10KSB: ASIAN STAR DEVELOPMENT INC /NV
(EDGAR Online via COMTEX) -- ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS
NEW BUSINESS PLAN
The Company's new business plan as of January 1, 2002, is to acquire an interest in a suitable operating business, which may include assets or shares of another entity to be acquired by the Company directly or through a subsidiary. The search for a suitable acquisition candidates will consist exclusively of contacting acquaintances in the business and investment banking community who are likely to know of operating businesses that might be interested in conducting a reorganization with the a blank check company. Management does not intend to conduct any advertising or proactive campaign to locate a suitable acquisition candidate. The Company does not expect to hire any additional employees until such time as an operating company is acquired.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2001, the Company has no assets, liabilities or operations. Management believes that the Company will require an additional $15,000 over the next 12 months in order to satisfy its working capital requirements. The Company expects to acquire such additional funds from contributions to capital by management. However, management is under no obligation to conduct additional capital contributions and there can be no assurance management will do so. In the event management is unable or unwilling to contribute additional capital to the Company, management will seek to obtain the necessary capital from other sources. However, management does not believe that there will be many, if any, alternative sources of capital for the Company until such time as it reorganizes with an operating company. In the event management fails to provide or arrange for additional contributions to capital, it is unlikely that the Company will be able to conduct its current level of operations or acquire a suitable operating company.
FISCAL YEAR 2001 COMPARED TO FISCAL YEAR 2000
At December 31, 2001, the Company has no assets, liabilities or operations.
During 2001, the Company disposed of all its assets, liabilities and operations as described in Part I, Item 1 and in note 2 to the financial statements.
Net Sales for fiscal years 2001 and 2000 were mainly generated from the Cafeteria business.
The Maple City project was determined to be fully impaired in December 2001 because Management ascertained that the carrying value of land improvement and construction in progress, aggregating $2,422,382, may not be recoverable as no future cash flows from this project can be projected.
In July 2001, the Shilong Water World project was disposed of at a total loss of $572,590, and, effective December 31, 2001, all remaining assets, liabilities, and operations were transferred to Honpar Management Limited for no consideration, resulting in a gain of $641,986. Because Honpar Management Limited is an entity controlled by the Company's Chairman and CEO, Management makes no representation that this transaction could have occurred on similar terms with an unrelated party.
FORWARD LOOKING STATEMENTS
This Annual report contains forward-looking statements that are based on the Company's beliefs as well as assumptions made by and information currently available to the Company. When used in this annual report, the words "believe", "endeavor", "expect", "anticipate", "estimate", "intends" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties and assumptions which are described in Part I, Item 1, Description of Business - Risk Factors," above. Should one or more of those risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. The Company cautions potential investors not to place undue reliance on any such forward-looking statements, all of which speak only as of the date made.
(c) 1995-2002 Cybernet Data Systems, Inc. All Rights Reserved
Received by Edgar Online Apr 15, 2002
CIK Code: 0001046883
Accession Number: 0001019687-02-000598
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