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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Santaro Interactive Entertainment Company (CE) | USOTC:STIE | 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% | 0.0001 | 0.00 | 01:00:00 |
Nevada
|
|
27-1571493
|
|
|
|
(State or Other Jurisdiction of
|
|
(I.R.S. Employer
|
Incorporation or Organization)
|
|
Identification No.)
|
Large Accelerated Filer
¨
|
Accelerated Filer
¨
|
Non-Accelerated Filer
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
þ
|
|
|
Page
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PART I FINANCIAL INFORMATION
|
|
|
|
|
|
ITEM 1
|
FINANCIAL STATEMENTS
|
1
|
|
|
|
ITEM 2
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
17
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|
|
|
ITEM 3
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
24
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|
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ITEM 4
|
CONTROLS AND PROCEDURES
|
25
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PART II OTHER INFORMATION
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ITEM 1
|
LEGAL PROCEEDINGS
|
26
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ITEM 1A
|
RISK FACTORS
|
26
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|
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ITEM 2
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
26
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ITEM 3
|
DEFAULTS UPON SENIOR SECURITIES
|
26
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ITEM 4
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MINE SAFETY DISCLOSURES
|
26
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ITEM 5
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OTHER INFORMATION
|
26
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ITEM 6
|
EXHIBITS
|
26
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SIGNATURES |
27
|
ITEM 1
|
FINANCIAL STATEMENTS
|
|
|
June 30, 2013
|
|
December 31, 2012
|
|
||
|
|
(Unaudited)
|
|
|
|
||
ASSETS
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
17,227
|
|
$
|
49,504
|
|
Prepaid expenses
|
|
|
50,754
|
|
|
4,751
|
|
Other receivables
|
|
|
150,360
|
|
|
10,592
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
218,341
|
|
|
64,847
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
282,855
|
|
|
556,884
|
|
Long term investment
|
|
|
644
|
|
|
644
|
|
Intangibles, net
|
|
|
27,041
|
|
|
31,575
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
528,881
|
|
$
|
653,950
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Advance from Customers
|
|
$
|
60,459
|
|
$
|
79,861
|
|
Taxes payable
|
|
|
6,140
|
|
|
737
|
|
Deferred revenue
|
|
|
19,298
|
|
|
17,461
|
|
Other payables and accrued expenses
|
|
|
601,674
|
|
|
467,976
|
|
Due to related parties
|
|
|
6,111,781
|
|
|
4,426,400
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
6,799,352
|
|
|
4,992,435
|
|
Commitments and contingencies
|
|
|
-
|
|
|
-
|
|
STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
Common stock ($0.001 par value; authorized 100,000,000 shares; issued and outstanding 69,875,000 shares at June 30, 2013 and December 31, 2012, respectively)
|
|
|
69,875
|
|
|
69,875
|
|
Additional paid-in capital
|
|
|
10,578,169
|
|
|
10,578,169
|
|
Deficit accumulated during the development stage
|
|
|
(16,457,113)
|
|
|
(14,628,454)
|
|
Accumulated other comprehensive loss
|
|
|
(461,402)
|
|
|
(358,075)
|
|
|
|
|
|
|
|
|
|
Total stockholders’ deficit
|
|
|
(6,270,471)
|
|
|
(4,338,485)
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Deficit
|
|
$
|
528,881
|
|
$
|
653,950
|
|
|
|
Three months ended June 30,
|
|
Six months Ended June 30,
|
|
August 9, 2006
(inception of Beijing Sntaro) through |
|
|||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
June 30, 2013
|
|
|||||
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|||||
Revenue
|
|
$
|
117,203
|
|
$
|
-
|
|
$
|
195,979
|
|
$
|
-
|
|
$
|
223,550
|
|
Cost of revenue
|
|
|
326,722
|
|
|
-
|
|
|
764,650
|
|
|
-
|
|
|
1,457,709
|
|
Gross loss
|
|
|
(209,519)
|
|
|
-
|
|
|
(568,671)
|
|
|
-
|
|
|
(1,234,159)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses
|
|
|
214,742
|
|
|
823,589
|
|
|
366,255
|
|
|
1,521,653
|
|
|
9,422,909
|
|
Sales and marketing expenses
|
|
|
91,387
|
|
|
13,405
|
|
|
231,931
|
|
|
23,030
|
|
|
780,852
|
|
General and administrative expenses
|
|
|
204,969
|
|
|
440,072
|
|
|
500,520
|
|
|
859,929
|
|
|
5,013,073
|
|
Total operating expenses
|
|
|
511,098
|
|
|
1,277,066
|
|
|
1,098,706
|
|
|
2,404,612
|
|
|
15,216,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(720,617)
|
|
|
(1,277,066)
|
|
|
(1,667,377)
|
|
|
(2,404,612)
|
|
|
(16,450,993)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on deconsolidation of subsidiary
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(15,823)
|
|
Non-operating (income) expenses
|
|
|
162,041
|
|
|
(193)
|
|
|
161,282
|
|
|
(3,634)
|
|
|
594,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before non-controlling interest
|
|
|
(882,658)
|
|
|
(1,276,873)
|
|
|
(1,828,659)
|
|
|
(2,400,978)
|
|
|
(17,029,932)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: loss attributable to the non-controlling interests
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(572,819)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to the Company
|
|
|
(882,658)
|
|
|
(1,276,873)
|
|
|
(1,828,659)
|
|
|
(2,400,978)
|
|
|
(16,457,113)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(882,658)
|
|
|
(1,276,873)
|
|
|
(1,828,659)
|
|
|
(2,400,978)
|
|
|
(17,029,932)
|
|
Foreign currency translation adjustment
|
|
|
(80,045)
|
|
|
(2,471)
|
|
|
(103,327)
|
|
|
2,830
|
|
|
(461,402)
|
|
Comprehensive loss
|
|
|
(962,703)
|
|
|
(1,279,344)
|
|
|
(1,931,986)
|
|
|
(2,398,148)
|
|
|
(17,491,334)
|
|
Less: Comprehensive loss attributable to the non-controlling interest
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(572,819)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to the Company
|
|
$
|
(962,703)
|
|
$
|
(1,279,344)
|
|
$
|
(1,931,986)
|
|
$
|
(2,398,148)
|
|
$
|
(16,918,515)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.013)
|
|
$
|
(0.018)
|
|
$
|
(0.026)
|
|
$
|
(0.034)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding basic and diluted
|
|
|
69,875,000
|
|
|
69,875,000
|
|
|
69,875,000
|
|
|
69,875,000
|
|
|
|
|
|
|
Common Stock
|
|
Additional
|
|
Deficit
accumulated during |
|
Accumulated
other |
|
Total deficit of
|
|
Non-
|
|
|
|
|
|||||||||
|
|
Share
|
|
$0.001 Par
Value |
|
Paid-In
Capital |
|
development
stage |
|
comprehensive
income (loss) |
|
the Company’s
stockholders |
|
controlling
interest |
|
Total deficit
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at August 9, 2006
|
|
|
55,670,000
|
|
$
|
55,670
|
|
$
|
(55,670)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
Net (loss)
|
|
|
|
|
|
|
|
|
-
|
|
|
(21,583)
|
|
|
-
|
|
|
(21,583)
|
|
|
-
|
|
|
(21,583)
|
|
Foreign currency exchange translation adjustment, net of nil income taxes
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
884
|
|
|
884
|
|
|
-
|
|
|
884
|
|
Inject paid-in capital
|
|
|
|
|
|
|
|
|
139,580
|
|
|
-
|
|
|
-
|
|
|
139,580
|
|
|
-
|
|
|
139,580
|
|
Balance at December 31, 2006
|
|
|
55,670,000
|
|
|
55,670
|
|
|
83,910
|
|
|
(21,583)
|
|
|
884
|
|
|
118,881
|
|
|
-
|
|
|
118,881
|
|
Net (loss)
|
|
|
|
|
|
|
|
|
-
|
|
|
(483,001)
|
|
|
-
|
|
|
(483,001)
|
|
|
-
|
|
|
(483,001)
|
|
Foreign currency exchange translation adjustment, net of nil income taxes
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
10,100
|
|
|
10,100
|
|
|
-
|
|
|
10,100
|
|
Inject paid-in capital
|
|
|
|
|
|
|
|
|
492,141
|
|
|
-
|
|
|
-
|
|
|
492,141
|
|
|
-
|
|
|
492,141
|
|
Balance at December 31, 2007
|
|
|
55,670,000
|
|
|
55,670
|
|
|
576,051
|
|
|
(504,584)
|
|
|
10,984
|
|
|
138,121
|
|
|
-
|
|
|
138,121
|
|
Net (loss)
|
|
|
|
|
|
|
|
|
-
|
|
|
(805,983)
|
|
|
-
|
|
|
(805,983)
|
|
|
-
|
|
|
(805,983)
|
|
Foreign currency exchange translation adjustment, net of nil income taxes
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
6,693
|
|
|
6,693
|
|
|
-
|
|
|
6,693
|
|
Inject paid-in capital
|
|
|
|
|
|
|
|
|
739,775
|
|
|
-
|
|
|
-
|
|
|
739,775
|
|
|
-
|
|
|
739,775
|
|
Balance at December 31, 2008
|
|
|
55,670,000
|
|
|
55,670
|
|
|
1,315,826
|
|
|
(1,310,567)
|
|
|
17,677
|
|
|
78,606
|
|
|
-
|
|
|
78,606
|
|
Net (loss)
|
|
|
|
|
|
|
|
|
-
|
|
|
(1,937,574)
|
|
|
-
|
|
|
(1,937,574)
|
|
|
(333,044)
|
|
|
(2,270,618)
|
|
Foreign currency exchange translation adjustment, net of nil income taxes
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
(22)
|
|
|
(22)
|
|
|
-
|
|
|
(22)
|
|
Inject paid-in capital
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
437,771
|
|
|
437,771
|
|
Balance at December 31, 2009
|
|
|
55,670,000
|
|
|
55,670
|
|
|
1,315,826
|
|
|
(3,248,141)
|
|
|
17,655
|
|
|
(1,858,990)
|
|
|
104,727
|
|
|
(1,754,263)
|
|
Net (loss)
|
|
|
|
|
|
|
|
|
-
|
|
|
(2,507,714)
|
|
|
-
|
|
|
(2,507,714)
|
|
|
(239,775)
|
|
|
(2,747,489)
|
|
Foreign currency exchange translation adjustment, net of nil income taxes
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
(130,863)
|
|
|
(130,863)
|
|
|
-
|
|
|
(130,863)
|
|
Effect of reverse acquisition
|
|
|
11,830,000
|
|
|
11,830
|
|
|
(112,100)
|
|
|
-
|
|
|
-
|
|
|
(100,270)
|
|
|
135,048
|
|
|
34,778
|
|
Balance as of December 31, 2010
|
|
|
67,500,000
|
|
|
67,500
|
|
|
1,203,726
|
|
|
(5,755,855)
|
|
|
(113,208)
|
|
|
(4,597,837)
|
|
|
-
|
|
|
(4,597,837)
|
|
Net (loss)
|
|
|
|
|
|
|
|
|
-
|
|
|
(3,774,468)
|
|
|
-
|
|
|
(3,774,468)
|
|
|
-
|
|
|
(3,774,468)
|
|
Foreign currency exchange translation adjustment, net of nil income taxes
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
(247,528)
|
|
|
(247,528)
|
|
|
-
|
|
|
(247,528)
|
|
Common stock issued for cash June 27, 2011
|
|
|
1,000,000
|
|
|
1,000
|
|
|
1,999,000
|
|
|
-
|
|
|
-
|
|
|
2,000,000
|
|
|
-
|
|
|
2,000,000
|
|
Common stock issued for cash August 29, 2011
|
|
|
1,375,000
|
|
|
1,375
|
|
|
2,748,625
|
|
|
-
|
|
|
-
|
|
|
2,750,000
|
|
|
-
|
|
|
2,750,000
|
|
Capital contribution
|
|
|
|
|
|
|
|
|
4,626,818
|
|
|
-
|
|
|
-
|
|
|
4,626,818
|
|
|
-
|
|
|
4,626,818
|
|
Balance as of December 31, 2011
|
|
|
69,875,000
|
|
|
69,875
|
|
|
10,578,169
|
|
|
(9,530,323)
|
|
|
(360,736)
|
|
|
756,985
|
|
|
-
|
|
|
756,985
|
|
Net (loss)
|
|
|
|
|
|
|
|
|
-
|
|
|
(5,098,131)
|
|
|
-
|
|
|
(5,098,131)
|
|
|
-
|
|
|
(5,098,131)
|
|
Foreign currency exchange translation adjustment, net of nil income taxes
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
2,661
|
|
|
2,661
|
|
|
-
|
|
|
2,661
|
|
Balance as of December 31, 2012
|
|
|
69,875,000
|
|
|
69,875
|
|
|
10,578,169
|
|
|
(14,628,454)
|
|
|
(358,075)
|
|
|
(4,338,485)
|
|
|
-
|
|
|
(4,338,485)
|
|
Net (loss)
|
|
|
|
|
|
|
|
|
-
|
|
|
(1,828,659)
|
|
|
-
|
|
|
(1,828,659)
|
|
|
-
|
|
|
(1,828,659)
|
|
Foreign currency exchange translation adjustment, net of nil income taxes
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
(103,327)
|
|
|
(103,327)
|
|
|
-
|
|
|
(103,327)
|
|
Balance as of June 30, 2013 (Unaudited)
|
|
|
69,875,000
|
|
$
|
69,875
|
|
$
|
10,578,169
|
|
$
|
(16,457,113)
|
|
$
|
(461,402)
|
|
$
|
(6,270,471)
|
|
$
|
-
|
|
$
|
(6,270,471)
|
|
|
|
Six months ended June 30,
|
|
August 9, 2006
(inception of Beijing Sntaro) through June |
|
|||||
|
|
2013
|
|
2012
|
|
30, 2013
|
|
|||
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,828,659)
|
|
$
|
(2,400,978)
|
|
$
|
(17,029,932)
|
|
Adjustments to reconcile net loss before non-controlling interests to net cash used by operating activities:
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of fixed assets
|
|
|
172,127
|
|
|
-
|
|
|
172,127
|
|
Depreciation
|
|
|
129,381
|
|
|
105,234
|
|
|
657,740
|
|
Amortization of intangible assets
|
|
|
5,136
|
|
|
4,909
|
|
|
22,724
|
|
Gain on deconsolidation of subsidiary
|
|
|
-
|
|
|
-
|
|
|
(15,823)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses
|
|
|
(45,465)
|
|
|
225,808
|
|
|
(40,396)
|
|
Other receivables
|
|
|
(138,216)
|
|
|
64,225
|
|
|
(226,708)
|
|
Advance from customers
|
|
|
(20,852)
|
|
|
-
|
|
|
58,962
|
|
Taxes payable
|
|
|
5,336
|
|
|
-
|
|
|
6,073
|
|
Deferred revenue
|
|
|
1,462
|
|
|
-
|
|
|
18,912
|
|
Other payables and accrued expenses
|
|
|
124,188
|
|
|
(70,596)
|
|
|
579,408
|
|
Due to a related party
|
|
|
-
|
|
|
(12,229)
|
|
|
81,437
|
|
Net cash used in operating activities
|
|
|
(1,595,562)
|
|
|
(2,083,627)
|
|
|
(15,715,476)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Net cash received from disposal of fixed assets
|
|
|
10,913
|
|
|
-
|
|
|
10,913
|
|
Purchase of property and equipment
|
|
|
(29,611)
|
|
|
(82,946)
|
|
|
(1,017,129)
|
|
Intangibles
|
|
|
-
|
|
|
(8,031)
|
|
|
(48,346)
|
|
Cash effect on deconsolidation of subsidiary
|
|
|
-
|
|
|
-
|
|
|
15,823
|
|
Net cash used in investing activities
|
|
|
(18,698)
|
|
|
(90,977)
|
|
|
(1,038,739)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of stock
|
|
|
-
|
|
|
-
|
|
|
6,156,274
|
|
Paid-in capital injection
|
|
|
-
|
|
|
-
|
|
|
4,626,818
|
|
Capital contributed by non-controlling interest owner
|
|
|
-
|
|
|
-
|
|
|
428,290
|
|
Loan from related parties
|
|
|
1,581,735
|
|
|
260,849
|
|
|
10,266,141
|
|
Repayment of related parties loan
|
|
|
-
|
|
|
-
|
|
|
(4,786,811)
|
|
Net cash provided by financing activities
|
|
|
1,581,735
|
|
|
260,849
|
|
|
16,690,712
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
248
|
|
|
11,903
|
|
|
80,730
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(32,277)
|
|
|
(1,901,852)
|
|
|
17,227
|
|
Cash and cash equivalents at the beginning of period
|
|
|
49,504
|
|
|
2,028,612
|
|
|
-
|
|
Cash and cash equivalents at the end of period
|
|
$
|
17,227
|
|
$
|
126,760
|
|
$
|
17,227
|
|
Supplemental disclosure for cash flow information
|
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
Income taxes paid
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
Consolidated entity name:
|
|
Percentage of ownership
|
|
|
Santaro Holdings, Ltd (“SHL”)
|
|
100
|
|
%
|
Santaro Investments, Ltd. (“Santaro HK”)
|
|
100
|
|
%
|
Ningbo Sntaro Network Technology Co., Ltd. (“Ningbo Sntaro”)
|
|
100
|
|
%
|
Beijing Sntaro Technology Co., Ltd. (“Beijing Sntaro”)
|
|
Variable Interest Entity
|
|
|
Beijing Sntaro Freeland Network Co., Ltd. (“FL Network”) (only through December 31, 2012)
|
|
100% subsidiary of Beijing Sntaro
|
|
|
(1)
|
Ningbo Sntaro has a decisive right to determine the amount of the fees it will receive and it intends to transfer substantially all of the economic benefits of Beijing Sntaro to Ningbo Sntaro
;
|
(2)
|
The equity owners of Beijing Sntaro irrevocably granted Ningbo Sntaro the right to make all operating and business decisions for Beijing Sntaro on behalf of the equity owners;
|
(3)
|
All equity owned by the three equity owners of Beijing Sntaro shall be pledged to Ningbo Sntaro as a collateral against the service fee payable to Ningbo Sntaro; and
|
(4)
|
The equity owners of Beijing Sntaro may not dispose of or enter into any other agreements involving all and any of the equity interest of Beijing Sntaro without prior agreement by Ningbo Sntaro.
|
A.
|
Under PRC law, our subsidiary may only pay dividends after 10% of its after-tax profits have been set aside as reserve funds, unless such reserves have reached at least 50% of its registered capital. Such cash reserve may not be distributed as cash dividends.
|
B.
|
The PRC Income Tax Law also imposes a 10% withholding income tax on dividends generated on or after January 1, 2008 and distributed by a resident enterprise to its foreign investors, if such foreign investors are considered a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with such foreign investors’ establishment or place within China, unless such foreign investors’ jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement.
|
|
|
June 30, 2013
|
|
December 31, 2012
|
|
||
|
|
(Unaudited)
|
|
|
|
||
Total assets
|
|
$
|
203,248
|
|
$
|
123,052
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
2,842,854
|
|
$
|
2,682,517
|
|
|
|
Six months ended June 30,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(Unaudited)
|
|
(Unaudited)
|
|
||
Revenues
|
|
$
|
195,979
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
179,868
|
|
$
|
81,527
|
|
·
|
Foreign Exchange Administration Rules (1996), as amended in August 2008, or the Exchange Rules;
|
·
|
Administration Rules of the Settlement, Sale and Payment of Foreign Exchange (1996), or the Administration Rules.
|
Level 1:
|
Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.
|
Level 2:
|
Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other then quoted prices that are observable, and inputs derived from or corroborated by observable market data.
|
Level 3:
|
Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information.
|
Computer equipment
|
|
3-5 years
|
|
Leasehold improvements
|
|
3 years
|
|
Furniture and fixtures
|
|
3-5 years
|
|
|
|
2013
|
|
2012
|
|
||
|
|
(Unaudited)
|
|
(Unaudited)
|
|
||
Net loss for basic and diluted loss per share
|
|
$
|
(882,658)
|
|
$
|
(1,276,873)
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in basic and diluted computation
|
|
|
69,875,000
|
|
|
69,875,000
|
|
Loss per share:
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.013)
|
|
$
|
(0.018)
|
|
|
|
2013
|
|
2012
|
|
||
|
|
(Unaudited)
|
|
(Unaudited)
|
|
||
Net loss for basic and diluted loss per share
|
|
$
|
(1,828,659)
|
|
$
|
(2,400,978)
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in basic and diluted computation
|
|
|
69,875,000
|
|
|
69,875,000
|
|
Loss per share:
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.026)
|
|
$
|
(0.034)
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
|
||
|
|
(Unaudited)
|
|
|
|
||
|
|
|
|
|
|
|
|
Computer equipment
|
|
$
|
492,110
|
|
$
|
670,268
|
|
Furniture and fixtures
|
|
|
58,221
|
|
|
221,666
|
|
Leasehold improvement
|
|
|
90,597
|
|
|
216,373
|
|
|
|
|
640,928
|
|
|
1,108,307
|
|
Less: Accumulated depreciation
|
|
|
(358,073)
|
|
|
(551,423)
|
|
Property and equipment, net
|
|
$
|
282,855
|
|
$
|
556,884
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
|
||
|
|
(Unaudited)
|
|
|
|
||
Other payables
|
|
$
|
430,167
|
|
$
|
447,147
|
|
Accrued salaries
|
|
|
171,507
|
|
|
20,829
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
601,674
|
|
$
|
467,976
|
|
|
|
Rental
|
|
|
Fiscal Year
|
|
Commitments
|
|
|
|
|
|
|
|
2014
|
|
$
|
73,958
|
|
2015
|
|
|
73,958
|
|
2016
|
|
|
36,978
|
|
|
|
|
|
|
Total
|
|
$
|
184,894
|
|
|
|
Six months ended June 30,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(Unaudited)
|
|
(Unaudited)
|
|
||
Revenue
|
|
$
|
195,979
|
|
$
|
-
|
|
Cost of revenue
|
|
|
764,650
|
|
|
-
|
|
Gross loss
|
|
|
(568,671)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Research and development expenses
|
|
|
366,255
|
|
|
1,521,653
|
|
Sales and marketing expenses
|
|
|
231,931
|
|
|
23,030
|
|
General and administrative expenses
|
|
|
500,520
|
|
|
859,929
|
|
Total operating expenses
|
|
|
1,098,706
|
|
|
2,404,612
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(1,667,377)
|
|
|
(2,404,612)
|
|
|
|
|
|
|
|
|
|
Non-operating (income) expenses
|
|
|
161,282
|
|
|
(3,634)
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,828,659)
|
|
$
|
(2,400,978)
|
|
|
|
Three months ended June 30,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(Unaudited)
|
|
(Unaudited)
|
|
||
Revenue
|
|
$
|
117,203
|
|
$
|
-
|
|
Cost of revenue
|
|
|
326,722
|
|
|
-
|
|
Gross loss
|
|
|
(209,519)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Research and development expenses
|
|
|
214,742
|
|
|
823,589
|
|
Sales and marketing expenses
|
|
|
91,387
|
|
|
13,405
|
|
General and administrative expenses
|
|
|
204,969
|
|
|
440,072
|
|
Total operating expenses
|
|
|
511,098
|
|
|
1,277,066
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(720,617)
|
|
|
(1,277,066)
|
|
|
|
|
|
|
|
|
|
Non-operating (income) expenses
|
|
|
162,041
|
|
|
(193)
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(882,658)
|
|
$
|
(1,276,873)
|
|
|
|
Six months ended June 30,
|
|
||||
|
|
2013
|
|
2012
|
|
||
|
|
(Unaudited)
|
|
(Unaudited)
|
|
||
Net cash used in operating activities
|
|
$
|
(1,595,562)
|
|
$
|
(2,083,627)
|
|
Net cash used in investing activities
|
|
|
(18,698)
|
|
|
(90,977)
|
|
Net cash provided by financing activities
|
|
|
1,581,735
|
|
|
260,849
|
|
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
|
|
248
|
|
|
11,903
|
|
Net decrease in cash and cash equivalents
|
|
$
|
(32,277)
|
|
$
|
(1,901,852)
|
|
|
SANTARO INTERACTIVE
ENTERTAINMENT COMPANY
|
|
|
|
|
|
By:
|
/s/ Mingyang Li
|
|
|
Name: Mingyang Li
|
|
|
Title: Chief Executive Officer
|
|
|
|
|
By:
|
/s/ Yan Dong
|
|
|
Name: Yan Dong
|
|
|
Title: Chief Financial Officer
|
Exhibit
No. |
|
Description
|
31.1
|
|
Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certification by Chief Executive Officers and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101
|
|
The following financial statements from Santaro Interactive Entertainment Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations and Comprehensive Loss; (iii) the Consolidated Statements of Changes in Stockholders’ Equity (Deficit); (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to Consolidated Unaudited Financial Statements, tagged in detail.
|
1 Year Santaro Interactive Ente... (CE) Chart |
1 Month Santaro Interactive Ente... (CE) Chart |
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