
(81,834)
$
(106,722)
Effects of foreign currency conversion
10,390
(2,923)
2,815
(11,591)
Comprehensive Loss
$
(27,080)
$
(39,571)
$
(79,019)
$
(118,313)
Basic and diluted loss per share
$
(0.01)
$
(0.01)
$
(0.03)
$
(0.03)
Weighted average number of shares-basic and diluted
3,272,311
3,272,311
3,272,311
3,272,311
Management Discussion and Analysis
Three Months Ended March 31, 2014 Compared to Three Months Ended March 31, 2013
Revenues and Gross Margin
Commencing in 2009, we began the development of our new business strategy discussed above. Since such time, we had no revenues from operations or gross margin for the three months ended March 31, 2014 and the comparable period in 2013.
Net loss
As a result of the foregoing, our net loss was $37,470 for the three months ended March 31, 2014 compared to a net loss of $36,648 for the three months ended March 31, 2013. The difference is due to the reasons discussed above.
Comments & Business Outlook
CHINA GRAND RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
December 31,
2013
2012
(unaudited)
(unaudited)
Revenues
Consulting revenue
$
-
$
-
Cost of consulting revenue
-
-
Gross profit
-
-
Operating Expense
General and administrative expenses
28,682
47,215
Depreciation and amortization expenses
918
10,326
Total operating expenses
29,600
57,541
Loss from operations
(29,600)
(57,541)
Other Income (Expenses):
Interest income
5
3
Interest expenses
(14,769)
(12,536)
Total other income (expenses)
(14,764)
(12,533)
Loss before income taxes
(44,364)
(70,074)
Provision for income taxes
-
-
Net Loss
$
(44,364)
$
(70,074)
Effects of foreign currency conversion
(7,575)
(8,668)
Comprehensive Loss
$
(51,939)
$
(78,742)
Basic and diluted loss per share
$
(0.01)
$
(0.02)
Weighted average number of shares-basic and diluted
3,272,311
3,272,311
Management Discussion and Analysis
Results of Operations Three Months Ended December 31, 2013 Compared to Three Months Ended December 31, 2012
Revenues and Gross Margin
Commencing in 2009, we were developing our new business strategy discussed above. As a result, we had no revenues from operations or gross margin for the three months ended December 31, 2013 and the comparable period in 2012.
Loss from Operations
During the three months ended December 31, 2013, we incurred general and administrative expenses of $28,682 compared with $47,215 for the three months ended December 31, 2012. The decrease in general and administrative expenses is primarily due to decrease in rent expense. The decrease is due to the fact that since December 11, 2012, Hua Hui provides our office space to us at no cost. We also had $918 in depreciation and amortization for the three months ended December 31, 2013 compared with $10,326 for the comparable three months ended December 31, 2012. This decrease was mainly attributed to the reduction in the depreciation of the leasehold improvement, as we moved our office in December 11, 2012. Our loss from operations for the three months ended December 31, 2013 was $29,600 compared to $57,541 for the three months ended December 31, 2012. The difference between the periods is due to lower depreciation and amortization expenses and the decrease of general and administrative expenses discussed above.
Other expense
Other expense for the three months ended December 31, 2013 and 2012, respectively is $14,764 and $12,533, which mainly is interest expense related to the loans from Hua Hui. The increase in other expense is a result of higher principal loan amounts from Hua Hui during the current period. We received $38,374 and $64,248 loans from Hua Hui for the three months ended December 31, 2013 and 2012, respectively. Our loan balance in favor of Hua Hui was $1,233,375 and $1,035,055 as of December 31, 2013 and 2012, respectively.
Net loss
As a result of the foregoing, our net loss was $44,364 for the three months ended December 31, 2013 compared to a net loss of $70,074 for the three months ended December 31, 2012. The difference is due to the reasons discussed above.
Comprehensive loss
During three months ended December 31, 2013, we had a foreign currency translation loss of $7,575 compared with a loss of $8,668 for the three months ended December 31, 2012. The difference is due to fluctuation of value of US dollar against RMB. As a result of all of the issues mentioned above, we had a total comprehensive loss of $51,939 for the three months ended December 31, 2013 compared with a total comprehensive loss of $78,742 for the comparable three months ended December 31, 2012.
Comments & Business Outlook
CHINA GRAND RESORTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(IN U.S. DOLLARS)
Three Months Ended
Nine Months Ended
June 30,
June 30,
2013
2012
2013
2012
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Operating Expenses
General and administrative expenses
$
21,019
$
43,153
$
90,795
$
153,220
Depreciation and amortization
898
2,262
12,209
6,784
Operating Loss
(21,917)
(45,415)
(103,004)
(160,004)
Other (Expense) Income
Interest income
9
29
16
49
Interest expenses
(13,547)
(11,097)
(39,189)
(30,535)
Other expenses
-
(13)
-
(176)
Total Other Expenses, Net
(13,538)
(11,081)
(39,173)
(30,662)
Loss Before Income Tax
(35,455)
(56,496)
(142,177)
(190,666)
Income tax expenses
-
-
-
-
Net Loss
$
(35,455)
$
(56,496)
$
(142,177)
$
(190,666)
Effects of foreign currency conversion
(14,483)
4,029
(26,074)
(2,954)
Comprehensive Income/(Loss)
$
(49,938)
$
(52,467)
$
(168,251)
$
(193,620)
Loss per common share - basic and diluted
$
(0.01)
$
(0.02)
$
(0.04)
$
(0.06)
Weighted average number of common stock outstanding -basic and diluted
3,272,311
3,272,311
3,272,311
3,272,311
Auditor trail
On March 22, 2011 , the Board appointed Parker Randall CF (H.K.) CPA Limited (“Parker Randall”) as the Company’s new independent registered public accounting firm. The decision to engage Parker Randall was approved by the Company’s Board of Directors on March 22, 2011.
Liquidity Requirements
We continue to experience significant losses from operations. As discussed below, we anticipate that we will generate sales from the Project commencing in the first quarter of calendar year 2011. However, we nonetheless
have an immediate need for capital to conduct our new business endeavors as well as our ongoing working capital needs. We anticipate raising capital through additional private placements of our equity securities, and, if available on satisfactory terms, debt financing.
CFO Trail
On December 14, 2010, the Board of Directors
appointed Mr. Menghua Liu (Age 42), our Chairman and Chief Executive Officer, to serve as the acting Chief Financial Officer of the Company.
CFO Trail
On September 28, 2010, the
Company accepted the voluntary resignation of Mr. Xiaojun He as Chief Financial Officer of the Company. Mr. He was appointed in such capacity on February 5, 2010. Mr. He did not resign over disagreements with the Company on any matter relating to the Company’s operations, polices or practices. As of the date of this report, the Company has not identified a new Chief Financial Officer.
Research
Recent Corporate Actions:
1. Name change from Asia Premium Television Group, Inc. to China Grand Resorts
Purpose On August 1, 2009, the Company entered into a subscription and asset sale agreement with Beijing Hua Hui Hengye Investment Ltd. pursuant to which it received the commercial income rights to development project located in Changde, Hunan Province, PRC. As a result of this transaction, the Company intends to be involved in the sale of resort projects in PRC. The purpose of the name change is to better reflect the new corporate direction of the Company.
2. One for Twenty Reverse Stock Split
Purpose- The Board of Directors believes that our Common Stock is undervalued and that the Reverse Split will allow the Company’s Common Stock to trade in a more realistic price range.
Source: SEC Filing DEF-14c (October 16, 2009)
