China SHESAYS Medical Cosmetology Inc.
CIK:0001401371|SEC Filings
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $)
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3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Sep. 30, 2012
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Jun. 30, 2012
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Mar. 31, 2012
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Jun. 30, 2012
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Jun. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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| Customer service revenue | |||||||||||||
| Cosmetic surgery services | $ 2,741,464 | $ 2,149,203 | $ 2,159,753 | $ 1,808,799 | $ 1,530,619 | $ 1,693,758 | $ 4,308,956 | $ 3,224,377 | $ 7,050,420 | $ 5,033,176 | $ 9,546,425 | $ 7,259,711 | $ 6,195,516 |
| Professional medical beauty services | 2,896,570 | 2,775,125 | 2,681,741 | 1,992,726 | 2,441,374 | 1,623,916 | 5,456,866 | 4,065,290 | 8,353,436 | 6,058,016 | 11,088,551 | 8,236,803 | 4,940,433 |
| Cosmetic dentistry services | 23,297 | 49,188 | 30,183 | 54,789 | 28,879 | 27,509 | 79,371 | 56,388 | 102,668 | 111,177 | 131,895 | 144,229 | 427,427 |
| Sales of goods | 406,785 | 302,289 | 214,287 | 224,312 | 211,402 | 229,946 | 516,576 | 441,348 | 923,361 | 665,660 | 1,282,249 | 885,515 | 609,855 |
| Total Revenue | 6,068,116 | 5,275,805 | 5,085,964 | 4,080,626 | 4,212,274 | 3,575,129 | 10,361,769 | 7,787,403 | 16,429,885 | 11,868,029 | 22,049,120 | 16,526,258 | 12,173,231 |
| Cost of service revenue | |||||||||||||
| Cosmetic surgery services | (750,995) | (587,492) | (563,283) | (335,660) | (215,550) | (374,705) | (1,150,775) | (590,255) | (1,901,770) | (925,915) | (2,417,915) | (1,706,684) | (1,762,733) |
| Professional medical beauty services | (576,825) | (619,851) | (689,596) | (369,938) | (409,718) | (330,600) | (1,309,447) | (740,318) | (1,886,272) | (1,110,256) | (2,717,720) | (1,866,617) | (847,827) |
| Cosmetic dentistry services | (22,517) | (32,598) | (31,858) | (33,986) | (20,116) | (19,985) | (64,456) | (40,101) | (86,973) | (74,087) | (83,067) | (114,011) | (164,928) |
| Cost of goods sold | (182,054) | (148,832) | (124,871) | (89,894) | (76,343) | (80,285) | (273,703) | (156,628) | (455,757) | (246,522) | (702,438) | (413,184) | (228,078) |
| Depreciation | (525,543) | (493,015) | (497,460) | (215,919) | (192,049) | (187,033) | (990,475) | (379,082) | (1,516,018) | (595,001) | (2,024,080) | (1,134,288) | (349,328) |
| Total Cost of Revenue | (2,057,934) | (1,881,788) | (1,907,068) | (1,045,397) | (913,776) | (992,608) | (3,788,856) | (1,906,384) | (5,846,790) | (2,951,781) | (7,945,220) | (5,234,784) | (3,352,894) |
| GROSS PROFIT | 4,010,182 | 3,394,017 | 3,178,896 | 3,035,229 | 3,298,498 | 2,582,521 | 6,572,913 | 5,881,019 | 10,583,095 | 8,916,248 | 14,103,900 | 11,291,474 | 8,820,337 |
| OPERATING EXPENSES | |||||||||||||
| Selling, general and administrative expenses | 1,462,624 | 1,341,823 | 1,229,409 | 1,642,474 | 1,485,863 | 806,792 | 2,571,232 | 2,292,655 | 4,033,856 | 3,935,129 | 5,764,815 | 5,435,395 | 3,860,858 |
| Advertising costs | 1,772,535 | 1,374,368 | 1,607,146 | 1,291,847 | 961,155 | 688,034 | 2,981,513 | 1,649,189 | 4,754,048 | 2,941,036 | 6,480,068 | 4,882,356 | 3,014,871 |
| Professional and consultant fees | 149,164 | 175,891 | 99,350 | 39,995 | 88,642 | 107,121 | 275,242 | 195,763 | 424,406 | 235,758 | 646,872 | 719,838 | 716,910 |
| Depreciation | 44,274 | 47,659 | 45,461 | 31,550 | 28,750 | 28,157 | 93,120 | 56,907 | 137,394 | 88,457 | 246,081 | 132,500 | 197,071 |
| Total Operating Expenses | 3,428,597 | 2,939,741 | 2,981,366 | 3,005,866 | 2,564,410 | 1,630,104 | 5,921,107 | 4,194,514 | 9,349,704 | 7,200,380 | 13,137,836 | 11,170,089 | 7,789,710 |
| INCOME FROM OPERATIONS | 581,585 | 454,276 | 197,530 | 29,363 | 734,088 | 952,417 | 651,806 | 1,686,505 | 1,233,391 | 1,715,868 | 966,064 | 121,385 | 1,030,627 |
| OTHER INCOME (EXPENSES) | |||||||||||||
| Other income | 1,118 | 685 | 148 | 1,542 | 21 | 7 | 833 | 28 | 1,951 | 1,570 | 9,368 | 4,578 | 4,574 |
| Interest income | 8,698 | 13,561 | 226 | 250 | 375 | 171 | 13,787 | 546 | 22,485 | 796 | 15,032 | 1,087 | 5,128 |
| Interest expenses | (108,544) | (102,807) | (53,173) | (30,862) | (18,127) | (7,745) | (155,980) | (25,872) | (264,524) | (56,734) | (389,543) | (198,415) | (48,852) |
| Imputed interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (250) |
| Other expenses | (19,018) | (13,271) | (3,198) | (13,044) | (1,692) | (23,477) | (16,469) | (25,169) | (35,487) | (38,213) | (70,713) | (22,170) | (41,530) |
| Liquidated damages | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,200,000) | 0 |
| Total Other Expenses, net | (117,746) | (101,832) | (55,997) | (42,114) | (19,423) | (31,044) | (157,829) | (50,467) | (275,575) | (92,581) | (435,856) | (1,414,920) | (80,930) |
| INCOME (LOSS) FROM OPERATIONS BEFORE TAXES | 463,839 | 352,444 | 141,533 | (12,751) | 714,665 | 921,373 | 493,977 | 1,636,038 | 957,816 | 1,623,287 | 530,208 | (1,293,535) | 949,697 |
| Income tax expenses | (196,986) | (52,568) | (72,622) | (78,478) | (62,192) | (297,542) | (125,190) | (359,734) | (322,176) | (438,212) | (291,061) | (250,694) | (424,737) |
| NET INCOME (LOSS) | 266,853 | 299,876 | 68,911 | (91,229) | 652,473 | 623,831 | 368,787 | 1,276,304 | 635,640 | 1,185,075 | 239,147 | (1,544,229) | 524,960 |
| Net (income)/loss attributable to noncontrolling interest | (7,030) | (6,584) | (1,368) | 18,577 | 18,367 | 9,339 | (7,952) | 27,706 | (14,982) | 27,916 | (16,641) | 4,034 | 19,607 |
| NET INCOME (LOSS) ATTRIBUTABLE TO CHINA SHESAYS COMMON STOCKHOLDERS | 259,823 | 293,292 | 67,543 | (72,652) | 670,840 | 633,170 | 360,835 | 1,304,010 | 620,658 | 1,212,991 | 222,506 | (1,540,195) | 544,567 |
| OTHER COMPREHENSIVE INCOME | |||||||||||||
| Total foreign currency translation gain | 5,364 | (12,213) | 29,488 | 62,897 | 75,101 | 15,720 | 17,275 | 90,821 | 22,639 | 153,718 | 37,318 | 153,848 | 108,972 |
| Add: foreign currency translation (gain) loss attributable to noncontrolling interest | (21) | 67 | (67) | (201) | (347) | 28 | 0 | (319) | (21) | (520) | 8 | (67) | 502 |
| Foreign currency translation gains attributable to China Shesays common stockholders | 5,343 | (12,146) | 29,421 | 62,696 | 74,754 | 15,748 | 17,275 | 90,502 | 22,618 | 153,198 | 37,326 | 153,781 | 109,474 |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHINA SHESAYS COMMON SOCKHOLDERS | $ 265,166 | $ 281,146 | $ 96,964 | $ (9,956) | $ 745,594 | $ 648,918 | $ 378,110 | $ 1,394,512 | $ 643,276 | $ 1,366,189 | $ 259,832 | $ (1,386,414) | $ 654,041 |
| Net income (loss) per share - basic and diluted (in Dollars per share) | $ 0.01 | $ 0.02 | $ 0.01 | $ (0.01) | $ 0.04 | $ 0.03 | $ 0.02 | $ 0.07 | $ 0.03 | $ 0.07 | $ 0.01 | $ (0.09) | $ 0.03 |
| Weighted average number of shares outstanding during the year - basic and diluted (in Shares) | 18,000,012 | 18,000,012 | 18,000,012 | 18,600,012 | 18,600,012 | 18,600,012 | 18,000,012 | 18,600,012 | 18,000,012 | 18,600,012 | 18,000,012 | 18,000,012 | 16,170,417 |
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CONCOLIDATED STATEMENTS OF CASH FLOWS (USD $)
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3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|
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Mar. 31, 2012
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Mar. 31, 2011
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Jun. 30, 2012
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Jun. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
| Net income (loss) | $ 68,911 | $ 623,831 | $ 368,787 | $ 1,276,304 | $ 635,640 | $ 1,185,075 | $ 239,147 | $ (1,544,229) | $ 524,960 |
| Adjusted to reconcile net income (loss) to cash provided by operating activities: | |||||||||
| Depreciation - cost of service revenue | 497,460 | 187,033 | 990,475 | 379,082 | 1,516,018 | 595,001 | 2,024,080 | 1,134,288 | 349,328 |
| Depreciation - operating expenses | 45,461 | 28,157 | 93,120 | 56,907 | 137,394 | 88,457 | 246,081 | 132,500 | 197,071 |
| Deferred income taxes | 11,757 | (13,114) | 14,888 | (157,178) | 174,569 | (322,255) | 164,891 | (231,550) | (384,725) |
| Impairment losses on other receivables | 782 | 0 | 782 | 0 | 781 | 0 | 7,854 | 1,252 | 146,873 |
| Loss on disposal of property and equipment | 394 | 482 | 6,253 | 1,053 | 11,701 | 235 | 11,713 | 2,338 | 14,613 |
| Imputed interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 250 |
| Liquidated damages and interest | 26,199 | 0 | 52,397 | 0 | 78,596 | 0 | 104,794 | 1,309,919 | 0 |
| (Increase) decrease in: | |||||||||
| Inventories | 34,885 | 69,867 | 82,283 | 31,679 | (39,556) | (78,149) | 72,926 | (170,234) | (168,458) |
| Other current assets and prepaid expenses | (19,804) | (254,635) | (47,547) | (242,572) | (26,541) | (507,587) | (477,903) | (37,629) | (226,685) |
| Due from directors | (922) | 0 | 1,096 | 0 | 21,058 | 0 | (984,364) | (25,120) | 0 |
| Due from related companies | 0 | 0 | 0 | 0 | 0 | 0 | 122,790 | (119,895) | 0 |
| Due from CEO and a director | 0 | 0 | 0 | 0 | 0 | 0 | (771,412) | 0 | 0 |
| Increase (decrease) in: | |||||||||
| Accounts payable | (24,656) | (56,812) | (172,900) | (222,207) | (434,402) | 98,286 | (341,546) | 393,578 | 192,802 |
| Deferred revenue | 12,850 | 14,541 | 15,878 | 19,797 | 109,427 | 17,713 | 71,003 | 45,565 | (701) |
| Other payables and accrued liabilities | (284,955) | 333,707 | (542,586) | 116,108 | (795,695) | 772,279 | 237,280 | 1,780,546 | 698,339 |
| Income tax payable | 83,596 | 310,453 | (313,131) | 94,407 | (288,209) | 321,997 | (336,789) | 65,185 | 633,748 |
| Sales tax payable and other taxes payable | (1,035) | 918 | (9,206) | 532 | (13,362) | (5,594) | (5,171) | 2,050 | 5,806 |
| Due to CEO and a director | 5,673 | 0 | (82,909) | 0 | (40,670) | 0 | (98,016) | 95,705 | 0 |
| Net cash provided by operating activities | 456,596 | 1,244,428 | 457,680 | 1,353,912 | 1,046,749 | 2,165,458 | 287,358 | 2,834,269 | 1,983,221 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
| Purchase of property and equipment | (1,083,807) | (842,231) | (2,291,377) | (2,237,047) | (2,155,844) | (3,172,641) | (2,412,347) | (4,014,388) | (4,416,540) |
| Proceeds from disposal of property and equipment | 0 | 129,171 | 0 | 130,013 | 0 | 130,838 | 0 | 134,329 | 0 |
| Due from stockholders | 0 | 52,821 | 0 | 52,821 | 0 | 52,821 | 0 | 53,859 | (52,821) |
| Net cash used in investing activities | (1,083,807) | (660,239) | (2,291,377) | (2,054,213) | (2,155,844) | (2,988,982) | (2,412,347) | (3,826,200) | (4,469,361) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
| Decrease (increase) in restricted cash | 0 | 0 | 395,939 | (386,787) | 395,694 | (391,972) | 396,096 | (386,757) | 0 |
| Bank loan borrowed | 2,594,788 | 911,799 | 4,117,768 | 1,739,117 | 4,114,802 | 1,750,146 | 4,119,551 | 1,758,973 | 887,587 |
| Bank loan repaid | (1,802,245) | (911,799) | (1,800,732) | (917,740) | (2,115,752) | (923,560) | (2,118,473) | (928,218) | (43,146) |
| Due from related companies | (20,923) | 0 | (496,241) | 0 | (119,074) | 0 | 126,750 | (123,762) | 0 |
| Due to stockholders | 0 | 75,983 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Due to related company | 0 | 0 | 0 | 0 | 0 | 0 | 50,384 | 0 | (20,790) |
| Net proceeds from stock issuance in private placement | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,104,000 |
| Contribution by stockholders | 5,916 | 7,139 | 5,916 | 7,139 | 5,916 | 7,139 | 5,916 | 50,182 | |
| Contribution by a noncontrolling stockholder | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 151,722 |
| Net cash provided by financing activities | 771,620 | 81,899 | 2,223,873 | 440,506 | 2,282,809 | 440,530 | 2,581,447 | 326,152 | 2,129,555 |
| EFFECT OF EXCHANGE RATES ON CASH | (15,283) | (617) | (1,053) | 11,397 | (416) | 50,936 | (140) | 19,975 | 14,133 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 129,126 | 665,471 | 389,123 | (248,398) | 1,173,298 | (332,058) | 456,318 | (645,804) | (342,452) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 383,476 | 1,029,280 | 383,476 | 1,029,280 | 383,476 | 1,029,280 | 383,476 | 1,029,280 | 1,371,732 |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 512,602 | 1,694,751 | 772,599 | 780,882 | 1,556,774 | 697,222 | 839,794 | 383,476 | 1,029,280 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||
| Cash paid for interest expenses | 26,974 | 7,745 | 103,583 | 25,872 | 185,928 | 56,734 | 284,749 | 88,496 | 48,852 |
| Cash paid for income tax | $ 1,810 | $ 203 | $ 429,613 | $ 423,456 | $ 439,111 | $ 439,427 | $ 466,900 | $ 450,123 | $ 175,714 |
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CONSOLIDATED BALANCE SHEETS (USD $)
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Dec. 31, 2012
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Sep. 30, 2012
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Jun. 30, 2012
|
Mar. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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|---|---|---|---|---|---|---|
| CURRENT ASSETS | ||||||
| Cash and cash equivalents | $ 839,794 | $ 1,556,774 | $ 772,599 | $ 512,602 | $ 383,476 | $ 1,029,280 |
| Restricted cash | 0 | 0 | 0 | 395,664 | 393,174 | 0 |
| Inventories, net | 646,054 | 756,483 | 636,085 | 683,057 | 713,372 | 521,254 |
| Other current assets and prepaid expenses | 1,162,484 | 715,978 | 738,350 | 710,119 | 686,779 | 626,877 |
| Due from related companies | 0 | 367,867 | 748,035 | 272,533 | 247,700 | 0 |
| Due from directors | 1,010,571 | 4,636 | 24,620 | 26,619 | 25,537 | 0 |
| Due from related party | 771,779 | 0 | 0 | 0 | 0 | 52,821 |
| Total Current Assets | 4,430,682 | 3,401,738 | 2,919,689 | 2,600,594 | 2,450,038 | 2,230,232 |
| PROPERTY AND EQUIPMENT, NET | 9,130,485 | 9,572,501 | 10,068,240 | 10,191,803 | 10,576,167 | 6,008,198 |
| DEFERRED TAX ASSETS | 479,583 | 468,394 | 629,083 | 655,281 | 639,494 | 389,847 |
| TOTAL ASSETS | 14,040,750 | 13,442,633 | 13,617,012 | 13,447,678 | 13,665,699 | 8,628,277 |
| CURRENT LIABILITIES | ||||||
| Accounts payable | 819,422 | 724,027 | 987,188 | 1,134,693 | 1,152,018 | 725,386 |
| Notes payable | 3,804,331 | 3,793,567 | 4,117,638 | 2,590,805 | 1,788,158 | 910,332 |
| Deferred revenue | 143,260 | 181,298 | 88,035 | 84,940 | 71,656 | 24,441 |
| Other payables and accrued liabilities | 3,940,398 | 3,009,419 | 3,047,528 | 4,088,901 | 5,326,369 | 1,757,975 |
| Accrued liquidated damages and interest | 1,414,713 | 1,388,515 | 1,362,316 | 1,336,118 | 1,309,919 | 0 |
| Income tax payable | 467,915 | 514,765 | 491,017 | 887,071 | 798,548 | 706,450 |
| Sales tax payable and other taxes payable | 11,018 | 2,801 | 6,971 | 15,132 | 16,064 | 13,487 |
| Due to CEO and a director | 0 | 57,170 | 15,068 | 103,573 | 97,293 | 0 |
| Due to related company | 50,407 | 0 | 2,376 | 2,374 | 0 | 0 |
| Total Current Liabilities | 10,651,464 | 9,671,562 | 10,118,137 | 10,243,607 | 10,560,025 | 4,138,071 |
| COMMITMENTS AND CONTINGENCIES | ||||||
| China Shesays Stockholders' equity | ||||||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued or outstanding as of December 31, 2012 and 2011 and 2010; none issued or outstanding as of September 30, 2012; none issued or outstanding as of June 30, 2012; none issued or outstanding as of March 31, 2012 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common stock, $0.001 par value, 65,849,200 shares authorized, 18,600,012 shares issued and outstanding as of December 31, 2012 and 2011 and 2010; 18,600,012 shares issued and outstanding as of September 30, 2012; 18,600,012 shares issued and outstanding as of June 30, 2012; 18,600,012 shares issued and outstanding as of March 31, 2012 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 |
| Additional paid-in capital | 2,173,540 | 2,173,540 | 2,173,540 | 2,166,401 | 2,166,401 | 2,160,485 |
| (Accumulated deficit)/retained earnings | ||||||
| Unappropriated | 108,223 | 594,324 | 334,501 | 41,209 | (26,334) | 1,640,050 |
| Appropriated | 643,704 | 555,755 | 555,755 | 555,755 | 555,755 | 429,566 |
| Accumulated other comprehensive income | 301,058 | 286,379 | 281,015 | 293,228 | 263,740 | 109,892 |
| Total China Shesays Stockholders' Equity | 3,245,125 | 3,628,598 | 3,363,411 | 3,075,193 | 2,978,162 | 4,358,593 |
| Noncontrolling interest | 144,161 | 142,473 | 135,464 | 128,878 | 127,512 | 131,613 |
| Total Stockholders' Equity | 3,389,286 | 3,771,071 | 3,498,875 | 3,204,071 | 3,105,674 | 4,490,206 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 14,040,750 | $ 13,442,633 | $ 13,617,012 | $ 13,447,678 | $ 13,665,699 | $ 8,628,277 |