Physical Property (PPYH) research, news, and more from GeoInvesting

Company description

Sun, 18 Oct 2009 04:00:00 GMT

Ableforce, through its wholly-owned subsidiary Good Partner Limited, owns five residential apartments located in Hong Kong.

Comments & Business Outlook

Mon, 14 May 2012 04:00:00 GMT

PHYSICAL PROPERTY HOLDINGS INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
	2011			2012			2012
	HK$’000			HK$’000			US$’000

Operating Revenues
Rental income		193			231			30
Total operating revenues		193			231			30

Operating Expenses
Rent and related expenses		(22	)		(25	)		(3	)
Depreciation		(86	)		(86	)		(11	)
Other selling and administrative expenses		(184	)		(167	)		(22	)
Total operating expenses		(292	)		(278	)		(36	)

Loss from operations		(99	)		(47	)		(6	)

Non-operating expenses
Interest expenses		(53	)		(50	)		(6	)
Total non-operating expenses		(53	)		(50	)		(6	)

Loss before income taxes		(152	)		(97	)		(12	)

Provision for income taxes		--			--			--

Net loss and total comprehensive loss		(152	)		(97	)		(12	)

Loss per share of common stock (in cents) - Basic and diluted		(0.54	)		(0.34	)		(0.04	)

Weighted average number of shares of common stock outstanding		28,329,353			28,329,353			28,329,353

Translation of amounts from Hong Kong Dollars ("HK$") into United States Dollars ("US$") for the convenience of the reader has been made at the exchange rate of US$1.00 = HK$7.8. No representation is made that the Hong Kong Dollar amounts could have been, or could be, converted into United States Dollars, at that rate on March 31, 2012 or at any other certain rate.

Investor Alert

Sun, 15 May 2011 04:00:00 GMT

On or about October 22, 2007, the Securities and Exchange Commission (the “SEC”) sent a “voluntary request letter” seeking certain information and documents about the Company and another company known as Score One, Inc, in connection with an investigation into alleged spam e-mail campaigns and potential securities fraud violations.

Subsequently, on or about January 11, 2008, the SEC sent a subpoena to the Company for additional information and documents concerning the Company and Score One, Inc. in furtherance of its investigation into potential spam e-mail campaigns and securities fraud violations. Management of the Company has retained counsel and responded to the subpoena.

On or about September 16, 2010, the SEC sent a letter to the Company in which they stated that they intended to institute an administrative proceeding against the Company, pursuant to Section 12(j) of the Exchange Act to determine whether it is appropriate to suspend or revoke the registration of the Company’s securities.

On February 1, 2011, the SEC filed a complaint in US District Court, Eastern District of Michigan, Southern District, SEC v. Gregg M.S. Berger, et al., for securities fraud involving spamming stock, pump and dump schemes, misleading press releases, violation of numerous SEC rules governing the issuance of S-8 stock, misleading reverse mergers, etc. The Company and its officers and directors were not named as defendants in the case.

Liquidity Requirements

Sun, 15 May 2011 04:00:00 GMT

Management believes that cash flow generated from the operations of the Company, the tight cost and cash flow control measures and the existing cash and bank balances on hand should be sufficient to satisfy the working capital requirement of the Company for at least the next 12 months as the Principal Stockholder has confirmed his intention to make available adequate funds to the Company as and when required to maintain the Company as a going concern.