China Executive Education Corp

CIK:0001464305|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS [Abstract]
Revenues	$ 2,112,657	$ 2,787,621	$ 4,589,149	$ 5,663,276
Cost of revenue	852,759	2,046,316	1,918,540	5,445,817
Gross profit (loss)	1,259,898	741,305	2,670,609	217,459
Operating expenses
Selling expenses	974,953	493,646	2,731,808	2,530,630
General and administrative expense	1,071,061	859,194	3,005,456	2,392,160
Total operating expenses	2,046,014	1,352,840	5,737,264	4,922,790
Income (loss) from operations	(786,116)	(611,535)	(3,066,655)	(4,705,331)
Other income (expenses)
Interest income	70	26,497	23,209	86,197
Other income	59,914	(21,394)	526,349	155,391
Other expenses	(20,323)		(54,827)
Total other income (expenses)	39,661	5,103	494,731	241,588
Loss before income taxes	(746,455)	(606,432)	(2,571,924)	(4,463,743)
Provision for income taxes		2,092		329,264
Net loss	(746,455)	(608,524)	(2,571,924)	(4,793,007)
Comprehensive loss
Foreign currency translation loss	(97,476)	(172,601)	48,800	(478,568)
Total comprehensive loss	$ (843,931)	$ (781,125)	$ (2,523,124)	$ (5,271,575)
Basic and diluted loss per common share	$ (0.03)	$ (0.03)	$ (0.11)	$ (0.21)
Basic and diluted weighted average common shares outstanding	22,834,100	22,834,100	22,834,100	22,834,100
Cash dividends per common share

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities
Net loss	$ (2,571,924)	$ (4,793,007)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	283,756	153,347
(Increase) decrease in Other receivables	(1,156,281)	55,382
(Increase) decrease in Advance to vendors	(242,058)	(778,156)
Increase (decrease) in Other payable	(385,917)	(78,981)
Increase (decrease) in Customer deposits	2,042,579	(215,644)
Increase (decrease) in Accrued expenses	(352,492)	(383,999)
Increase (decrease) in Tax payable		(1,357,312)
Increase (decrease) in Deferred revenue	(96,433)	4,037,794
Net cash used in operating activities	(2,478,770)	(3,360,576)
Cash flows used in investing activities
Acquisition of property and equipment	(905)	(610,887)
Net cash generated from (used in) investing activities	(905)	(610,887)
Cash flows from financing activities
Cash receive from shareholder	158,516
Net cash generated from financing activities	158,516
Effect on exchange rate changes on cash and cash equivalents	(73,948)	(551,371)
Net decrease in cash and cash equivalents	(2,395,107)	(4,522,834)
Cash and cash equivalents, beginning of periods	3,570,740	10,272,391
Cash and cash equivalents, end of periods	1,175,633	5,749,557
Supplemental disclosures of cash flow information:
Interest paid
Income taxes paid		$ 1,636,867

CONSOLIDATED BALANCE SHEET (USD $)	Sep. 30, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents-Unrestricted (including cash and cash equivalents-Unrestricted of the consolidated VIE without recourse to China Executive Education Corp of US$1,057,868 and US$294,841 as of September 30,2012 and December 31,2011, respectively)	$ 1,175,633	$ 3,570,740
Cash and cash equivalents-Restricted cash (including cash and cash equivalents-Restricted cash of the consolidated VIE without recourse to China Executive Education Corp of US$316,506 and US$317,178 as of September 30,2012 and December 31,2011, respectively)	316,506	317,178
Advance to vendors (including advance to vendors of the consolidated VIE without recourse to China Executive Education Corp of US$297,459 and nil as of September 30,2012 and December 31,2011, respectively)	843,062	602,685
Receivables from shareholder (including receivables from shareholder of the consolidated VIE without recourse to China Executive Education Corp of nil and nil as of September 30,2012 and December 31,2011, respectively)	1,752,650	1,914,964
Other receivables (including other receivables of the consolidated VIE without recourse to China Executive Education Corp of US$5,941,856 and US$3,749,545 as of September 30,2012 and December 31,2011, respectively)	4,082,951	2,934,815
Total current assets	8,170,802	9,340,382
Property, plant and equipment, net (including property, plant and equipment, net of the consolidated VIE without recourse to China Executive Education Corp of US$3,179 and US$458 as of September 30,2012 and December 31,2011, respectively)	843,673	1,128,447
Total Assets	9,014,475	10,468,829
Current liabilities:
Customer deposits (including customer deposits of the consolidated VIE without recourse to China Executive Education Corp of US$4,625,593 and US$2,605,864 as of September 30,2012 and December 31,2011, respectively)	4,639,523	2,605,864
Accrued expenses (including accrued expenses of the consolidated VIE without recourse to China Executive Education Corp of nil and US$205,666 as of September 30,2012 and December 31,2011, respectively)		352,655
Deferred revenue (including deferred revenue of the consolidated VIE without recourse to China Executive Education Corp of US$4,611,948 and US$7,188,008 as of September 30,2012 and December 31,2011, respectively)	4,611,948	7,188,008
Other payables (including other payables of the consolidated VIE without recourse to China Executive Education Corp of US$3,923,864 and US$842,546 as of September 30,2012 and December 31,2011, respectively)	57,606	523,411
Taxes payable (including taxes payable of the consolidated VIE without recourse to China Executive Education Corp of nil and nil as of September 30,2012 and December 31,2011, respectively)
Total current liabilities	9,309,077	10,669,938
Deferred revenue- noncurrent (including deferred revenue- noncurrent of the consolidated VIE without recourse to China Executive Education Corp of 18,893,853 and 16,464,222 as of September 30,2012 and December 31,2011, respectively)	18,893,853	16,464,222
Total liabilities	28,202,930	27,134,160
Commitments
Stockholders' deficiency
Common stock, $0.001 par value, 70,000,000 shares authorized, 22,834,100 shares issued and outstanding at September 30,2012 and December 31,2011, respectively	22,834	22,834
Additional paid-in capital	1,775,842	1,775,842
Accumulated deficits	(20,038,816)	(17,466,892)
Accumulated other comprehensive loss	(948,315)	(997,115)
Total stockholders' deficiency	(19,188,455)	(16,665,331)
Total Liabilities and Stockholders' Equity	$ 9,014,475	$ 10,468,829