Notes to Financial Statements

34Middle East Development Singapore Ltd.Annual Report 2008Statements of Changes in EquityYear Ended 30 June 2008GroupSharecapitalStatutoryreserveShareoptionreservesForeigncurrencytranslationreservesRetainedearnings/(Accumulatedlosses)Total$ $ $ $ $ $Balance at 1 July 2006 4,311,012 284,879 80,470 (623,136) 793,211 4,846,436Exchange differences on translatingforeign operations, representing netincome recognised directly in equity – – – 101,976 – 101,976Net loss for the year – – – – (316,651) (316,651)Total recognised income and expensefor the year – – – 101,976 (316,651) (214,675)Transfer to statutory reserve – 41,352 – – (41,352) –Issuance of shares 14,254,375 – – – – 14,254,375Share issue expenses (659,418) – – – – (659,418)Exercise of share options 319,200 – – – – 319,200Transfer to share capital upon exerciseof share options 70,956 – (70,956) – – –Balance at 30 June 2007 18,296,125 326,231 9,514 (521,160) 435,208 18,545,918Exchange differences on translatingforeign operations, representing netexpense recognised directly in equity – – – (160,026) – (160,026)Net loss for the year – – – – (5,150,599) (5,150,599)Total recognised expense for the year – – – (160,026) (5,150,599) (5,310,625)Transfer to statutory reserve – 20,179 – – (20,179) –Exercise of share options 24,000 – – – – 24,000Transfer to share capital upon exerciseof share options 5,335 – (5,335) – – –Balance at 30 June 2008 18,325,460 346,410 4,179 (681,186) (4,735,570) 13,259,293See accompanying notes to fi nancial statements.