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China Shandong Industries, Inc.
Consolidated Balance Sheets (Unaudited)
As of March 31, 2010 and December 31, 2009

 
   
March 31, 2010
(Unaudited)
   
December 31, 2009
(Audited)
 
ASSETS
           
CURRENT ASSETS
           
Cash and cash equivalents
  $ 3,455,275     $ 2,185,839  
Trade accounts receivable
    7,958,089       6,948,326  
Inventories
    18,199,156       17,527,584  
Prepaid expenses
    642,492       1,021,608  
Other receivables
    166,978       295,752  
TOTAL CURRENT ASSETS
  $ 30,421,990     $ 27,979,109  
                 
FIXED ASSETS
               
Property, plant, and equipment
    10,935,573       10,755,341  
Accumulated depreciation
    (3,532,946 )     (3,331,407 )
NET FIXED ASSETS
  $ 7,402,627     $ 7,423,934  
                 
OTHER ASSETS
               
Construction in progress
    8,510,258       6,940,632  
TOTAL OTHER ASSETS
  $ 8,510,258     $ 6,940,632  
                 
TOTAL ASSETS
  $ 46,334,875     $ 42,343,675  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES
               
Short-term borrowings
  $ 7,910,581     $ 8,054,831  
Accounts payable
    598,631       240,290  
Other payables and accrued liabilities
    445,388       323,100  
Deposits received in advance
    60,263       56,849  
Taxes payable
    747,163       643,476  
TOTAL CURRENT LIABILITIES
  $ 9,762,026     $ 9,318,546  
                 
TOTAL LIABILITIES
  $ 9,762,026     $ 9,318,546  
                 
COMMITMENTS AND CONTINGENCIES
               
                 
STOCKHOLDERS' EQUITY
               
Registered and paid up capital
  $ 7,800,000     $ 7,800,000  
Statutory and discretionary surplus reserve
    3,608,243       3,608,243  
Accumulated other comprehensive income (loss)
    (17,585 )     (25,023 )
Retained earnings
    25,182,191       21,641,909  
TOTAL STOCKHOLDERS' EQUITY
  $ 36,572,849     $ 33,025,129  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 46,334,875     $ 42,343,675  

 
See accompanying notes to these financial statements and auditors' report.


 

 
3

 

 
China Shandong Industries, Inc.
Consolidated Statements of Income (Unaudited)
For the Three Months ended March 31, 2010 and 2009

 
   
For the three months ended
 
   
March 31, 2010
   
March 31, 2009
 
             
Revenues
           
Sales
  $ 19,461,568     $ 14,495,795  
Cost of sales
    13,824,621       11,145,799  
Gross profits
    5,636,946       3,349,996  
                 
Operating expenses
               
Selling and marketing
  $ 237,577     $ 160,238  
General and administrative
    514,440       258,225  
Total Operating Expenses
    752,017       418,463  
                 
Income from continuing operations
    4,884,929       2,931,533  
                 
Other income (expenses)
               
Finance income (costs)
  $ (247,095 )   $ (128,885 )
Other operating income(cost)
            140,721  
Non-operating income
    93,318       (1,305 )
Total other income (expense)
    (153,778 )     10,530  
                 
Income from operations before income taxes
    4,731,151       2,942,063  
                 
Income taxes
    1,190,869       706,635  
                 
Net income
    3,540,282       2,235,428  
                 
Other comprehensive income
               
Foreign currency translation adjustment
    7,440       7,194  
                 
Comprehensive income
  $ 3,547,722     $ 2,242,622  

 
See accompanying notes to these financial statements and auditors' report.


 

 
4

 

 
China Shandong Industries, Inc.
Consolidated Statements of Cash Flows (Unaudited)
For the Three Months ended March 31, 2010 and 2009

 
   
For the three months ended
 
   
March 31, 2010
   
March 31, 2009
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net income
    3,540,282       2,235,428  
                 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
               
Depreciation
    201,539       181,128  
Changes in operating assets and liabilities:
               
Trade accounts receivable
    (1,007,741 )     (3,401,142 )
Prepaid expense
    379,367       (95,830 )
Inventories
    (666,635 )     1,704,333  
Other receivables
    128,844       (192,729 )
Accounts payable
    358,243       493,496  
Taxes payable
    103,498       (995,609 )
Other payables and accrued liabilities
    122,188       (221,633 )
Deposits received in advance
    3,398       1,158  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
    3,162,983       (291,400 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Purchase for property, plant, and equipment
    (180,232 )        
Disposals of property, plant and equipment
            14,264  
Additions to construction in progress
    (1,567,556 )     (791 )
NET CASH (USED IN) INVESTING ACTIVITIES
    (1,747,788 )     13,473  
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Principal repayments of short term borrowings
    (146,479 )     -  
Proceeds from short term borrowings
    -       1,391,554  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    (146,479 )     1,391,554  
                 
Foreign currency adjustment
    720       127  
                 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    1,269,436       1,113,753  
                 
CASH AND CASH EQUIVALENTS:
               
Beginning of year
    2,185,839       1,751,997  
                 
End of year
  $ 3,455,275     $ 2,865,750  
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
               
Cash paid during the year for:
               
Interest
  $ 247,096     $ 128,834  
Taxes
  $ 982,542     $ 599,403  

 

 

 

ASSETS
 
2009
   
2008
 
CURRENT ASSETS
           
Cash and cash equivalents
  $ 2,185,839     $ 1,751,997  
Trade accounts receivable
    6,948,326       6,339,459  
Inventories
    17,527,584       17,336,566  
Prepaid expenses
    375,493       107,128  
Deposits
    767,204        
Other receivables
    295,752       22,499  
TOTAL CURRENT ASSETS
  $ 28,100,198     $ 25,557,649  
                 
FIXED ASSETS
               
Property, plant, and equipment
    10,755,341       10,374,947  
Accumulated depreciation
    (3,331,407 )     (2,453,851 )
NET FIXED ASSETS
  $ 7,423,934     $ 7,921,096  
                 
OTHER ASSETS
               
Construction in progress
    6,940,632       6,372  
TOTAL OTHER ASSETS
  $ 6,940,632     $ 6,372  
                 
                 
TOTAL ASSETS
  $ 42,464,764     $ 33,485,117  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES
               
Short-term borrowings
  $ 8,054,831     $ 5,946,962  
Current portion of notes payable
          2,638,136  
Accounts payable
    240,289       362,549  
Other payables and accrued liabilities
    731,330       1,118,408  
Deposits received in advance
    56,849       160,074  
Taxes payable
    643,476       266,907  
TOTAL CURRENT LIABILITIES
  $ 9,726,775     $ 10,493,036  
                 
TOTAL LIABILITIES
  $ 9,726,775     $ 10,493,036  
                 
COMMITMENTS AND CONTINGENCIES
               
                 
STOCKHOLDERS' EQUITY
               
Preferred stock ($.0001 par value, 5,000,000 authorized, none issued and outstanding)
  $     $  
Common stock ($.0001 par value, 100,000,000 authorized, 25,725,000 issued and outstanding)
    2,573       2,573  
Additional paid in capital
    7,797,427       7,797,427  
Statutory and discretionary surplus reserve
    3,608,243       3,608,243  
Accumulated other comprehensive income (loss)
    (25,022 )     216,500  
Retained earnings
    21,354,768       11,367,338  
TOTAL STOCKHOLDERS' EQUITY
  $ 32,737,989     $ 22,992,081  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 42,464,764     $ 33,485,117  
 
See accompanying notes to these consolidated financial statements and auditors' report.
 
 
F-4

 
 
China Shandong Industries, Inc. and Subsidiaries
(FKA Mobile Presence Technologies, Inc.)
Consolidated Statements of Income and Comprehensive Income
For the years ended December 31, 2009 and 2008
 
   
2009
   
2008
 
             
Revenues
           
Sales
  $ 59,549,572     $ 42,197,393  
Cost of sales
    42,186,937       31,570,829  
Gross profits
    17,362,635       10,626,565  
                 
Operating expenses
               
Selling and marketing
  $ 831,245     $ 686,104  
General and administrative
    1,966,402       1,867,589  
Total Operating Expenses
    2,797,647       2,553,694  
                 
Income from continuing operations
    14,564,988       8,072,871  
                 
Other income (expenses)
               
Finance income (costs)
  $ (753,093 )   $ (751,865 )
Other income
    202,851       367,099  
Non-operating income (expense)
    (611,339 )     27,807  
Total other income (expense)
    (1,161,580 )     (356,959 )
                 
Income from operations before income taxes
    13,403,408       7,715,912  
                 
Income taxes
    (3,415,978 )     (1,953,918 )
                 
Net income
    9,987,430       5,761,994  
                 
Other comprehensive income
               
Foreign currency translation adjustment
    (241,552 )     746,119  
                 
Comprehensive income
  $ 9,745,878     $ 6,508,112  
 
See accompanying notes to these consolidated financial statements and auditors' report.

 
 
F-5

 
 
China Shandong Industries, Inc. and Subsidiaries
(FKA Mobile Presence Technologies, Inc.)
Consolidated Statements of Cash Flows
For the years ended December 31, 2009 and 2008
 
   
2009
   
2008
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net income
    9,987,430       5,761,994  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
               
Depreciation
    813,394       661,993  
Loss on disposal of property, plant and equipment
    626,258        
Changes in operating assets and liabilities:
               
Trade accounts receivable
    (613,437 )     (1,576,587 )
Prepaid expenses
    (268,063 )     520,539  
Inventories
    (204,136 )     (6,440,180 )
Other receivables
    (274,030 )     182,387  
Deposits
    (767,204 )      
Accounts payable
    (121,932 )     (493,591 )
Taxes payable
    376,615       592,864  
    Other payables and accrued liabilities
    (385,017 )     (303,540 )
Deposits received in advance
    (103,060 )     153,666  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
    9,066,819       (940,455 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Dividend distribution
          (224,755 )
Disposals of property, plant, and equipment
          293,904  
Expenditures for property, plant, and equipment
    (1,121,964 )     (1,094,614 )
Additions to construction in progress
    (6,931,355 )     125,685  
NET CASH (USED IN) INVESTING ACTIVITIES
    (8,053,319 )     (899,781 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Principal repayments of short term borrowings
    (3,676,471 )     (360,969 )
Proceeds from short term borrowings
    5,787,983       1,754,245  
Borrowings of notes payable
          6,359,126  
Repayments of notes payable
    (2,635,020 )     (4,893,495 )
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    (523,508 )     2,858,907  
                 
Foreign currency adjustment
    (56,149 )     156,750  
                 
NET INCREASE IN CASH AND CASH EQUIVALENTS
    433,843       1,175,421  
                 
CASH AND CASH EQUIVALENTS:
               
Beginning of year
    1,751,997       576,575  
                 
End of year
  $ 2,185,839     $ 1,751,997  
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
               
Cash paid during the year for:
               
Interest
  $ 621,619     $ 566,289  
Taxes
  $ 3,415,978     $ 1,953,918  
 
See accompanying notes to these consolidated financial statements and auditors' report.
 
 
F-6

 
 
China Shandong Industries, Inc. and Subsidiaries
(FKA Mobile Presence Technologies, Inc.)
Consolidated Statement of Stockholders' Equity
For the years ended December 31, 2009 and 2008
 
   
Common Stock
   
Preferred Stock
   
 Additional
Paid in
   
Discretionary
 Surplus
   
Other
Comprehensive
   
Retained
   
Total
Stockholders'
 
   
(Shares)
   
(Amount)
   
(Shares)
   
(Amount)
   
Capital
   
Reserve
   
Income (loss)
   
Earnings
   
Equity
 
                                                       
Balances as of January 1, 2008
    25,725,000     $ 2,573           $ 0     $ 7,797,427     $ 3,608,243     $ (529,618 )   $ 5,605,344     $ 16,483,969  
                                                                         
Net income for the year ended
December 31, 2008
                                              5,761,994       5,761,994  
                                                                         
Foreign currency translation gain for 2008
                                        746,118             746,118  
                                                                         
Balances as of December 31, 2008
    25,725,000     $ 2,573           $ 0     $ 7,797,427     $ 3,608,243     $ 216,500     $ 11,367,338     $ 22,992,081  
                                                                         
Net income for the year ended
December 31, 2009
                                                9,987,430       9,987,430  
                                                                         
Foreign currency translation loss for 2009
                                        (241,522 )             (241,522 )
                                                                         
Balances as of December 31, 2009
    25,725,000     $ 2,573           $ 0     $ 7,797,427     $ 3,608,243     $ (25,022 )   $ 21,354,768     $ 32,737,989  
 
See accompanying notes to these consolidated financial statements and auditors' report.

 
 
F-7

 
 
CHINA SHANDONG INDUSTRIES, INC. AND SUBSIDIARIES
(FKA MOBILE PRESENCE TECHNOLOGIES, INC.)
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
 
1.           ORGANIZATION AND BUSINESS BACKGROUND

 
China Shandong Industries Inc. (the “Company”) was incorporated on February 13, 2007 under the laws of the State of Delaware as “Mobile Presence Technologies, Inc”. On December 3, 2009, the Company changed its name to China Shandong Industries, Inc.

 
On October 22, 2009, the Company entered a Stock Exchange and Reorganization Agreement (the “Agreement”), by and among the Company, Tianwei International Development Corporation, an Oregon Corporation (“TIDC”), CAOPU Enterprise Limited, a company organized under the laws of the British Virgin Islands (“Caopu”), London Financial Group Ltd., a company organized under the laws of the British Virgin Islands (“LFG”), Phoebus Vision Investment Developing Group, Ltd., a company organized under the laws of the British Virgin Islands (Phoebus”), and Timothy Lightman (“TL”), pursuant to which the Company acquired all of the issued and outstanding capital stock of TIDC owned by each of CAOPU, LFG and Phoebus in exchange for an issuance by the Company of an aggregate of 1,543,500 shares of Common Stock of the Company, with a par value of $0.0001 per share (the“MBPI Common Stock”), to Caopu, LFG and Phoebus. The shares of MBPI Common Stock were issued pursuant to the exemption from registration provided under Section 4(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder.

 
In addition, TL, the owner of 975,000 shares of MBPI Common Stock (“TL’s MBPI Shares”), representing approximately 93% of the 1,046,500 issued and outstanding shares of the Company’s Common Stock, delivered a stock certificate or stock certificates representing 875,000 of TL’s MBPI Shares to the Company for cancellation.

 
On November 5, 2009, pursuant to a separate Assignment and Assumption Agreement by and between the Company and TL, the Company sold to TL all of the assets of the Company and TL assumed all the liabilities of the Company.

 
The transaction was effectively completed on November 6, 2009, which has been accounted for as a reverse acquisition and recapitalization of the Company, through a wholly-owned subsidiary, TIDC, whereby TIDC is deemed to be the ultimate accounting acquirer (legal acquiree) and the Company to be the ultimate accounting acquiree (legal acquirer). The accompanying consolidated financial statements are in substance those of TIDC, with the assets and liabilities, and revenues and expenses, of the Company being included effective from the date of stock exchange transaction. The Company is deemed to be a continuation of the business of TIDC, through its wholly-owned subsidiary, Shandong Caopu Arts & Crafts Co., Ltd. (“SCAC”), a PRC-based company incorporated on August 15, 2000 under the laws of the PRC. Accordingly, the accompanying consolidated financial statements include the following:

 
(1)
the balance sheet consists of the net assets of the accounting acquirer at historical cost and the net assets of the accounting acquiree at historical cost;

 
(2)
the financial position, results of operations, and cash flows of the accounting acquirer for all periods presented as if the recapitalization had occurred at the beginning of the earliest period presented and the operations of the accounting acquiree from the date of stock exchange transaction.

 
On November 6, 2009, concurrent with the Stock Exchange with TIDC, the Company adopted the fiscal year end of SCAC, the wholly-owned subsidiary of TIDC, thereby changing the fiscal year end from September 30 to December 31. The consolidated audited financial statements for the new fiscal year will be reflected in the Company’s Form 10-K for the year ending December 31, 2009. 

 
China Shandong Industries Inc., TIDC and SCAC are hereinafter referred to as (the “Company”).

 
 
F-8

 
 
CHINA SHANDONG INDUSTRIES, INC. AND SUBSIDIARIES
(FKA MOBILE PRESENCE TECHNOLOGIES, INC.)
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
 
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONT’D)

 
The Company is located in the Cao Xian Development Zone, which is near the Beijing-Kowloon railway with the DeShang Highway to the East and Qinghe Road to the West. There are three production areas including sixteen production workshops and staff who work on willow products, craft and wooden furniture.

 
The Company undertakes joint production with local farmers by purchasing the processing products from them and then by proceeding to finish the products in order to generate sales. The Company has numerous products, such as grass willow products, wooden crafts, indoor/outdoor wooden furniture, office furniture, different kinds of frames and craftwork. The Company also has numerous national patents for design and utility models.

 
The Companys products are sold in various countries and regions, including the United States of America, Germany, the United Kingdom, the Netherlands, Italy, Sweden, Japan, Canada, Denmark, Hong Kong and Taiwan.

 
The Companys business model is original equipment manufacture (OEM) for North American and European manufacturers.

 
A majority of the Companys sales were from exports. In order to adapt to the international market, the Company passed the ISO9001 international quality management system certification, ISO14001 environmental management system certification, OHSMS18001 Occupational Health and Safety Management System Certification, as well as the CE certification for access to the EU market.
 
 
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Basis of presentation

 
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America under the accrual basis of accounting.

 
Use of estimates

 
In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These accounts and estimates include, but are not limited to, the valuation of trade receivables, other receivables, inventories, income taxes and the estimation on useful lives of property, plant and equipment. Actual results could differ from these estimates.

 
Concentrations of credit risk

 
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, and trade and other receivables. As of December 31, 2009 and 2008, substantially all of the Companys cash and cash equivalents were held by financial institutions located in the PRC, which the Companys management believes are of high credit quality. With respect to trade receivables, the Company extends credit based on an evaluation of the customers financial condition. The Company generally does not require collateral for trade and other receivables and maintains an allowance for doubtful accounts of trade and other receivables.

 
 
F-9

 
 
CHINA SHANDONG INDUSTRIES, INC. AND SUBSIDIARIES
(FKA MOBILE PRESENCE TECHNOLOGIES, INC.)
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
 
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD)

 
Cash and cash equivalents

 
The Companys cash equivalents are short-term, highly liquid investments that are both readily convertible to known amounts of cash and that have insignificant risk of change in value because of changes in interest rates. The Companys cash and cash equivalents, as of December 31, 2009 and 2008, were principally denominated in Renminbi (“RMB”) and were placed with banks in the PRC. They are not freely convertible into foreign currencies and the remittance of these funds out of the PRC is subject to exchange control restrictions imposed by the PRC government.

 
For purposes of the Consolidated Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. In accordance with SFAS No. 95, the consolidated Statements of Cash Flows are prepared based on the change in the RMB functional currency for each account and converted into U.S. dollars at the various exchange rates at the time.

 
Allowance for doubtful accounts

 
The Company establishes an allowance for doubtful accounts based on managements assessment of the trade receivables collectibles. Judgment is required in assessing the amount of the allowance. The Company considers the historical level of credit losses and applies percentages to different receivables categories. The Company makes judgments about the creditworthiness of each customer based on ongoing credit evaluations, and monitors current economic trends that might impact the level of credit losses in the future. If the financial condition of the customers were to deteriorate, resulting in their inability to make payments, a larger allowance may be required.

 
Based on the above assessment, during the reporting periods, management establishes the general provisioning policy to make an allowance equivalent to 5% of the gross amount of trade receivables. Additional specific provision is made against trade receivables to the extent which they are considered to be doubtful.

 
Bad debts are written off when identified. The Company does not accrue interest on trade receivables.

 
Historically, losses from uncollectible accounts have not significantly deviated from the general allowance estimated by management and no significant additional bad debts have been written off directly to net income. This general provisioning policy has not changed in the past since establishment and management considers that the aforementioned general provisioning policy is adequate, not excessive and does not expect to change this established policy in the near future.

 
Inventories

 
Inventories (finished goods, work in process, raw materials and packaging materials) are stated at the lower of cost or market. Cost is determined on a first in first out basis which includes an appropriate share of production overheads based on normal operating capacity and includes all expenditures incurred in bringing the goods to the point of sale and putting them in a saleable condition. In assessing the ultimate realization of inventories, management makes judgments as to future demand requirements compared to current or committed inventory levels. The Company estimates the demand requirements based on market conditions, forecasts prepared by its customers, sales contracts and orders in hand.

 
In addition, the Company estimates net realizable value based on intended use, current market value and contract terms. The Company writes down the inventories for estimated obsolescence, slow moving or unmarketable inventories equal to the difference between the cost of inventories and the estimated market value based upon assumptions about future demand and market conditions.
 
 
F-10

 
 
CHINA SHANDONG INDUSTRIES, INC. AND SUBSIDIARIES
(FKA MOBILE PRESENCE TECHNOLOGIES, INC.)
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
 
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD)

 
Property, plant and equipment

 
Property, plant and equipment are comprised of buildings, machinery, equipment and furniture. Property, plan t and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the respective fixed asset and other costs incurred to bring the fixed asset into its existing use. Depreciation is computed over the estimated useful lives of the respective fixed assets utilizing the straight-line basis method. Buildings are depreciated over a period of twenty years with a residual value of 10%. Machinery, equipment and furniture are depreciated over a period of ten years with a residual value of 10%. Maintenance or repairs are charged to expense as incurred. Upon sale or disposition, the applicable amounts of the fixed asset’s cost and related accumulated depreciation are removed from the accounts and the net amount less proceeds from the disposal is charged or credited to operations.

 
The Company recognizes an impairment loss on property, plant and equipment when evidence, such as the sum of expected future cash flows (undiscounted and without interest charges), indicates that future operations will not produce sufficient revenue to cover the related future costs, including depreciation, and when the carrying amount of the asset cannot be realized through sale. Measurement of the impairment loss is based on the fair value of the assets.

 
Impairment of Long-lived assets

 
The Company evaluated the recoverability of its property, plant, equipment, and other assets in accordance with FASB Accounting Standards Codification 360 “Property, Plant and Equipment” (formerly SFAS 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”), which requires recognition of impairment of long-lived assets in the event the net book value of such assets exceed the estimated future undiscounted cash flows attributable to such assets or the business to which such intangible assets relate.

 
Earnings per share

 
The Company reports earnings (loss) per share in accordance with FASB Accounting Standards Codification 260 “Earnings per Share” (formerly SFAS 128, “Earnings per Share”). This statement requires dual presentation of basic and diluted earnings (loss) with a reconciliation of the numerator and denominator of the loss per share computations. Basic earnings per share amounts are based on the weighted average shares of common outstanding. If applicable, diluted earnings per share assume the conversion, exercise or issuance of all common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Accordingly, this presentation has been adopted for the periods presented. There were no adjustments required to net income for the period presented in the computation of diluted earnings per share. There were no common stock equivalents (CSE) necessary for the computation of diluted loss per share.

 

 

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#67   Company is doing a buyout of all shareholders? IPO$ 09/05/13 12:12:04 PM
#66   http://behindthewall.msnbc.msn.com/_news/2012/07/13/12725483-the-ghosts-that-hau IPO$ 07/13/12 04:12:35 PM
#65   What is happening with the stock? Any fundings coming? IPO$ 06/21/12 03:50:36 PM
#64   who is buying this stock? do they not IPO$ 03/26/12 01:05:44 PM
#63   but hard to get to in china IPO$ 03/21/12 11:56:12 AM
#62   A us lawsuit would have to be enforced IPO$ 03/20/12 11:41:32 PM
#61   This is generally reflected early in the most hebercreeper 03/20/12 11:40:20 PM
#60   The USA and China should have cross border protection. IPO$ 03/20/12 11:34:11 PM
#59   How do they compute number of shareholders in IPO$ 03/20/12 11:33:21 PM
#58   If less than 300 shareholders it's as easy hebercreeper 03/20/12 11:18:38 PM
#57   Its not like someone is going to take $hellKing 03/20/12 10:18:33 PM
#56   I will research delisting rules. I know there IPO$ 03/20/12 10:13:06 PM
#55   I know what you mean. But Ive $hellKing 03/20/12 08:40:07 PM
#54   No. I'm curious how they could steal the IPO$ 03/20/12 08:36:16 PM
#53   I was just reading that in a post $hellKing 03/20/12 08:10:08 PM
#52   China Energy is going private and trade on IPO$ 03/20/12 08:07:29 PM
#51   Humans don't care about each other. Just $hellKing 03/20/12 08:06:35 PM
#50   Terrible to destroy its shareholders. IPO$ 03/20/12 08:03:55 PM
#49   1512g is just a symbol for the middle finger. $hellKing 03/20/12 01:29:39 PM
#48   they filed a Form 15 today to withdraw IPO$ 03/20/12 12:29:19 PM
#47   Chinese vines are genetically modified. They only $hellKing 02/22/12 05:39:38 PM
#46   why are they letting this die on the vine? IPO$ 02/22/12 04:11:40 PM
#45   I know, I just can't figure out why $ B.M.F.$ 01/19/12 08:27:22 PM
#44   Lot of money to be made in these jermart 01/19/12 06:23:24 PM
#43   I agree, been watching for a while now $ B.M.F.$ 01/19/12 05:52:09 PM
#42   Slow climb to a buck jermart 01/19/12 12:59:41 PM
#41   Waiting for a bottom on this one jermart 01/16/12 08:38:15 AM
#40   http://chinainvestorking.blogspot.com/search?updated-min=2012-01-01T00:00:00%2B0 jermart 01/15/12 09:35:20 AM
#39   Conclusion and john44 11/10/11 09:13:02 PM
#38   Summary Balance Sheet john44 11/10/11 09:11:26 PM
#36   who is Isben? IPO$ 11/04/11 11:43:13 AM
#35   Most China micro caps as everyone knows have crusader rabbit 10/30/11 08:18:51 AM
#34   thx IPO$ 10/27/11 09:45:27 AM
#33   You can read the Larry Isen report here... dickmilde 10/26/11 07:49:17 PM
#32   So did I...just another P&D..IMO..! andy e 10/26/11 05:53:23 PM
#31   I got an email from Larry Isen emerging martind18 10/26/11 02:51:01 PM
#30   who is promoting it? IPO$ 10/26/11 09:55:52 AM
#29   I dont know what to think. I martind18 10/25/11 10:32:59 PM
#28   They just keep increasing sales and profits as dickmilde 10/25/11 10:17:09 PM
#27   Wow this stock was asleep for yearsand now IPO$ 10/25/11 10:00:03 PM
#26   I got an email from Larry Ison emerging martind18 10/25/11 11:46:48 AM
#25   I have follwed CSGH for a few years IPO$ 04/06/11 09:10:56 AM
#24   Anyone understand this??? dickmilde 03/28/11 03:38:49 PM
#23   CSNH 10K is out... dickmilde 03/03/11 01:14:18 PM
#22   The symbol change has been delayed for some dickmilde 01/28/11 03:51:01 PM
#21   when did it take effect? IPO$ 01/28/11 02:17:29 PM
#20   New symbol is CPGY. dickmilde 01/21/11 08:00:51 AM
#19   Looks like a 1 for 1.5 reverse split today... dickmilde 01/18/11 09:06:58 AM
#18   CSNH.. $3.00.. Reverse Split.. 10 bagger 08/24/10 11:04:24 AM
#17   CSNH.. $1.90 10 bagger 08/05/10 10:51:30 PM
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