CHINA IVY SCHOOL, INC.

CIK:0001130128|SEC Filings

ACCUMULATED OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2011

Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract]

NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME

Balances of related after-tax components comprising accumulated other comprehensive income (loss), included in stockholders' (deficiency) equity at June 30, 2011 and December 31, 2010, were as follows:

	Foreign Currency
	Translation Adjustments
Balance at December 31, 2009	$	749,808
Change during the year ended December 31, 2010		57,549
Balance at December 31, 2010		807,357
Change during the six months ended June 30, 2011		6,198
Balance at June 30, 2011 (Unaudited)	$	813,555

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (1,592,723)	$ (274,761)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	667,920	455,435
Imputed rent and related expense	858,349	822,475
Imputed interest on convertible notes		16,156
Accretion of discount on receivable from related party	(254,805)	(244,155)
Loss from disposal of property and equipment		2,703
Changes in operating assets and liabilities
Increase in bank notes receivable	(23,208)
(Increase)/decrease in advances made to vendors	(62,708)	94,499
Decrease in accounts payable	(934,165)	(177,032)
Decrease in accrued expenses	(760,544)	(864,474)
Increase in deferred revenue	502,480	657,225
Net cash (used in) provided by operating activities	(1,599,404)	488,071
CASH FLOWS FROM INVESTING ACTIVITIES
Advances to contractors under Company major campus renovation plan		(2,967,700)
Acquisition of property and equipment	(6,270)	(16,247)
Advance to "key" and other employee	(809,363)	(735,430)
Repayment of advance to "key" and other employee	809,363	734,397
Collection of prior year's advances made to related party	2,643,248	2,790,207
New advances made to related party	(1,440,423)	(425,446)
Repayment and proceeds from related party		443,284
Net cash provided by (used in) investing activities	1,196,555	(176,935)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank and other borrowings	9,670,000
Repayment of bank and other borrowings	(8,509,600)	(147,500)
Repayment of payable to related parties	(25,942)
Net cash provided by (used in) financing activities	1,134,458	(147,500)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(23,915)	4,392
NET INCREASE IN CASH AND CASH EQUIVALENTS	707,694	168,028
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE	217,424	46,187
CASH AND CASH EQUIVALENTS, ENDING BALANCE	925,118	214,215
Supplemental Disclosures of Cash Flow Information:
Income tax payments
Interest payments	523,475	329,796
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Conversion of 6% convertible notes		1,560,000
Satisfaction of accrued interest on conversion of convertible notes		$ 62,956

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2011	Dec. 31, 2010
Current Assets
Cash and cash equivalents	$ 925,118	$ 217,424
Bank notes receivable	23,208
Advance made to vendor	62,708
Receivable from related party	1,440,423	2,643,248
Receivable from sale and leaseback of real property - related party	1,221,537	1,196,272
Total Current Assets	3,672,994	4,056,944
Property and equipment, net	10,441,790	10,881,542
Receivable from sale and leaseback of real property - related party	2,085,955	2,640,949
Total Assets	16,200,739	17,579,435
Current Liabilities
Bank and other borrowings	14,002,160	12,576,160
Accounts payable	338,859	1,273,024
Accrued expenses	151,047	911,591
Payables to related parties	591,868	617,810
Deferred revenue	1,436,142	933,662
Total Current Liabilities	16,520,076	16,312,247
Total Liabilities	16,520,076	16,312,247
Stockholders' (Deficiency) Equity
Preferred stock, $0.001 par value; 50,000,000 shares authorized, none issued and outstanding as of June 30, 2011 and December 31, 2010
Common stock, $0.001 par value; 100,000,000 shares authorized, 22,582,500 and 22,582,500 shares issued and outstanding as of June 30, 2011 and December 31, 2010, respectively	22,583	22,583
Additional paid in capital	5,906,363	5,906,363
Statutory reserves	480,813	480,813
Accumulated deficit	(7,542,651)	(5,949,928)
Accumulated other comprehensive income	813,555	807,357
Total Stockholders' (Deficiency) Equity	(319,337)	1,267,188
Total Liabilities and Stockholders' (Deficiency) Equity	$ 16,200,739	$ 17,579,435