WEB NEWS Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
Three months ended March 31,
2016
2015
Revenues, net:
$
-
$
-
Cost of revenue
-
-
Gross profit
-
-
Operating expenses:
General and administrative
(42,971)
(42,017)
Total operating expenses
(42,971)
(42,017)
LOSS BEFORE INCOME TAXES
(42,971)
(42,017)
Income tax expense
-
-
NET LOSS
$
(42,971)
$
(42,017)
Other comprehensive income:
- Foreign currency translation loss
(549)
(10,203)
COMPREHENSIVE LOSS
$
(43,520)
$
(52,220)
Net loss per share – Basic and diluted
$
(0.00)
$
(0.00)
Weighted average common shares outstanding – Basic and diluted
220,631,841
220,631,841
Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
(Currency expressed in United States Dollars (“US$”), except for number of shares)
Years ended December 31,
2015
2014
Revenues, net:
$
-
$
-
Cost of revenue
-
-
Gross profit
-
-
Operating expenses:
General and administrative
(141,938)
(141,519)
Total operating expenses
(141,938)
(141,519)
LOSS BEFORE INCOME TAXES
(141,938)
(141,519)
Income tax expense
-
-
NET LOSS
$
(141,938)
$
(141,519)
Other comprehensive income:
- Foreign currency translation gain
-
19,134
COMPREHENSIVE LOSS
$
(141,938)
$
(122,385)
Net loss per share – Basic and diluted
$
(0.00)
$
(0.00)
Weighted average common shares outstanding – Basic and diluted
220,631,841
220,631,841
Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
2015
2014
2015
2014
Revenues, net:
$
-
$
-
$
-
$
-
Cost of revenue
-
-
-
-
Gross profit
-
-
-
-
Operating expenses:
General and administrative
(31,311)
(31,588)
(109,046)
(104,690)
Total operating expenses
(31,311)
(31,588)
(109,046)
(104,690)
LOSS BEFORE INCOME TAXES
(31,311)
(31,588)
(109,046)
(104,690)
Income tax expense
-
-
-
-
NET LOSS
$
(31,311)
$
(31,588)
$
(109,046)
$
(104,690)
Other comprehensive income:
- Foreign currency translation (loss) gain
95,612
4,260
83,053
21,854
COMPREHENSIVE LOSS
$
64,301
$
(27,328)
$
(25,993)
$
(82,836)
Net loss per share – Basic and diluted
$
(0.00)
$
(0.00)
$
(0.00)
$
(0.00)
Weighted average common shares outstanding – Basic and diluted
220,631,841
220,631,841
220,631,841
220,631,841
Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2015
2014
2015
2014
Revenues, net:
$
-
$
-
$
-
$
-
Cost of revenue
-
-
-
-
Gross profit
-
-
-
-
Operating expenses:
General and administrative
35,718
33,459
77,735
73,102
Total operating expenses
35,718
33,459
77,735
73,102
LOSS BEFORE INCOME TAXES
(35,718)
(33,459)
(77,735)
(73,102)
Income tax expense
-
-
-
-
NET LOSS
(35,718)
(33,459)
(77,735)
(73,102)
Other comprehensive income:
- Foreign currency translation (loss) gain
(2,356)
(5,488)
(12,559)
17,594
COMPREHENSIVE LOSS
$
(38,074)
$
(38,947)
$
(90,294)
$
(55,508)
Net loss per share – Basic and diluted
$
(0.00)
$
(0.00)
$
(0.00)
$
(0.00)
Weighted average common shares outstanding – Basic and diluted
220,631,841
220,631,841
220,631,841
220,631,841
Management Discussion and Analysis
Revenue
We do not have trading business for both three and six months ended June 30, 2015 and June 30, 2014. As a result of discontinue of business and operation in the manufacture of mobile communication products and components in the PRC, no revenue was recorded during both three and six months ended June 30, 2015 and June 30, 2014.
During the three months ended June 30, 2015, we experienced a net loss of $35,718 compared to a net loss of $33,459 for three months ended June 30, 2014. Net loss for the six months ended June 30, 2015 was $77,735 compared to net loss of $73,102 for the six months ended June 30, 2014.
Losses of both three and six months end June 30, 2015 represent the total general and administrative expenses for the periods. The loss for both three and six months end June 30, 2015 are more or less the same of the loss for both three months and six months ended June 30, 2014. This is attributable to no change of component of administrative expenses.
Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
Three months ended March 31,
2015
2014
Revenues, net:
$
-
$
-
Cost of revenue
-
-
Gross profit
-
-
Operating expenses:
General and administrative
42,017
39,643
Total operating expenses
42,017
39,643
LOSS BEFORE INCOME TAXES
(42,017)
(39,643)
Income tax expense
-
-
NET LOSS
$
(42,017)
$
(39,643)
Other comprehensive income:
- Foreign currency translation (loss) gain
(10,203)
23,082
COMPREHENSIVE LOSS
$
(52,220)
$
(16,561)
Net loss per share – Basic and diluted
$
(0.00)
$
(0.00)
Weighted average common shares outstanding – Basic and diluted
220,631,841
220,631,841
Management Discussion and Analysis
Revenue
We do not have trading business for both three months ended March 31, 2015 and March 31, 2014. As a result of discontinue of business and operation in the manufacture of mobile communication products and components in the PRC, the revenue recorded zero during both three months ended March 31, 2015 and March 31, 2014.
Net loss for the three months ended March 31, 2015 was $42,017 compared to net loss of $39,643 for the three months ended March 31, 2014. Losses of both periods represent the total general and administrative expenses for the periods. The loss for the three months ended March 31, 2015 is more or less the same of the loss for the three months ended March 31, 2014. This is attributable to no change of component of administrative expenses.
Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013
(Currency expressed in United States Dollars (“US$”), except for number of shares)
Years ended December 31,
2014
2013
Revenues, net:
$
-
$
-
Cost of revenue
-
-
Gross profit
-
-
Operating expenses:
General and administrative
(141,519)
(136,588)
Total operating expenses
(141,519)
(136,588)
LOSS BEFORE INCOME TAXES
(141,519)
(136,588)
Income tax expense
-
-
NET LOSS
(141,519)
(136,588)
Other comprehensive income:
- Foreign currency translation gain (loss)
19,134
(77,328)
COMPREHENSIVE LOSS
(122,385)
(213,916)
Net loss per share – Basic and diluted
(0.00)
(0.00)
Weighted average common shares outstanding – Basic and diluted
220,631,841
84,457,768
Management Discussion and Analysis
Revenue
We do not have trading business for 2014 and 2013. As a result of discontinue of business and operation in the manufacture of mobile communication products and components in the PRC, no revenue was recorded during the year ended December 31, 2014 and year ended December 31, 2013.
Net loss for 2014 of $141,519 represents aggregated amount of general and administrative expenses for the year. The slightly rise of loss as compared with 2013 is due to increase of accounting fee and utilities expenses during the year.
Net loss for 2013 of $136,588 represents aggregated amount of general and administrative expenses for the year. The slightly rise of loss as compared with 2012 is due to increase of accounting fee and utilities expenses during the year.
Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
2014
2013
2014
2013
Revenues, net:
$
–
$
–
$
–
$
–
Cost of revenue
–
–
–
–
Gross profit
–
–
–
–
Operating expenses:
General and administrative
(31,588)
(39,792)
(104,690)
(111,574)
Total operating expenses
(31,588)
(39,792)
(104,690)
(111,574)
LOSS BEFORE INCOME TAXES
(31,588)
(39,792)
(104,690)
(111,574)
Income tax expense
–
–
–
–
NET LOSS
(31,588)
(39,792)
(104,690)
(111,574)
Other comprehensive income:
– Foreign currency translation gain (loss)
4,260
(20,774)
21,854
(70,832)
COMPREHENSIVE LOSS
$
(27,328)
$
(60,566)
$
(82,836)
$
(182,406)
Net loss per share – Basic and diluted
$
(0.00)
$
(0.00)
$
(0.00)
$
(0.00)
Weighted average common shares outstanding – Basic and diluted
220,631,841
39,884,486
220,631,841
38,567,605
Management Discussion and Analysis
Revenue
As a result of discontinue of business and operation in the manufacture of mobile communication products and components in the PRC, no revenue is recorded during both three and nine months ended September 30, 2014.
During the three months ended September 30, 2014, we experienced a net loss of $31,588 compared to a net loss of $39,792 for three months ended September 30, 2013. Net loss for the nine months ended September 30, 2014 was $104,690 compared to net loss of $111,574 for the nine months ended September 30, 2013.
Losses of both three and nine months end September 30, 2014 represent the total general and administrative expenses for the periods. The loss for both three and nine months end September 30, 2014 are more or less the same of the loss for both three months and nine months ended September 30, 2013. This is attributable to no change of component of administrative expenses.
Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2014
2013
2014
2013
Revenues, net:
$
-
$
-
$
-
$
-
Cost of revenue
-
-
-
-
Gross profit
-
-
-
-
Operating expenses:
General and administrative
33,459
33,154
73,102
71,782
Total operating expenses
33,459
33,154
73,102
71,782
LOSS BEFORE INCOME TAXES
(33,459)
(33,154)
(73,102)
(71,782)
Income tax expense
-
-
-
-
NET LOSS
$
(33,459)
$
(33,154)
$
(73,102)
$
(71,782)
Other comprehensive income:
- Foreign currency translation gain
(5,488)
(40,934)
17,594
(50,058)
COMPREHENSIVE LOSS
$
(38,947)
$
(74,088)
$
(55,508)
$
(121,840)
Net loss per share – Basic and diluted
$
(0.00)
$
(0.00)
$
(0.00)
$
(0.00)
Weighted average common shares outstanding – Basic and diluted
220,631,841
37,898,251
220,631,841
37,898,251
Management Discussion and Analysis
Revenue
We do not have trading business for both three and six months ended June 30, 2014 and June 30, 2013. As a result of discontinue of business and operation in the manufacture of mobile communication products and components in the PRC, no revenue is recorded during both three and six months ended June 30, 2014 and June 30, 2013.
Net Loss
During the three months ended June 30, 2014, we experienced a net loss of $33,459 compared to a net loss of $33,154 for three months ended June 30, 2013. Net loss for the six months ended June 30, 2014 was $73,102 compared to net loss of $71,782 for the six months ended June 30, 2013.
Losses of both three and six months end June 30, 2014 represent the total general and administrative expenses for the periods. The loss for both three and six months end June 30, 2014 are more or less the same of the loss for both three months and six months ended June 30, 2013. This is attributable to no change of component of administrative expenses.
Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
Three months ended March 31,
2014
2013
Revenues, net
$
-
$
-
Cost of revenue
-
-
Gross profit
-
-
Operating expenses:
General and administrative
39,643
38,628
39,643
38,628
LOSS BEFORE INCOME TAXES
(39,643)
(38,628)
Income tax expense
-
-
NET LOSS
$
(39,643)
$
(38,628)
Other comprehensive income (loss):
- Foreign currency translation gain (loss)
23,082
(9,124)
COMPREHENSIVE LOSS
$
(16,561)
$
(47,752)
Net loss per share – Basic and diluted
$
(0.00)
$
(0.00)
Weighted average common shares outstanding – Basic and diluted
220,631,841
37,898,251
Management Discussion and Analysis
Revenue
We do not have trading business for both three months ended March 31, 2014 and March 31, 2013. As a result of discontinue of business and operation in the manufacture of mobile communication products and components in the PRC, the revenue recorded zero during both three months ended March 31, 2014 and March 31, 2013.
Net loss for the three months ended March 31, 2014 was $39,643 compared to net loss of $38,628 for the three months ended March 31, 2013. Losses of both periods represent the total general and administrative expenses for the periods. The loss for the three months ended March 31, 2014 is more or less the same of the loss for the three months ended March 31, 2013. This is attributable to no change of component of administrative expenses.
Comments & Business Outlook
INNOCOM TECHNOLOGY HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012
(Currency expressed in United States Dollars (“US$”), except for number of shares)
Years ended December 31,
2013
2012
Revenues, net
$
-
$
-
Cost of revenue
-
-
Gross profit
-
-
Operating expenses:
General and administrative
136,588
130,915
136,588
130,915
LOSS BEFORE INCOME TAX
(136,588)
(130,915)
Income tax expense
-
-
NET LOSS
$
(136,588)
$
(130,915)
Other comprehensive loss:
- Foreign currency translation loss
(77,328)
(26,830)
COMPREHENSIVE LOSS
$
(213,916)
$
(157,745)
Net loss per share – Basic and diluted
$
(0.00)
$
(0.00)
Weighted average common shares outstanding – Basic and diluted
84,457,768
37,898,251
Management Discussion and Analysis
Results of Operations for the Years Ended December 31, 2013 and December 31, 2012
During the year ended December 31, 2013, we experienced a net loss of $136,588 representing aggregated amount of general and administrative expenses for the year. The slightly rise of loss as compared with 2012 is due to increase of accounting fee and utilities expenses during the year.
During the year ended December 31, 2012, we experienced a net loss of $130,915 representing total general and administrative expenses for the year. The decrease of loss as compared with 2011 is due to decrease of office rental expenses during the year.
We do not have trading business for 2013 and 2012. As a result of temporary discontinue of business and operation in the manufacture of mobile communication products and components in the PRC, no revenue was recorded during the year ended December 31, 2013 and year ended December 31, 2012.
Net loss for 2013 of $136,588 represents aggregated amount of general and administrative expenses for the year. The slightly rise of loss as compared with 2012 is due to increase of accounting fee and utilities expenses during the year.
Net loss for 2012 of $130,915 represents total general and administrative expenses for the year. The decrease of loss as compared with 2011 is due to decrease of office rental expenses.
Comments & Business Outlook
Overview and Future Plan of Operations :
In February 2009, the Company determined to have a temporary closure in the manufacturing facility in Changzhou City, Zhejiang Province, the PRC. Starting from the fourth quarter 2008, global economic conditions have deteriorated significantly across the countries and the demand for communication products and components was adversely slowed down. During such challenging economic times, the Company has discontinued operation in the manufacture of mobile communication products and components in the PRC. However, the Company has no intention to dispose of the production facilities. We are seeking production contracts, both volume and operating contribution of which warrant us to start the production facilities again. We have expended several million establishing our manufacturing facilities. Despite the fact that we have written down the value of the manufacturing facility we have no intention to dispose of it. We continue to seek out production contracts for the facility. We will need to privately offer and sell shares in order to finance initial working capital should we resume production.
Investor Alert
In February 2009, the Company determined to have a temporary closure in the manufacturing facility in Changzhou City, Zhejiang Province, the PRC. Starting from the fourth quarter 2008, global economic conditions have deteriorated significantly across the countries and the demand for communication products and components was adversely slowed down. During such challenging economic times, the Company temporarily discontinued operation in the manufacture of mobile communication products and components in the PRC. However, the Company did not intend to dispose by sale and may continue to operate the manufacturing facility depending upon the market recovery condition in the next 12 months .
