China Premium Lifestyle Enterprise, Inc.

CIK:0001309346|SEC Filings

COMPREHENSIVE INCOME INFORMATION

9 Months Ended

Sep. 30, 2012

Comprehensive Income (Loss) Note [Text Block]

NOTE 10. COMPREHENSIVE INCOME INFORMATION

(a)

The Company’s comprehensive income is comprised of net operating results and translation adjustments. Comprehensive income for the nine months ended September 30 is as follows:

	China Premium Lifestyle Enterprise, Inc. common stockholders
	Accumulated deficit			Accumulated other comprehensive income			Noncontrolling interests			Total
At January 1, 2012	$	(5,916,201	)	$	389,134		$	8,065,341		$	2,538,274
Net loss		(602,397	)		-			(567,742	)		(1,170,139	)
Translation adjustments		-			7,022			13,047			20,069
At March 31, 2012	$	(6,518,598	)	$	396,156		$	7,510,646		$	1,388,204
Net earnings		1,072,190			-			1,137,502			2,209,692
Translation adjustments		-			(16,641	)		(8,766	)		(25,407	)
At June 30, 2012	$	(5,446,408	)	$	379,515		$	8,639,382		$	3,572,489
Net (loss)/earnings		(7,202	)		-			20,252			13,050
Translation adjustments		-			(13,848	)		(10,650	)		(24,498	)
At September 30, 2012	$	(5,453,610	)	$	365,667		$	8,648,984		$	3,561,041

	China Premium Lifestyle Enterprise, Inc. common stockholders
	Accumulated deficit			Accumulated other comprehensive income		Noncontrolling interests			Total

At January 1, 2011	$	(6,414,586	)	$	335,139	$	6,850,456		$	771,009
Net earnings		411,921			-		533,295			945,216
Translation adjustments		-			18,013		12,744			30,757
At March 31, 2011	$	(6,002,665	)	$	353,152	$	7,396,495		$	1,746,982
Net earnings		524,761			-		684,542			1,209,303
Translation adjustments		-			21,463		28,749			50,212
At June 30, 2011	$	(5,477,904	)	$	374,615	$	8,109,786		$	3,006,497
Net loss		(617,884	)		-		(506,269	)		(1,124,153	)
Translation adjustments		-			22,800		12,413			35,213
At September 30, 2011	$	(6,095,788	)	$	397,415	$	7,615,930		$	1,917,557

(b)

Condensed consolidated statement of comprehensive income

	Three months ended September 30,						Nine months ended September 30,
	2012			2011			2012			2011

Net income/(loss) including noncontrolling interest	$	13,050		$	(1,124,153	)	$	1,052,603		$	1,030,366
Other comprehensive income/(loss), net of tax:
Translation adjustments		(24,498	)		35,213			(29,836	)		116,182
Comprehensive income/(loss) including noncontrolling interest		(11,448	)		(1,088,940	)		1,022,767			1,146,548
Comprehensive (income)/loss attributable to noncontrolling interest:
Net income		(20,252	)		506,269			(590,012	)		(711,568	)
Translation adjustments		10,650			(12,413	)		6,369			(53,906	)
Comprehensive income attributable to China Premium Lifestyle Enterprise, Inc. common stockholders	$	(21,050	)	$	(595,084	)	$	439,124		$	381,074

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Operating activities:
Net earnings including noncontrolling interests	$ 1,052,603	$ 1,030,366
Adjustments to reconcile net earnings to net cash used in operating activities
Depreciation and amortization	1,644,930	1,480,581
Disposal of property and equipment	(26,658)	(92,348)
Provision for bad debts written back	98,066	7,127
Provision for inventory	54,142	142,032
Other non-cash items	(50,461)	124,217
Changes in operating assets and liabilities:
Trade receivables	(701,398)	3,165,147
Other current assets and prepayments	4,227,172	(1,485,992)
Inventory	(10,552,993)	(8,876,588)
Trade payables	2,851,177	(4,970,056)
Other current liabilities and deposits received	(8,375,053)	(876,424)
Net cash used in operating activities	(9,778,473)	(10,351,938)
Investing activities:
Purchases of property and equipment	(1,972,630)	(2,380,938)
Proceeds from disposal of property and equipment	1,970,045	910,694
Increase in restricted cash	(103,066)	(3,993,241)
Net cash used in investing activities	(105,651)	(5,463,485)
Financing activities:
Advances from affiliates	856,609	1,200,805
Increase in borrowings and bills payable	7,746,371	7,155,217
Increase in long-term borrowings	52,807	0
Net cash provided by financing activities	8,655,787	8,356,022
Decrease in cash and cash equivalents	(1,228,337)	(7,459,401)
Cash and cash equivalents at beginning of the period	6,854,225	8,109,615
Cash and cash equivalents at end of the period	5,625,888	650,214
Supplemental disclosure of cash flows information:
Interest	1,871,837	1,090,097
Income taxes	$ 600,891	$ 102,586

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 5,625,888	$ 6,854,225
Restricted cash	9,113,082	9,010,016
Trade receivables, net of provision	7,789,709	7,186,377
Inventory, net	37,617,464	27,118,613
Prepayments	822,324	1,804,203
Other current assets	5,355,144	8,600,437
Amounts due from affiliates	12,908,355	10,741,260
Total current assets	79,231,966	71,315,131
Property and equipment, net	5,096,961	6,692,096
Goodwill	39,707	39,634
Total assets	84,368,634	78,046,861
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Short-term borrowings	34,722,021	26,994,853
Obligation under finance leases due within one year	19,203	0
Trade payables	7,424,179	4,573,002
Deposits received	19,205,809	25,418,694
Other current liabilities	8,232,295	10,394,463
Amounts due to affiliates	6,915,552	3,891,848
Total current liabilities	76,519,059	71,272,860
Obligation under finance leases due after one year	52,807	0
TOTAL LIABILITIES	76,571,866	71,272,860
Commitments and Contingencies
Stockholders' equity
Common stock Authorized: 100,000,000 common stock, par value $0.005 Issued and outstanding: 24,534,492 shares as at September 30, 2012; (24,534,492 shares as at December 31, 2011)	122,672	122,672
Additional paid-in-capital	4,113,055	4,113,055
Accumulated other comprehensive income	365,667	389,134
Accumulated deficit	(5,453,610)	(5,916,201)
TOTAL CHINA PREMIUM LIFESTYLE ENTERPRISE, INC. STOCKHOLDERS' EQUITY (DEFICIT)	(852,216)	(1,291,340)
Noncontrolling interests	8,648,984	8,065,341
TOTAL EQUITY	7,796,768	6,774,001
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 84,368,634	$ 78,046,861