WEB NEWS Comments & Business Outlook
COMJOYFUL INTERNATIONAL COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three Months Ended
Six Months Ended
June 30,
June 30,
2015
2014
2015
2014
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
$
81,783
$
306,574
$
192,418
$
669,341
Cost of revenues
(140,850
)
(331,261
)
(284,640
)
(786,209
)
Gross loss
(59,067
)
(24,687
)
(92,222
)
(116,868
)
Operating expenses
Selling and general and administrative expenses
(326,587
)
(390,116
)
(808,287
)
(901,320
)
Impairment of long-lived assets
(827,819
)
-
(827,819
)
-
Total operating expenses
(1,154,406
)
(390,116
)
(1,636,106
)
(901,320
)
Loss from operations
(1,213,473
)
(414,803
)
(1,728,328
)
(1,018,188
)
Other income/(expenses)
Interest expenses
(19,986
)
(23,561
)
(30,371
)
(30,685
)
Other income/(expenses)
80,452
(83,915
)
80,425
(84,244
)
Total other expenses
60,466
(107,476
)
50,054
(114,929
)
Loss before income taxes expense
(1,153,007
)
(522,279
)
(1,678,274
)
(1,133,117
)
Income tax expense
-
-
-
-
Net loss
(1,153,007
)
(522,279
)
(1,678,274
)
(1,133,117
)
Less: Net loss attributable to non-controlling interests
(10,499
)
(22,556
)
(29,100
)
(45,752
)
Net loss attributable to Comjoyful International Company
(1,142,508
)
(499,723
)
(1,649,174
)
(1,087,365
)
Comprehensive loss
Net loss
(1,153,007
)
(522,279
)
(1,678,274
)
(1,133,117
)
Foreign currency translation adjustment
(15,928
)
(3,170
)
(33,773
)
14,542
Total comprehensive loss
(1,168,935
)
(525,449
)
(1,712,047
)
(1,118,575
)
Less: Comprehensive loss attributable to non-controlling interests
(10,987
)
(22,781
)
(30,687
)
(60,948
)
Comprehensive Loss Attributable to Comjoyful International Company
$
(1,157,948
)
$
(502,668
)
$
(1,681,360
)
$
(1,057,627
)
Loss Per Share Basic and Diluted
$
(0.55
)
$
(0.24
)
$
(0.79
)
$
(0.55
)
Weight Average Number of Common Shares Outstanding-Basic and Diluted
2,080,873
2,080,873
2,080,873
1,977,224
Management Discussion and Analysis
Revenue. Our revenues are derived from foot massage, body massage, health recuperation, other therapy treatments services and health drink products. For the three months ended June 30, 2015, the Company had revenues of $81,783 compared to revenues of $306,574 for the three months ended June 30, 2014, a decrease of $224,791 or approximately 73.32%. The decrease in revenue experienced by the Company was primarily because i) Revenue of Jintan Club contributed $99,394 for the three months ended June 30, 2015, compared to $112,200 for the three months ended June 30, 2014, a decrease of $12,806. ii) Revenue of Wuxi Club contributed amount $37,314 for the three months ended June 30, 2015 compared $53,370 for the three months ended June 30, 2014, a decrease of $16,056. The revenue for the three months ended June 30, 2015 for Wuxi and Jintan Clubs has decreased compared to the three months ended June 30, 2014 mainly due to fierce competition of local market in 2015. iii) Revenue of Wuxi KJF contributed Health Recuperation Program Product amount to nil for the three months ended June 30, 2015 compared to $ 758,252 for the three months ended June 30, 2014. Nanjing Club is going to be closed and Nantong Club is not going to be opened. Both Nanjing Club and Nantong Club have no business after established. There was no revenue recognized from the two clubs for the three months ended June 30, 2015 and 2014.
Comments & Business Outlook
COMJOYFUL INTERNATIONAL COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three months ended March 31,
2015
2014
(Unaudited)
(Unaudited)
Revenues
$
110,635
$
362,767
Cost of revenues
(143,790
)
(454,948
)
Gross loss
(33,155
)
(92,181
)
a.
Operating expenses
Selling and general and administrative expenses
(481,700
)
(511,204
)
Total operating expenses
(481,700
)
(511,204
)
b.
Loss from operations
(514,855
)
(603,385
)
Other income/(expenses)
Interest expenses
(10,385
)
(7,124
)
Other expenses
(27
)
(329
)
Total other expenses
(10,412
)
(7,453
)
Loss before income taxes expenses
(525,267
)
(610,838
)
Income tax expenses
-
-
Net loss
(525,267
)
(610,838
)
Less: Net loss attributable to non-controlling interests
(18,601
)
(23,196
)
Net loss attributable to Comjoyful International Company
(506,666
)
(587,642
)
Comprehensive loss
Net loss
(525,267
)
(610,838
)
Foreign currency translation adjustment
(17,574
)
17,712
Total comprehensive loss
(542,841
)
(593,126
)
Less: Comprehensive loss attributable to non-controlling interests
(19,700
)
(38,167
)
Comprehensive Loss Attributable to Comjoyful International Company
$
(523,141
)
$
(554,959
)
Loss Per Share Basic and Diluted
$
(0.24
)
$
(0.31
)
Weight Average Number of Common Shares Outstanding-Basic and Diluted
2,080,873
1,872,423
Management Discussion and Analysis
Revenue. Our revenues are derived from foot massage, body massage, health recuperation, other therapy treatments services and health drink products. For the three months ended March 31, 2015, the Company had revenues of $110,635 compared to revenues of $362,767 for the three months ended March 31, 2014, a decrease of $252,132 or approximately 69.50%. The decrease in revenue experienced by the Company was primarily because i) Revenue of Jintan Club contributed $59,922 for the three months ended March 31, 2015, compared to $133,285 for the three months ended March 31, 2014, a decrease of $73,363. ii) Revenue of Wuxi Club contributed amount $50,713 for the three months ended March 31, 2015 compared $75,543 for the three months ended March 31, 2014, a decrease of $24,830. The revenue for the three months ended Mar 31, 2015 for Wuxi and Jintan Clubs has decreased compared to the three months ended Mar 31, 2014 mainly due to fierce competition of local market in 2015.iii) Revenue of Wuxi KJF contributed Health Recuperation Program Product amount $153,938 for the three months ended March 31, 2014 compared nil for the three months ended March 31, 2015.
As of March 31, 2015, we had unearned income of $3,235,568 compared to $3,286,173 as of December 31, 2014, a decrease of $50,605, or approximately 1.54%. The decrease in unearned income was the result of service revenue recognized $97,132 but only received deposit $26,292 during the three months ended March 31, 2015. As of March 31, 2015, there were 19,705 individual customers represented by unearned income compared to 19,621 individual customers as of December 31, 2014, an increase of 0.4%, and average amount is $164 as of March 31, 2014 compare to $167 as of December 31, 2014.
Among the $3,235,568 as of March 31, 2015, we expect to realize $511,289 income from the prepaid amount in the following 12 months. This amount is an estimate based on our judgment. $511,289 prepayment from massage service customers is expected to be used during the period, considering the current operation of our Wuxi KJF, Wuxi Club and Jintan Club, and our expectation to the operation of the new Nantong Club.
Comments & Business Outlook
COMJOYFUL INTERNATIONAL COMPANY
For the years ended December 31,
2014
2013
Revenues
$
1,041,890
$
568,534
Cost of revenues
(1,323,057
)
(1,198,852
)
Gross loss
(281,167
)
(630,318
)
Operating expenses
Selling and general and administrative expenses
(1,669,580
)
(1,490,960
)
Impairment of long-lived assets
(1,074,821
)
(955,466
)
Total operating expenses
(2,744,401
)
(2,446,426
)
Loss from operations
(3,025,568
)
(3,076,744
)
Other income/(expenses)
Interest expenses
(88,857
)
(15,838
)
Other expenses
(96,939
)
(5
)
Total other expenses
(185,796
)
(15,843
)
Loss before income taxes expenses
(3,211,364
)
(3,092,587
)
Income tax expenses
-
-
Net loss
(3,211,364
)
(3,092,587
)
Less: Net loss attributable to non-controlling interests
(95,203
)
(942,767
)
Net loss attributable to Comjoyful International Company
(3,116,161
)
(2,149,820
)
Comprehensive loss
Net loss
(3,211,364
)
(3,092,587
)
Foreign currency translation adjustment
8,926
(93,080
)
Total comprehensive loss
(3,202,438
)
(3,185,667
)
Less: Comprehensive loss attributable to non-controlling interests
(110,767
)
(947,528
)
Comprehensive Loss Attributable to Comjoyful International Company
$
(3,091,671
)
$
(2,238,139
)
Loss Per Share Basic and Diluted
$
(1.54
)
$
(2.37
)
Weight Average Number of Common Shares Outstanding-Basic and Diluted
2,029,474
908,339
Management Discussion and Analysis
Revenue. Our revenues are derived from foot massage, body massage, health recuperation, other therapy treatments services and health drink products. For the year ended December 31, 2014, the Company had revenues of $1,041,890 compared to revenues of $568,534 for the year ended December 31, 2013, an increase of $473,356 or approximately 83.26%. The increase in revenue experienced by the Company was primarily because i) Jintan Club was established in November 2013 which contributed $399,747 revenue for the year ended December 31, 2014 but $119,201 for the year ended December 31, 2013, an increase of $280,546. ii) Revenue of Wuxi KJF contributed Health Recuperation Program Product amount $276,616, and health drink product amount $168,224 for the year ended December 31, 2014 compared $nil for the year ended December 31, 2013. iii) Revenue for the year ended December 31, 2014 did not include Nanjing club as its business was temporarily suspended, and Nanjing club contributed $122,828 for the year ended December 31, 2013.
As of December 31, 2014, we had unearned income of $3,286,173 compared to $3,715,753 as of December 31, 2013, a decrease of $429,580, or approximately 11.56%. The decrease in unearned income was the result of service revenue recognized $977,936 but only received deposit $576,692 during the year ended December 31, 2014. As of December 31, 2014, there were 19,621 individual customers represented by unearned income compared to 18,966 individual customers as of December 31, 2013, an increase of 3.45%, and average amount is $167 as of December 31, 2014 compared to $196 as of December 31, 2013.
Among the $3,286,173 as of December 31, 2014, we expect to realize $802,148 income from the prepaid amount in the following 12 months. This amount is an estimate based on our judgment. $802,148 prepayment from massage service customers is expected to be used during the period, considering the current operation of our Wuxi KJF, Wuxi Club and Jintan Club, and our expectation to the operation of the new Nantong Club.
Comments & Business Outlook
COMJOYFUL INTERNATIONAL COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three Months Ended
Nine Months Ended
September 30,
September 30,
2014
2013
2014
2013
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
$
255,146
$
107,469
$
924,487
$
327,706
Cost of revenues
(302,902
)
(313,927
)
(1,089,111
)
(830,989
)
Gross loss
(47,756
)
(206,458
)
(164,624
)
(503,283
)
Operating expenses
Selling and general and administrative expenses
(379,721
)
(342,150
)
(1,281,041
)
(1,044,639
)
Total operating expenses
(379,721
)
(342,150
)
(1,281,041
)
(1,044,639
)
Loss from operations
(427,477
)
(548,608
)
(1,445,665
)
(1,547,922
)
Other income/(expenses)
Interest income/(expenses)
(24,587
)
38
(55,272
)
79
Other expenses
(12,302
)
(441
)
(96,546
)
(733
)
Total other expenses
(36,889
)
(403
)
(151,818
)
(654
)
Loss before income taxes expenses
(464,366
)
(549,011
)
(1,597,483
)
(1,548,576
)
Income tax expenses
-
-
-
-
Net loss
(464,366
)
(549,011
)
(1,597,483
)
(1,548,576
)
Less: Net loss attributable to non-controlling interests
(21,915
)
(160,282
)
(67,667
)
(439,177
)
Net loss attributable to Comjoyful International Company
(442,451
)
(388,729
)
(1,529,816
)
(1,109,399
)
Comprehensive loss
Net loss
(464,366
)
(549,011
)
(1,597,483
)
(1,548,576
)
Foreign currency translation adjustment
(1,196
)
(106,338
)
13,346
(149,446
)
Total comprehensive loss
(465,562
)
(655,349
)
(1,584,137
)
(1,698,022
)
Less: Comprehensive loss attributable to non-controlling interests
(21,992
)
(159,503
)
(82,940
)
(436,645
)
Comprehensive Loss Attributable to Comjoyful International Company
$
(443,570
)
$
(495,846
)
$
(1,501,197
)
$
(1,261,377
)
Loss Per Share Basic and Diluted
$
(0.21
)
$
(0.43
)
$
(0.76
)
$
(1.22
)
Weight Average Number of Common Shares Outstanding-Basic and Diluted
2,080,873
908,339
2,012,153
908,339
Management Discussion and Analysis
Revenue. Our revenues are derived from foot massage, body massage, and other therapy treatments services. For the three months ended September 30, 2014, the Company had revenues of $255,146 compared to revenues of $107,469 for the three months ended September 30, 2013, an increase of $147,677 or approximately 137.41%. The increase in revenue experienced by the Company was primarily because i) Jintan Club was established in November 2013 which contributed $85,121 revenue for the three months ended September 30, 2014 but nil for the three months ended September 30, 2013. ii) Revenue of Wuxi KJF contributed Health Drink Product amount $136,194 for the three months ended September 30, 2014 compared nil for the three months ended September 30, 2013. iii) Revenue for the three months ended September 30, 2014 did not include Nanjing club as its business was temporarily suspended, and Nanjing club contributed $38,338 for the three months ended September 30, 2013.
Comments & Business Outlook
COMJOYFUL INTERNATIONAL COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three Months Ended
Six Months Ended
June 30,
June 30,
2014
2013
2014
2013
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
$
306,574
$
91,498
$
669,341
$
220,237
Cost of revenues
(331,261
)
(276,823
)
(786,209
)
(517,062
)
Gross loss
(24,687
)
(185,325
)
(116,868
)
(296,825
)
Operating expenses
Selling and general and administrative expenses
(390,116
)
(341,570
)
(901,320
)
(702,489
)
Total operating expenses
(390,116
)
(341,570
)
(901,320
)
(702,489
)
Loss from operations
(414,803
)
(526,895
)
(1,018,188
)
(999,314
)
Other income/(expenses)
Interest income/(expenses)
(23,561
)
10
(30,685
)
41
Other expenses
(83,915
)
(160
)
(84,244
)
(292
)
Total other expenses
(107,476
)
(150
)
(114,929
)
(251
)
Loss before income taxes expenses
(522,279
)
(527,045
)
(1,133,117
)
(999,565
)
Income tax expenses
-
-
-
-
Net loss
(522,279
)
(527,045
)
(1,133,117
)
(999,565
)
Less: Net loss attributable to non-controlling interests
(22,556
)
(141,870
)
(45,752
)
(278,895
)
Net loss attributable to Comjoyful International Company
(499,723
)
(385,175
)
(1,087,365
)
(720,670
)
Comprehensive loss
Net loss
(522,279
)
(527,045
)
(1,133,117
)
(999,565
)
Foreign currency translation adjustment
(3,170
)
(33,739
)
14,542
(43,108
)
Total comprehensive loss
(525,449
)
(560,784
)
(1,118,575
)
(1,042,673
)
Less: Comprehensive loss attributable to non-controlling interests
(22,781
)
(140,131
)
(60,948
)
(277,142
)
Comprehensive Loss Attributable to Comjoyful International Company
$
(502,668
)
$
(420,653
)
$
(1,057,627
)
$
(765,531
)
Loss Per Share Basic and Diluted
$
(0.24
)
$
(0.42
)
$
(0.55
)
$
(0.79
)
Weight Average Number of Common Shares Outstanding-Basic and Diluted
2,080,873
908,339
1,977,224
908,339
Management Discussion and Analysis
Revenue. Our revenues are derived from foot massage, body massage, and other therapy treatments services. For the three months ended June 30, 2014, the Company had revenues of $306,574 compared to revenues of $91,498 for the three months ended June 30, 2013, an increase of $215,076 or approximately 235.06%. The increase in revenue experienced by the Company was primarily because i) Jintan Club was established in November 2013 which contributed $112,200 revenue for the three months ended June 30, 2014 but nil for the three months ended June 30, 2013. ii) Revenue of Wuxi KJF contributed Health Recuperation Program Product amount $122,977 for the three months ended June 30, 2014 compared nil for the three months ended June 30, 2013. iii) Revenue for the three months ended June 30, 2014 did not include Nanjing club as its business was temporarily suspended, and Nanjing club contributed $32,632 for the three months ended June 30, 2013. We originally expected to reopen Nanjing Club in June 2014, we later postponed in the reopen to September 2014.
Acquisition Activity
Item 1.01 Entry Into A Material Definitive Agreement
On January 17, 2014 (the “Signing Date”), through a series of contractual arrangements (the “VIE Agreements”), we acquired Wuxi Kangjiafu Royal Traditional Investment Management Co., Ltd. (“Wuxi KJF”), a company based in Wuxi, Jiangsu province, the People’s Republic of China (the “PRC” or “China”), in the business of operating healthcare clubs specialized in providing Chinese traditional physiotherapy services and other relaxing treatments (the “Transaction”). For proposes of entering into the VIE Agreements, Nanjing Kangjiafu Investment Consulting Co., Ltd. (the “Nanjing KJF”) was incorporated in June 2013 by our fully-owned subsidiary, Comjoyful Industrial Development Limited, a Hong Kong company incorporated in April 2013.
Comments & Business Outlook
COMJOYFUL INTERNATIONAL COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three months ended March 31,
2014
2013
(Unaudited)
(Unaudited)
Revenues
$
362,767
$
128,739
Cost of revenues
(454,948
)
(240,239
)
Gross loss
(92,181
)
(111,500
)
Operating expenses
Selling and general and administrative expenses
(511,204
)
(360,919
)
Total operating expenses
(511,204
)
(360,919
)
Loss from operations
(603,385
)
(472,419
)
Other income/(expenses)
Interest income/(expenses)
(7,124
)
31
Other expenses
(329
)
(132
)
Total other expenses
(7,453
)
(101
)
Loss before income taxes expenses
(610,838
)
(472,520
)
Income tax expenses
-
-
Net loss
(610,838
)
(472,520
)
Less: Net loss attributable to non-controlling interests
(23,196
)
(137,025
)
Net loss attributable to Comjoyful International Company
(587,642
)
(335,495
)
Comprehensive income
Net loss
(610,838
)
(472,520
)
Foreign currency translation adjustment
17,712
(9,369
)
Total comprehensive loss
(593,126
)
(481,889
)
Less: Comprehensive loss attributable to non-controlling interests
(38,167
)
(137,011
)
Comprehensive Loss Attributable to Comjoyful International Company
$
(554,959
)
$
(344,878
)
Loss Per Share Basic and Diluted
$
(0.31
)
$
(0.37
)
Weight Average Number of Common Shares Outstanding-Basic and Diluted
1,872,423
908,339
Management Discussion and Analysis
Revenue and Cost
Revenue. Our revenues are derived from foot massage, body massage, and other therapy treatments services. For the three months ended March 31, 2014, the Company had revenues of $362,767 compared to revenues of $128,739 for the three months ended March 31, 2013, an increase of $234,028 or approximately 181.78%. The increase in revenue experienced by the Company was primarily because i) Jintan Club was established in November 2013 which contributed $133,285 revenue for the three months ended March 31, 2014 but nil for the three months ended March 31, 2013. ii) Revenue of Wuxi KJF contributed Health Recuperation Program Product amount $153,938 for the three months ended March 31, 2014 compared nil for the three months ended March 31, 2013. iii) Revenue for the three months ended March 31, 2014 did not include Nanjing club as its business was temporarily suspended, and Nanjing club contributed $30,303 for the three months ended December 31, 2013. We expect to reopen Nanjing Club in June 2014.
Unearned income represents prepayment made by the customers for prepaying massages service. Service revenue was recognized proportionally when services are provided to customers, reducing unearned income balance. There is no expiration date for the prepayment.
As of March 31, 2014, we had unearned income of $3,548,671 compared to $3,715,753 as of December 31, 2013, a decrease of $167,082, or approximately 4.50%. The decrease in unearned income was the result of service revenue recognized $362,767 but only received deposit $195,683 during the three months ended March 31, 2014. As of March 31, 2014, there was 19,182 individual customers represented by unearned income compare to 18,966 individual customers as of December 31, 2013, a increase of 1.14%, and average amount is $185 as of March 31, 2014 compare to $196 as of December 31, 2013.
Reverse Merger Activity
On January 17, 2014 formed a new entigy via a reverse merger transaction .
Company Snapshot:
Manages and operates healthcare clubs specialized in providing Chinese traditional physiotherapy services and other relaxing treatments in China
Industry Snapshot (Per Filing)
According to the Chinese health practice known as reflexology, each point on the sole of the body corresponds (or “reflects”) to an internal organ, and applied therapy to these spots can have a healing effect on the corresponding organ. The belief is that the nerve ending in the sole of the body is connected with internal organs of the body via invisible energy pathways, sometimes called meridians. Therapist applies varying amounts of high pressure to certain spots of the body, over a time period typically ranging from 45-120 minutes. While foot massage and other massage treatments are widely believed in China to have therapeutic benefit, often it is purchased as a leisure and/or social service, where groups of friends or business acquaintances may gather to enjoy a foot massage while socializing and having tea and simple food.
Most healthcare clubs in China offer Chinese and Thai style foot/full body massages. In Chinese full body massage, the therapists can use arms, hands, fingers, elbows and knees to apply pressure to different parts of the body. According to Chinese beliefs, foot and body massages are seen as a moderate but valid therapy to treat illnesses and body discomfort. Thai full body massage has been widely adopted into Chinese culture and is offered at many massage spas throughout China. In Thai massage, therapists manipulate body parts by stretching them and applying gentle pressure. Thai massage is intended to be energizing and to stretch muscles and help retain or enhance flexibility.
Massage clubs can be found in most Chinese cities and towns, as well as in moderate and upper class hotels, in airports and in shopping malls. Despite massage clubs having become a mainstream service in the PRC, we are aware of no national associations or agencies that have collected national data on the massage club industry. We believe that national massage club data is scarce in large part because the business has traditionally been done on a small operator basis, with the typical owner having one store. Despite the lack of national industry data, we believe that it is common knowledge that massage and other relaxing physiotherapy treatments have become a mainstream service that is offered widely throughout the country.
While massage and other relaxing physiotherapy treatments have become commonplace all over the PRC, the industry in the PRC is highly fragmented, with many spas being individually owned and operated. For example, Wuxi, where the Company is located, with a population of 6 million and we believe that it has more than 1,000 massage spas or regimen clubs, many of which are individually owned and operated.
According to a September 8, 2008 article in the New York Times, there was an estimated 50,000-60,000 massage therapists in Beijing. In 2009, the Health and Recreation Specialty Council of the China Health Care Association reported that there were over 600,000 leisure and health enterprises in the PRC, and about three million companies producing related products, with combined annual revenues exceeding 200 billion RMB (US$26.5 billion). This category is wider than just massage parlors or spas and includes many other health and leisure companies.
2,080,873: Pre reverse merger outstanding shares
0: Shares cancelled as part of the Share Exchange
0: Newly issued shares of Common Stock
GeoTeam® best effort calculation of total post reverse merger shares assuming full conversions: 2,080,873
Financial Snapshot: December Year End
For the Nine Months Ended
September 30,
For the Year Ended
2013
2012
2012
2011
(Unaudited)
Revenues
$
327,706
364,431
486,710
321,377
Cost of revenues
(258,746
)
(302,098
)
(456,004
)
(327,031
)
Cost of excess capacity
(572,243
)
(559,520
)
(645,836
)
(250,247
)
Gross loss
(503,283
)
(497,187
)
(615,130
)
(255,901
)
Selling, general and
(1,044,639
)
(817,928
)
(1,982,580
)
(632,582
)
Loss from operations
(1,547,922
)
(1,315,115
)
(2,597,710
)
(888,483
)
Other income/(expenses):
Interest income
79
63
489
2,553
Other (expenses)/income
(733
)
3,460
4,023
(32,414
)
Total other (expenses)/income
(654
)
3,523
4,512
(29,861
)
Net loss
$
(1,548,576
)
(1,311,592
)
(2,593,198
)
(918,344
)
Less: Net loss attributable to non-controlling interests
(439,177
)
(471,616
)
(587,184
)
(323,243
)
Net loss attributable to Wuxi KangJiaFu Royal Traditional Investment Management Co., Ltd.
(1,109,399
)
(839,976
)
(2,006,014
)
(595,101
)
Pro Forma Posr-RTO Valuation: using cuirrent price of $2.85 and new share count
2012 EPS: $-0.96
Trailing P/E: N/A
