China INSOnline Corp. (CHIO) filed Quarterly Report for the period ended 2009-09-30.
Dexterity Surgical, Inc. is engaged in the distribution of instruments, equipment and surgical supplies used in and hand-assisted laparoscopic surgery through an exclusive distribution agreement with Weck Closure Systems, LLC. China Insonline Corp. has a market cap of $41.2 million; its shares were traded at around $1.03 with and P/S ratio of 2.2.
Highlight of Business Operations:
On October 28, 2008, Rise & Grow and ZYTX entered into a Share Purchase Agreement pursuant to which Rise & Grow acquired 100% ownership of Guang Hua Insurance Agency Company Limited (“GHIA”), a limited liability company organized under the laws of the PRC, through ZYTX to act as legal owner in China. GHIA is an insurance agent company which operates in the PRC. The consideration was US$5,846,244 (RMB$40,000,000) in cash. This share purchase transaction resulted in Rise & Grow obtaining 100% of the voting and beneficial interest in GHIA.
ZYTX was originally founded with goal of raising the national insurance consciousness and reducing the cost on national security in China by constructing and maintaining its network portal (www.soobao.cn) in order to integrate and optimize business flow during the course of insurance sales and related client services. From incorporation through the end of September 30, 2009, ZYTX was primarily engaged in institutional preparation and prior-period business development. Thereafter, through trial implementation of www.soobao.cn, ZYTX s products and services received favorable reviews and recognition in the Chinese insurance industry. ZYTX strengthened its technical research and development and expanded its product line after collecting suggestions from clients. In April 2007, www.soobao.cn was formally put into use. For the three months ended September 30, 2009 and 2008, the Company generated net revenues of $5,126,875 and $5,471,449, respectively.
Cash consideration includes discounts and other offers that entitle a customer to receive a reduction in the price of a product. For the three (3) months ended September 30, 2009 and 2008, the Company recognized $29,675 and $67,190, respectively, as a reduction of revenue for the discount offered to its customers.
The accompanying financial statements are presented in United States dollars. The functional currencies of the Company are the Renminbi (“RMB”) and the Hong Kong Dollar (“HKD”). The financial statements are translated into United States Dollars (“US$” or “$”) from RMB and US$ from HKD at year-end exchange rates as to assets and liabilities and average exchange rates as to revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.
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