China INSOnline Corp. (CHIO, Financial) filed Quarterly Report for the period ended 2009-03-31.
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 $59.6 million; its shares were traded at around $1.49 .
Prepayments represent a prepayment for the purchase of a software system for our insurance agency operations in November 2008. The software system would facilitate the operations of our insurance agency business amounting to $1,126,406 (RMB7,700,000). For the nine months ended March 31, 2009, the Company made a 95% prepayment of $1,070,086 (RMB7,315,000). As of March 31, 2009, the Company had outstanding commitments with respect to this purchase agreement of $56,320 (RMB385,000) due on July 15, 2009. Besides, the Company also entered into another agreement for the purchase of a software system for insurance policy flow management for the insurance agency business amounting to $6,582,893 (RMB45,000,000). For the nine months ended March 31, 2009, the Company made a 89% prepayment of $5,851,461 (RMB40,000,000). As of March 31, 2009, the Company had outstanding commitments with respect to this purchase agreement of $731,432 (RMB5,000,000) due on July 19, 2009.
Cash consideration includes discounts and other offers that entitle a customer to receive a reduction in the price of a product. For the nine months ended March 31, 2009 and 2008, the Company recognized $465,520 and $177,411, respectively, as a reduction of revenue for the discount offered to its customers.
The accompanying financial statements are presented in United States dollars. The functional currencies of the Company are the Renminbi (“RMB”) and Hong Kong Dollar (“HKD”). The financial statements are translated into United States dollars (“US$”or “$”) from RMB and US$ 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.
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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 $59.6 million; its shares were traded at around $1.49 .
Highlight of Business Operations:
Accounts receivable are recognized and carried at original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable and the balance has been outstanding over 90 days. As of March 31, 2009 and 2008, the Company had allowance for doubtful accounts of $933,947 and $0, respectively.Prepayments represent a prepayment for the purchase of a software system for our insurance agency operations in November 2008. The software system would facilitate the operations of our insurance agency business amounting to $1,126,406 (RMB7,700,000). For the nine months ended March 31, 2009, the Company made a 95% prepayment of $1,070,086 (RMB7,315,000). As of March 31, 2009, the Company had outstanding commitments with respect to this purchase agreement of $56,320 (RMB385,000) due on July 15, 2009. Besides, the Company also entered into another agreement for the purchase of a software system for insurance policy flow management for the insurance agency business amounting to $6,582,893 (RMB45,000,000). For the nine months ended March 31, 2009, the Company made a 89% prepayment of $5,851,461 (RMB40,000,000). As of March 31, 2009, the Company had outstanding commitments with respect to this purchase agreement of $731,432 (RMB5,000,000) due on July 19, 2009.
Cash consideration includes discounts and other offers that entitle a customer to receive a reduction in the price of a product. For the nine months ended March 31, 2009 and 2008, the Company recognized $465,520 and $177,411, respectively, as a reduction of revenue for the discount offered to its customers.
The accompanying financial statements are presented in United States dollars. The functional currencies of the Company are the Renminbi (“RMB”) and Hong Kong Dollar (“HKD”). The financial statements are translated into United States dollars (“US$”or “$”) from RMB and US$ 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.
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