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 Tracking 1219 U.S. listed China Stocks and Counting...
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 Guangzhou Global Telecom (PINK:GZGTD)

Tuesday, January 21, 2014
Deal Flow

Item 1.01 Entry into a Material Definitive Agreement.

As previously disclosed on a Current Report on Form 8-K by China Teletech Holding, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”) on December 1, 2011, on November 28, 2011, the Company entered into a settlement and amendment agreement (the “Settlement Agreement”) with Enable Growth Partners, LP, Enable Opportunity Partners, LP and Pierce Diversified Strategy Master Fund LLC (collectively, the “Enable Funds”), to settle the Debenture, Warrants and Judgment (as defined in the Settlement Agreement) arising from that certain securities purchase agreement dated July 31, 2007 and amended on November 3, 2008 by and among the Company and the Enable Funds (the “Purchase Agreement”). This report should be read in conjunction with the December 1, 2011 Current Report on Form 8-K.

The Company has not paid any settlement payment as required by the Settlement Agreement. On January 7, 2014, in lieu of the cash satisfaction of the settlement payment, the Company entered into a letter agreement (the “Letter Agreement”) with Enable Funds pursuant to which the Company agreed to pay the sum of $50,000 within 3 business day upon execution of the Letter Agreement and issue to Enable Funds an aggregate of 4,600,000 shares of common stock of the Company, which such shares shall be evidenced by a certificate bearing a customary securities act legend.

As of January 15, 2014, the sum of $50,000 was paid to the Enable Funds. The Company intends to issue the 4,600,000 shares of the Company’s common stock to the Enable Funds as soon as practical. The Purchase Agreement, Debentures and Warrants shall be deemed null and void and of no further force or effect upon satisfaction of the obligations of the Company under the Letter Agreement.


Friday, August 23, 2013
Comments & Business Outlook

China Teletech Holding, Inc.

Consolidated Statements of Income and Comprehensive Income

For the three and six month periods ended June 30, 2013 and 2012

(Stated in US Dollars)

 

    Three months ended     Six months ended  
    6/30/2013     6/30/2012     6/30/2013     6/30/2012  
Sales   $ 9,971,517     $ 8,041,796     $ 19,072,469     $ 11,078,580  
Cost of sales     9,785,508       7,752,868       18,664,594       10,713,546  
Gross profit     186,009       288,928       407,875       365,034  
                                 
Operating expenses                                
Administrative and general expenses     524,144       641,552       643,619       751,882  
Total operating expense     524,144       641,552       643,619       751,882  
                                 
(Loss) Income from Operations     (338,135 )     (352,624 )     (235,744 )     (386,848 )
                                 
Gain on forgiveness of long term debt     -       -       -       1,566,323  
Gain/(Loss) on disposal of a subsidiary     (382,217 )     1,371,596       (382,217 )     1,371,596  
Other income     -       -       -       119,323  
Interest income     7       14       9       20  
Other expenses     -       (172 )     -       (616 )
Interest expense     -       (5 )     -       (5 )
Income before taxation     (720,345 )     1,018,809       (617,952 )     2,669,793  
Income tax     (5,531 )     (47,139 )     (46,058 )     (63,273 )
Net Income/(Loss)   $ (725,876 )   $ 971,670     $ (664,010 )   $ 2,606,520  
                                 
Other Comprehensive Income:                                
Foreign currency translation gain     13,964       8,425       22,298       4,543  
Comprehensive Income/(Loss)   $ (711,912 )   $ 980,095     $ (641,712 )   $ 2,611,063  
                                 
Net income/(loss) attributable to:                                
-Common stockholders   $ (550,918 )   $ 958,438     $ (507,212 )   $ 2,569,570  
-Non-controlling interest     (174,958 )     13,232       (156,798 )     36,950  
    $ (725,876 )   $ 971,670     $ (664,010 )   $ 2,606,520  
                                 
Earnings Per Share                                
Basic   $ (0.01 )   $ 0.02     $ (0.01 )   $ 0.03  
Diluted     (0.01 )     0.02       (0.01 )     0.03  
                                 
Weighted Average Shares Outstanding                                
-Basic (adjusted for 1 for 10 reverse stock split)     91,813,776       60,993,943       79,235,999       82,465,693  
-Diluted (adjusted for 1 for 10 reverse stock split)     91,813,776       60,993,943       79,235,999       82,465,693  

Tuesday, April 23, 2013
Comments & Business Outlook
 

China Teletech Holding, Inc.
Consolidated Statements of Operations
For the Years Ended December 31, 2012 and 2011
(Stated in US Dollars)

 

Note

 

 

 

 

 

12/31/2012

 

12/31/2011

Sales

 

$

26,620,278

$

18,847,061

Cost of sales

 

 

25,889,207

 

18,426,846

Gross profit

 

 

731,071

 

420,215

 

 

 

 

 

 

Operating expenses

 

 

4,646

 

-

Administrative and general expenses

 

 

1,273,089

 

806,388

Total operating expense

 

 

1,277,735

 

806,388

 

 

 

 

 

 

Income (Loss) from Operations

 

 

(546,664)

 

(386,173)

 

 

 

 

 

 

Gain on disposal of a subsidiary

 

 

466,555

 

-

Other income

 

 

152,293

 

201,151

Interest income

 

 

65

 

15,461

Other expenses

 

 

(533)

 

(120,850)

Interest expense

 

 

(327)

 

-

Income before taxation

 

 

71,389

 

(290,411)

Income tax

 

 

17,847

 

(57,713)

Net Income (Loss)

 

$

53,542

$

(348,124)

Extra-Ordinary Gain on Forgiveness of Debt, Net of Tax

8

 

1,487,083

 

-

Net Earning After Tax

 

 

1,540,625

 

(348,124)

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

Foreign currency translation change

 

 

(375,429)

 

21,356

Comprehensive income:

 

 

1,165,196

 

(326,768)

 

 

 

 

 

 

Net income attributable to:

 

 

 

 

 

-minority interest

 

$

38,456

$

61,161

-the Company

 

 

1,502,169

 

(409,285)

 

 

$

1,540,625

$

(348,124)

Earnings Per Share

 

 

 

 

 

Basic

 

$

0.02

$

(0.02)

Diluted

 

$

0.02

$

(0.02)

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

-Basic (adjusted for 1 for 10 reverse stock split)

 

 

72,571,557

 

15,351,147

-Diluted (adjusted for 1 for 10 reverse stock split)

 

 

72,571,557

 

15,351,147


Friday, December 2, 2011
Resolution of Legal Issues
On November 28, 2011, Guangzhou Global Telecom, Inc. (the “Company”) entered into a settlement and amendment agreement (the “Settlement Agreement”) with Enable Growth Partners, LP, Enable Opportunity Partners, LP and Pierce Diversified Strategy Master Fund LLC (collectively, the “Holders”), to settle certain matters.