Comjoyful International Co

CIK:0000013033|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - Entity [Domain] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
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)	0	(827,819)	0
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	0	0	0	0
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 (in dollars per share)	$ (0.55)	$ (0.24)	$ (0.79)	$ (0.55)
Weight Average Number of Common Shares Outstanding-Basic and Diluted (in shares)	2,080,873	2,080,873	2,080,873	1,977,224

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (1,678,274)	$ (1,133,117)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	22,395	206,576
Amortization of intangible assets	3,521	3,704
Impairment of long-lived assets	827,819	0
Changes in current assets and liabilities:
Inventories	26,090	(69,339)
Other current assets	(5,269)	(38,782)
Rental deposits	57,187	0
Other current liabilities	77,085	301,477
Unearned income	(107,998)	(277,982)
Net cash used in operating activities	(777,444)	(923,299)
Cash flows from investing activities:
Cash paid to purchase property, plant and equipment	(310)	(13,160)
Advance payment for leasehold improvements	(63,192)	(61,226)
Net Cash used in investing activities	(63,502)	(74,386)
Cash flows from financing activities:
Loan to an owner	(139,830)	(83,018)
Collection from an owner	497,718	1,011,625
Due to owners	408,137	15,349
Due to third parties	101,724	64,803
Net cash provided by financing activities	867,749	1,008,759
Effect of foreign exchange rate on cash	1,243	(15,491)
Net change in cash	28,046	(4,417)
Cash at beginning of period	28,329	28,920
Cash at end of the period	56,375	24,503
Supplemental cash flow information
Interest paid	0	0
Income taxes paid	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 56,375	$ 28,329
Inventories	129,553	154,771
Other current assets	68,090	62,428
Total current assets	254,018	245,528
Property and equipment, net	75,362	100,480
Advance payment for leasehold improvements	0	752,776
Rental deposits	40,348	97,099
Intangible assets, net	12,944	22,102
Total Assets	382,672	1,217,985
Current liabilities:
Other current liabilities	1,604,288	1,517,751
Due to third parties	793,726	687,539
Due to owners	1,051,986	283,054
Unearned income-current portion	300,022	802,148
Total current liabilities	3,750,022	3,290,492
Unearned income-long-term portion	2,897,870	2,484,025
Advances from investors of new clubs	554,937	551,578
Total liabilities	$ 7,202,829	$ 6,326,095
Commitments and Contingencies
Deficit
Preferred stock, $0.01 par value,100,000,000 shares authorized; none issued	$ 0	$ 0
Common stock, $0.01 par value, 50,000,000 shares authorized, 2,080,873 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	20,808	20,808
Additional paid-in capital	3,139,140	3,139,140
Accumulated deficit	(9,581,423)	(7,932,249)
Accumulated other comprehensive loss	(58,378)	(26,192)
Total Comjoyful International Company stockholders' deficit	(6,479,853)	(4,798,493)
Non-controlling interests	(340,304)	(309,617)
Total Deficit	(6,820,157)	(5,108,110)
Total Liabilities and Deficit	$ 382,672	$ 1,217,985