CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except share data)
|
| |
December 31, |
|
| |
2001 |
2002 |
2003 |
Pro forma |
| |
|
|
|
(unaudited)
(Note 2) |
| Assets |
|
|
|
|
| |
|
|
|
|
| Current assets: |
|
|
|
|
| Cash and cash equivalents |
$ 3,486,547 |
$ 4,450,760 |
$ 5,805,670 |
$ 5,805,670 |
| Income tax recoverable |
--- |
--- |
283,284 |
283,284 |
| Prepaid expenses and other current assets |
128,724 |
96,198 |
92,430 |
92,430 |
| |
---------------- |
---------------- |
---------------- |
---------------- |
| Total current assets |
3,615,271 |
4,546,958 |
6,181,384 |
6,181,384 |
| Property and equipment, net |
307,014 |
306,111 |
350,816 |
350,816 |
| Rental deposit |
21,063 |
25,066 |
23,575 |
23,575 |
| Goodwill, net |
101,104 |
101,104 |
101,104 |
101,104 |
| |
---------------- |
---------------- |
---------------- |
---------------- |
| Total assets |
$ 4,044,452 |
$ 4,979,239 |
$ 6,656,879 |
$ 6,656,879 |
| |
---------------- |
---------------- |
---------------- |
---------------- |
| |
---------------- |
---------------- |
---------------- |
---------------- |
Liabilities and shareholders' equity
Current liabilities: |
|
|
|
|
| |
|
|
|
|
| Deferred revenue |
$ 185,693 |
$ 934,325 |
$ 1,278,103 |
$ 1,278,103 |
| Accrued expenses and other current liabilities |
63,443 |
47,416 |
94,299 |
94,299 |
| Amounts due to shareholders |
2,869 |
2,869 |
2,938 |
2,938 |
| |
---------------- |
---------------- |
---------------- |
---------------- |
| Total current liabilities |
$ 252,005 |
$ 984,610 |
$ 1,375,340 |
$ 1,375,340 |
| |
---------------- |
---------------- |
---------------- |
---------------- |
Commitments (Note 12)
Series A convertible preference shares
($___ par value, xxx shares authorized; 32,315,100 shares issued
and
outstanding in 2001 and 2002; 30,643,000 shares issued
and outstanding in 2003) (liquidation value $3,954)
|
4,170 |
4,170 |
3,954 |
--- |
Series B convertible preference shares
($___ par value, xxx shares authorized; 20,833,333 shares issued
and
outstanding in 2001, 2002 and 2003) (liquidation value
$5,000,000)
|
2,688 |
2,688 |
2,688 |
--- |
Ordinary shares ($0.00013 par value;
25,000,000 shares authorized; shares issued
and outstanding 17,784,900 in 2001 and 2002
and 22,123,600 in 2003)
(73,599,933 shares issued and outstanding
on a pro forma basis)
|
2,295 |
2,295 |
2,852 |
9,494 |
| Additional paid-in capital |
5,057,714 |
5,057,714 |
5,154,025 |
5,154,025 |
| Accumulated other comprehensive income (loss) |
179 |
(142) |
186 |
186 |
| Retained earnings (accumulated deficit) |
(1,274,599) |
(1,072,096) |
117,834 |
117,834 |
| |
---------------- |
---------------- |
---------------- |
---------------- |
| Total shareholders' equity |
3,792,447 |
3,994,629 |
5,281,539 |
5,281,539 |
| |
---------------- |
--------------- |
--------------- |
--------------- |
| Total liabilities and shareholders' equity |
$ 4,044,452 |
$ 4,979,239 |
$ 6,656,879 |
$ 6,656,879 |
| |
|
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