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
|
x
|
Class
|
Outstanding at August 19,
2010
|
|||
Common
Stock, $0.001 par
value
per share
|
400,000,000
shares
|
PART
I.
|
FINANCIAL
INFORMATION
|
2
|
ITEM
1.
|
FINANCIAL
STATEMENTS
|
2
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
17
|
ITEM
3.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
23
|
ITEM
4T.
|
CONTROLS
AND PROCEDURES
|
23
|
PART
II.
|
OTHER
INFORMATION
|
25
|
ITEM
1.
|
LEGAL
PROCEEDINGS
|
25
|
ITEM
1A.
|
RISK
FACTORS
|
25
|
ITEM
2.
|
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
25
|
ITEM
3.
|
DEFAULTS
UPON SENIOR SECURITIES
|
25
|
ITEM
4.
|
RESERVED
|
25
|
ITEM
5.
|
OTHER
INFORMATION
|
25
|
ITEM
6.
|
EXHIBITS
|
26
|
SIGNATURES
|
27
|
PART
I.
|
FINANCIAL
INFORMATION
|
ITEM
1.
|
FINANCIAL
STATEMENTS
|
June 30, 2010
|
December 31, 2009
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
and cash equivalents
|
$ | 60,456 | $ | 28,765 | ||||
Accounts
receivable
|
- | 2,441 | ||||||
Inventories
|
47,002 | 6,717 | ||||||
Prepaid
expenses
|
2,841 | - | ||||||
Deposits
and other receivables
|
140,713 | 131,674 | ||||||
Current
assets of discontinued operation
|
387 | 385 | ||||||
Total
current assets
|
251,399 | 169,982 | ||||||
Property,
plant and equipment - net
|
248,022 | 255,483 | ||||||
Total
assets
|
$ | 499,421 | $ | 425,465 | ||||
LIABILITIES
AND SHAREHOLDERS’ DEFICIENCY
|
||||||||
Current
liabilities
|
||||||||
Accounts
payable
|
$ | 311,578 | $ | 279,248 | ||||
Advances
from customers
|
13,179 | 13,107 | ||||||
Construction
costs payable
|
261,421 | 290,429 | ||||||
Due
to related parties - trade
|
338,689 | 351,484 | ||||||
Due
to related parties - non-trade
|
2,488,250 | 1,819,507 | ||||||
Convertible
notes payable
|
1,631,088 | 1,518,171 | ||||||
Salary
payable
|
596,160 | 493,153 | ||||||
Taxes
payable
|
124,294 | 85,937 | ||||||
Penalty
payable
|
833,871 | 595,277 | ||||||
Current
portion of long-term liabilities
|
4,488 | 4,253 | ||||||
Other
payable
|
983,965 | 997,021 | ||||||
Current
liabilities of discontinued operation
|
106,096 | 105,515 | ||||||
Total
current liabilities
|
7,693,079 | 6,553,102 | ||||||
Long-term
liabilities, less current portion
|
||||||||
Unsecured
loans payable
|
1,693,443 | 1,684,192 | ||||||
Bank
notes payable
|
5,431 | 7,671 | ||||||
Long-term
convertible notes payable
|
- | 112,917 | ||||||
Total
long-term liabilities
|
1,698,874 | 1,804,780 | ||||||
Shareholders’
deficiency
|
||||||||
Common
stock - $0.001 par value Authorized 400,000,000 shares Issued
and outstanding 400,000,000 at June 30, 2010 and December 31,
2009
|
400,000 | 400,000 | ||||||
Preferred
stock - $0.001 par value Authorized 20,000,000 shares, none
issued
|
- | - | ||||||
Additional
paid-in capital
|
8,093,337 | 8,093,337 | ||||||
Deficit
accumulated
|
(17,327,280 | ) | (16,394,930 | ) | ||||
Accumulated
other comprehensive deficiency
|
(58,589 | ) | (30,824 | ) | ||||
Total
Kiwa shareholders’ deficiency
|
(8,892,532 | ) | (7,932,417 | ) | ||||
Non-controlling
interest
|
- | - | ||||||
Total
deficiency
|
(8,892,532 | ) | (7,932,417 | ) | ||||
Total
liabilities and shareholders' deficiency
|
$ | 499,421 | $ | 425,465 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Net
sales
|
$ | 4,101 | $ | 21,134 | $ | 82,888 | $ | 30,028 | ||||||||
Cost
of sales
|
3,067 | 17,242 | 50,219 | 25,609 | ||||||||||||
Gross
profit
|
1,034 | 3,892 | 32,669 | 4,419 | ||||||||||||
Operating
expenses
|
||||||||||||||||
Consulting
and professional fees
|
33,132 | 95,598 | 73,894 | 148,364 | ||||||||||||
Officers’
compensation
|
42,654 | 52,606 | 80,908 | 124,998 | ||||||||||||
General
and administrative
|
278,694 | 279,853 | 574,800 | 534,932 | ||||||||||||
Selling
expenses
|
931 | 5,527 | 3,073 | 9,238 | ||||||||||||
Research
and development
|
45,225 | 49,126 | 91,447 | 97,253 | ||||||||||||
Depreciation
and amortization
|
2,681 | 31,835 | 22,539 | 67,839 | ||||||||||||
Allowance
for doubtful accounts
|
2,442 | 3,075 | 2,442 | 50,475 | ||||||||||||
Total
operating expenses
|
405,759 | 517,620 | 849,103 | 1,033,099 | ||||||||||||
Operating
loss
|
(404,725 | ) | (513,728 | ) | (816,434 | ) | (1,028,680 | ) | ||||||||
Interest
expense
|
(60,489 | ) | (205,176 | ) | (120,313 | ) | (410,790 | ) | ||||||||
Other
income
|
4,397 | 5,857 | 4,397 | 5,854 | ||||||||||||
Loss
from continuing operations
|
(460,817 | ) | (713,047 | ) | (932,350 | ) | (1,433,616 | ) | ||||||||
Income
(loss) from discontinued operation
|
- | 111,828 | - | (14,741 | ) | |||||||||||
Net
loss before income tax
|
(460,817 | ) | (601,219 | ) | (932,350 | ) | (1,448,357 | ) | ||||||||
Income
tax
|
- | - | - | - | ||||||||||||
Net
loss after income tax
|
(460,817 | ) | (601,219 | ) | (932,350 | ) | (1,448,357 | ) | ||||||||
Net
loss attributable to non-controlling interest
|
- | (22,365 | ) | - | 2,948 | |||||||||||
Net
loss attributable to Kiwa shareholders
|
(460,817 | ) | (623,584 | ) | (932,350 | ) | (1,445,409 | ) | ||||||||
Other
comprehensive loss
|
||||||||||||||||
Translation
adjustment
|
26,717 | (2,352 | ) | (27,765 | ) | (2,056 | ) | |||||||||
Total
comprehensive loss
|
$ | (434,100 | ) | $ | (625,936 | ) | $ | (960,115 | ) | $ | (1,447,465 | ) | ||||
Net
(loss) per common share - basic and diluted -contiuing
operations
|
$ | (0.001 | ) | $ | (0.002 | ) | $ | (0.002 | ) | $ | (0.007 | ) | ||||
Net
income (loss) per common share - basic and diluted - discontiued
operations
|
- | 0.0004 | - | (0.0001 | ) | |||||||||||
Weighted
average number of common shares outstanding-basic and
diluted
|
400,000,000 | 269,603,129 | 400,000,000 | 221,467,683 |
Six Months Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
loss
|
$ | (932,350 | ) | $ | (1,445,409 | ) | ||
Net
loss from discontinued operations, net of income taxes
|
- | 11,793 | ||||||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||
Depreciation
and amortization
|
22,539 | 95,942 | ||||||
Amortization
of detachable warrants, options and stocks as compensation
|
- | 502,546 | ||||||
Provision
for doubtful debt and inventory impairment
|
2,442 | 12,134 | ||||||
Provision
for penalty payable
|
238,594 | 217,710 | ||||||
Non-controlling
interest
|
- | (2,948 | ) | |||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
- | 395,849 | ||||||
Inventories
|
(40,042 | ) | (135,011 | ) | ||||
Prepaid
expenses
|
(2,832 | ) | 7,417 | |||||
Deposits
and other receivables
|
(8,550 | ) | (85,564 | ) | ||||
Accounts
payable
|
30,857 | (267,825 | ) | |||||
Salary
payable
|
102,040 | 107,511 | ||||||
Taxes
payable
|
37,698 | 32,044 | ||||||
Advances
from customers
|
- | 52,271 | ||||||
Due
to related parties-trade
|
(14,652 | ) | 80,494 | |||||
Other
payable
|
(13,666 | ) | 140,324 | |||||
Net
cash used in operating activities
|
(577,922 | ) | (280,722 | ) | ||||
Cash
flows from investing activities:
|
||||||||
Purchase
of property and equipment
|
(30,451 | ) | - | |||||
Net
cash used in investing activities
|
(30,451 | ) | - | |||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from related parties
|
886,322 | 397,252 | ||||||
Repayment
to related parties
|
(217,579 | ) | (87,404 | ) | ||||
Repayment
of long-term borrowings
|
(2,270 | ) | (1,867 | ) | ||||
Net
cash provided by financing activities
|
666,473 | 307,981 | ||||||
Effect
of exchange rate change
|
(26,409 | ) | (9,597 | ) | ||||
Cash
flows from discontinued operations
|
||||||||
Net
cash used in discontinued operating activities
|
- | (11,593 | ) | |||||
Net
cash provided by discontinued investing activites
|
- | - | ||||||
Net
cash used in discontinued financing activites
|
- | - | ||||||
Cash
and cash equivalents:
|
||||||||
Net
increase
|
31,691 | 6,069 | ||||||
Balance
at beginning of period
|
28,765 | 18,609 | ||||||
Balance
at end of period
|
$ | 60,456 | $ | 24,678 | ||||
Supplemental
Disclosures of Cash flow Information:
|
||||||||
Cash
paid for interest
|
$ | 536 | $ | 632 | ||||
Cash
paid for income taxes
|
$ | - | $ | - | ||||
Non-cash
operating, investing and financing activities:
|
||||||||
Issuance
of common stock for conversion of convertible notes payable
and interest
|
- | 104,152 | ||||||
Issuance
of stock as compensation to consultants
|
- | 6,000 |
Kiwa Shareholders
|
||||||||||||||||||||||||||||
Additional
|
Other
|
|||||||||||||||||||||||||||
Common Stock
|
Paid-in
|
Accumulated
|
Comprehensive
|
Non-controlling
|
||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficits
|
Deficiency
|
interest
|
Total
|
||||||||||||||||||||||
Balance, December 31, 2009
(Audited)
|
400,000,000 | $ | 400,000 | $ | 8,093,337 | $ | (16,394,930 | ) | $ | (30,824 | ) | - | $ | (7,932,417 | ) | |||||||||||||
Net
loss attributable to Kiwa shareholders for the six months ended June 30,
2010
|
- | - | - | (932,350 | ) | - | - | (932,350 | ) | |||||||||||||||||||
Foreign currency translation
difference
|
- | - | - | - | (27,765 | ) | - | (27,765 | ) | |||||||||||||||||||
Balance, June 30, 2010
(Unaudited)
|
400,000,000 | $ | 400,000 | $ | 8,093,337 | $ | (17,327,280 | ) | $ | (58,589 | ) | - | $ | (8,892,532 | ) |
1.
|
Description of
Business and Organization
|
2.
|
Summaries of
Significant Accounting
Policies
|
As of June 30, 2010
|
As of December 31, 2009
|
||||
Balance
sheet items, except for equity accounts
|
US$1=RMB6.7909
|
US$1=RMB6.8282
|
|||
Three months ended June 30,
|
|||||
2010
|
2009
|
||||
Items
in the statements of income and cash flows
|
US$1=RMB6.8235
|
US$1=RMB6.8299
|
Six months ended June 30,
|
|||||
2010
|
2009
|
||||
Items
in the statements of income and cash flows
|
US$1=RMB6.8252
|
US$1=RMB6.8328
|
3.
|
Accounts
Receivable
|
4.
|
Inventories
|
5.
|
Property, Plant and
Equipment
|
June 30, 2010
|
December 31, 2009
|
|||||||
(Unaudited)
|
||||||||
Property, Plant and Equipment | ||||||||
Buildings
|
$ | 1,249,965 | $ | 1,243,137 | ||||
Machinery
and equipment
|
568,854 | 565,745 | ||||||
Automobiles
|
81,914 | 81,467 | ||||||
Office
equipment
|
99,709 | 99,159 | ||||||
Computer
software
|
21,302 | 21,186 | ||||||
Property,
plant and equipment - total
|
$ | 2,021,744 | $ | 2,010,694 | ||||
Less:
accumulated depreciation
|
(701,270 | ) | (688,617 | ) | ||||
Less:
impairment on long-lived assets
|
(1,072,452 | ) | (1,066,594 | ) | ||||
Property,
plant and equipment - net
|
$ | 248,022 | $ | 255,483 |
6.
|
Advances from
Customers
|
7.
|
Construction Costs
Payable
|
8.
|
Related Party
Transactions
|
Item
|
Nature
|
Notes
|
June 30, 2010
|
December 31, 2009
|
||||||||||
(Unaudited)
|
||||||||||||||
Mr.
Wei Li ("Mr. Li")
|
Non-trade
|
(1)
|
$ | 2,335,104 | $ | 1,693,036 | ||||||||
|
||||||||||||||
Kangtai
International Logistics (Beijing) Co., Ltd. ("Kangtai")
|
Non-trade
|
(2)
|
(45,354 | ) | (45,029 | ) | ||||||||
Ms.
Yvonne Wang ("Ms. Wang")
|
Non-trade
|
(3)
|
198,500 | 171,500 | ||||||||||
Subtotal
|
$ | 2,488,250 | $ | 1,819,507 | ||||||||||
Kiwa-CAU
R&D Center
|
Trade
|
(4)
|
338,689 | 351,484 | ||||||||||
Subtotal
|
$ | 338,689 | $ | 351,484 | ||||||||||
Total
|
$ | 2,826,939 | $ | 2,170,991 |
9.
|
Unsecured Loans
Payable
|
Item
|
June 30, 2010
|
December 31, 2009
|
||||||
(Unaudited)
|
||||||||
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
|
$ | 1,325,303 | $ | 1,318,063 | ||||
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
|
368,140 | 366,129 | ||||||
Total
|
$ | 1,693,443 | $ | 1,684,192 |
10.
|
Long-Term Convertible
Notes Payable
|
11.
|
Equity-Based
Transactions
|
12.
|
Segment
Reporting
|
Item
|
Bio-fertilizer
|
Livestock Feed
(Discontined)
|
Chemical Fertilizer
Trade (1)
|
Corporate (2)
|
Total
|
|||||||||||||||
Three
Months Ended June 30, 2010
|
||||||||||||||||||||
Net
sales
|
$ | 4,101 | $ | - | $ | - | $ | - | $ | 4,101 | ||||||||||
Gross
profit
|
1,034 | - | - | - | 1,034 | |||||||||||||||
Operating
expenses
|
12,896 | - | - | 392,863 | 405,759 | |||||||||||||||
Operating
loss
|
(11,862 | ) | - | - | (392,863 | ) | (404,725 | ) | ||||||||||||
Interest
income (expense)
|
(38 | ) | - | - | (60,451 | ) | (60,489 | ) | ||||||||||||
Other
income
|
4,397 | - | - | - | 4,397 | |||||||||||||||
Non-controlling
interest
|
- | - | - | - | - | |||||||||||||||
Net
loss attributable to Kiwa shareholders
|
$ | (7,503 | ) | $ | - | $ | - | $ | (453,314 | ) | $ | (460,817 | ) | |||||||
Total
assets as of June 30, 2010
|
$ | 295,310 | $ | 387 | $ | - | $ | 203,724 | $ | 499,421 |
Item
|
Bio-fertilizer
|
Livestock Feed
(Discontined)
|
Chemical Fertilizer
Trade (1)
|
Corporate (2)
|
Total
|
|||||||||||||||
Three
Months Ended June 30, 2009
|
||||||||||||||||||||
Net
sales
|
$ | 21,134 | $ | 810,008 | $ | - | $ | - | $ | 831,142 | ||||||||||
Gross
profit
|
3,892 | 13,211 | - | - | 17,103 | |||||||||||||||
Operating
expenses
|
91,609 | (98,617 | ) | - | 426,011 | 419,003 | ||||||||||||||
Operating
profit (loss)
|
(87,717 | ) | 111,828 | - | (426,011 | ) | (401,900 | ) | ||||||||||||
Interest
income (expense)
|
(60 | ) | - | - | (205,116 | ) | (205,176 | ) | ||||||||||||
Other
income
|
5,857 | - | - | - | 5,857 | |||||||||||||||
Non-controlling
interest
|
- | (22,365 | ) | - | - | (22,365 | ) | |||||||||||||
Net
loss attributable to Kiwa shareholders
|
$ | (81,920 | ) | $ | 89,463 | $ | - | $ | (631,127 | ) | $ | (623,584 | ) | |||||||
Total
assets as of June 30, 2009
|
$ | 1,183,637 | $ | 539,852 | $ | 2,956,718 | $ | 306,169 | $ | 4,986,376 |
Item
|
Bio-fertilizer
|
Livestock Feed
(Discontined)
|
Chemical Fertilizer
Trade (1)
|
Corporate (2)
|
Total
|
|||||||||||||||
Six
Months Ended June 30, 2010
|
||||||||||||||||||||
Net
sales
|
$ | 82,888 | $ | - | $ | - | $ | - | $ | 82,888 | ||||||||||
Gross
profit
|
32,669 | - | - | - | 32,669 | |||||||||||||||
Operating
expenses
|
70,361 | - | - | 778,742 | 849,103 | |||||||||||||||
Operating
loss
|
(37,692 | ) | - | - | (778,742 | ) | (816,434 | ) | ||||||||||||
Interest
income (expense)
|
(46 | ) | - | - | (120,267 | ) | (120,313 | ) | ||||||||||||
Other
income
|
4,397 | - | - | - | 4,397 | |||||||||||||||
Non-controlling
interest
|
- | - | - | - | - | |||||||||||||||
Net
loss attributable to Kiwa shareholders
|
$ | (33,341 | ) | $ | - | $ | - | $ | (899,009 | ) | $ | (932,350 | ) | |||||||
Total
assets as of June 30, 2010
|
$ | 295,310 | $ | 387 | $ | - | $ | 203,724 | $ | 499,421 |
Item
|
Bio-fertilizer
|
Livestock Feed
(Discontined)
|
Chemical Fertilizer
Trade (1)
|
Corporate (2)
|
Total
|
|||||||||||||||
Six
Months Ended June 30, 2009
|
||||||||||||||||||||
Net
sales
|
$ | 30,028 | $ | 1,459,723 | $ | - | $ | - | $ | 1,489,751 | ||||||||||
Gross
profit
|
4,419 | 22,358 | - | - | 26,777 | |||||||||||||||
Operating
expenses
|
219,678 | 37,099 | - | 813,421 | 1,070,198 | |||||||||||||||
Operating
profit (loss)
|
(215,259 | ) | (14,741 | ) | - | (813,421 | ) | (1,043,421 | ) | |||||||||||
Interest
income (expense)
|
(189 | ) | - | - | (410,601 | ) | (410,790 | ) | ||||||||||||
Other
income
|
5,854 | - | - | - | 5,854 | |||||||||||||||
Non-controlling
interest
|
- | 2,948 | - | - | 2,948 | |||||||||||||||
Net
loss attributable to Kiwa shareholders
|
$ | (209,594 | ) | $ | (11,793 | ) | $ | - | $ | (1,224,022 | ) | $ | (1,445,409 | ) | ||||||
Total
assets as of June 30, 2009
|
$ | 1,183,637 | $ | 539,852 | $ | 2,956,718 | $ | 306,169 | $ | 4,986,376 |
13.
|
Commitments and
Contingencies
|
14.
|
Discontinued
Operation
|
June 30, 2010
|
December 31, 2009
|
|||||||
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 387 | $ | 385 | ||||
Total
assets
|
$ | 387 | $ | 385 | ||||
Liabilities
|
||||||||
Due
to related parties-trade
|
$ | 32,205 | $ | 32,029 | ||||
Salary
payable
|
73,891 | 73,486 | ||||||
Total
liabilities
|
$ | 106,096 | $ | 105,515 |
Six months ended June 30,
|
||||||||
2010
|
2009
|
|||||||
Net
sales
|
$ | - | $ | 1,459,723 | ||||
Gross
profit
|
- | 22,358 | ||||||
Operating
expenses
|
- | 37,099 | ||||||
Operating
loss
|
- | (14,741 | ) | |||||
Interest
expense
|
- | - | ||||||
Impairment
on long-lived assets
|
- | - | ||||||
Loss
from discontinued operation
|
- | (14,741 | ) | |||||
Non-controlling
interest
|
- | 2,948 | ||||||
Net
loss from discontinued operations
|
$ | - | $ | (11,793 | ) |
15.
|
Income
Tax
|
June 30
|
December 31
|
|||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
Net
operating losses carried forward
|
$ | 2,474,347 | 1,559,095 | |||||
Less:
Valuation allowance
|
(2,474,347 | ) | (1,559,095 | ) | ||||
Net
deferred tax assets
|
$ | − | $ | − |
l
|
The
Company is lacking qualified resources to perform the internal audit
functions properly. In addition, the scope and effectiveness of
the Company’s internal audit function are yet to be
developed.
|
l
|
We
currently do not have an audit
committee.
|
l
|
The
Company was unable to gather all information needed for composing the
required filings and complete the Management's Discussion and Analysis of
financial statements within the time periods specified in the SEC’s
forms.
|
l
|
We
are committed to establishing the disclosure controls and procedures but
due to limited qualified resources in the region, we were not able to hire
sufficient internal audit resources by June 30, 2010. However,
internally we established a central management center to recruit more
senior qualified people in order to improve our internal control
procedures. Externally, we are looking forward to engaging an
accounting firm to assist the Company in improving the Company’s internal
control system based on COSO Framework. We also will increase
our efforts to hire the qualified
resources.
|
l
|
We
intend to establish an audit committee of the board of directors as soon
as practicable. We envision that the audit committee will be
primarily responsible for reviewing the services performed by our
independent auditors, evaluating our accounting policies and our system of
internal controls.
|
l
|
The
Company had put in place a series of measurements to ensure our periodic
reports are filed on a timely basis going forward. These
measurements include:
|
n
|
Better
planning of filing work with the help of corporate counsel and
auditors;
|
n
|
Monitoring
the execution of this plan by Chief Financial Officer. For
example, executive and accounting officers of each of the subsidiaries are
required to report to the Chief Financial Officer their progress of
operational and financial information gathering on daily
basis. Chief Financial Officer checks the completeness and
reviews the consistency of each subsidiary’s operational and financial
information; and
|
n
|
Respond
to any unexpected delays in a quicker
fashion.
|
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
|
|||
21
|
List
of Subsidiaries
|
Form
10-K filed on March 29, 2010
|
21
|
|||
31.1
|
Certification
of Principal Executive Officer pursuant to Rule 13a-14(a) and
Rule15d-14(a) of the Securities Exchange Act of 1934, as
amended
|
Filed
herewith.
|
||||
31.2
|
Certification
of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule
15d-14(a) of the Securities Exchange Act of 1934, as
amended
|
Filed
herewith.
|
||||
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.
|
Dated: August
19, 2010
|
By:
|
/s/
Wei Li
|
|
Wei
Li
|
|||
Chief
Executive Officer and Chairman of the Board of Directors
(Principal
Executive Officer)
|
Dated: August
19, 2010
|
By:
|
/s/
Steven Ning Ma
|
|
Steven
Ning Ma
|
|||
Chief
Financial Officer
(Principal
Financial Officer and Principal Accounting Officer)
|