American Smooth Wave Ventures, Inc.

CIK:0001441649|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenue	$ 29,412,970	$ 22,798,450	$ 60,834,728	$ 47,568,786
Cost of revenue	(20,397,519)	(15,684,077)	(42,355,627)	(32,749,750)
Gross profit	9,015,451	7,114,373	18,479,101	14,819,036
Operating expenses:
Selling and distribution expenses	(1,419,933)	(454,427)	(1,901,446)	(849,681)
General and administrative expenses	(1,042,598)	(717,159)	(2,237,082)	(1,462,981)
Total operating expenses	(2,462,531)	(1,171,586)	(4,138,528)	(2,312,662)
Income from operations	6,552,920	5,942,787	14,340,573	12,506,374
Interest and other (expense) income, net	(25,006)	17,562	(20,796)	21,192
Finance costs	(59,633)	(48,131)	(102,010)	(77,784)
Income before income taxes	6,468,281	5,912,218	14,217,767	12,449,782
Income taxes	(1,013,121)	(1,568,838)	(3,244,433)	(3,162,190)
Net income	5,455,160	4,343,380	10,973,334	9,287,592
Other comprehensive income:
Foreign currency translation gain	468,992	97,697	682,096	98,687
Total comprehensive income	$ 5,924,152	$ 4,441,077	$ 11,655,430	$ 9,386,279
Weighted average number of shares outstanding, basic and diluted	317,409,000	317,409,000	338,528,116	317,409,000
Income per share, basic and diluted	$ 0.02	$ 0.01	$ 0.03	$ 0.03

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 income	$ 10,973,334	$ 9,287,592
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	194,810	160,615
Loss on disposal of property, plant and equipment	38,096
Deferred income taxes	(420,417)	17,234
Equity-settled share-based payment expenses	6,826
Receipts and payments through a related party		13,410,807
Changes in operating assets and liabilities:
Accounts receivable, net	(7,252,395)	5,084,756
Inventories	711,582	894,384
Due from related parties		(26,620,033)
Other current assets	636,778	1,180,570
Accounts payables	(1,917,864)	595,108
Accrued expenses and other payables	1,434,249	(136,006)
Income tax payable	(1,330,724)	(888,238)
Net cash provided by operating activities	3,074,275	2,986,789
Cash flows from investing activities:
Restricted bank deposits made	(288,930)	(319,251)
Release of restricted bank deposits	28,065	420,457
Proceeds from disposal of property, plant and equipment	2,422
Purchases of property, plant and equipment	(116,369)
Change in deposit paid for acquisition of plant and equipment		323,791
Net cash (used in) provided by investing activities	(374,812)	424,997
Cash flows from financing activities:
Proceeds from short term bank loans	3,540,947	2,256,278
Repayment of short term bank loans	(1,529,567)	(1,684,883)
Net cash provided by financing activities	2,011,380	571,395
Effect of foreign exchange rate changes on cash and cash equivalents	628,301	184,533
Increase in cash and cash equivalents	5,339,144	4,167,714
Cash and cash equivalents at beginning of period	13,086,927	627,964
Cash and cash equivalents at end of period	18,426,071	4,795,678
Supplemental disclosures of cash flow information:
Cash paid for interest	102,010	77,784
Cash paid for income taxes	5,166,140	4,043,950
Non cash operating activities:
The issue of shares as consideration for the acquisition discussed in note 14	$ 6,826

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 18,426,071	$ 13,086,927
Restricted cash	288,930	28,065
Accounts receivable, net	31,079,763	23,827,368
Inventories	1,532,937	2,244,519
Other current assets	12,676	649,454
Total current assets	51,340,377	39,836,333
Non-current assets:
Property, plant and equipment, net	3,737,790	3,766,941
Land use rights, net	1,350,944	1,340,740
Deferred tax assets	784,890	352,640
Total non-current assets	5,873,624	5,460,321
Total assets	57,214,001	45,296,654
Current liabilities:
Accounts payable	8,365,030	10,282,894
Accrued expenses and other payables	3,892,469	2,458,220
Short term bank loans	3,829,195	1,759,765
Income tax payable	1,910,920	3,241,644
Total current liabilities	17,997,614	17,742,523
Non-current liabilities:
Related party loan		10,000
Total liabilities	17,997,614	17,752,523
Commitments and contingencies
Stockholders' equity:
Common stock; par value $0.001; 750,000,000 shares authorized; 341,300,000 and 325,941,500 shares issued and outstanding at June 30, 2011 and December 31, 2010	341,300	325,942
Additional paid-in capital	971,492	970,024
Accumulated other comprehensive income	2,551,181	1,869,085
Statutory surplus reserve	654,242	654,242
Retained earnings	34,698,172	23,724,838
Total stockholders' equity	39,216,387	27,544,131
Total liabilities and stockholders' equity	$ 57,214,001	$ 45,296,654