Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. China CGame, Inc. (1287668) 10-Q published on Nov 22, 2011 at 2:41 pm
Reporting Period: Sep 29, 2011
Net loss for the three months ended September 30, 2011 was $2.6 million, an decrease of $5.9 million, or 69%, from net loss of $8.5 million for the comparable period in 2010. The primary reason for this was due to decrease in losses incurred by the discontinued operations of the Company.
Net loss for the nine months ended September 30, 2011 was $9.8 million, a decrease in income of $5.5 million, or 36%, from $15.3 million for the comparable period in 2010. The primary reason for this was due to decrease in losses incurred by the discontinued operations of the Company.
Net cash used in operating activities for the nine months ended September 30, 2011 was approximately $4.9 million, as compared to $5.6 million provided by the same period in 2010. The change is primarily due to changes in stock compensation and options expenses of $(2.0) million, other assets of $(3.5) million and bad debts expenses of $(3.4).
Net cash used in investing activities was $1.6 million for the nine months ended September 30, 2011 compared to approximately $15.2 million for the same period in 2010. The change was mainly a result of purchases of goodwill of $(15.8) million.
Net cash provided by financing activities was $1.6 million for the nine months ended September 30, 2011 compared to $11.7 million for the same period in 2010. The change was primarily due to changes in issuance of stock for subsidiary acquisition of $15.4 million and shareholder loan of $(4.8) million.