OTC Bulletin Board
S & P Company Insight for WEALTHCRAFT SYSTEMS |
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Profile
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| Business Summary: Designs, develops, markets and supports a technology platform for wealth management services for financial institutions, including investment advisory firms, securities brokerage firms, retail and private banks, mutual fund companies and insurance companies. Its focus is on the Asia market. | | | Address Unit A, 9/F On Hing Building
No. 1 On Hing Terrace
Central
Phone: 852-3586-8233
Website: http://www.wealthcraft.com
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MORGENSTERN, SVOBODA & BAER, CPAs
New York | | Transfer Agent |
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Pacific Stock Transfer Co.
| Employees: 74 ShareHolders: 575 | Founded: 1992 Domicile: Nevada | | | |
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Background
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| Wealthcraft Systems Inc., together with its subsidiary, WealthCraft Systems Limited, is an information technology company that designs, develops, markets and supports a flexible, scalable and secure technology platform for wealth management services for financial institutions, including investment advisory firms, securities brokerage firms, retail and private banks, mutual fund companies and insurance companies. The company's focus is on the Asia market, primarily Hong Kong, Taiwan, Singapore and mainland China. According to Wealthcraft, this market currently lacks a comprehensive technology solution for servicing the wealth management industry. Because of a number of factors, including language and currency issues, existing products available in other parts of the world are not readily adaptable to the Asia market.
Wealthcraft offers financial institutions a complete, customized solution for their wealth management businesses. The company's principal business solution, Advisor Workbench, which is implemented through its proprietary technology, gives financial professionals the tools and services required to develop and expand their wealth management businesses, including customer relationship management, financial planning, investment research, portfolio management and trade execution. This enables financial institutions to enhance customer loyalty, enhance financial advisor productivity, strengthen customer relationships and increase assets under management.
Wealthcraft also offers an integrated back-office system providing order execution, order management and portfolio and commission management.
The final product offering allows institutions to access the industry standard SWIFTnet funds transfer system, thereby allowing automated mutual fund transactions, which are generally manually performed in Asia.
In February 2008, Wealthcraft agreed to sell a 60% stake in the company to EAB Systems (Australia) Limited in exchange for a license to sell EAB Systems products. | | History: INCORPORATED in Nevada Oct. 29, 1992, as Parque La Quinta Estates; name changed to Wealthcraft Systems Inc. Oct. 19, 2006. On Nov. 13, 2006, the company acquired WealthCraft Systems Ltd. (organized in Hong Kong Aug. 1, 2003) for 7,000,000 Common shares. | | | | Subsidiaries: |
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WealthCraft Systems (Shenzhen) Limited WealthCraft Systems Limited
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Management
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Management
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| Officers | Position |
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| Kelly Jay Michael Tallas | Chairman, President & Chief Executive Officer | | Xiao Zhen Li | Chief Financial Officer & Chief Accounting Officer | | James He | SR VP | | Deborah J. Koeberl | Secretary | | Rebecca Meng | Investor Relations Contact |
| | Directors |
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| Curtis Hulleman | | Gary W. Koeberl | | Kelly Jay Michael Tallas | | | |
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Annual Report
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| Annual Report |
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| | | Income Statement | |
| 2007 | 2006 |
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| Revenues | 913 | 744 | | Cost & exps. | 7,373 | 1,083 | | Oper. income as calculated | (6,460) | (339) | | Interest income | 3 | 3 | | Other income | 10 | 1 | | Total income | (6,447) | (335) | | Depr. & amort. | 79 | 37 | | Interest exp. | 2 | 8 | | Net income | (6,528) | (380) | | Share earns. basic | ($0.62) | ($0.05) | | Share earns. diluted | ($0.62) | ($0.05) | | Avge. com. shs. (Thou.) | 10,450 | 8,083 |
| | | | Balance Sheet | |
| 2007 |
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| Assets: |
| | Cash & equiv. | 9 | | Accts. rec., net | 432 | | Other curr. assets | 34 | | Tot. curr assets | 475 | | Net property | 114 | | Intangibles | 218 | | Total assets | 807 | | Liabilities: |
| | Notes pay. | 12 | | Bank overdraft | 38 | | Loans pay. | 194 | | Defr. income | 359 | | Accts. pay. & accruals | 202 | | Tot. curr. liabs. | 805 | | Long-term debt | 398 | | Com. stk. p.$0.001 | 11 | | Paid-in cap. | 7,010 | | Other stockholders equity | 1 | | Retained earns. | (7,418) | | Total liabs. | 807 | | Equity per Share | NM | | Common Shares (Thou.) | 10,900 |
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* WealthCraft Systems Inc. (WealthCraft Holdings) was incorporated on October 29, 1992 under the laws of the State of Nevada under the name Parque La Quinta Estates. From February 1, 1993 until November 13, 2006, Parque La Quinta was inactive and was a so-called shell company. On October 16, 2006 Parque La Quinta Estate's corporate name was changed to WealthCraft Systems Inc.
On November 13, 2006, WealthCraft Holdings completed the transactions contemplated by a certain Exchange Agreement, dated as of October 19, 2006, by and among WealthCraft Holdings, certain shareholders of WealthCraft Holdings, WealthCraft Systems Ltd., a private limited company organized under the laws of the Hong Kong Special Administrative Region of the People's Republic of China (WealthCraft HK) and the shareholders of WealthCraft HK (the Exchange Agreement). Accordingly, WealthCraft Holdings acquired all of the issued and outstanding shares of stock of WealthCraft HK, in exchange for the issuance in the aggregate of 7,000,000 shares of common stock of WealthCraft Holdings, which shares represented 70% of the issued and outstanding capital stock of WealthCraft Holdings after the consummation of the Exchange Agreement and the transactions contemplated thereby. As a result of the Exchange Agreement, WealthCraft HK became a wholly-owned subsidiary of WealthCraft Holdings. | | | |
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Interim Report
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| Interim Report
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| | | Data Not Available | | | | | | | | | |
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Pro Forma Report
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| Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
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Quarterly Report
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| Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | 390,000 | | 2008 |
2 | 390,000 | | 2008 |
3 | 380,000 | | 2008 |
4 | 440,000 | | 2008 |
Full Year
| 1,590,000 | | 2007 |
1 | 180,000 | | 2007 |
2 | 170,000 | | 2007 |
3 | 260,000 | | 2007 |
4 | 310,000 | | 2007 |
Full Year
| 910,000 | | 2006 |
1 | 40,000 | | 2006 |
2 | 350,000 | | 2006 |
3 | 150,000 | | 2006 |
4 | 180,000 | | 2006 |
Full Year
| 740,000 | | 2005 |
1 | 10,000 | | 2005 |
2 | 10,000 | | 2005 |
3 | 160,000 | | 2005 |
4 | 160,000 | | 2005 |
Full Year
| 340,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (260,000) | | 2008 |
2 | (120,000) | | 2008 |
3 | (150,000) | | 2008 |
4 | (120,000) | | 2008 |
Full Year
| (650,000) | | 2007 |
1 | (590,000) | | 2007 |
2 | (5,340,000) | | 2007 |
3 | (310,000) | | 2007 |
4 | (290,000) | | 2007 |
Full Year
| (6,528,000) | | 2006 |
Full Year
| (380,000) | | 2005 |
Full Year
| (308,000) | | 2004 |
Full Year
| (180,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (.02) | | 2008 |
2 | (.01) | | 2008 |
3 | (.01) | | 2008 |
4 | (.01) | | 2008 |
Full Year
| (.06) | | 2007 |
1 | (.07) | | 2007 |
2 | (.49) | | 2007 |
3 | (.03) | | 2007 |
4 | (.03) | | 2007 |
Full Year
| (.62) | | 2006 |
1 | (.02) | | 2006 |
2 | .01 | | 2006 |
3 | (.03) | | 2006 |
4 | (.01) | | 2006 |
Full Year
| (.05) | | 2005 |
Full Year
| (.04) |
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Stock Data
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| | | Capitalization as of 12/31/2007: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 25,000,000 | 10,900,000 |
| | | | LONG TERM DEBT: $398,012. | | | | Common $0.001 par | | | |
Stockholders:
06/15/2008,
575.
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Transfer Agent: Pacific Stock Transfer Co.
Las Vegas
, NV | | | | OTC Bulletin Board( Primary): WCSY | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2008 | 5.7900 | 0.3900 | | OTC Bulletin Board | 2007 | 7.0000 | 4.9000 |
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| | | | DIVIDENDS: Common $0.001 par: No cash.
Common split 3.5-for-1, July 27, 2006. | | | | | |
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