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 Tracking 1102 U.S. listed China Stocks and Counting...
 Tracking 2681 U.S. Stocks and Counting...

 Guangzhou Global Telecom (PINK:GZGTD)

Thursday, August 14, 2014
Comments & Business Outlook

China Teletech Holding, Inc.

 

Consolidated Statements of Income

 

For the six month period ended June 30, 2014 and 2013

 

(Stated in US Dollars)

 

    Note        
          6/30/2014     6/30/2013  
Sales           $ -     $ 19,072,469  
Cost of sales             -       (18,664,594 )
Gross profit             -       407,875  
                         
Operating expenses                        
Administrative and general expenses             38,102       643,619  
Total operating expense             38,102       643,619  
                         
Income (Loss) from Operations             (38,102 )     (235,744 )
                         
Loss on disposal of a subsidiary             -       (382,217 )
Interest income             -       9  
Interest expense             (116 )     -  

Gain on Cancellation of Debt, Net of Tax

            1,202,160       -  
Income before taxation             1,163,942       (617,952 )
Income tax             -       (46,058 )
Net Income (Loss)           $ 1,163,942     $ (664,010 )
Net Earnings After Tax             1,163,942       (664,010 )
                         
Other comprehensive income:                        
Foreign currency translation change             (808 )     22,298  
Comprehensive income (loss):             1,163,134       (641,712 )
                         
Net income attributable to:                        
- Non controlling interest           $ -     $ (507,212 )
-the Company             1,163,942       (156,798 )
            $ 1,163,942     $ (664,010 )
Earnings (Loss) Per Share                        
Basic           $ 0.01     $ (0.01 )
Diluted           $ 0.01     $ (0.01 )
                         
Weighted Average Shares Outstanding                        
-Basic             101,534,218       79,235,999  
-Diluted             105,213,776       79,235,999  

Management Discussion and Analysis

Total Revenue

During the three months ended June 30, 2014, we revenue was Nil as compared to $9,971,517 during the same period in 2013, representing a decrease of $9,971,517.  The decrease of revenue during the three months ended June 30, 2014, was mainly due to the disposal of all operating subsidiaries.


Net Income

Net income of $1,173,202 was recorded during the three months ended June 30, 2014 as compared to a net loss of $725,876 during the three months ended June 30, 2013.  The increase was mainly due to the gain on cancellation of debts in the three months ended June 30, 2014.


Friday, August 8, 2014
Acquisition Activity

Item 1.01     Entry into a Material Definitive Agreement


On June 30, 2014, China Teletech Holding, Inc. (the “Company”) entered into a cooperation agreement (the “Agreement”) with Shenzhen Jinke Energy Development Co., Ltd. (“SJD”). Pursuant to the Agreement, the Company will purchase, in an aggregate, 51% of all the assets of SJD, with purchase price to be paid in two installments as follows: (i) the Company will issue to SJD 20 million shares (the “First Stock Issuance”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”) in exchange for the 16% of all the assets of SJD, and (ii) the Company will, upon completion of a financing, purchase the additional 35% of the assets of SJD in consideration of (x) such amount of the shares of Common Stock to be issued to SJD as proportionate to the First Stock Issuance (approximately 43.75 million shares, the “Second Stock Issuance”), or (y) such amount of cash as equivalent to the fair market value of the Second Stock Issuance, in both cases, subject to adjustment based on result of the due diligence.


Monday, August 4, 2014
Auditor trail

Item 4.01 Changes in Registrant’s Certifying Accountant


Effective July 31, 2014, China Teletech Holding, Inc. (the “Company”) dismissed its independent registered public accounting firm, WWC, P.C. (“WWC”) effective immediately. The dismissal was approved by the Board of Directors (the “Board”) of the Company.

WWC was engaged as the independent registered public accounting firm on May 9, 2007, (such period from May 9, 2007 through WWC’s dismissal, the “Engagement Period”). During the Engagement Period, WWC did not issue any reports on the Company’s financial statements that contained an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended December 31, 2012 and December 31, 2013 and through the Engagement Period, there were (i) no disagreements with WWC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of WWC would have caused them to make reference to the subject matter of the disagreement(s) in connection with their report; (2) no "reportable events" as such term is defined in Item 304(a)(1)(v) of Regulation S-K.

The Company has provided WWC with a copy of the above disclosures prior to its filing with the Securities and Exchange Commission (the “SEC”), and has requested that WWC furnish a letter addressed to the SEC stating whether or not it agrees with the above statements and, if not, stating the respects in which it does not agree. A copy of WWC’s response letter dated July 31, 2014 is filed as Exhibit 16.1 to this Form 8-K.

Effective July 31, 2014, the Company engaged Albert Wong & Co. LLP (“AWC”) as the Company’s independent registered public accountant. The engagement was approved by the Board. During the years ended December 31, 2012 and December 31, 2013 and through the date hereof, the Company did not consult with AWC regarding (1) the application of accounting principles to a specified transaction, (2) the type of audit opinion that might be rendered on the Company’s financial statements, (3) written or oral advice provided that would be an important factor considered by the Company in reaching a decision as to an accounting, auditing or financial reporting issue, or (4) any matter that was the subject of a disagreement between the Company and its predecessor auditor as described in Item 304(a)(1)(iv) or a reportable event as described in Item 304(a)(1)(v) of Regulation S-K.


Tuesday, May 20, 2014
Comments & Business Outlook

China Teletech Holding, Inc.

Consolidated Statements of Income

For the three-month periods ended March 31, 2014 and 2013

(Stated in US Dollars)

 

 

 

    3/31/2014     3/31/2013  
    USD     USD  
Sales   $ -     $ 9,100,952  
Cost of sales     -       8,879,086  
  Gross profit     -       221,866  
                 
Operating expenses                
  Administrative and general expenses     14,802       119,475  
Total operating expense     14,802       119,475  
                 
Operating Income / (Loss)     (14,802 )     102,391  
                 
Gain on forgiveness of long term debt     -       -  
  Other income     4,929       -  
  Interest income     -       2  
  Other Expenses     -       -  
  Interest expenses     (195 )     -  
  Total other income / (expense)     4,734       2  
                 
  Income/(Loss) before taxation     (10,068 )     102,393  
  Income tax     -       (40,527 )
Loss from Continuing Operations     (10,068 )     61,866  
                 
Net Income (Loss)   $ (10,068 )   $ 61,866  
                 
Other comprehensive income:                
Foreign currency translation change     -       8,334  
Comprehensive income:   $ -     $ 70,200  
                 
Attributable to:                
-minority interest   $ -     $ 18,160  
-the Company     -       43,706  
    $ -     $ 61,866  
Earnings Per Share                
Basic   $ -     $ 0.00  
Diluted   $ -     $ 0.00  
                 
Weighted Average Shares Outstanding                
-Basic     -       66,375,574  
-Diluted     -       66,375,574  

Management Discussion and Analysis

Total Revenue

During the three months ended March 31, 2014, we revenue is Nil as compared to $9,100,952 during the same period in 2013, representing an decrease of $9,100,952. The decrease of revenue during the three months ended March 31, 2014, was mainly due to the disposal of all operating subsidiaries.


Net Income

Net loss of $10,068 was recorded during the three months ended March 31, 2014 as compared to a net income of $61,866 during the three months ended March 31, 2013. The decrease was mainly due to disposal of all operating subsidiaries at the end of year 2013.


Tuesday, April 22, 2014
Comments & Business Outlook

China Teletech Holding, Inc.

Consolidated Statements of Income

For The Years Ended December 31, 2013 and 2012

(Stated in US Dollars)

    Note      
        12/31/2013     12/31/2012  
Sales       $ 30,879,609     $ 26,620,278  
Cost of sales         30,417,071       25,889,207  
Gross profit         462,538       731,071  
                     
Operating expenses         -       4,646  
Administrative and general expenses         1,677,090       1,273,089  
Total operating expense         1,677,090       1,277,735  
                     
Income (Loss) from Operations         (1,214,552 )     (546,664 )
                     
Gain on disposal of a subsidiary         52,292       466,555  
Other income         -       152,293  
Interest income         14       65  
Other expenses   10     (800,000 )     (533 )
Interest expense         (16 )     (327 )
Income before taxation         (1,962,262 )     71,389  
Income tax         84       17,847  
Net Income (Loss)       $ (1,962,346 )   $ 53,542  
Extra-Ordinary Gain on Forgiveness of Debt, Net of Tax   7     -       1,487,083  
Net Earnings After Tax         (1,962,346 )     1,540,625  
                     
Other comprehensive income:                    
Foreign currency translation change         (58,374 )     (375,429 )
Comprehensive income (loss):         (2,020,720 )     1,165,196  
                     
Net income attributable to:                    
- Non controlling interest       $ (156,798 )   $ 38,456  
-the Company         (1,805,548 )     1,502,169  
        $ (1,962,346 )   $ 1,540,625  
                     
Earnings (Loss) 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)         97,813,776       72,571,557  
-Diluted (adjusted for 1 for 10 reverse stock split)         97,813,776       72,571,557  

Management Discussion and Analysis

Results of Operations

Results of Operation for the year ended December 31, 2013 compared with the year ended December 31, 2012

Total Revenue

During the year ended December 31, 2013, we generated $30,879,609 in revenue, as compared to $26,620,278 for the year ended December 31, 2012, representing an increase of $4,259,331 or approximately 16.0%. The higher sales amount for the year ended December 31, 2013 was mainly because a major supplier of store-value cards temporarily ceased its business with us in the first quarter of 2012 for its internal system upgrade in order to serve a greater customer base from the Guangzhou City extended to the Guangdong Province.   The supplier re-started its business with us in 2013 and our sales increase for the year ended December 31, 2013.


Net Income

Net loss of $1,498,888 was recorded during the year ended December 31, 2013 as compared to net income of $1,540,625 during the year ended December 31, 2012. The decrease was mainly due to the gain from disposal of a subsidiary and the gain on forgiveness of long term debt in nine months ended September 30, 2012 and loss from disposal of a subsidiary and provision of subscription receivable for the year ended December 31, 2013.


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.