Delaware
|
77-0632186
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer Identification No.)
|
|
310
N. Indian Hill Blvd.,
#702
Claremont, California
|
91711
|
|
(Address
of principal executive
offices)
|
(Zip
Code)
|
415
West Foothill Blvd, Suite 206
Claremont,
California 91711-2766
|
||
(Former
address)
|
Large
accelerated filer ¨
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨
|
Smaller
reporting company R
|
Class
|
Outstanding
at June 12, 2009
|
|
Common
Stock, $0.001 par
value
per share
|
400,000,000
shares
|
PART
I.
|
FINANCIAL
INFORMATION
|
3
|
ITEM
1.
|
FINANCIAL
STATEMENTS
|
3
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
|
20
|
ITEM
3.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
26
|
ITEM
4.
|
CONTROLS
AND PROCEDURES
|
26
|
PART
II.
|
OTHER
INFORMATION
|
27
|
ITEM
1.
|
LEGAL
PROCEEDINGS
|
27
|
ITEM
2.
|
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
27
|
ITEM
3.
|
DEFAULTS
UPON SENIOR SECURITIES
|
27
|
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
27
|
ITEM
5.
|
OTHER
INFORMATION
|
27
|
ITEM
6.
|
EXHIBITS.
|
27
|
SIGNATURES
|
29
|
PART
I.
|
FINANCIAL
INFORMATION
|
ITEM
1.
|
FINANCIAL
STATEMENTS
|
March
31, 2009
|
December
31, 2008
|
|||||||
|
(UNAUDITED)
|
(AUDITED)
|
||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
and cash equivalents
|
$ | 16,917 | $ | 18,986 | ||||
Accounts
receivable, net
|
332,668 | 490,060 | ||||||
Inventories
|
337,682 | 351,786 | ||||||
Prepaid
expenses
|
19,010 | 20,440 | ||||||
Prepayment
for fertilizer trade
|
2,954,988 | 2,955,550 | ||||||
Other
current assets
|
152,878 | 73,432 | ||||||
Total
current assets
|
3,814,143 | 3,910,254 | ||||||
Property,
Plant and Equipment
|
||||||||
Buildings
|
1,241,736 | 1,241,972 | ||||||
Machinery
and equipment
|
705,545 | 705,680 | ||||||
Automobiles
|
81,376 | 81,390 | ||||||
Office
equipment
|
108,739 | 108,759 | ||||||
Computer
software
|
10,555 | 21,166 | ||||||
Property,
plant and equipment - total
|
2,147,951 | 2,158,967 | ||||||
Less:
accumulated depreciation
|
(626,123 | ) | (600,596 | ) | ||||
Less:
impairment on long-lived assets
|
(542,182 | ) | (542,285 | ) | ||||
Property,
plant and equipment - net
|
979,646 | 1,016,086 | ||||||
Construction
in progress
|
71,873 | 71,887 | ||||||
Intangible
asset - net
|
136,746 | 151,231 | ||||||
Deferred
financing costs
|
27,293 | 47,793 | ||||||
Deposit
to purchase proprietary technology
|
126,443 | 126,443 | ||||||
Total
assets
|
$ | 5,156,144 | $ | 5,323,694 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY (DEFICIENCY)
|
||||||||
Current
liabilities
|
||||||||
Accounts
payable
|
$ | 927,799 | $ | 896,952 | ||||
Advances
from customers
|
165,003 | 159,200 | ||||||
Construction
costs payable
|
297,417 | 297,472 | ||||||
Due
to related parties - trade
|
3,234,152 | 3,190,872 | ||||||
Due
to related parties - non-trade
|
979,345 | 897,070 | ||||||
Convertible
notes payable, net
|
1,368,402 | 1,273,391 | ||||||
Salary
payable
|
370,219 | 318,864 | ||||||
Taxes
payable
|
31,541 | 16,179 | ||||||
Penalty
payable
|
262,481 | 152,750 | ||||||
Current
portion of long-term liabilities
|
3,951 | 3,857 | ||||||
Other
payable
|
809,111 | 703,703 | ||||||
Total
current liabilities
|
8,449,421 | 7,910,310 | ||||||
Long-term
liabilities, less current portion
|
||||||||
Unsecured
loans payable
|
1,682,295 | 1,682,615 | ||||||
Bank
notes payable
|
10,863 | 11,881 | ||||||
Long-term
convertible notes payable - net
|
112,917 | 112,917 | ||||||
Total
long-term liabilities
|
1,806,075 | 1,807,413 | ||||||
Shareholders’
deficiency
|
||||||||
Common
stock - $0.001 par value Authorized 200,000,000 shares. Issued
and outstanding 333,218,763 and139,399,206 shares at March 31, 2009
and December 31, 2008
|
333,219 | 139,399 | ||||||
Preferred
stock - $0.001 par value Authorized 20,000,000 shares, none
issued
|
- | - | ||||||
Additional
paid-in capital
|
8,135,421 | 10,269,855 | ||||||
Stock-based
compensation reserve
|
(83,727 | ) | (135,843 | ) | ||||
Deficit
accumulated
|
(13,498,526 | ) | (14,706,710 | ) | ||||
Accumulated
other comprehensive income
|
(26,491 | ) | (26,787 | ) | ||||
Total
Kiwa shareholders’ deficiency
|
(5,140,104 | ) | (4,460,086 | ) | ||||
Non-controlling
interest
|
40,752 | 66,057 | ||||||
Total
deficiency
|
(5,099,352 | ) | (4,394,029 | ) | ||||
Total
liabilities and shareholders’ deficiency
|
$ | 5,156,144 | $ | 5,323,694 |
Three
Months Eded March 31,
|
||||||||
2009
|
2008
|
|||||||
Net
sales
|
$ | 658,524 | $ | 2,184,271 | ||||
Cost
of sales
|
648,851 | 2,121,566 | ||||||
Gross
profit
|
9,673 | 62,705 | ||||||
Operating
expenses
|
||||||||
Consulting
and professional fees
|
52,766 | 118,467 | ||||||
Officers’
compensation
|
72,386 | 59,032 | ||||||
General
and administrative
|
299,391 | 245,370 | ||||||
Selling
expenses
|
17,439 | 48,454 | ||||||
Research
and development
|
48,116 | 45,717 | ||||||
Depreciation
and amortization
|
36,430 | 26,177 | ||||||
Allowance
for doubtful accounts
|
120,944 | 2,381 | ||||||
Total
operating expenses
|
647,472 | 545,598 | ||||||
Operating
loss
|
(637,799 | ) | (482,893 | ) | ||||
Interest
expense
|
(205,614 | ) | (219,547 | ) | ||||
Net
loss
|
(843,413 | ) | (702,440 | ) | ||||
Net
loss attributable to non-controlling interest
|
25,288 | 16,245 | ||||||
Net
loss attributable to Kiwa shareholders
|
(818,125 | ) | (686,195 | ) | ||||
Other
comprehensive loss
|
||||||||
Translation
adjustment
|
296 | (7,524 | ) | |||||
Comprehensive
loss
|
$ | (817,829 | ) | $ | (693,719 | ) | ||
Net
(loss) per common share - basic and diluted
|
$ | (0.004 | ) | $ | (0.008 | ) | ||
Weighted
average number of common shares outstanding-basic and
diluted
|
217,467,217 | 83,043,939 |
Three
Months Ended March 31,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
loss attributable to Kiwa shareholders
|
$ | (818,125 | ) | $ | (686,195 | ) | ||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||
Depreciation
and amortization
|
50,694 | 83,624 | ||||||
Amortization
of detachable warrants, options and stocks as
compensation
|
251,822 | 271,120 | ||||||
Provision
for doubtful debt and inventory impairment
|
120,944 | 2,381 | ||||||
Provision
for penalty payable
|
109,731 | - | ||||||
Non-controlling
interest
|
(25,288 | ) | 16,245 | |||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
36,435 | (213,293 | ) | |||||
Inventories
|
14,104 | (174,769 | ) | |||||
Prepaid
expenses
|
2,930 | (6,963 | ) | |||||
Other
current assets
|
(79,446 | ) | (49,062 | ) | ||||
Accounts
payable
|
30,941 | 390,076 | ||||||
Salary
payable
|
51,355 | - | ||||||
Taxes
payable
|
15,362 | - | ||||||
Advances
from customers
|
5,803 | - | ||||||
Due
to related parties-trade
|
- | 35,618 | ||||||
Other
payable
|
105,408 | - | ||||||
Net
cash provided by (used in) operating activities
|
(127,330 | ) | (331,218 | ) | ||||
Cash
flows from investing activities:
|
- | - | ||||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from issuance of common stock
|
- | 650,000 | ||||||
Proceeds
from related parties
|
161,917 | 180,457 | ||||||
Repayment
to related parties
|
(72,328 | ) | (319,572 | ) | ||||
Repayment
of long-term borrowings
|
(922 | ) | (2,325 | ) | ||||
Net
cash provided by financing activities
|
88,667 | 508,560 | ||||||
Effect
of exchange rate changes on cash and cash equivalents
|
36,594 | (1,486 | ) | |||||
Cash
and cash equivalents:
|
||||||||
Net
increase (decrease)
|
(2,069 | ) | 175,856 | |||||
Balance
at beginning of period
|
18,986 | 61,073 | ||||||
Balance
at end of period
|
$ | 16,917 | $ | 236,929 | ||||
Supplemental
Disclosures of Cash flow Information:
|
||||||||
Cash
paid for interest
|
$ | 280 | $ | 519 | ||||
Cash
paid for income taxes
|
$ | - | $ | - | ||||
Non-cash
investing and financing activities:
|
||||||||
Issuance
of common stock for conversion of convertible notes payable and
interest
|
79,455 | 58,888 | ||||||
Issuance
of stock as compensation to consultants
|
6,000 | 19,600 | ||||||
Conversion
of accrued interests into principal
|
- | 112,917 |
Kiwa
Shareholders
|
||||||||||||||||||||||||||||||||
Common
Stock
|
Additional
Paid-in
Capital
|
Stock-based
Compensation
Reserve
|
Accumulated
Deficits
|
Other
Comprehensive
Income
|
Non-controlling
interest
|
Total
|
||||||||||||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||||||||||||||
Balance,
December 31, 2008 (as previously reported)
|
139,399,206 | $ | 139,399 | $ | 10,269,855 | $ | (135,843 | ) | $ | (14,706,710 | ) | $ | (26,787 | ) | $ | 66,057 | $ | (4,394,029 | ) | |||||||||||||
Cumulative
effective of reclassification of warrants under EITF 07-5
|
- | - | (2,026,309 | ) | - | 2,026,309 | - | - | - | |||||||||||||||||||||||
Balance,
January 1, 2009, as adjusted
|
139,399,206 | 139,399 | 8,243,546 | (135,843 | ) | (12,680,401 | ) | (26,787 | ) | 66,057 | (4,394,029 | ) | ||||||||||||||||||||
Issuance
of 75,000 shares of common stock to a legal service provider as
compensation on January 8, 2009
|
75,000 | 75 | 5,925 | - | - | - | - | 6,000 | ||||||||||||||||||||||||
Issuance
of 140,000 shares of common stock to an Investor Relations consultant on
February 18, 2009
|
140,000 | 140 | - | - | - | - | - | 140 | ||||||||||||||||||||||||
Issuance
of 100,000 shares of common stock to an Investor Relations consultant on
February 23, 2009
|
100,000 | 100 | - | - | - | - | - | 100 | ||||||||||||||||||||||||
Issuance
of common stock for conversion of principal of 6% Notes during three
months ended March 31, 2009
|
193,504,557 | 193,505 | (114,050 | ) | - | - | - | - | 79,455 | |||||||||||||||||||||||
Amortizaton
of fair value of warrants issued to a financing consultant during three
months ended March 31, 2009
|
- | - | - | 19,295 | - | - | - | 19,295 | ||||||||||||||||||||||||
Amortization
of fari value of employee stock options granted in 2006
|
- | - | - | 32,821 | - | - | - | 32,821 | ||||||||||||||||||||||||
Net
loss attributable to Kiwa shareholders for the fiscal year ended December
31, 2008
|
- | - | - | - | (818,125 | ) | - | - | (818,125 | ) | ||||||||||||||||||||||
Foreign
currency translation difference
|
- | - | - | - | - | 296 | (17 | ) | 279 | |||||||||||||||||||||||
Net
loss attributable to non-controlling interest
|
- | - | - | - | - | - | (25,288 | ) | (25,288 | ) | ||||||||||||||||||||||
Balance,
March 31, 2009
|
333,218,763 | $ | 333,219 | $ | 8,135,421 | $ | (83,727 | ) | $ | (13,498,526 | ) | $ | (26,491 | ) | $ | 40,752 | $ | (5,099,352 | ) |
1.
|
Description of
business and organization
|
2.
|
Summaries of
significant accounting
policies
|
As of March 31, 2009
|
As of December 31, 2008
|
||
Balance
sheet items, except for equity accounts
|
US$1=RMB6.8359
|
US$1=RMB6.8346
|
|
Three
months ended March 31,
|
|||
2009
|
2008
|
||
Items
in the statements of income and cash flows
|
US$1=RMB6.8373
|
US$1=RMB7.1034
|
Number
of shares underlying the warrants:
|
12,250,000
|
|||||||
Expiration
date:
|
June
29, 2013
|
|||||||
Exercise
price:
|
$0.45
|
|||||||
Assumptions
for valuation as of:
|
March
31, 2009
|
January
1, 2009
|
||||||
Dividend
yield:
|
- | - | ||||||
Expected
volatility:
|
260 | % | 260 | % | ||||
Risk-free
interest rate:
|
1.5 | % | 1.5 | % | ||||
Market
price of our shares
|
$ | 0.0009 | $ | 0.0019 |
Number
of shares underlying the warrants:
|
980,000
|
|||||||
Expiration
date:
|
June
29, 2009
|
|||||||
Exercise
price:
|
$0.2598
|
|||||||
Assumptions
for valuation as of:
|
March
31, 2009
|
January
1, 2009
|
||||||
Dividend
yield:
|
- | - | ||||||
Expected
volatility:
|
260 | % | 260 | % | ||||
Risk-free
interest rate:
|
1.5 | % | 1.5 | % | ||||
Market
price of our shares
|
$ | 0.0009 | $ | 0.0019 |
Number
of shares underlying the options:
|
2,000,000
|
|||||||
Expiration
date:
|
December
4, 2016
|
|||||||
Exercise
price:
|
$0.175
|
|||||||
Assumptions
for valuation as of:
|
March
31, 2009
|
January
1, 2009
|
||||||
Dividend
yield:
|
- | - | ||||||
Expected
volatility:
|
260 | % | 260 | % | ||||
Risk-free
interest rate:
|
1.5 | % | 1.5 | % | ||||
Market
price of our shares
|
$ | 0.0009 | $ | 0.0019 |
3.
|
Accounts
Receivable
|
Item
|
March
31, 2009
|
December
31, 2008
|
||||||
Accounts
receivables - gross
|
$ | 510,322 | $ | 842,956 | ||||
Allowance
for doubtful accounts
|
(177,654 | ) | (352,896 | ) | ||||
Accounts
receivables - net
|
$ | 332,668 | $ | 490,060 |
4.
|
Inventories
|
Item
|
March
31, 2009
|
December
31, 2008
|
||||||
Raw
materials
|
$ | 256,916 | $ | 283,770 | ||||
Finished
goods
|
80,766 | 68,016 | ||||||
Total
|
$ | 337,682 | $ | 351,786 |
5.
|
Prepayment for
fertilizer trade
|
6.
|
Property, Plant
and
Equipment
|
Item
|
March 31, 2009
|
December 31, 2008
|
||||||
Property
plant and equipment:
|
||||||||
Buildings
|
$ | 1,241,736 | $ | 1,241,972 | ||||
Machinery
and equipment
|
705,545 | 705,680 | ||||||
Automobiles
|
81,376 | 81,390 | ||||||
Office
equipment
|
108,739 | 108,759 | ||||||
Computer
software
|
10,555 | 21,166 | ||||||
Property
plant and equipment - total
|
$ | 2,147,951 | $ | 2,158,967 | ||||
Less:
Accumulated depreciation
|
(626,123 | ) | (600,596 | ) | ||||
Less:
Accumulated impairment
|
(542,182 | ) | (542,285 | ) | ||||
Property
plant and equipment - net
|
$ | 979,646 | $ | 1,016,086 |
7.
|
Intangible
Assets
|
Amortization Year
|
Gross carrying
value
|
Accumulated
amount of
amortization
|
Impairment on
Intangible Assets
|
Net Value at
March 31, 2009
|
Net value
at December 31,
2008
|
|||||||||||||||
8.5
|
$ | 592,302 | $ | 358,632 | $ | 96,942 | $ | 136,746 | $ | 151,231 |
Future expected
amortization
|
Amount
|
|||
2009
|
28,888 | |||
2010
|
34,981 | |||
2011
|
34,981 | |||
2012
|
34,981 | |||
2013
|
$ | 2,915 |
8.
|
Deferred Financing
Costs
|
9.
|
Deposit to Purchase
the Proprietary Technology
|
10.
|
Advances from
Customers
|
11.
|
Construction Costs
Payable
|
12.
|
Related Party
Transactions
|
Item
|
Nature
|
Notes
|
March
31, 2009
|
December
31, 2008
|
||||||
Mr.
Wei Li ("Mr. Li")
|
Non-trade
|
(1)
|
$
|
889,808
|
$
|
837,347
|
||||
Kangtai
International Logistics (Beijing) Co.,
Ltd. ("Kangtai")
|
Non-trade
|
(2)
|
(44,963)
|
(57,277)
|
||||||
Ms.
Yvonne Wang ("Ms. Wang")
|
Non-trade
|
(3)
|
134,500
|
117,000
|
||||||
Subtotal
|
$
|
979,345
|
$
|
897,070
|
||||||
Kiwa-CAU
R&D Center
|
Trade
|
(4)
|
270,630
|
234,103
|
||||||
Tianjin
Challenge Feed Co., Ltd. ("Challenge Feed")
|
Trade
|
(5)
|
8,534
|
1,219
|
||||||
Kangtai
International Logistics (Beijing) Co., Ltd.
|
(2)
|
2,954,988
|
2,955,550
|
|||||||
Subtotal
|
$
|
3,234,152
|
$
|
3,190,872
|
||||||
Total
|
$
|
4,213,497
|
$
|
4,087,942
|
13.
|
Unsecured Loans
Payable
|
Item
|
March 31, 2009
|
December 31, 2008
|
||||||
Unsecured
loan payable to Zoucheng Municipal Government, non-interest bearing,
becoming due within three years from Kiwa Shandong’s first profitable
year on a formula basis, interest has not been imputed due to the
undeterminable repayment date
|
$ | 1,316,579 | $ | 1,316,829 | ||||
Unsecured
loan payable to Zoucheng Science & Technology Bureau,
non-interest bearing, it is due in Kiwa Shandong’s first profitable
year, interest has not been imputed due to the undeterminable
repayment date
|
365,716 | 365,786 | ||||||
Total
|
$ | 1,682,295 | $ | 1,682,615 |
14.
|
Long-Term Convertible
Notes Payable
|
15.
|
Equity-Based
Transactions
|
16.
|
Stock-based
Compensation
|
17.
|
Segment
Reporting
|
Item
|
Bio-fertilizer
|
Livestock Feed
|
Chemical Fertilizer
Trade (1)
|
Corporate (2)
|
Total
|
|||||||||||||||
Three
Months Ended March 31, 2009
|
||||||||||||||||||||
Net
sales
|
$ | 8,890 | $ | 649,634 | $ | - | $ | - | $ | 658,524 | ||||||||||
Gross
profit
|
526 | 9,147 | - | - | 9,673 | |||||||||||||||
Operating
expenses
|
124,501 | 135,587 | - | 387,384 | 647,472 | |||||||||||||||
Operating
profit (loss)
|
(123,975 | ) | (126,440 | ) | - | (387,384 | ) | (637,799 | ) | |||||||||||
Interest
income (expense)
|
(129 | ) | - | - | (205,485 | ) | (205,614 | ) | ||||||||||||
Minority
interest in subsidiary
|
- | 25,288 | - | - | 25,288 | |||||||||||||||
Net
income (loss)
|
$ | (124,104 | ) | $ | (101,152 | ) | $ | - | $ | (592,869 | ) | $ | (818,125 | ) | ||||||
Total
assets as of March 31, 2009
|
$ | 1,133,466 | $ | 730,510 | $ | 2,954,988 | $ | 337,180 | $ | 5,156,144 | ||||||||||
Three
Months Ended March 31, 2008
|
||||||||||||||||||||
Net
sales
|
$ | 148,104 | $ | 2,036,167 | $ | - | $ | - | $ | 2,184,271 | ||||||||||
Gross
profit
|
45,332 | 17,373 | - | - | 62,705 | |||||||||||||||
Operating
expenses
|
80,371 | 98,615 | - | 366,612 | 545,598 | |||||||||||||||
Operating
profit (loss)
|
(35,039 | ) | (81,242 | ) | - | (366,612 | ) | (482,893 | ) | |||||||||||
Interest
income (expense)
|
(176 | ) | 17 | - | (219,388 | ) | (219,547 | ) | ||||||||||||
Minority
interest in subsidiary
|
- | 16,245 | - | - | 16,245 | |||||||||||||||
Net
income (loss)
|
$ | (35,215 | ) | $ | (64,980 | ) | $ | - | $ | (586,000 | ) | $ | (686,195 | ) | ||||||
Total
assets as of March 31, 2008
|
$ | 2,213,590 | $ | 1,431,473 | $ | - | $ | 622,647 | $ | 4,267,710 |
18.
|
Commitments and
Contingencies
|
Fiscal year
|
Amount
|
|||
2009
|
$ | 155,746 | ||
2010
|
20,522 | |||
Total
|
$ | 176,268 |
Fiscal year
|
Amount
|
|||
Remainder
of 2009
|
$ | 110,025 | ||
2010
|
146,700 | |||
2011
|
146,700 | |||
2012
|
146,700 | |||
2013
|
146,700 | |||
2014 and after
|
440,100 | |||
|
$ | 1,136,925 |
19.
|
Subsequent
Event
|
Bio-fertilizer
|
Changes
09 - 08
|
Bio-enhanced
feed
|
Changes
09 - 08
|
|||||||||||||||||||||||||||||
2009
|
2008
|
Amount
|
Percentage
|
2009
|
2008
|
Amount
|
Percentage
|
|||||||||||||||||||||||||
Net
Sales
|
$ | 8,890 | $ | 148,104 | $ | (139,214 | ) | -94.0 | % | $ | 649,634 | $ | 2,036,167 | $ | (1,386,533 | ) | -68.1 | % | ||||||||||||||
Cost
of Sales
|
8,364 | 102,772 | (94,408 | ) | -91.9 | % | 640,487 | 2,018,794 | (1,378,307 | ) | -68.3 | % | ||||||||||||||||||||
Gross
Profit
|
$ | 526 | $ | 45,332 | $ | (44,806 | ) | -98.8 | % | $ | 9,147 | $ | 17,373 | $ | (8,226 | ) | -47.3 | % | ||||||||||||||
Gross
Profit Margin
|
5.9 | % | 30.6 | % | 1.4 | % | 0.9 | % |
ITEM
3.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
ITEM
4.
|
CONTROLS
AND PROCEDURES
|
PART
II.
|
OTHER
INFORMATION
|
ITEM
1.
|
LEGAL
PROCEEDINGS
|
Item
1A.
|
RISK
FACTORS
|
ITEM
2.
|
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
|
ITEM
3.
|
DEFAULTS
UPON SENIOR SECURITIES
|
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY
HOLDERS
|
ITEM
5.
|
OTHER
INFORMATION.
|
ITEM
6.
|
EXHIBITS.
|
Exhibit
No.
|
Description
|
Incorporated by
Reference in
Document
|
Exhibit No. in
Incorporated
Document
|
|||
3.1
|
Certificate
of Incorporation, effective as of July 21, 2004.
|
Form
8-K filed on July 23, 2004
|
3.1
|
|||
3.2
|
Bylaws,
effective as of July 22, 2004.
|
Form
8-K Filed on July 23, 2004
|
3.2
|
|||
3.3
|
Certificate
of Amendment to Certificate of Incorporation, effective as of September
27, 2006.
|
Form
10-QSB filed on November 15, 2006
|
3.3
|
|||
10.5
|
Letter
from Mao & Company, CPAs, Inc. dated June 7, 2009 to the Securities
and Exchange Commission
|
Form
8-K filed on June 8, 2009
|
16.1
|
|||
21
|
List
of Subsidiaries
|
Form
10-K filed on May 18, 2009
|
21
|
|||
31.1
|
Certification
of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the
Securities Exchange Act of 1934
|
Filed
herewith.
|
||||
31.2
|
Certification
of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the
Securities Exchange Act of 1934
|
Filed
herewith.
|
Exhibit
No.
|
Description
|
Incorporated by
Reference in
Document
|
Exhibit No. in
Incorporated
Document
|
|||
32.1
|
Certification
of Principal Executive Officer, pursuant to 18 U.S.C. 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed
herewith.
|
||||
32.2
|
Certification
of Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed
herewith.
|
/s/
Wei
Li
|
June
12, 2009 Chief Executive Officer and Chairman of the Board of
Directors
|
|
Wei
Li
|
(Principal
Executive
Officer)
|
/s/
Steven
Ning Ma
|
June
12, 2009 Chief Financial Officer and Director
|
|
Steven
Ning Ma
|
(Principal
Financial Officer and Principal Accounting
Officer)
|