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| | Business Summary: Designs, installs and operates LED out-of-home advertising billboards; provides design, installation and digital control of LED video and lighting systems; and develops, manufactures and sells lighting source products, including certain categories of high-intensity discharge lighting products. | | | Address
18/F., W Square, 318 Hennessy Road
Wanchai
Phone: 852-2546-1808
Website: http://www.lightscapetech.com.hk
| | Auditor |
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Yu and Associates CPA Corp
| | Transfer Agent |
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Pacific Stock Transfer Co.
| Employees: 177
ShareHolders: 165 | Founded: 1995
Domicile: Nevada | | | |
| | Lightscape Technologies Inc. engages in the following business activities: light-emitting diode (LED) out-of-home advertising, LED solutions and other lighting source products.
In its LED out-of-home advertising business, Lightscape designs, installs and operates LED out-of-home advertising billboards.
In its LED solutions business, Lightscape provides design, installation and digital control of LED video and lighting systems; original equipment manufacturing (OEM) and licensing of the company's proprietary digital controller software system; and rentals of LED-based hardware.
In its lighting source products business, Lightscape develops, manufactures and sells lighting source products. The company manufactures and sells high-intensity discharge (HID) lighting products including metal halide lamps and high-pressure sodium lamps.
The company derives a substantial portion of its revenues from sales in the People's Republic of China. | | History: INCORPORATED in Nevada Sept. 14, 1995 as Legacy Bodysentials Inc. Name changed to Legacy Minerals Inc. Sept. 25, 1996; to Global Commonwealth Inc. May 18, 1998; to Global Innovative Systems Inc. Nov. 12, 1999; and to Lightscape Technologies Inc. Apr. 20, 2007.
January 13, 2005, issued 13,000,000 shares of its Common stock in exchange for the issued and outstanding shares of Tech Team Holdings Limited, on the basis of one share of the company's Common for every 27.29219 Tech Team Ordinary share.
February 27, 2006, issued 1,750,000 Common shares and $1,928,021 cash in exchange for 26.0% of the shares of Beijing Illunimation (Hong Kong) Limited. In subsequent purchases, issued 3,076,923 Common shares in the aggregate to increase its interest to an approximate 76.8% interest in Beijing Illumination. | | | | Subsidiaries: |
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Beijing Aihua New Enterprise Lighting Appliance Company Limited
Beijing Illumination (Hong Kong) Limited
Golden Cypress Limited
Grandplex Development Limited
Lightscape Technologies (Greater China) Limited
Lightscape Technologies (Macau) Limited
Luminous Lighting Technology (Asia) Limited
Media AV International Pte Limited
Powerland Technology Limtied
Pro Shing Construction Team Macau Limited
Tech Team (China) Limited
Tech Team Development (Zhuhai) Limited
Tech Team Development Limited
Tech Team Holdings Limited
Tech Team Investment Limited
Tomi Fuji Energy Management Services Consultants Limited
Tomi Fuji Energy Pte. Limited
| | | | | | Capital Expenditures, thousand. US Dollars |
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| Year | Amount | | 2006 | 38 |
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Management
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| Officers | Position |
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| Bondy Tan | President, Secretary, Treasurer & Chief Executive Officer |
| | Directors |
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| Charles Cheung | | Alfred Lee Ming Sung | | Bondy Tan | | Kwok Tin Tang | | Edmand Yuk Man Wong | | | |
| | | | Capitalization as of 03/31/2009: | | | | | Authorized Shares | Outstanding Shares |
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| Preferred $0.001 par | 100,000,000 | None | | Common $0.001 par | 800,000,000 | 55,876,410 |
| | | | LONG TERM DEBT: $67,471. | | | | Common $0.001 par | | | | COMMON SOLD PRIVATELY: March 17, 2008, the company completed a private placement in which it sold 9,375,000 Common shares at $0.80 per share for aggregate proceeds of $7,500,000. The placement agent for the offering received a cash fee in the amount of $525,000 and warrants to purchase up to 656,250 Common shares. | | | |
Stockholders:
06/30/2009,
165.
| | PRINCIPAL STOCKHOLDERS: June 30, 2009, Eastern Advisors Capital, Ltd. owned or controlled 13.8% of the Common, Galaxy China Opportunities Fund 9.7%, Bondy Tan 7.3%, SMC Investment Management Limited 6.6% and Liberty Square Strategic Partners IV (Asia) Offshore, L.P. 5.1%. | | | |
Transfer Agent: Pacific Stock Transfer Co.
Las Vegas
, NV | | | | OTC Bulletin Board( Primary): LTSC | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2008 | 2.0000 | 0.2000 | | OTC Bulletin Board | 2007 | 1.2000 | 0.4000 | | OTC Bulletin Board | 2006 | 0.9000 | 0.3300 | | OTC Bulletin Board | 2005 | 2.7000 | 0.3500 | | OTC Bulletin Board | 2004 | 0.5625 | 0.1875 | | OTC Bulletin Board | 2003 | 1.3000 | 0.0200 |
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| | | | DIVIDENDS: Common $0.001 par: None. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2009 | 2008 |
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| Revenues: |
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| | LED solutions revenue | 4,046,490 | 3,564,537 | | Other revenue | 1,573,870 | 2,397,874 | | Total net revenues | 5,620,360 | 5,962,411 | | Cost of revenues | (3,702,332) | (4,694,766) | | Gross profit | 1,918,028 | 1,267,645 | | Selling and marketing expenses | (698,116) | (662,628) | | General and administrative expenses | 5,172,397 | (4,952,165) | | Interest expense | (27,554) | (382,022) | | Interest income | 867 | 39,424 | | Other income | 453,129 | 888,412 | | Loss on disposal of plant and equipment | (432,520) | (3,728) | | Impairment loss on intangible assets | - | (689,204) | | Impairment on goodwill | - | (526,863) | | Loss on redemption of redeemable convertible notes and options | - | (2,253,359) | | Other expenses | (171,102) | - | | (Loss) income from continuing operations before income tax and minority interests | (5,029,665) | (7,274,488) | | Income taxes | 239,912 | - | | Net (loss) income from continuing operations before minority interests | (4,789,753) | (7,274,488) | | Minority interests | 314,817 | 444,215 | | Net (loss) income from continuing operations | (4,474,936) | (6,830,273) | | (Loss) on discontinued operations | (108,314) | (2,585,802) | | Net (loss) income attributable to shareholders of the Company | (4,583,250) | (9,416,075) | | (Loss) Earnings per share |
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| | - Basic |
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| | Continuing operations | (0.08) | (0.16) | | Discontinued operations | Nil | (0.06) | | Total | (0.08) | (0.22) | | - Diluted |
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| | Continuing operations | (0.08) | (0.16) | | Discontinued operations | Nil | (0.06) | | Total | (0.08) | (0.22) |
| | | | Balance Sheet | |
| 2009 | 2008 |
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| ASSETS |
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| | Current assets: |
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| | Cash and cash equivalents | 381,643 | 3,976,565 | | Accounts receivable, net | 2,239,228 | 4,438,207 | | Costs and estimated earnings in excess of billings on uncompleted contracts | 673,313 | 639,035 | | Prepaid expenses and other current assets | 1,817,215 | 1,742,031 | | Inventories | 3,539,527 | 3,903,798 | | Current assets of discontinued operations | 591,921 | 699,847 | | Total current assets | 9,242,847 | 15,399,483 | | Intangible assets, net | 969,282 | 1,700,114 | | Goodwill | 4,476,574 | 4,476,574 | | Plant and equipment, net | 2,529,141 | 4,650,398 | | Out-of-home advertising equipment, net | 2,213,808 | - | | Construction in progress | 266,250 | - | | Net investment in sales-type leases of discontinued operation | 36,359 | 126,521 | | Other assets | 823,299 | - | | TOTAL ASSETS | 20,557,560 | 26,353,090 | | LIABILITIES AND SHAREHOLDERS' EQUITY |
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| | Current liabilities: |
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| | Short-term bank borrowings | 55,266 | - | | Trade payables | 689,945 | 2,413,203 | | Amount due to a director | 745,501 | - | | Accrued expenses and other current liabilities | 1,284,239 | 763,797 | | Obligations under capital leases - current portion | 2,904 | 1,774 | | Income tax payable | 10,062 | 366,281 | | Liabilities of discontinued operations | 166,953 | 364,191 | | Total current liabilities | 2,954,870 | 3,909,246 | | Obligations under capital leases - non-current portion | 5,313 | 5,469 | | Long-term bank borrowings | 62,158 | - | | Minority interest | 1,106,884 | 1,421,702 | | Shareholders' equity: |
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| | Common stock, par value $0.001 | 55,876 | 55,876 | | Additional paid-in capital | 34,140,708 | 34,140,708 | | Common stock warrants | 344,673 | 344,673 | | Other reserves | 28,944 | 28,944 | | Accumulated other comprehensive income | 1,077,354 | 1,082,442 | | Accumulated deficit | (19,219,220) | (14,635,970) | | Total shareholders' equity | 16,428,335 | 21,016,673 | | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 20,557,560 | 26,353,090 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | 1,560,000 | | 2009 |
2 | 1,090,000 | | 2009 |
3 | 1,700,000 | | 2009 |
Full Year
| 5,620,000 | | 2008 |
1 | 850,000 | | 2008 |
3 | 3,630,000 | | 2008 |
Full Year
| 5,960,000 | | 2007 |
1 | 1,920,000 | | 2007 |
2 | 6,590,000 | | 2007 |
Full Year
| 13,630,000 | | 2005 |
Full Year
| 1,500,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | Nil | | 2008 |
2 | Nil | | 2008 |
3 | Nil | | 2007 |
1 | Nil | | 2007 |
3 | Nil | | 2006 |
1 | Nil | | 2006 |
2 | Nil | | 2004 |
Full Year
| (10,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | (.02) | | 2009 |
2 | (.01) | | 2009 |
3 | (.01) | | 2009 |
Full Year
| (.08) | | 2008 |
1 | (.04) | | 2008 |
3 | (.01) | | 2008 |
Full Year
| (.16) | | 2007 |
1 | (.01) | | 2007 |
2 | .03 | | 2007 |
Full Year
| .02 | | 2006 |
Full Year
| (.18) | | 2005 |
1 | Nil | | 2004 |
1 | Nil | | 2004 |
2 | Nil | | 2004 |
3 | Nil | | 2004 |
4 | Nil | | 2004 |
Full Year
| Nil |
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