SINO ASSURANCE INC.
CIK:0001116204|SEC Filings
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Note-3 Summary of Significant Accounting Policies: Comprehensive Income (Policies)
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6 Months Ended |
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Jun. 30, 2012
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| Comprehensive Income: | |
| Comprehensive Income | · Comprehensive income
ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income, as presented in the accompanying condensed consolidated statement of stockholders’ equity consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit. |
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CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2012 AND DECEMBER 31, 2011 (USD $)
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Jun. 30, 2012
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Dec. 31, 2011
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| Current assets: | ||||||||
| Cash and cash equivalents | $ 92,768 | $ 1,544,199 | ||||||
| Restricted cash | 24,499,286 | 20,930,970 | ||||||
| Marketable securities | 0 | 1,416,810 | ||||||
| Guarantee fee receivable | 29,507 | 48,154 | ||||||
| Loans receivable, unsecured | 12,035,582 | 10,716,525 | ||||||
| Prepayments and other receivable | 682,490 | 366,416 | ||||||
| Total current assets | 37,339,633 | 35,023,074 | ||||||
| Non-current assets: | ||||||||
| Plant and equipment, net | 712,933 | 573,161 | ||||||
| Total assets | 38,052,566 | 35,596,235 | ||||||
| Current liabilities: | ||||||||
| Accounts payable, trade | 52,411 | 145,103 | ||||||
| Customer collateral | 21,334,579 | 17,782,504 | ||||||
| Deferred revenue, net | 2,567,425 | 1,972,424 | ||||||
| Amount due to a related party | 64,461 | 64,130 | ||||||
| Income tax payable | 104,533 | 210,202 | ||||||
| Deferred tax liabilities | 1,071,923 | 1,221,740 | ||||||
| Accrued liabilities and other payable | 2,093,636 | 3,651,371 | ||||||
| Total current liabilities | 27,288,968 | 25,047,474 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Common stock | 60,200 | [1] | 60,200 | [2] | ||||
| Additional paid-in capital | 2,970,045 | 2,970,045 | ||||||
| Accumulated other comprehensive income | 941,751 | 887,189 | ||||||
| Statutory reserve | 497,538 | 497,538 | ||||||
| Retained earnings | 6,294,064 | 6,133,789 | ||||||
| Total stockholders' equity | 10,763,598 | 10,548,761 | ||||||
| Total Liabilities and Stockholders' Equity | $ 38,052,566 | $ 35,596,235 | ||||||
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