ASC Global Recruitment Inc.

Comparative Statement of Financial Position

As of December 2015 and 2014

December 31
2015 2014
ASSETS
Current Assets:
Cash 2,461,349.00 9,892,963.00
Receivables 3,615,177.00 2,289,630.00
Prepayments and other current assets 5,747,274.00 5,145,825.00
Total Current Assets 11,823,800.00 17,328,418.00
Non-current Assets:
Property and equipment - net 546,412.00 356,532.00
Due from related parties 2,234,640.00 -
Other assets 1,293,779.00 1,137,017.00
Total Non-current Assets 4,074,831.00 1,493,549.00
Total Assets 15,898,631.00 18,821,967.00
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses 10,443,731.00 11,323,598.00
Due to a related party 2,309,076.00 5,460,369.00
Total Liabilities 12,752,807.00 16,783,967.00
Equity:
Share capital 11,100,000.00 9,100,000.00
Additional paid-in capital 470,770.00 470,770.00
Deficit -8,424,946.00 -7,532,770.00
Total Equity 3,145,824.00 2,038,000.00
Total Liabilities and Equity 15,898,631.00 18,821,967.00
sition

Increase/Decrease
Amount %

-7,431,614.00 -75.12%
1,325,547.00 57.89%
601,449.00 11.69%
-5,504,618.00 -31.77%

189,880.00 53.26%
2,234,640.00 0.00%
156,762.00 13.79%
2,581,282.00 172.83%
-2,923,336.00 -15.53%

-879,867.00 -7.77%
3,151,293.00 57.71%
4,031,160.00 24.02%

2,000,000.00 21.98%
- 0.00%
-892,176.00 11.84%
1,107,824.00 54.36%
-2,923,336.00 -15.53%
 ASC Global Recruitment Inc.
Comparative Statement of Comprehensive Income
As of December 2015 and 2014

December 31
2015
REVENUES 16,274,099.00
COST OF SERVICES 13,980,341.00
GROSS PROFIT 2,293,758.00
OPERATING EXPENSES 3,041,632.00
INCOME (LOSS) FROM OPERATIONS -747,874.00
OTHER EXPENSES- NET:
Foreign exchange loss - net -422,837.00
Bank charges -6,203.00
Interest income 32,252.00
Miscellaneous income 304,450.00
INCOME BEFORE INCOME TAX -840,212.00
INCOME TAX EXPENSE 51,964.00
NET INCOME (LOSS)/TOTAL INCOMPREHENSIVE INCOME/LOSS -892,176.00
uitment Inc.
Comprehensive Income
015 and 2014

December 31 Increase/Decrease
2014 Amount %
13,980,116.00 2,293,983.00 16.41%
9,202,307.00 4,778,034.00 51.92%
4,777,809.00 -2,484,051.00 -51.99%
2,289,895.00 751,737.00 32.83%
2,487,914.00 -3,235,788.00 -130.06%

-426,109.00 3,272.00 -0.77%

41,604.00 -47,807.00 -114.91%
33,831.00 -1,579.00 -4.67%
65,519.00 238,931.00 364.67%
2,119,551.00 -2,959,763.00 -139.64%
96,867.00 -44,903.00 -46.36%
2,022,684.00 -2,914,860.00 -144.11%
 ASC Global Recruitment Inc.
Comparative Statement of Financial Position
As of December 2016 and 2015

December 31
2016 2015
ASSETS
Current Assets:
Cash 3,766,648.00 2,461,349.00
Receivables 2,923,594.00 3,615,177.00
Prepayments and other current assets 6,850,386.00 5,747,274.00
Total Current Assets 13,540,628.00 11,823,800.00
Non-current Assets:
Property and equipment - net 594,798.00 546,412.00
Due from related parties 10,711,185.00 2,234,640.00
Deferred tax asset 208,206.00 -
Other assets 1,352,986.00 1,293,779.00
Total Non-current Assets 12,867,175.00 4,074,831.00
Total Assets 26,407,803.00 15,898,631.00
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses 13,529,842.00 10,443,731.00
Due to a related party 14,091,115.00 2,309,076.00
Total Liabilities 27,620,957.00 12,752,807.00
Equity:
Share capital 11,100,000.00 11,100,000.00
Additional paid-in capital 470,770.00 470,770.00
Deficit -12,783,924.00 -8,424,946.00
Total Equity -1,213,154.00 3,145,824.00
Total Liabilities and Equity 26,407,803.00 15,898,631.00
sition

Increase/Decrease
Amount %

1,305,299.00 53.03%
-691,583.00 -19.13%
1,103,112.00 19.19%
1,716,828.00 14.52%

48,386.00 8.86%
8,476,545.00 0.00%
208,206.00
59,207.00 4.58%
8,792,344.00 215.77%
10,509,172.00 66.10%

3,086,111.00 29.55%
11,782,039.00 510.25%
14,868,150.00 116.59%

0.00 0.00%
0.00 0.00%
-4,358,978.00 51.74%
-4,358,978.00 -138.56%
10,509,172.00 66.10%
 ASC Global Recruitment Inc.
Comparative Statement of Comprehensive Income
As of December 2016 and 2015

December 31
2016
REVENUES 24,263,788.00
COST OF SERVICES 22,676,206.00
GROSS PROFIT 1,587,582.00
OPERATING EXPENSES 5,909,507.00
INCOME (LOSS) FROM OPERATIONS -4,321,925.00
OTHER EXPENSES- NET:
Foreign exchange loss - net -422,348.00
Bank charges -22,475.00
Interest income 25,617.00
Miscellaneous income 212,379.00
INCOME BEFORE INCOME TAX -4,528,752.00
INCOME TAX EXPENSE -169,774.00
NET INCOME (LOSS)/TOTAL INCOMPREHENSIVE INCOME/LOSS -4,358,978.00
ment Inc.
mprehensive Income
6 and 2015

December 31 Increase/Decrease
2015 Amount %
16,274,099.00 7,989,689.00 49.09%
13,980,341.00 8,695,865.00 62.20%
2,293,758.00 -706,176.00 -30.79%
3,041,632.00 2,867,875.00 94.29%
-747,874.00 -3,574,051.00 477.89%

-422,837.00 489.00 -0.12%

-6,203.00 -16,272.00 262.32%
32,252.00 -6,635.00 -20.57%
304,450.00 -92,071.00 -30.24%
-840,212.00 -3,688,540.00 439.00%
51,964.00 -221,738.00 -426.71%
-892,176.00 -3,466,802.00 388.58%