FLATWORLD ACQUISITION CORPORATI (OTC:FWLAF)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31, 2016		Three Months Ended March 31, 2015


General and administrative expenses	$	29,487	$	26,668

Loss from operations		(29,487)		(26,668)


Net loss attributable to ordinary shareholders	$	(29,487)	$	(26,668)
Weighted average number of ordinary shares outstanding, basic and diluted		2,869,375		2,869,375
Net loss per ordinary share attributable to ordinary shareholders, basic and diluted	$	(0.01)	$	(0.01)

Wednesday, March 30, 2016

Comments & Business Outlook

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Years Ended December 31, 2015 and 2014


	Year Ended December 31, 2015		Year Ended December 31, 2014



General and administrative expenses	$	101,898	$	115,674

Loss from operations		(101,898)		(115,674)

Other income (expenses) :
Gain on settlement of accounts payable		—		35,150
Total other income		—		35,150

Net loss attributable to ordinary shareholders	$	(101,898)	$	(80,524)
Weighted average number of ordinary shares outstanding, basic and diluted		2,869,375		2,869,375
Net loss per ordinary share attributable to ordinary shareholders, basic and diluted	$	(0.04)	$	(0.03)

Management Discussion and Analysis

Monday, November 16, 2015

Comments & Business Outlook

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended September 30, 2015		Three Months Ended September 30, 2014		Nine Months Ended September 30, 2015		Nine Months Ended September 30, 2014

Revenue	$	—	$	—	$	—	$	—

General and administrative expenses		24,225		27,008		77,673		83,977

Loss from operations		(24,225)		(27,008)		(77,673)		(83,977)

Other income (expenses)
Gain on settlement of accounts payable		—		—		—		35,000
Total other income		—		—		—		35,000

Net loss attributable to ordinary shareholders	$	(24,225)	$	(27,008)	$	(77,673)	$	(48,977)
Weighted average number of ordinary shares outstanding, basic and diluted		2,869,375		2,869,375		2,869,375		2,869,375
Net loss per ordinary share attributable to ordinary shareholders, basic and diluted	$	(0.01)	$	(0.01)	$	(0.03)	$	(0.02)

Thursday, August 13, 2015

Comments & Business Outlook

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended June 30, 2015		Three Months Ended June 30, 2014		Six Months Ended June 30, 2015		Six Months Ended June 30, 2014

Revenue	$	—	$	—	$	—	$	—

General and administrative expenses		26,780		27,389		53,448		56,969

Loss from operations		(26,780)		(27,389)		(53,448)		(56,969)

Other income (expenses)
Gain on settlement of accounts payable		—		35,000		—		35,000
Interest and dividend income		—		—		—		—
Total other income		—		35,000		—		35,000

Net (loss) income attributable to ordinary shareholders	$	(26,780)	$	7,611	$	(53,448)	$	(21,969)
Weighted average number of ordinary shares outstanding, basic and diluted		2,869,375		2,869,375		2,869,375		2,869,375
Net (loss) income per ordinary share attributable to ordinary shareholders, basic and diluted	$	(0.01)	$	0.00	$	(0.02)	$	(0.01)

Management Discussion and Analysis

For the three months ended June 30, 2015, we had net loss of $26,780 consisting of general and administrative expenses of $26,780.

For the prior three months ended June 30, 2014, we had a net gain of $7,611 consisting of a gain on the settlement of accounts payable of $35,000 offset by general and administrative expenses of $27,389. The modest decrease in general and administrative expense during the three months ended June 30, 2015 as compared to the three months ended June 30, 2014 was attributable to a general decrease in the overall business activities of the Company.

Friday, May 15, 2015

Comments & Business Outlook

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31, 2015		Three Months Ended March 31, 2014


General and administrative expenses	$	26,668		$ 29,580

Loss from operations		(26,668)		(29,580)


Net loss attributable to ordinary shareholders	$	(26,668)	$	(29,580)
Weighted average number of ordinary shares outstanding, basic and diluted		2,869,375		2,869,375
Net loss per ordinary share attributable to ordinary shareholders, basic and diluted	$	(0.01)	$	(0.01)

Management Discussion and Analysis

For the three months ended March 31, 2015, we had net loss of $26,668 consisting solely of expenses of $26,668.

For the prior three months ended March 31, 2014, we had a net loss of $29,580 consisting solely of expenses of $29,580.

Friday, November 14, 2014

Comments & Business Outlook

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended September 30, 2014		Three Months Ended September 30, 2013		Nine Months Ended September 30, 2014		Nine Months Ended September 30, 2013

Revenue	$	—	$	—	$	—	$	—

General and administrative expenses		27,008		30,934		83,977		90,875

Loss from operations		(27,008)		(30,934)		(83,977)		(90,875)

Other income (expenses)
Gain on settlement of accounts payable		—		—		35,000		—
Total other income		—		—		35,000		—

Net loss attributable to ordinary shareholders	$	(27,008)	$	(30,934)	$	(48,977)	$	(90,875)
Weighted average number of ordinary shares outstanding, basic and diluted		2,869,375		2,869,375		2,869,375		2,869,375
Net loss per ordinary share attributable to ordinary shareholders, basic and diluted	$	(0.01)	$	(0.01)	$	(0.02)	$	(0.03)

Management Discussion and Analysis

For the three months ended September 30, 2014, we had net loss of $27,008 consisting of general and administrative expenses of $27,008.

For the prior three months ended September 30, 2013, we had a net loss of $30,934 consisting of general and administrative expenses of $30,934. The decrease in general and administrative expense during the three months ended September 30, 2014 as compared to the three months ended September 30, 2013 was attributable to a general decrease in the overall business activities of the Company.

Thursday, August 14, 2014

Comments & Business Outlook

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended June 30, 2014		Three Months Ended June 30, 2013		Six Months Ended June 30, 2014		Six Months Ended June 30, 2013

Revenue	$	—	$	—	$	—	$	—

General and administrative expenses		27,389		29,460		56,969		59,941

Loss from operations		(27,389)		(29,460)		(56,969)		(59,941)

Other income (expenses)
Gain on settlement of accounts payable		35,000		—		35,000		—
Interest and dividend income		—		—		—		—
Total other income		35,000		—		35,000		—

Net income (loss) attributable to ordinary shareholders	$	7,611	$	(29,460)	$	(21,969)	$	(59,941)
Weighted average number of ordinary shares outstanding, basic and diluted		2,869,375		2,869,375		2,869,375		2,869,375
Net income (loss) per ordinary share attributable to ordinary shareholders, basic and diluted	$	0.00	$	(0.01)	$	(0.01)	$	(0.02)

Management Discussion and Analysis

For the three months ended June 30, 2014, we had net gain of $7,611 consisting of a gain of $35,000 due to a settlement of outstanding professional fees due offset by general and administrative expenses of $27,389.

For the prior three months ended June 30, 2013, we had a net loss of $29,460 consisting of general and administrative expenses of $29,460. The decrease in general and administrative expense during the three months ended June 30, 2014 as compared to the three months ended June 30, 2013 was attributable to a general decrease in the overall business activities of the Company.

Monday, May 19, 2014

Comments & Business Outlook

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31, 2014		Three Months Ended March 31, 2013

Revenue	$	—	$	—

General and administrative expenses		29,580		30,481

Loss from operations		(29,580)		(30,481)

Other income (expenses)
Interest and dividend income		—		—
Total other income		—		—

Net loss attributable to ordinary shareholders	$	(29,580)	$	(30,481)
Weighted average number of ordinary shares outstanding, basic and diluted		2,869,375		2,869,375
Net loss per ordinary share attributable to ordinary shareholders, basic and diluted	$	(0.01)	$	(0.01)

Management Discussion and Analysis

Results of Operations and Known Trends or Future Events

We have neither engaged in any operations nor generated any revenues to date. Our entire activity since inception to the closing of our initial public offering was limited to preparations for that event. Since the consummation of our initial public offering, our activity has been limited to evaluating business transaction candidates. We have not generated any operating revenues and will not until after completion of our initial business transaction, at the earliest. We will generate non-operating income in the form of interest income on cash and cash equivalents. We expect to incur substantially increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence.

For the three months ended March 31, 2014, we had net loss of $29,580 consisting solely of expenses of $29,580.

For the prior three months ended March 31, 2013, we had a net loss of $30,481 consisting solely of expenses of $30,481.

Monday, March 24, 2014

Comments & Business Outlook

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Years Ended December 31, 2013 and 2012


	Year Ended December 31, 2013		Year Ended December 31, 2012



General and administrative expenses	$	124,036	$	276,339

Loss from operations		(124,036)		(276,339)

Other income (expenses)
Interest and dividend income		—		32,441
Gain on settlement of accounts payable		14,772		—
Gain on settlement of legal fees		—		25,000
Total other income		14,772		57,441

Net loss attributable to ordinary shareholders	$	(109,264)	$	(218,898)
Weighted average number of ordinary shares outstanding, basic and diluted		2,869,375		2,869,375
Net loss per ordinary share attributable to ordinary shareholders, basic and diluted	$	(0.04)	$	(0.08)

Management Discussion and Analysis

Results of Operations and Known Trends or Future Events

We have neither engaged in any operations nor generated any revenues to date. Our entire activity since inception to the closing of our initial public offering was limited to preparations for that event. Since the consummation of our initial public offering, our activity has been limited to evaluating business transaction candidates. We have not generated any operating revenues and will not until after completion of our initial business transaction, at the earliest. We may generate non-operating income in the form of interest income on cash and cash equivalents. We expect to continue to incur significant expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence.

For the twelve months ended December 31, 2013, we had net (loss) of $109,264 consisting of expenses of $124,036 and a gain on the write-down of accounts payable of $14,772. The reduction in expenses from 2012 to 2013 was due to a decline in the level of general business activity of the Company.

For the twelve months ended December 31, 2012, we had net (loss) of $218,898 consisting of expenses of $276,339, interest income of $32,441 and a gain on the write-down of accounts payable of $25,000.