China Infrastructure Investment CORP

CIK:0001311369|SEC Filings

STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
REVENUES	$ 55,806,425	$ 42,626,988
OPERATING COSTS	6,055,735	3,622,060
DEPRECIATION AND AMORTIZATION	11,447,835	12,995,000
GROSS PROFIT	38,302,855	26,009,928
Bad debt for notes receivable and advances to related parties	145,882,223	0
General and administrative expenses	5,920,822	4,197,729
INCOME (LOSS) FROM OPERATIONS	(113,500,190)	21,812,199
OTHER INCOME (EXPENSES)
Interest expense	(31,418,643)	(28,397,389)
Interest income from related parties	0	8,379,605
Other interest income	136,991	189,641
Other income, net	668,629	1,474,458
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES	(144,113,213)	3,458,514
INCOME TAX BENEFIT (EXPENSE)	7,565,282	(981,384)
NET (LOSS) INCOME	(136,547,931)	2,477,130
OTHER COMPREHENSIVE INCOME
Foreign currency translation gain	6,331,254	967,905
COMPREHENSIVE (LOSS) INCOME	$ (130,216,677)	$ 3,445,035
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED	80,000,000	80,000,000
NET INCOME (LOSS) PER COMMON SHARE, BASIC AND DILUTED	$ (1.71)	$ 0.03

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (136,547,931)	$ 2,477,130
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for doubtful accounts	94,026	159,088
Bad debt allowance for notes receivable and advances to related parties	145,882,223	0
Depreciation and amortization	12,115,699	13,625,751
Deferred taxes	(7,638,693)	947,229
Long-term deferred revenue	(646,394)	(606,004)
Imputed interest	537,207	527,107
Expenses paid by shareholder	0	222,020
Gain of sales of equipment	23,094	0
Changes in operating assets and liabilities:
Accounts receivable	(1,467,856)	1,026,322
Other receivables	4,341	(1,198)
Other current assets	319,345	43,228
Increase (Decrease) In:
Other payables and accrued liabilities	636,650	(65,618)
Deferred revenue	0	84,287
Advances from customers	(2,291,020)	2,374,343
Other current liabilities	205,020	238,164
Net cash provided by operating activities	11,225,711	21,051,849
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of plant and equipment	(237,973)	(241,722)
Sales of plant and equipment	17,784	0
Purchases of long-term investment	(1,629,500)	0
Decrease in payable to contractors	(3,394,995)	(6,216,893)
Payments for (Proceeds from) Other Investing Activities	0	2,194,051
Increase in notes receivable from related parties for interest	0	(8,379,605)
Increase in advances to related parties	(13,689,784)	(25,391)
Net cash used in investing activities	(18,934,468)	(12,669,560)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term bank loans	19,161,715	0
Repayments of long-term bank loans	(10,561,574)	(16,098,481)
Proceeds from short-term bank loans	16,295,000	14,627,004
Repayments of short-term bank loans	(23,838,981)	(7,313,502)
Proceeds from notes payable	40,411,351	3,944,964
Repayments of notes payable	(13,423,769)	(3,964,540)
Prepayments of due to related parties	(603,519)	585,080
Restricted cash	(20,304,064)	(410,466)
Net cash provided by (used in) financing activities	7,136,159	(8,629,941)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(572,598)	(247,652)
Effect of exchange rate changes on cash	(137,357)	(99,409)
Cash and cash equivalents at beginning of year	1,267,199	1,614,260
CASH AND CASH EQUIVALENTS AT END OF YEAR	557,244	1,267,199
SUPPLEMENTAL CASHFLOW INFORMATION:
Interest paid	28,922,420	27,835,512
Income taxes paid	$ 114,895	$ 69,333

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2011	Jun. 30, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 557,244	$ 1,267,199
Restricted cash	24,265,291	3,961,227
Accounts receivable, net of allowance for doubtful accounts of $57,554 and$54,637 at June 30, 2011 and 2010, respectively	1,476,668	8,812
Other receivables	145,791	150,132
Advances to related parties	8,618,665	146,873
Prepaid expenses	16,576	465,329
Deferred taxes, current	263,602	0
Other current assets	561,563	432,155
Total current assets	35,905,400	6,431,727
LONG-TERM ASSETS
Toll road infrastructures, net	442,125,289	428,661,699
Plant and equipment, net	15,278,459	15,154,141
Land use rights, net	45,826,301	45,509,651
Notes receivable from related parties, net of allowance for doubtfulaccounts of $109,536,486 and $0 at June 30, 2011 and 2010, respectively	57,169,593	158,347,962
Advance to a related party, net of allowance for doubtful accounts of$40,054,014 and $0 at June 30, 2011 and 2010, respectively	0	32,732,531
Long-term investment	3,341,843	1,586,229
Deferred taxes	3,301,384	4,213,238
Total long-term assets	567,042,869	686,205,451
TOTAL ASSETS	602,948,269	692,637,178
CURRENT LIABILITIES
Other payables and accrued liabilities	2,762,343	2,125,696
Short-term bank loans	7,735,747	14,687,307
Current portion of long-term bank loans	7,735,747	20,086,361
Notes payable	31,382,178	3,520,608
Payable to contractors	12,478,734	15,873,729
Deferred taxes	0	8,286,945
Current portion of long-term deferred revenue	111,962	99,949
Due to related parties	0	587,492
Service zone deferred revenue	104,691	2,395,710
Accrued payroll	540,652	347,297
Other current liabilities	44,297	32,632
Total current liabilities	62,896,351	68,043,726
LONG-TERM LIABILITIES
Long-term bank loans	480,037,132	434,591,546
Long-term deferred revenue	6,751,015	6,521,458
Total long-term liabilities	486,788,147	441,113,004
TOTAL LIABILITIES	549,684,498	509,156,730
CONTINGENCIES
SHAREHOLDERS' EQUITY
Common stock, $.001 par value, 150,000,000 shares authorized, 80,000,000shares issued and outstanding at June 30, 2011 and 2010	80,000	80,000
Additional Paid in Capital	141,374,184	141,374,184
Accumulated other comprehensive income	34,815,258	28,484,004
Retained (deficit) earnings, (restricted portion was $43,234 at June 30, 2011 and 2010)	(123,005,671)	13,542,260
Total Shareholders' Equity	53,263,771	183,480,448
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 602,948,269	$ 692,637,178