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 Tracking 1253 U.S. listed China Stocks and Counting...
 Tracking 3115 U.S. Stocks and Counting...

 China Yida Holding Co (NASDAQ:CNYD)

Tuesday, September 2, 2014
Comments & Business Outlook

Item 1.01 Entry into a Material Definitive Agreement.


On August 26, 2014 (the “Effective Date”), Hong Kong Yi Tat International Investment Co., Ltd. (“Hong Kong Yi Tat”), a wholly owned subsidiary of China Yida Holding, Co. (the "Company"), a Nevada corporation, entered into a certain share transfer agreement (the “Share TransfeR Agreement”) with Fujian Taining Great Golden Lake Tourism Economic Development Industrial Co., Ltd. (the “Purchaser”), a wholly owned subsidiary of the Management Committee of the Fujian Taining Great Golden Lake Tourism Economic Development Zone, an affiliate of the Taining County Government (the “Lake Management Committee”), pursuant to which Hong Kong Yi Tat agreed to sell 100% of its equity interest in Fujian Jintai Tourism Industrial Development Co., Ltd., its wholly owned operating subsidiary (“Fujian Jintai”) to the Purchaser (the “Sale”) for a price of RMB 228,801,359, or approximately $36,608,217.44 (the “Purchase Price”), less any deductions as described below. The Purchaser shall pay ninety percent (90%) of the Purchase Price within one (1) month after the Effective Date and the remainder of the Purchase Price within three (3) months after the Effective Date. Fujian Jintai’s primary business is tourism operation and management of the Great Golden Lake tourist destination.


Thursday, August 14, 2014
Comments & Business Outlook
CHINA YIDA HOLDING CO. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)

 

 

<
    Six Months Ended
June 30,
  Three Months Ended
June 30,
    2014   2013   2014   2013
Net revenue                
  Advertisement   $ -     $ 2,581,410     $ -     $ 981,599  
  Tourism     7,146,130       6,140,564       4,492,098       4,042,327  
                                 
Total net revenue     7,146,130       8,721,974       4,492,098       5,023,926  
                                 
Cost of revenue                                
  Advertisement     -       1,766,983       -       847,839  
  Tourism     5,544,286       3,152,029       2,856,041       1,682,403  
                                 
Total cost of revenue     5,544,286       4,919,012       2,856,041       2,530,242  
                                 
Gross profit     1,601,844       3,802,962       1,636,057       2,493,684  
                                 
Operating expenses                                
  Selling expenses     5,405,846       4,965,717       2,496,885       2,574,209  
  General and administrative expenses     4,062,942       3,011,374       1,883,351       1,406,653  
                                 
Total operating expenses     9,468,788       7,977,091       4,380,236       3,980,862  
                                 
Loss from operations     (7,866,944 )     (4,174,129 )     (2,744,179 )     (1,487,178 )
                                 
Other income (expense)                                
  Other expense, net     355,451       (85,910 )     138,928       (38,134 )
  Interest income     5,152       75,688       1,938       66,504  
  Interest expense     (4,817,052 )     (2,558,423 )     (2,429,035 )     (2,534,826 )
                                 
Total other expenses     (4,456,449 )     (2,568,645 )     (2,288,169 )     (2,506,456 )
                                 
Loss before income tax and non-controlling interest     (12,323,393 )     (6,742,774 )     (5,032,348 )     (3,993,634 )
                                 
Less: Provision for income tax     -       131,869       -       943  
                                 
Net loss from continuing operations     (12,323,393 )     (6,874,643 )     (5,032,348 )     (3,994,577 )
                                 
Discontinued Operation                                
Loss from discontinued operations, net of income taxes     -       (255,536 )     -       (198,351 )
Gain on Disposal of Subsidiary     -       999,133       -       999,133  
                                 
Net income from discontinued operations, net of income taxes     -       743,597       -       800,782  
                                 
Net loss     (12,323,393 )     (6,131,046 )     (5,032,348 )     (3,193,795 )
                                 
Net loss attributed to non-controlling interest:                                
     Net loss from discontinued operation     -       102,215       -       79,364  
                                 
Net loss attributable to China Yida Holding Co.   $ (12,323,393 )   $ (6,028,831 )   $ (5,032,348 )   $ (3,114,431 )
                                 
Net loss   $ (12,323,393 )   $ (6,131,046 )   $ (5,032,348 )   $ (3,193,795 )
                                 
Other comprehensive income                                
  Foreign currency translation (loss) gain     (1,282,207 )     2,891,810       (183,568 )     1,532,088  
                                 
Comprehensive loss     (13,605,600 )     (3,239,236 )     (5,215,916 )     (1,661,707 )
                                 
Comprehensive income attributable to non-controlling interest     -       390,730       -       330,030  
                                 
Comprehensive loss attributable to China Yida Holding Co.   $ (13,605,600 )   $ (2,848,506 )   $ (5,215,916 )   $ (1,331,677 )
                                 
Amounts attributable to common stockholders:                                
  Net loss from continuing operations, net of income taxes     (12,323,393 )     (6,874,643 )     (5,032,348 )     (3,994,577 )
  Net income from discontinued operations, net of income taxes     -       845,812       -       880,146  
       Net loss attributable to common stockholders     (12,323,393 )     (6,028,831 )     (5,032,348 )     (3,114,431 )
                                 
Net loss attributable to common stockholders per share -basic and diluted: