Attached files
| file | filename |
|---|---|
| EX-99.2 - UNAUDITED FINANCIAL STATEMENTS - China Teletech Holding Inc | f8k111317a2_ex99-2chinatel.htm |
| EX-99.1 - AUDITED FINANCIAL STATEMENTS - China Teletech Holding Inc | f8k111317a2_ex99-1chinatel.htm |
| EX-21.1 - LIST OF SUBSIDIARIES. - China Teletech Holding Inc | f8k111317a2_ex21-1chinatel.htm |
| EX-2.1 - SHARE EXCHANGE AGREEMENT DATED AS OF NOVEMBER 15, 2016 BY AND AMONG THE COMPANY, - China Teletech Holding Inc | f8k111317a2_ex2-1chinatel.htm |
| 8-K/A - AMENDMENT NO. 2 TO FORM 8-K - China Teletech Holding Inc | f8k111317a2_chinateletech.htm |
Exhibit 99.3
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL DATA
The following unaudited pro forma condensed combined statement of operations of China Teletech Holding, Inc. (“CNCT” or the "Company") gives effect to the merger of CNCT and Liaoning Kunchengyuan Internet Technology Co. Ltd. (formerly known as Kuncheng Education Investment Co. Ltd.) ("LKIT") as if such transaction occurred at the beginning of the periods presented. The unaudited pro forma condensed combined statement of operations for the period ended June 30, 2017 is derived from the unaudited financial statements of CNCT for the period ended June 30, 2017 and unaudited financial statements of LKIT for the period ended June 30, 2017.
The unaudited pro forma condensed combined balance sheet at June 30, 2017 gives effect to the Merger of CNCT and LKIT as if such transaction occurred on June 30, 2017. The unaudited pro forma condensed combined balance sheet is derived from the unaudited balance sheets of CNCT and LKIT as of June 30, 2017.
The unaudited pro forma condensed combined financial data do not reflect the effects of any anticipated changes to be made by LKIT in its operations from the historical operations and are presented for informational purposes only and should not be construed to be indicating (i) the results of operations or the financial position of LKIT that actually would have occurred had the proposed merger been consummated as of the dates indicated or (ii) the results of operation or the financial position of LKIT in the future.
The proposed Merger is expected to be accounted for as an acquisition and it is the intention of the parties to continue the operations upon closing.
The following pro forma condensed combined financial data and notes are qualified in their entirety by reference to, and should be read in conjunction with, "Management's Discussion and Analysis of Financial Condition and Results of Operation," the consolidated financial statements and notes thereto of LKIT and other historical information included elsewhere in this filing.
China Teletech Holding, Inc.
Proforma Condensed Combined Balance Sheet
As of June 30, 2017
| Elimination | ||||||||||||||||
| Kuncheng | CNCT | & Adjustments | Pro Forma | |||||||||||||
| Assets | ||||||||||||||||
| Cash and cash equivalents | $ | 60,045 | $ | - | $ | - | $ | 60,045 | ||||||||
| Accounts receivable | 50,443 | 50,443 | ||||||||||||||
| Other receivables | 1,333 | - | - | 1,333 | ||||||||||||
| Prepaid expenses and other | - | 200,000 | - | 200,000 | ||||||||||||
| Investment in subsidiary | - | 1,520,544 | (1,520,544 | ) | - | |||||||||||
| Goodwill | - | - | ||||||||||||||
| Total assets | $ | 111,821 | $ | 1,720,544 | $ | (1,520,544 | ) | $ | 311,821 | |||||||
| Liabilities and stockholders’ deficit | ||||||||||||||||
| Accounts payable | $ | 13,236 | $ | - | $ | $ | 13,236 | |||||||||
| Other tax payable | 7,164 | 7,164 | ||||||||||||||
| Wages payable | 16,241 | 16,241 | ||||||||||||||
| Accrued liabilities and other payable | 16,946 | 54,000 | 70,946 | |||||||||||||
| Amount due to related parties | 11,883 | 515,223 | 527,106 | |||||||||||||
| Deferred revenue | 294,801 | 294,801 | ||||||||||||||
| Contingency liabilities | 43,219 | 43,219 | ||||||||||||||
| Total liabilities | 360,271 | 612,442 | - | 972,713 | ||||||||||||
| Stockholders’ deficit: | ||||||||||||||||
| Common stock | - | 1,736,638 | 1,736,638 | |||||||||||||
| Registered capital | 534,531 | - | (534,531 | ) | - | |||||||||||
| Shares to be issued | 64,750 | 64,750 | ||||||||||||||
| Additional paid in capital | - | 5,666,892 | (1,868,889 | ) | 3,798,003 | |||||||||||
| Non-controlled interest | - | - | (121,741 | ) | (121,741 | ) | ||||||||||
| Accumulated deficit | (774,830 | ) | (6,360,178 | ) | 996,465 | (6,138,543 | ) | |||||||||
| Accumulated other comprehensive gain | (8,152 | ) | - | 8,152 | - | |||||||||||
| Total stockholders’ deficit | (248,450 | ) | 1,108,102 | (1,520,544 | ) | (660,892 | ) | |||||||||
| Total liabilities and stockholders’ deficit | $ | 111,821 | $ | 1,720,544 | $ | (1,520,544 | ) | $ | 311,821 | |||||||
China Teletech Holding Inc.
Proforma Condensed Combined Statement of Operations
For the Six Months Ended June 30, 2017
| Elimination | ||||||||||||||||
| Kuncheng | CNCT | & Adjustments | Pro Forma | |||||||||||||
| Revenues | $ | 100,634 | $ | - | $ | (100,634 | ) | $ | - | |||||||
| Cost of revenue | (49,502 | ) | - | 49,502 | - | |||||||||||
| Gross profit (loss) | 51,132 | - | (51,132 | ) | - | |||||||||||
| Selling, general and administrative expenses | (142,201 | ) | (192,667 | ) | 142,201 | (192,667 | ) | |||||||||
| Income (loss) from operations | (91,069 | ) | (192,667 | ) | 91,069 | (192,667 | ) | |||||||||
| Other (expenses) | (731 | ) | - | 731 | - | |||||||||||
| Gain on acquisition | 221,636 | 221,636 | ||||||||||||||
| Income (loss) from operations before income taxes | (91,800 | ) | (192,667 | ) | 313,436 | 28,969 | ||||||||||
| Income tax provision | - | - | - | - | ||||||||||||
| Net income (loss) | (91,800 | ) | (192,667 | ) | 313,436 | 28,969 | ||||||||||
| Other comprehensive loss: | ||||||||||||||||
| Foreign currency translation gain | (8,152 | ) | - | 8,152 | - | |||||||||||
| Comprehensive loss | $ | (99,952 | ) | $ | (192,667 | ) | $ | 321,588 | $ | 28,969 | ||||||
| Per share information – basic and fully diluted: | ||||||||||||||||
| Weighted average shares outstanding | 173,663,776 | 173,663,776 | ||||||||||||||
| Net income/(loss) per share, basic | $ | (0.001 | ) | $ | 0.0002 | |||||||||||