V Media Corp

CIK:0001080627|SEC Filings

EARNINGS PER SHARE

6 Months Ended

Dec. 31, 2014

NOTE 13 – EARNINGS PER SHARE

As of December 31, 2014, the Company had 1,000,000 shares of preferred stock issued and outstanding, that have not been included in diluted weighted average shares calculation because pursuant to the Merger agreement, no preferred shares can be converted into any securities.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,598,029)us-gaap_ProfitLoss	$ (671,164)us-gaap_ProfitLoss
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	1,514,877us-gaap_Depreciation	1,495,594us-gaap_Depreciation
Amortization	1,988,347us-gaap_AdjustmentForAmortization	3,284,052us-gaap_AdjustmentForAmortization
Provision for doubtful accounts-accounts receivable	603,290us-gaap_ProvisionForDoubtfulAccounts	417,001us-gaap_ProvisionForDoubtfulAccounts
Provision for doubtful accounts-loans receivable	391,002us-gaap_ProvisionForLoanAndLeaseLosses	0us-gaap_ProvisionForLoanAndLeaseLosses
Deferred tax provision (benefit)	0	105,734
Changes in operating assets and liabilities
Accounts receivable	(598,102)	(1,218,475)
Advance to suppliers	(2,167,456)	(540,966)
Other current assets	(455,717)	(552,295)
Security deposit	(70,270)	(15,715)
Accounts payable	560,466	81,955
Other payables	41,007	649,151
Deferred revenues	2,835,606	274,124
Taxes payable	(56,139)	(23,226)
Net cash provided by operating activities	988,882	3,285,770
CASH FLOWS FROM INVESTING ACTIVITIES:
Loans to third party, net	(1,200,009)	(685,582)
Acquisition of billboards use rights	(1,341,034)	(3,862,365)
Purchase of property and equipment	(1,713,761)	(259,031)
Net cash used in investing activities	(4,254,804)	(4,806,978)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in restricted cash	(1,441,522)	262,567
Net proceeds from capital contributions	1,627,000us-gaap_ProceedsFromContributedCapital	0us-gaap_ProceedsFromContributedCapital
Net proceeds from (repayment of) short-term bank loans	(1,708,350)	1,964,420
Net proceeds from bank acceptance notes payable	3,254,000	0
Net proceeds from (repayment of) related party loans	1,134,208	(211,796)
Repayment of third party loans	0us-gaap_RepaymentsOfOtherDebt	(916,729)us-gaap_RepaymentsOfOtherDebt
Repayment of long-term loans	0us-gaap_RepaymentsOfOtherLongTermDebt	(336,715)us-gaap_RepaymentsOfOtherLongTermDebt
Net cash provided by financing activities	2,865,336	761,747
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS	2,081	29,566
NET DECREASE IN CASH AND CASH EQUIVALENTS	(398,505)	(729,895)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,141,377	2,148,321
CASH AND CASH EQUIVALENTS, END OF PERIOD	742,872	1,418,426
SUPPLEMENTAL CASH FLOW DISCLOSURES
Income taxes paid	11,815us-gaap_IncomeTaxesPaid	53,941us-gaap_IncomeTaxesPaid
Interest paid	$ 632,257us-gaap_InterestPaid	$ 513,727us-gaap_InterestPaid

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Jun. 30, 2014
Current assets
Cash and cash equivalents	$ 742,872	$ 1,141,377
Restricted cash	4,333,140	2,882,750
Accounts receivable, net of allowance for doubtful accounts of $3,167,973 and $2,557,684 as of December 31, 2014 and June 30, 2014	3,800,136us-gaap_AccountsReceivableNetCurrent	3,796,095us-gaap_AccountsReceivableNetCurrent
Advance to suppliers, net of allowance for doubtful accounts of $113,595 and $98,530 as of December 31, 2014 and June 30, 2014	2,679,785us-gaap_AdvancesOnInventoryPurchases	523,200us-gaap_AdvancesOnInventoryPurchases
Loans receivable, net	1,668,463	689,291
Other current assets	547,015us-gaap_OtherAssetsCurrent	90,577us-gaap_OtherAssetsCurrent
Total current assets	13,771,411us-gaap_AssetsCurrent	9,123,290us-gaap_AssetsCurrent
Property, equipment and construction in progress, net	23,782,557us-gaap_PropertyPlantAndEquipmentNet	23,525,520us-gaap_PropertyPlantAndEquipmentNet
Other assets
Billboards use right, net	2,690,187	3,330,283
Loans receivable	0	152,276
Security deposits	2,085,323us-gaap_DepositsAssetsNoncurrent	2,010,019us-gaap_DepositsAssetsNoncurrent
Total other assets	4,775,510	5,492,578
Total Assets	42,329,478us-gaap_Assets	38,141,388us-gaap_Assets
Current liabilities
Short term loans	14,204,880	15,876,250
Accounts payable	3,567,053us-gaap_AccountsPayableCurrent	2,998,517us-gaap_AccountsPayableCurrent
Bank acceptance notes payable	6,841,800us-gaap_NotesPayableCurrent	3,575,000us-gaap_NotesPayableCurrent
Other payables	1,584,179us-gaap_AccountsPayableOtherCurrent	1,609,876us-gaap_AccountsPayableOtherCurrent
Deferred revenues	4,535,410us-gaap_DeferredRevenueCurrent	1,692,272us-gaap_DeferredRevenueCurrent
Taxes payable	465,220us-gaap_TaxesPayableCurrent	520,147us-gaap_TaxesPayableCurrent
Due to related parties	1,551,937us-gaap_DueToRelatedPartiesCurrent	415,685us-gaap_DueToRelatedPartiesCurrent
Total current liabilities	32,750,479us-gaap_LiabilitiesCurrent	26,687,747us-gaap_LiabilitiesCurrent
Commitments and contingencies
Equity
Series A Preferred Stock, $0.0001 par value, 20,000,000 shares authorized, 1,000,000 shares issued and outstanding	100us-gaap_PreferredStockValue	100us-gaap_PreferredStockValue
Common stock, $0.0001 Par value; 80,000,000 shares authorized; 27,590,701 shares issued and outstanding	2,759us-gaap_CommonStockValue	2,759us-gaap_CommonStockValue
Additional paid-in-capital	8,450,820us-gaap_AdditionalPaidInCapital	6,820,820us-gaap_AdditionalPaidInCapital
Accumulated other comprehensive income	1,197,795	1,108,296
Retained earnings (Accumulated deficit)	(1,315,300)	1,603,424
Total V Media Corp. equity	8,336,174us-gaap_StockholdersEquity	9,535,399us-gaap_StockholdersEquity
Noncontrolling interest	1,242,825us-gaap_MinorityInterest	1,918,242us-gaap_MinorityInterest
Total equity	9,578,999	11,453,641
Total Liabilities and Equity	$ 42,329,478	$ 38,141,388