BTHC XV, Inc.

CIK:0001412090|SEC Filings

Consolidated Statements of Operations and Other Comprehensive Income (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Revenue	$ 11,615,716	$ 9,144,581
Cost of revenue	548,446
Gross Profit	11,067,270	9,144,581
Operating Expenses
Selling expenses	2,716,253	2,400,806
General and administrative	1,598,715	1,383,428
Total operating expenses	4,314,968	3,784,234
Income from Operations	6,752,302	5,360,347
Other Income (Expenses):
Other income (expenses), net	(1,204,295)	(162,234)
Total Other Income (Expenses)	(1,204,295)	(162,234)
Income before Income Taxes	5,548,007	5,198,113
Income taxes	1,267,497	1,197,459
Net Income	4,280,510	4,000,654
Other Comprehensive Income
Foreign currency translation adjustment	869,793	517,921
Comprehensive Income	$ 5,150,303	$ 4,518,575
Earnings per Share, Basic and Diluted	$ 0.24	$ 0.23
Weighted Average Shares Outstanding, Basic and Diluted	18,089,660	17,371,030

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2011	Dec. 31, 2010
Cash Flows From Operating Activities
Net Income	$ 4,280,510	$ 4,000,654
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense	920,649	689,628
Amortization expense	9,599	5,033
Amortization of prepaid rent	25,045	3,199
Investment Income		(2,687)
Changes in operating assets and liabilities:
Accounts receivable	(130,669)	(36,051)
Other receivable and advance payments	(226,007)	(946,805)
Accounts payable	428,174	(611,184)
Accrued liabilities	(242,937)	(583)
Amount due to related party	52,461	27,757
Taxes payable	110,817	636,451
Deferred Tax Asset	398,039	(265,444)
L/T Deferred tax liabilities	(34,490)	32,150
Net cash provided by operating activities	5,591,191	3,532,118
Cash Flows From Investing Activities
Cash paid for notes receivable from related parties	(4,873,445)	(8,137,970)
Cash paid for purchase of fixed assets and intangibles	(628,411)	(3,778,044)
Cash paid for long term investment		(257,826)
Net cash provided by (used in) investing activities	(5,501,856)	(12,173,840)
Cash Flows From Financing Activities
Proceeds from short term debt	18,267,232	12,279,020
Principal payments on short term debt	(18,108,524)	(4,734,080)
Cash proceeds from shareholders capital contribution		650,715
Cash paid to restructure capital structure		(428,266)
Net cash provided by financing activities	158,708	7,767,389
Effect of exchange rate changes on cash	239,798	7,288
Net decrease in cash and cash equivalents	487,841	(867,045)
Cash and cash equivalents, beginning of period	208,955	1,076,000
Cash and cash equivalents, end of period	696,796	208,955
Supplemental disclosure information:
Income taxes paid	813,673	839,692
Interest paid	940,400	338,513
Non-cash investing and financing activities:
Construction in progress purchased on credit		80,866
Allocation of statutory reserve		$ 320,370

Consolidated Balance Sheets (USD $)	Dec. 31, 2011	Dec. 31, 2010
Current Assets
Cash and cash equivalents	$ 696,796	$ 208,955
Accounts receivable	169,345	36,968
Other Receivable and advance payments	1,351,552	960,588
Due from related parties	18,781,553	13,422,978
Deferred tax assets		380,465
Other current assets	26,525	25,354
Total current assets	21,025,771	15,035,308
Property, plant and equipment, net	13,916,042	13,603,339
Intangible assets, net	261,349	259,218
Long term investment	320,298	306,156
Other assets	136,104	140,959
Total Assets	35,659,564	29,344,980
Current Liabilities
Accounts payable	846,098	399,472
Accrued liabilities	46,971	277,108
Taxes payable	4,209,113	3,917,347
Short term debt	10,950,817	10,315,600
Due to related parties	82,239	28,463
Total current liabilities	16,135,238	14,937,990
Long term deferred tax liabilities		32,967
Total Liabilities	16,135,238	14,970,957
Stockholders' Equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 40,000,000 shares authorized, 18,089,660 shares issued and outstanding	18,090	18,090
Additional paid-in capital	1,172,358	1,172,358
Statutory reserves	913,370	913,370
Retained earnings	15,562,794	11,282,284
Accumulated other comprehensive income	1,857,714	987,921
Total stockholders' equity	19,524,326	14,374,023
Total Liabilities and Stockholders' Equity	$ 35,659,564	$ 29,344,980