Point well taken, but debatable no less.
Your point of contention is well taken, but debatable no less.
One thing we can all agree on: the key attribute of a startup is its ability to grow. A startup is a company designed to scale very quickly as YSYB indeed has. It is this focus on growth unconstrained by geography which differentiates startups from small businesses.
There are no hard & fast rules on defining a startup since revenues, profits, & employment numbers shift drastically between companies & industries. In the midst of the very severe worldwide 2007-8 protracted 'Great Recession'; a company ten years old can still be a startup in our opinion, as severe 'Great Recessions' cause many new companies to perish.
( YSYB was certainly a NEW startup in 2007, proven October 3, 2007 in 10K. )
Considering our contention more:
YSYB has NOT had any acquisition by a larger company, more than one office, revenues greater than $20 million, more than 80 employees, over five people on the board, or founders who have personally sold shares since beginning October 3, 2007. These are the standard qualifiers of a startup, & YSYB has not met any.
2007 Net Income: $10,324,028.
2008 Net Income: $14,380,466. => ( Restated to: $9,900,466.)
2009 Net Income: $44,909,588. <= ( ya got us there, but averages out to ONLY $11,704,787.)
2010 Net Income: $17,193,112.
2011 Net LOSS: ((( $14,963,711. )))
2012 Net LOSS: ((( $20,544,333. )))
Debatable possibly, as average YSYB income for preceding years was ONLY = $11,704,787. ( this still qualifies as startup to us.)
(4/17/2013) 10K: "As of December 31, 2012, we had 472 employees; most of whom are involved in production & operations." ( Well, you got us there, 472 not startup. )
Did 5 1/2 year old YSYB cease being a startup to us in 2013, despite ( $20,544,333 LOSS ) ?
( justifiably debatable on account of very severe worldwide 'Great Recession'. )
Our contention still is the worldwide very severe protracted 'Great Recession' has not had a full worldwide Recovery Of Markets, & therefore neither has YSYB.
Especially in EMERGING COMMAND ECONOMIES of Asia! ( China is not defined as a modern economy yet. )
( That doesn't excuse them for not filing compliance though. )
We think that's when they started Xing'an farms possibly, & were so desperately preoccupied in obtaining some NET INCOME after two whole years of losses, both factories relocations & the delayed reimbursements; that they went dark while struggling to survive in such harshly severe beginnings as a startup.
( The worldwide very severe 'Great Recession' must be taken into rational account.)
Schedule 14F-1 ( 10/4/2007 )
"On October 3, 2007, the Company entered into and consummated a share exchange agreement (the “Share Exchange Agreement”) with Winner State Investments Limited (“Winner State (BVI)”), a company incorporated under the laws of the British Virgin Islands, and Yang Miao, Ying Zhang and Fshareholders of Faith Winner Investments Limited (“Faith Winner (BVI)”), a company incorporated under the laws of the British Virgin Islands. Pursuant to the Share Exchange Agreement, the Company received all the issued and outstanding shares of Faith Winner (BVI) from Winner State (BVI), Miao Yang, Ying Zhang and Fang Chen in exchange for 18,500,000 shares of the Company’s newly issued $0.001 par value common stock (the “Share Exchange”).
Faith Winner (BVI) owns all the equity interest of Faith Winner (Jixian) Agriculture Development Company Limited (“WFOE”), a company incorporated under the laws of the People’s Republic of China (“PRC”). WFOE has entered into a series of contractual agreements with Heilongjiang Yanglin Soybean Group Co., Ltd (“Yanglin”), a company incorporated under the laws of the PRC, which essentially gives WFOE control over Yanglin’s business and management as if Yanglin were a wholly-owned subsidiary of WFOE. Yanglin is in the business of manufacturing and selling non-genetically modified soybean products, primarily, soybean oil, salad oil and soybean meal.
As a result of the consummation of the Share Exchange Agreement, (i) the Company has ceased to be a shell company as that term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, (ii) Faith Winner (BVI) is now a wholly-owned subsidiary of the Company, and (iii) through its subsidiary, Faith Winner (Jixian) Agriculture Development Company or WFOE, the Company will indirectly control the business of Yanglin.
On October 3, 2007, the Company also entered into and consummated a private placement of its Series A Convertible Preferred Stock and attached warrants with certain investors in consideration of gross proceeds of $21.5 million (the “Private Placement”)." End quote.
