We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hong Kong Winalite Group Inc (GM) | USOTC:HKWO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01 | 0.00 | 01:00:00 |
x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Nevada
|
87-0575571
|
|
(State or
other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
Large
accelerated filer
¨
|
Accelerated
filer
¨
|
|
Non-accelerated
filer
¨
|
Smaller
reporting company
x
|
|
(Do not
check if a smaller reporting company)
|
Class of Securities
|
Shares Outstanding
|
Common
Stock, $0.001 par value
|
49,740,933
|
CAUTIONARY
NOTE REGARDING FORWARD LOOKING STATEMENTS
|
ii
|
PART
I. FINANCIAL INFORMATION
|
1
|
ITEM
1.
FINANCIAL
STATEMENTS.
|
1
|
ITEM
2.
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
|
15
|
ITEM
4.
CONTROLS AND
PROCEDURES.
|
21
|
PART
II. OTHER INFORMATION
|
22
|
ITEM
6.
EXHIBITS.
|
22
|
SIGNATURES
|
23
|
ITEM
1.
|
FINANCIAL
STATEMENTS.
|
Page
|
|
Condensed
Consolidated Statements of Income for the three month and six month
periods ended June 30, 2009 and 2008
|
3
|
Condensed
Consolidated Balance Sheets as of June 30, 2009 and December 31,
2008
|
4
|
Condensed
Consolidated Statements of Cash Flows for the six month period ended June
30, 2009 and 2008
|
6
|
Notes to
Condensed Consolidated Financial Statements
|
8
|
Three
Month Period
|
Six
Month Period
|
|||||||||||||||||
Ended
June 30
|
Ended
June 30
|
|||||||||||||||||
2009
|
|
2008
|
2009
|
|
2008
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Sales
|
$ | 2,483,702 | $ | 955,327 | 4,848,415 | $ | 955,327 | |||||||||||
License fee
income
|
248,370 | 95,532 | 484,841 | 95,532 | ||||||||||||||
Revenues
|
2,732,072 | 1,050,859 | 5,333,256 | 1,050,859 | ||||||||||||||
Cost of
sales
|
(1,489,548 | ) | (573,925 | ) | (2,797,709 | ) | (573,925 | ) | ||||||||||
Gross
profit
|
1,242,524 | 476,934 | 2,535,547 | 476,934 | ||||||||||||||
Administrative
expenses
|
(402,503 | ) | (103,487 | ) | (534,423 | ) | (163,733 | ) | ||||||||||
Income
before income taxes
|
840,021 | 373,447 | 2,001,124 | 313,201 | ||||||||||||||
Income
taxes - Note 5
|
(175,291 | ) | - | (345,809 | ) | - | ||||||||||||
Net
income
|
664,730 | 373,447 | 1,655,315 | 313,201 | ||||||||||||||
Earnings
per share-basic and diluted
|
0.013 | 0.008 | 0.033 | 0.006 | ||||||||||||||
Weighted
average shares outstanding
|
||||||||||||||||||
-
basic and diluted
|
49,740,933 | 49,740,933 | 49,740,933 | 49,740,933 |
As
of
|
As
of
|
|||||||
June
30, 2009
|
December
31, 2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash and
cash equivalents
|
358,296 | 307,558 | ||||||
Trade
receivables (net of allowance for doubtful account of
US$207,770
in 2009 and US$0 in 2008)
|
$ | 3,994,236 | $ | 2,622,583 | ||||
Loan
receivables - Note 13
|
1,149,703 |
-
|
||||||
Other
receivables and prepayments
|
47,924 | 88,607 | ||||||
|
||||||||
Total
current assets
|
5,550,159 | 3,018,748 | ||||||
Property,
plant and equipment, net - Note 6
|
184,226 | 130,591 | ||||||
|
||||||||
TOTAL
ASSETS
|
$ | 5,734,385 | $ | 3,149,339 | ||||
|
||||||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|||||||
|
||||||||
LIABILITIES
|
|
|||||||
Current
liabilities
|
|
|||||||
Trade
payables
|
$ | 1,205,861 | $ | 1,127,986 | ||||
Sales
deposit received
|
1,277,252 |
-
|
||||||
Other
payables
|
14,304 | 207,812 | ||||||
Accrued
expenses
|
97,829 | 21,286 | ||||||
Amount
due to a director - Note 8
|
105,830
|
755,466 | ||||||
Tax
payable
|
489,795 | 143,336 | ||||||
|
||||||||
Total
current liabilities
|
3,190,871 | 2,255,886 | ||||||
Deferred
taxes
|
15,514
|
15,514 | ||||||
|
||||||||
TOTAL
LIABILITIES
|
3,206,385 | 2,271,400 | ||||||
COMMITMENT AND CONTINGENCIES
- Note 9
|
|
|||||||
|
||||||||
STOCKHOLDERS’
EQUITY
|
|
|||||||
Preferred
stock: par value $0.001 per share;
|
|
|||||||
authorized 1,000,000 shares;
|
|
|||||||
none issued and outstanding | ||||||||
Common
stock: par value $0.001 per share - Note 10
|
|
|||||||
authorized 500,000,000 shares;
issued and
|
||||||||
outstanding 49,740,933
shares
|
49,741 | 49,741 | ||||||
Additional
paid in capital
|
19,079 | 19,079 | ||||||
Accumulated
other comprehensive income
|
- | 5,254 | ||||||
Retained
earnings
|
2,459,180 | 803,865 | ||||||
|
||||||||
TOTAL
STOCKHOLDERS’ EQUITY
|
2,528,000 | 877,939 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 5,734,385 | $ | 3,149,339 |
Six
Month Period Ended June 30
|
||||||
Cash
flows from operating activities
|
2009
|
2008
|
||||
(Unaudited)
|
(Unaudited)
|
|||||
Net
income
|
$ | 1,655,315 | $ | 313,201 | ||
Adjustment
to reconcile net income to net cash
|
||||||
provided
by operating activities:
|
||||||
Allowance
for doubtful debts
|
207,770 | - | ||||
Depreciation
|
22,528 | - | ||||
Changes in
operating assets and liabilities :
|
||||||
Trade
receivables
|
(1,579,423 | ) | (842,091 | ) | ||
Other
receivables and prepayments
|
40,683 | (97,695 | ) | |||
Trade
payables
|
77,875 | 573,925 | ||||
Sales
deposit received
|
1,277,252 | - | ||||
Other
payables
|
(193,508 | ) | - | |||
Accrued
expenses
|
76,543 | (408,234 | ) | |||
Tax
payable
|
346,459 | - | ||||
|
|
|||||
Net cash
flows provided by/(used in) operating activities
|
1,931,494 | (460,894 | ) | |||
Cash
flow from investing activities
|
||||||
Advance to
a third party
|
(1,149,703 | ) | - | |||
Payments to
acquire property, plant and equipment
|
(76,163 | ) | - | |||
Net cash
flows used in investing activities
|
(1,225,866 | ) | - | |||
Cash
flow from financing activities
|
||||||
(Repayment
to)/advance from a director
|
(649,636 | ) | 629,312 | |||
Net cash
flows (used in) /provided by financing activities
|
(649,636 | ) | 629,312 | |||
Effect of
exchange rate
|
(5,254 | ) | (134 | ) | ||
Net
increase in cash and cash equivalents
|
50,738 | 168,284 | ||||
Cash and
cash equivalents – beginning of period
|
307,558 | 61,500 | ||||
Cash and
cash equivalents - end of period
|
$ | 358,296 | $ | 229,784 | ||
Cash paid
for :
|
||||||
Interest
|
$ | - | $ | - | ||
Income
taxes
|
$ | - | $ | - |
1.
|
Corporate
information
|
Hong Kong
Winalite Group, Inc. (the “Company”) was incorporated in the State of
Nevada on January 22, 1998. The Company’s shares are quoted for
trading on the Over-The-Counter Bulletin Board in the United States of
America.
|
|
On October
30, 2007, the then subsidiary of the Company, The Hong Kong Winalite Group
Limited (“Winalite”), a limited company incorporated in Hong Kong, entered
into a financial advisory agreement (“FAA”) with HFG International Limited
(“HFG), a Hong Kong corporation. Under the FAA, HFG agreed to
provide Winalite with financial advisory and consulting services in
implementing a restructuring plan, facilitating Winalite’s going public
transaction, and advising Winalite on matters related to Winalite’s
post-going-public-transaction period. In consideration for
these services, HFG was paid a fee of $80,000 after completion of a due
diligence investigation of Winalite and a fee of $400,000 upon the closing
of the going public transaction, $400,000 of which was paid during
2008. Winalite also granted HFG certain registration
rights. Timothy P. Halter, who immediately prior to
consummation of the transactions contemplated by the Share Exchange
Agreement beneficially owned approximately 87.5% of the Company’s issued
and outstanding capital stock, is the principal stockholder and Chief
Financial Officer of HFG.
|
Pursuant to
a Share Exchange Agreement dated December 28, 2007, the Company acquired a
100% ownership interest in Winalite as of September 10, 2007, in
consideration for the issuance of 48,000,000 of the Company’s common
shares (as adjusted for a 7.352380958-for-1 reverse stock split on January
7, 2008 (the “Reverse Stock Split”)) to the former stockholders of
Winalite (the “Winalite Former Shareholders”).
|
|
The
aforesaid transaction was completed on December 28, 2007, and, thereafter,
Winalite became a wholly-owned subsidiary of the Company and the Winalite
Former Stockholders became the majority stockholders of the
Company. This transaction constituted a reverse takeover
transaction (“RTO”).
|
|
On May 1,
2008, the Company entered into a master purchase and supply agreement
(“MPSA”) with Shenzhen Yuelang Techno Industrial Company Limited
(“Yuelang”), an independent third party. Pursuant to the MPSA,
the Company will purchase certain products from Yuelang at prices set out
in the MPSA. The MPSA has an indefinite term but can be terminated upon
six months’ notice by either party or upon specified events, such as the
insolvency of either party.
|
|
On May 1,
2008, the Company entered into agreements with independent third party
distributors (“Distributors”), namely exclusive international distribution
agreements (“Distribution Agreements”), consulting and management services
agreements (“Services Agreements”) and license agreements (“License
Agreements”). Pursuant to the Distribution Agreements, the
Distributors will purchase products from the Company and resell those
products through direct marketing and/or other channels in the
Distributors’ assigned and exclusive territories. The Distribution
Agreements have an initial term of five years and will be automatically
renewed for an additional one year period unless the Company indicates in
writing its desire to the contrary more than thirty days before the end of
the initial term. Pursuant to the Services Agreements, the Company has
agreed to provide certain consulting and management services to the
Distributors at a pre-determined hourly rate agreed by both
parties. The Services Agreements can be terminated at any time
by the Company, and upon sixty days’ advance notice by the Distributors,
by written notice delivered to the non-terminating
party. Pursuant to the License Agreements, the Company has
agreed to license to each Distributor certain intellectual property solely
for use in such Distributor’s assigned and exclusive territories in
connection with the marketing, sale and distribution of the Company’s
products. Each Distributor has agreed to pay the Company a
license fee in an amount equal to 10% of
the
|
1.
|
Corporate
information (Cont’d)
|
monetary
amount of such Distributor’s orders for the products placed with the
Company. The License Agreements will terminate when the
Distribution Agreements are
terminated.
|
2.
|
Description
of business
|
The Company
is a holding company that operates through its direct, wholly-owned Hong
Kong subsidiary, Winalite. The Company was in development stage
until May 2008. Following the RTO, as described in Note 1, the
Company, through its subsidiary, commenced its business in marketing and
selling personal health and hygiene products in May
2008.
|
3.
|
Basis of
presentation
|
The
unaudited condensed consolidated financial statements included herein,
presented in accordance with accounting principles generally accepted in
the United States of America (“US GAAP”) and stated in US dollars, have
been prepared by the Company, pursuant to the rules and regulations of the
U.S. Securities and Exchange Commission (“SEC”).
|
|
Certain
information and note disclosures normally included in financial statements
prepared in accordance with US GAAP have been condensed or omitted
pursuant to SEC rules and regulations, although the Company believes that
the disclosures are adequate to make the information presented not
misleading. These statements reflect all adjustments,
consisting of normal recurring adjustments, which, in the opinion of
management, are necessary for fair presentation of the information
contained therein. These interim condensed consolidated
financial statements should be read in conjunction with the financial
statements and notes thereto included in the Company’s Form 10-K for the
year ended December 31, 2008. The Company follows the same
accounting policies in the preparation of interim reports as it does in
the preparation of annual reports.
|
|
Results of
operations for the interim periods are not indicative of annual
results.
|
4.
|
Summary
of significant accounting policies
|
Revenue recognition
|
|
Sales of
goods are recognized as revenue when persuasive evidence of an arrangement
exists, title transfer has occurred (product shipment), the price is fixed
or readily determinable, and collectability is probable. We recognize
revenue in accordance with Staff Accounting Bulletin No. 104,
“
Revenue
Recognition.”
|
4.
|
Summary
of significant accounting policies (Cont’d)
|
Concentrations on credit
risk
|
|
During the
reporting periods, customers representing 10% or more of the Company’s
consolidated sales were:
|
Three
months ended
|
Six
months ended
|
||||||||
June
30, 2009
|
June
30, 2009
|
||||||||
(Unaudited) | (Unaudited) | ||||||||
Winalite
International USA, Inc.*
|
1,312,589 | 1,536,262 | |||||||
PT.
Winalite Indonesia*
|
511,993 | 606,307 | |||||||
Winalite
Japan Co. Ltd*
|
89,819 | 593,456 | |||||||
Winalite
Global Sdn Bhd*
|
- | 715,215 | |||||||
Total
|
1,914,401 | 3,451,240 |
June
30, 2009
|
|||||
(Unaudited) | |||||
Winalite
Global Sdn Bhd*
|
733,686 | ||||
Winalite
International USA, Inc.*
|
733,335 | ||||
PT.
Winalite Indonesia*
|
695,749 | ||||
Winalite
Peru S.A.C.*
|
474,875 | ||||
Total
|
2,637,645 |
Recently issued accounting
pronouncements
|
|
In June
2009, the Financial Accounting Standards and Board (the “FASB”) issued
Statement of Financial Accounting Standards No. 168, “The FASB Accounting
Standards Codification and the Hierarchy of Generally Accepted Accounting
Principles” (“SFAS 168”). SFAS 168 establishes the FASB
Accounting Standards Codification (the “Codification”), which officially
launched July 1, 2009, and became the authoritative source of U.S.
generally accepted accounting principles (“GAAP”) recognized by the FASB
to be applied by nongovernmental entities. Rules and
interpretive releases of the SEC under authority of federal securities
laws are also authoritative sources of GAAP for SEC
registrants. The subsequent issuances of new standards will be
in the form of Accounting Standards Updates that will be included in the
Codification. Generally, the Codification is not expected to
change GAAP. All other accounting
literature
|
4.
|
Summary
of significant accounting policies (Cont’d)
|
excluded
from the Codification will be considered nonauthoritative. SFAS
168 is effective for financial statements issued for interim and annual
periods ending after September 15, 2009. We will adopt SFAS 168
for our quarter ending September 30, 2009. We are currently
evaluating the effect on our financial statement disclosures as all future
references to authoritative accounting literature will be references in
accordance with the Codification.
|
|
In May
2009, the FASB issued Statement of Financial Accounting Standards No. 165,
“Subsequent Events” (“SFAS 165”). SFAS 165 provides general
standards of accounting for, and disclosure of, events that occur after
the balance sheet date but before financial statements are issued or are
available to be issued. SFAS No. 165 is applicable for interim
or annual periods after June 15, 2009. The Company evaluated all
events or transactions that occurred after June 30, 2009, up through
November 6, 2009, the date the Company issued these financial statements.
During this period the Company did not have any material recognizable
subsequent events.
|
5.
|
Income
taxes
|
United States
|
|
The Company
is subject to the United States of America tax law. No
provision for the U.S. federal income tax has been made because the
Company had no taxable income for the reporting period. The
statutory tax rate is 35%.
|
|
Hong Kong
|
|
The
Company’s subsidiary operating in Hong Kong is subject to a profit tax at
the rate of 16.5% of the estimated assessable profits.
|
|
6.
|
Property,
plant and equipment
|
Month
ended
June
30,
|
Year
ended
December
31,
|
||||||||
2009
|
2008
|
||||||||
(Unaudited)
|
(Unaudited)
|
||||||||
Costs:
|
|||||||||
Office
equipment
|
$ | 3,367 | $ | - | |||||
Leasehold
improvements
|
72,796 | - | |||||||
Motor
vehicles
|
130,591 | 130,591 | |||||||
206,754 | 130,591 | ||||||||
Accumulated
depreciation
|
(22,528 | ) | - | ||||||
Net
|
$ | 184,226 | $ | 130,591 |
7.
|
Net
Income per share
|
During the
reporting period, the Company did not issue any dilutive instruments.
Accordingly, the reported basic earnings per share and diluted earnings
per share are the same.
|
|
8.
|
Amount
due to a director
|
The amount
is interest-free, unsecured and repayable on
demand.
|
9.
|
Commitment
and contingencies
|
|
(a)
|
Capital
commitment
|
|
The Company
has not had any capital commitments which were contracted for but not
provided in the financial statements.
|
||
(b)
|
Operating
lease arrangement
|
|
As of June
30, 2009, the Company had a non-cancelable operating lease for its
office. The lease will expire in February 2011, and the
expected payments are as follows:
|
Within one
year
|
$ | 123,638 | |||
Two to five
year
|
$ | 72,122 | |||
$ | 195,760 |
10.
|
Common
stock and additional paid-in
capital
|
Common
stock
|
|||||||||||||
Number
of
|
|||||||||||||
shares
as
|
|||||||||||||
adjusted
for
|
Additional
|
||||||||||||
Reverse
|
paid-in
|
||||||||||||
Stock
Split
|
Amount
|
capital
|
|||||||||||
Issuance of
shares for RTO
|
48,000,000 | $ | 48,000 | $ | (48,000 | ) | |||||||
Issuance of
shares of Winalite
|
- | - | 61,645 | ||||||||||
Recapitalization
|
1,740,933 | 1,741 | 5,434 | ||||||||||
Balance,
December 31, 2008 and
June
30, 2009
|
49,740,933 | $ | 49,741 | $ | 19,079 |
(a)
|
On December
28, 2007, the Company issued 48,000,000 shares as adjusted for Reverse
Stock Split of common stock, par value $0.001 per share, to the Winalite
Former Stockholders in exchange for 100% of the outstanding capital stock
of Winalite.
|
10.
|
Common
stock and additional paid-in capital
(Cont’d)
|
(b)
|
The
Company’s issued and outstanding number of common stock immediately prior
to the RTO was 1,740,933 shares, as adjusted for Reverse Stock Split, and
are accounted for at $7,175 of net book value at the time of the
RTO.
|
|
(c)
|
On January
7, 2008, the Company implemented a 7.352380958-for-1 reverse stock
split. Immediately following the Reverse Stock Split, the
Company had 49,740,933 shares of common stock issued and
outstanding. The effect of Reverse Stock Split has been
retroactively reflected in these financial statements. All
references to weighted average shares outstanding and per share amounts
included in the accompanying financial statements and notes reflect the
Reverse Stock Split and its retroactive
effects.
|
11.
|
EIP
information
|
Pursuant to
the Company’s equity incentive plan (“EIP”) adopted by the Company’s Board
of Directors on March 30, 2009, which became effective on April 1, 2009,
the Company has signed Restrictive Stock Purchase Agreements (“RSPAs”)
with officers, employees, distributors or consultants who perform services
to the Company. The shares to be issued to the recipients
pursuant to the RSPAs are priced at US$2 per share and are subject to a
lock-up period of 5.5 years and a vesting schedule, as well as other
restrictions.
|
|
12.
|
Segment
information
|
The Company
operates in a single segment: marketing and selling personal health and
hygiene products. All of the Company’s long-lived assets are
located in Hong Kong. Geographic information about the revenues
classified based on locations of the customers, is set out as
follows:
|
Three
months ended
|
Six
months ended
|
||||||||
June
30, 2009
|
June
30, 2009
|
||||||||
(Unaudited)
|
(Unaudited)
|
||||||||
USA
|
$ | 1,312,589 | $ | 1,536,262 | |||||
Indonesia
|
511,993 | 606,307 | |||||||
Korea
|
232,637 | 439,656 | |||||||
Philippines
|
160,013 | 314,059 | |||||||
Peru
|
157,175 | 314,365 | |||||||
Taiwan
|
141,256 | 141,256 | |||||||
Japan
|
89,819 | 593,456 | |||||||
Lithuania
|
78,587 | 251,496 | |||||||
Malaysia
|
- | 715,215 | |||||||
Georgia
|
- | 157,033 | |||||||
Others
|
48,003 | 264,151 | |||||||
Total
|
$ | 2,732,072 | $ | 5,333,256 |
13.
|
Loan
receivable
|
The Company
has made a loan to For You Group L.L.C. (“FYG”) in the aggregate amount of
US$1,850,000. The Company loaned US$1,150,000 to FYG in June
2009, and the Company loaned the balance to FYG in July
2009. FYG is a related party of the Company’s primary
supplier.
|
|
The loan is
interest-bearing at 0.05% per month, but no interest is required to be
paid by FYG in the event that FYG repays the loan in full within three
months of the drawdown date. The loan is unsecured and due in
June 2010. The Company’s primary supplier has guaranteed
the repayment of this loan to the
Company.
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
|
·
|
Our
revenues were $2,732,072.
|
|
·
|
Gross
margin was 45.48%.
|
|
·
|
Gross
profit was $1,242,524.
|
|
·
|
Net income
was $664,730
|
|
·
|
Basic and
diluted earnings per share were
$0.013.
|
Six Months
Ended June 30
|
|||||||||||||
Item
|
|
in
Thousands of Dollars
|
|||||||||||
2009
|
2008
|
Fluctuant
|
% | ||||||||||
Revenues
|
$ | 5,333 | 1,051 | 407 | % | ||||||||
Cost of
sales
|
$ | (2,798 | ) | (574 | ) | 387 | % | ||||||
Gross
profit
|
$ | 2,536 | 477 | 432 | % | ||||||||
Operating
expenses
|
$ | (534 | ) | (164 | ) | 226 | % | ||||||
Income
before income taxes
|
$ | 2,001 | 313 | 539 | % | ||||||||
Income
taxes
|
$ | (346 | ) | - | 100 | % | |||||||
Net
income
|
$ | 1,655 | 313 | 429 | % |
Three
Months Ended June 30
|
|||||||||||||
Item
|
|
in
Thousands of Dollars
|
|||||||||||
2009
|
2008
|
Fluctuant
|
% | ||||||||||
Revenues
|
$ | 2,732 | 1,051 | 160 | % | ||||||||
Cost of
sales
|
$ | (1,490 | ) | (574 | ) | 160 | % | ||||||
Gross
profit
|
$ | 1,243 | 477 | 161 | % | ||||||||
Operating
expenses
|
$ | (403 | ) | (103 | ) | 291 | % | ||||||
Income
before income taxes
|
$ | 840 | 373 | 125 | % | ||||||||
Income
taxes
|
$ | (175 | ) | - | 100 | % | |||||||
Net
income
|
$ | 665 | 373 | 78 | % |
Item
|
Cash
Flow
Six Months
Ended
June 30,
2009
|
|||
Net cash
provided by operating activities
|
$ | 1,931,494 | ||
Net cash
used in investing activities
|
$ | (1,225,866 | ) | |
Net cash
used in financing activities
|
$ | (649,636 | ) | |
Effect of
exchange rate
|
$ | (5,254 | ) | |
Cash and
cash equivalents, beginning of period
|
$ | 307,558 | ||
Cash and
cash equivalents, end of period
|
$ | 358,296 |
ITEM
4.
|
CONTROLS
AND PROCEDURES
|
ITEM 6.
|
EXHIBITS.
|
No.
|
Description
|
31.1*
|
Rule
13a-14(a) Certification of Chief Executive Officer.
|
31.2*
|
Rule
13a-14(a) Certification of Chief Financial Officer.
|
32.1**
|
Certification
of Chief Executive Officer furnished pursuant to 18 U.S.C. Section
1350.
|
32.2**
|
Certification
of Chief Financial Officer furnished pursuant to 18 U.S.C. Section
1350.
|
Dated:
November 6, 2009
|
HONG
KONG WINALITE GROUP, INC.
|
By:
/s/ Hongxing
Gao
Hongxing
Gao
Chief
Executive Officer
(Principal
Executive Officer)
|
|
By:
/s/ Jianquan
Li
Jianquan
Li
Chief
Financial Officer
(Principal
Financial and Accounting Officer)
|
1 Year Hong Kong Winalite (GM) Chart |
1 Month Hong Kong Winalite (GM) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions