China INSOnline Corp. (CHIO, Financial) filed Quarterly Report for the period ended 2008-12-31.
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 $20.4 million; its shares were traded at around $0.48 .
Prepayment represents advance payment to a promotion service provider for promotion and brand building services which the Company commenced in May 2008 and the prepayment of the purchase of a software system for our insurance agency operations in November 2008. The advertising and promotion campaigns spread across several months through the end of year 2008. The Company charged the portion of the payment to the advertising costs for the period according to the completed progress of the project. The software system would facilitate the operation of our insurance agency business amounting to $1,126,620 (Rmb7,700,000). For the six months ended December 31, 2008, the Company made a 65% prepayment of $733,303 (Rmb5,005,000). As of December 31, 2008, the Company has outstanding commitments with respect to this purchase agreement of $337,986 (Rmb2,310,000) and $56,331 (Rmb385,000) due on May 31, 2009 and August 20, 2009, respectively.
Cash consideration includes discounts and other offers that entitle a customer to receive a reduction in the price of a product. For the periods ended December 31, 2008 and 2007, the Company recognized $363,388 and $61,779, respectively, as a reduction of revenue for the discount offered to its customers.
The accompanying financial statements are presented in United States dollars. The functional currencies of the Company are the Renminbi (“RMB”) and Hong Kong Dollar (“HKD”). The financial statements are translated into United States dollars (“US$”) from RMB and US$ from HKD at period/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.
The Company expenses advertising costs as incurred. Advertising costs for campaigns that spread across several months are charged to the profit and loss account according to the progress of the campaigns completed. Differences between amounts paid to promotion service providers in advance for which advertising work has not been completed are included in the prepayment account on the balance sheet. Advertising costs charged to the profit and loss account were $1,901,068 and $0 for the six months ended December 31, 2008 and 2007, respectively. Advertising costs are grouped under selling expenses in the profit and loss account.
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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 $20.4 million; its shares were traded at around $0.48 .
Highlight of Business Operations:
On October 28, 2008, Rise & Grow and ZYTX entered into a Share Purchase Agreement 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.Prepayment represents advance payment to a promotion service provider for promotion and brand building services which the Company commenced in May 2008 and the prepayment of the purchase of a software system for our insurance agency operations in November 2008. The advertising and promotion campaigns spread across several months through the end of year 2008. The Company charged the portion of the payment to the advertising costs for the period according to the completed progress of the project. The software system would facilitate the operation of our insurance agency business amounting to $1,126,620 (Rmb7,700,000). For the six months ended December 31, 2008, the Company made a 65% prepayment of $733,303 (Rmb5,005,000). As of December 31, 2008, the Company has outstanding commitments with respect to this purchase agreement of $337,986 (Rmb2,310,000) and $56,331 (Rmb385,000) due on May 31, 2009 and August 20, 2009, respectively.
Cash consideration includes discounts and other offers that entitle a customer to receive a reduction in the price of a product. For the periods ended December 31, 2008 and 2007, the Company recognized $363,388 and $61,779, respectively, as a reduction of revenue for the discount offered to its customers.
The accompanying financial statements are presented in United States dollars. The functional currencies of the Company are the Renminbi (“RMB”) and Hong Kong Dollar (“HKD”). The financial statements are translated into United States dollars (“US$”) from RMB and US$ from HKD at period/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.
The Company expenses advertising costs as incurred. Advertising costs for campaigns that spread across several months are charged to the profit and loss account according to the progress of the campaigns completed. Differences between amounts paid to promotion service providers in advance for which advertising work has not been completed are included in the prepayment account on the balance sheet. Advertising costs charged to the profit and loss account were $1,901,068 and $0 for the six months ended December 31, 2008 and 2007, respectively. Advertising costs are grouped under selling expenses in the profit and loss account.
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