Yinhang Internet Technologies Development, Inc.

CIK:0001494722|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Products	$ 0	$ 4,279
Services	1,220,127	1,434,649
Net revenues	1,220,127	1,438,928
Cost of revenues
Products	0	2,885
Services	518,695	638,380
Cost of revenues	518,695	641,265
Gross profit	701,432	797,663
Operating Expenses
Selling	98,462	89,883
General and administrative	305,830	1,479,721
Total operating expenses	404,292	1,569,604
Income (loss) from operations	297,140	(771,941)
Non-operating income (expenses)
Other income	0	113,350
Other expenses	(1,873)	(6,581)
Financial expense	(719)	(433)
Total non-operating income (expenses), net	(2,592)	106,336
Income (loss) before income tax	294,548	(665,605)
Income tax expense	174,360	189,304
Net income (loss)	120,188	(854,909)
Foreign currency translation gain (loss)	(50,121)	25,269
Comprehensive income (loss)	$ 70,067	$ (829,640)
Basic weighted average shares outstanding	8,000,224	5,581,391
Basic earnings (loss) per share	$ 0.02	$ (0.15)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 120,188	$ (854,909)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	23,877	51,136
Changes in deferred tax	174,360	189,304
(Increase) decrease in assets:
Prepaid expenses	13,506	(248,546)
Other receivables and deposits	(16,488)	438,922
Advances to suppliers	(3,408)	21,848
Inventories	0	(82,638)
Prepaid commissions	6,283	0
Increase (decrease) in liabilities:
Accounts payable	0	(260)
Unearned revenue	(29,969)	33,890
Accrued liabilities and other payables	390,342	265,790
Commissions payable	0	45,568
Taxes payable	(2,959)	(14,221)
Deferred revenue	(709,170)	(747,641)
Net cash used in operating activities	(33,438)	(901,757)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets	0	(3,515)
Net cash used in investing activities	0	(3,515)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advance from related parties	36,619	325,213
Net cash provided by financing activities	36,619	325,213
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	168	(3,715)
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	3,349	(583,774)
CASH & EQUIVALENTS, BEGINNING OF PERIOD	27,795	1,089,755
CASH & EQUIVALENTS, END OF PERIOD	31,144	505,981
Supplemental cash flow data:
Income tax paid	0	0
Interest paid	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and Equivalents	$ 31,144	$ 27,795
Prepaid expenses	31,855	45,276
Other receivables and deposits	20,697	4,017
Advances to suppliers, net	3,521	77
Taxes receivable	13,973	11,353
Inventories, net	40,710	40,506
Advances to related parties	0	251,985
Prepaid commissions - current	2,084,251	2,080,168
Deferred tax assets - current, net	682,959	679,397
Total current assets	2,909,110	3,140,574
NONCURRENT ASSETS:
Property and equipment, net	58,747	72,983
Intangible assets, net	72,287	81,403
Prepaid commissions - noncurrent	2,034,066	2,537,644
Deferred tax assets - noncurrent, net	866,604	1,037,739
Total non current assets	3,031,704	3,729,769
TOTAL ASSETS	5,940,814	6,870,343
CURRENT LIABILITIES:
Accounts payable	4,470	4,448
Unearned revenue	2,859,751	2,875,614
Accrued liabilities and other payables	1,777,066	1,765,116
Commissions payable	712,447	708,892
Taxes payable	167,636	167,225
Advances from related parties, net	175,074	0
Deferred revenue - current	4,920,337	4,906,964
Total current liabilities	10,616,781	10,428,259
NONCURRENT LIABILITIES:
Deferred revenue - noncurrent	5,500,481	6,688,599
Other payable	50,970	50,970
Total noncurrent liabilities	5,551,451	6,739,569
Total Liabilities	$ 16,168,232	$ 17,167,828
CONTINGENCIES AND COMMITMENTS
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value; 1,000,000 shares authorized, no shares outstanding	$ 0	$ 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 8,000,224 shares issued and outstanding as of March 31, 2016 and December 31, 2015	8,000	8,000
Additional Paid in capital	2,040,873	2,040,873
Accumulated other comprehensive income	479,123	529,244
Accumulated deficit	(12,755,414)	(12,875,602)
Total stockholders' deficit	(10,227,418)	(10,297,485)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 5,940,814	$ 6,870,343