CONSOLIDATED STATEMENTS OF CASH FLOWS
(In U.S. dollars, except share data)
|
| |
Year ended December 31, |
| |
2001 |
2002 |
2003 |
| Operating activities: |
|
|
|
| Net income (loss) |
$ (650,315) |
$ 202,503 |
$ 1,189,930 |
Adjustments to reconcile net income (loss) to
net cash
(used in) provided by operating activities:
Issuance of ordinary shares to an employee
|
--- |
--- |
96,311 |
| Depreciation |
74,366 |
81,894 |
105,477 |
| Amortization of goodwill |
12,112 |
--- |
--- |
| Loss on disposal of property and equipment |
----------------- |
16,702 |
1,339 |
| Changes in assets and liabilities: |
|
|
|
| Income tax recoverable |
--- |
--- |
(283,284) |
| Prepaid expenses and other current assets |
62,888 |
32,525 |
3,768 |
| Deposit |
--- |
(4,003) |
1,491 |
| Deferred revenue |
185,693 |
748,632 |
343,778 |
| Accrued expenses and other current liabilities |
(685,353) |
(16,027) |
46,884 |
| Amount due to shareholders |
--- |
--- |
69 |
| |
---------------- |
--------------- |
--------------- |
Net cash (used in) provided by operating activities
|
(1,000,609) |
1,062,226 |
1,505,763 |
| |
---------------- |
--------------- |
--------------- |
| Investing activities: |
|
|
|
| Purchase of property and equipment |
(29,065) |
(97,692) |
(151,522) |
| |
---------------- |
--------------- |
--------------- |
| Net cash used in investing activities |
(29,065) |
(97,692) |
(151,522) |
| |
---------------- |
--------------- |
--------------- |
| Financing activities: |
|
|
|
| Proceeds on issue of ordinary shares |
--- |
--- |
341 |
| |
---------------- |
--------------- |
--------------- |
| Net cash provided by financing activities |
--- |
--- |
341 |
| |
---------------- |
--------------- |
--------------- |
| Effect of exchange rate changes |
704 |
(321) |
328 |
| |
---------------- |
--------------- |
--------------- |
| Net increase (decrease) in cash and cash equivalents |
(1,028,970) |
964,213 |
1,354,910 |
| Cash and cash equivalents, beginning of year |
4,515,517 |
3,486,547 |
4,450,760 |
| |
---------------- |
--------------- |
--------------- |
| Cash and cash equivalents, end of year |
$ 3,486,547 |
$ 4,450,760 |
$ 5,805,670 |
| |
---------------- |
--------------- |
--------------- |
| |
---------------- |
--------------- |
--------------- |
Supplemental disclosure of cash flow information
Income taxes paid
|
$ |
$ |
$ 283,284 |
| |
---------------- |
--------------- |
--------------- |
| |
---------------- |
--------------- |
--------------- |
Interest paid
|
$ 5,676 |
$ |
$ |
| |
---------------- |
--------------- |
--------------- |
| |
---------------- |
--------------- |
--------------- |
Supplemental disclosures of non-cash financing activities:
Conversion of Series A convertible preference shares into
ordinary shares
|
$ |
$ |
$ 216 |
| |
---------------- |
--------------- |
--------------- |
| |
---------------- |
--------------- |
--------------- |
|
