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FUFW SEC Suspension:
http://www.sec.gov/litigation/suspensions/2012/34-66297.pdf
Admin Proceeding:
http://www.sec.gov/litigation/admin/2012/34-66296.pdf
I know nothing! Just had a few bucks to toss at a lotto play...
I hadn't noticed any shares traded.
Do you know if this co. is still doing business??
I haven't even checked the web site in months.
I ended up taking a few K freebies as profit a long time ago.
this one could gap up 10 or 20 times in value on the right news...really odd stock.
Grabbed some .061 with some spare change...strictly a long shot lotto play....
Anybody know what's going on with FUFW? Does it still exist?
Any why did somebody recently bid it up by over 1000% and put over $8000 into FUFW stock??? Nobody does that by accident!
3 months and not a single trade til today?!?! Anyone??
http://stockcharts.com/h-sc/ui?s=FUFW&p=W&yr=3&mn=0&dy=0&id=p74659893336
FUFW was up over 1000% today on 12K shares. Not bad...anything happening??
It's been stuck at .06 bid and .70 ask for months...oddest stock I've ever held!! But, up is good...holding some freebie shares from swing trading many months ago.
This one never made sense...if it was lights out, someone would have been dumping into the bid, but no selling for months. Today we had buying at the ask for a ten bagger?!?!?
Does this company still have a pulse?
Bid is .06, ask is .70!?!?!
WTF? FUDA's market was mid eastern buyers for it's high end faucets....in theory FUFW should be recovering nicely by now.
Why no news, nothing from them??
US listed china plays are breaking out left and right...still no trading here??
I'm not stressed over this, as I only have a modest few thousand shares...freebies taken as profits from a couple swing trades...but I had high hopes for this one and originally intended to hang on longer for a lot more shares to ride long term.
They have until June 16th then they go pink. No NT filed.
video from last fall on Fuda Faucet Works
http://blog.redchip.com/index.php/2008/headline/getting-to-know-fufw/
10-K out last week. Not exactly pretty due to a terrible 4th quarter, and explains the share price action. I have done hours and hours of research on Fuda Faucet over the last few days. I've emailed and/or called the company, as well as their major funding source (Barron Partners), and their auditor, and have determined that FUFW is an excellent turn-around candidate whose fate and current state of health will become much more widely known when they report Q1 results next month.
A few points to consider here.
Despite having a lousy 4th quarter last year, there is NO "Going Concern" in their 10-K filing. Not only that, they do have access to funding should their operating cash flow be insufficient to meet their needs over the next q or two. I don't want to get into names/exact details here, but suffice it to say that I personally believe that FUFW is a STRONG BUY here.
I will post further dd and facts in the coming days/weeks.
OK, I'm starting to buy here
Either this company is on the verge of BK (which seems doubtful looking at their last filings), or it is the buy of the year in terms of valuation.
Bought a few starter shares today, and will continue to kick the tires. If I can't find any big red flags, I'm going ALL IN this one.
Will post more info as I uncover it.
anybody else looking here?
Nobody buying faucets in this recession?
Fuda Faucet Announces Second Quarter 2008 Results
Date : 08/14/2008 @ 4:00PM
Source : PR Newswire
Stock : (FUFW)
Fuda Faucet Announces Second Quarter 2008 Results
YIYANG, Jiangxi, China, Aug. 14 /Xinhua-PRNewswire-FirstCall/ -- Fuda Faucet Works, Inc. (OTC:FUFW) (BULLETIN BOARD: FUFW) ('Fuda Faucet' or the 'Company'), a Chinese company engaged, through variable interest entities, in the business of developing, manufacturing, marketing and distributing mid-tier European style brass faucets, spouts and fittings to the international markets, today announced its financial results for the second quarter ended June 30, 2008.
Second Quarter 2008 Highlights -- Net sales increased 27.4% year-over-year to $8.7 million -- Gross profit increased 22.0% year-over-year to $1.6 million -- Gross profit margin was 18.9% -- Net income totaled $0.7 million -- Opened a new manufacturing facility in April, increasing production capacity to 3.5 million sets per year -- Obtained CE marking, improving export opportunities to European countries -- A new electroplating production line entered production -- Further strengthened sales force in Russia
'During the second quarter, we have continued our expansion strategy by investing in production capacity and distribution channels to strengthen our position in key growth markets,' said Ms. Yiting Wu, CEO of Fuda Faucet. 'We are seeing strong demand from customers for our product lines and have now significantly expanded our production capacity.'
Second Quarter 2008 Results
Net sales for the second quarter ended June 30, 2008 totaled $8.7 million, up 27.4% from $6.9 million in the three month period ended June 30, 2007. The increase in net sales was mainly related to growing sales to existing customers and expansion in new markets, as well as an increase in average sales price. The United Arab Emirates continued as the main destination for Fuda Faucet's products, contributing $8.0 million in net sales in the three months ended June 30 and capturing 91.6% of total net sales in the quarter. Sales were more geographically dispersed compared to the second quarter of 2007, when the United Arab Emirates accounted for 99.1% of total sales. Sales in Russia equaled $0.7 million in the quarter ended June 30, 2008, or 8.4% of total sales, up from 0.9% of total sales in the same quarter in 2007.
Gross profit for the second quarter of 2008 was $1.6 million, an increase of 22.0% from $1.4 million for the same period prior year. Gross margin was 18.9% for the first quarter of 2008, compared to 19.7% for the corresponding period prior year. The decrease in gross margin was mainly attributed to increased depreciation from investment in new equipment during the past quarter.
Operating expenses totaled $0.7 million in the second quarter of 2008, compared to $0.2 million for the same period prior year. The main reason for the increase in operating expenses was higher general and administrative ('G&A') expenses, which in the second quarter of 2008 totaled $0.3 million, or 3.7% of net sales, up from $0.1 million, or 1.2% of net sales, in the corresponding quarter the previous year. The increase in G&A expenses was primarily due to the expansion of the Company's manufacturing capacity, which increased expenses related to salaries, insurance and management expenses. Also consulting and professional fees incurred from being a listed company contributed to operating expenses. In the second quarter of 2008, fees totaled $0.1 million, or 1.3% of net sales, up from nil, in the corresponding quarter the previous year. The increase in consulting and professional fees was primarily due to fees for legal, auditing and consulting services. The increase in fixed assets also augmented depreciation costs. Selling expenses amounted to $0.2 million, 2.0% of net sales, for the second quarter of 2008, compared to $0.1 million, 1.0% of net sales, in 2007. The increase was associated with the Company's growing sales volume in Russia.
Operating income for the second quarter of 2008 totaled $1.0 million, compared to $1.2 million for the same period in 2007. Operating margin was 11.2% in the second quarter of 2008, compared to 17.3% a year ago.
Interest expense was $0.2 million in the second quarter of 2008, an increase of 126.8% from $0.1 million a year ago. Interest expense was mainly attributable to an increase in the Company's short-term bank loans.
Net income for the second quarter of 2008 was $0.7 million, or $0.05 per fully diluted share, a decrease of 41.0% from net income of $1.1 million, or $0.11 per fully diluted share, for the second quarter of 2007. Earnings per share were calculated using a diluted weighted share count of 13.8 million shares for the second quarter of 2008 and 10.6 million shares for the second quarter of 2007.
'Our higher cost structure related to the new production facility and costs associated with being a public company impacted profit margin during the second quarter,' said Ms. Wu. 'We would expect to see margins improve in the future as we are able to ramp up production to targeted levels.'
Six Month 2008 Results
Net sales for the first six months of 2008 were $18.5 million, up 69.8% from sales of $10.9 million during the same period prior year. Gross profit was $3.7 million, or 20.0% of net sales, up 74.5% from $2.1 million, or 19.5% of net sales, in the first half of 2007. Operating income was $2.7 million, or 14.4% of net sales, up 46.6% from $1.8 million, or 16.7% of net sales, in the first half of 2007. Net income for the first six months of 2008 was $2.0 million, compared to net income of $1.7 million in the same period a year ago. Diluted earnings per share were $0.15, compared to $0.16 per diluted share in the same period a year ago. Earnings per share were calculated using a diluted weighted share count of 13.9 million shares for the first six months of 2008 and 10.6 million shares for the first six months of 2007.
Financial Condition
On June 30, 2008, the Company had cash and cash equivalents of $1.0 million and working capital of $2.7 million. Accounts receivable were $6.7 million, and days sales outstanding for the second quarter of fiscal 2008 were 58. Inventory was $8.4 million and days inventory outstanding for the second quarter of fiscal 2008 was 112. On June 30, 2008, the Company had short-term bank loans of $11.4 million and stockholders' equity of $15.5 million.
During the six months ended June 30, 2008, the Company generated $2.7 million in cash flow from operating activities, down from $3.5 million as of March 31, 2008. The change was mainly due to an increase in accounts receivable. Capital expenditures totaled $8.6 million at the end of the second quarter in 2008, primarily related to the construction of the new production facility and upgrading of existing capacity.
Recent Events
The Company's new manufacturing facility in Yiyang, Jiangxi Province, opened in April and has increased production capacity to 3.5 million sets per year from 1.2 million sets per year. The facility is equipped with semi-automated, technologically advanced manufacturing equipment and will produce products similar to what is currently produced at the Company's old manufacturing facility.
In June, Fuda Faucet added a second electroplating production line to its old facility and entered production later that same month. The new line incurred a cost of $ 290,000.
'By increasing our total manufacturing capability, we expect to scale up production and eventually to decrease fixed costs. Increasing our electroplating capabilities is an important measure to attract quality-conscious customers. The continuous upgrading of production technology will help us to enter the top-tier customer segment," said Ms. Wu.
In May, Fuda Faucet announced that it has been granted use of the CE marking for its products. The CE marking certifies that its products meet certain European health, safety, and environmental standards. The right to use the CE marking facilitates Fuda Faucet's entry into more European markets.
The Company has also strengthened its ranks by appointing new members for its Board of Directors. Effective April 28, Hao Yu, Ning Zhang, David Yaudoon Chiang and David Oldridge were elected independent members, while Jibrin Al Jibrin was elected non-independent member.
Business Outlook
During the second quarter, Fuda Faucet has increased its manufacturing capacity 192% by adding a new production facility. The Company is also currently upgrading its original facilities and expects improvements to be complete during the third quarter of 2008. The Company expects to introduce additional working capital to realize full utilization of its fixed assets. The demand outlook for the Company's products remains positive.
'We remain confident regarding the long-term profitability of our investments. As soon as we are able to intensify production, we expect to capture a larger share of the market for faucets,' said Ms. Wu. 'The demand for our products continues to be robust in the Middle East and we have strong expectations from sales in Russia and Nigeria this year. Demand for faucets, spouts, fittings, and related products, is driven by the booming investment in real-estate in our target markets. Record high oil prices and a growing middle class in the regions are likely to stimulate demand further,' she concluded.
The Company is continuously strengthening its presence in new growth markets. The operations in Moscow are developing and sales from the region are expected to contribute to a larger share of total revenue by the end of 2008. The Company anticipates the Nigerian operations to start generating sales later in 2008.
In addition, Fuda Faucet intends to expand its product mix by including hoses and valves. By offering complete sets of products and related services to its customers, the Company expects to obtain higher margins.
About Fuda Faucet Works, Inc.
Jiangxi Yiyang Fuda Copper Co., Ltd. was founded by Ms. Wu Yiting, in Yiyang County, Jiangxi Province of the People's Republic of China, in November 1995. When Fuda started its operations in 1995, its business comprised of copper re-processing. In 2002, the Company started production of European style brass faucets and related spouts and fittings for the Chinese market. By 2004, Fuda started selling its products to international markets. Presently, Fuda Faucet engages in the business of developing, manufacturing, marketing and distributing a wide range of brass faucets and related spouts and fittings. The products are manufactured by Fuda for Fuda Faucet. The Company manufactures all its products in China and exports most of them to international markets. For more information, please visit the Company's web site http://www.jxfuda.com/ .
Safe Harbor Statement
This announcement contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to obtain the necessary financing to continue and expand operations, to market its products in new markets and to offer products at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems; compliance with laws and regulations of the PRC, the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
--FINANCIAL TABLES FOLLOW--
FUDA FAUCET WORKS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
(US dollars) (US dollars) Three Months Ended Six Months Ended Item June 30, June 30, 2008 2007 2008 2007 Net sales 8,744,070 6,861,297 18,504,439 10,899,232 Cost of sales: Non-related parties 3,712,009 2,126,250 6,489,145 3,578,717 Related parties 3,383,509 3,383,869 8,306,588 5,194,749 7,095,518 5,510,119 14,795,733 8,773,466 Gross margin 1,648,552 1,351,178 3,708,706 2,125,766
Operating expenses: Selling expenses 176,715 71,571 240,433 128,684 General and administrative 323,239 84,827 545,965 155,436 Officers' compensation 23,155 5,841 29,566 11,647 Depreciation and amortization 29,394 3,025 50,244 6,272 Consulting and professional fees 116,464 -- 169,846 -- Total operating expenses 668,967 165,264 1,036,054 302,039
Operating income 979,585 1,185,914 2,672,652 1,823,726
Other income(expense) Other income 14,419 5,841 14,419 5,841 Interest expense (184,273) (81,241) (295,185) (169,320) Foreign currency transactions loss (154,391) -- (367,030) -- (324,245) (75,400) (647,796) (163,479) Net income before income tax expense 655,340 1,110,515 2,024,856 1,660,247 Income tax expense -- -- -- -- Net income 655,340 1,110,515 2,024,856 1,660,247 Other comprehensive income Foreign currency translation adjustment 350,281 2,415 886,602 49,643 Comprehensive income 1,005,621 1,112,930 2,911,458 1,709,890
Earnings per common share Basic 0.06 0.11 0.19 0.16 Diluted 0.05 0.11 0.15 0.16 Weighted average number of common shares outstanding Basic 10,725,440 10,564,647 10,725,440 10,564,647 Diluted 13,816,349 10,564,647 13,940,591 10,564,647
FUDA FAUCET WORKS, INC.
CONSOLIDATED BALANCE SHEETS
(US dollars) Item June 30, 2008 December 31, 2007 (UNAUDITED) (AUDITED) Restated ASSETS Current assets Cash and cash equivalents 982,835 169,319 Accounts receivable 6,667,989 487,471 Due from related parties - trade -- 6,996,322 Prepayments to suppliers 935,547 14,326 Inventories 8,444,105 8,260,479 Other current assets 223,505 251,619 Total current assets 17,253,981 16,179,536 Property, plant and equipment Land use right 2,093,575 869,251 Buildings 4,442,813 1,180,427 Machinery and equipment 5,116,142 983,079 Automobiles 209,717 128,495 Office equipment 29,475 14,003 Property plant and equipment - total 11,891,722 3,175,255 Less: accumulated depreciation (1,056,323) (777,600) Property plant and equipment - net 10,835,399 2,397,655 Construction in progress 1,614,792 1,867,513 Other long-term assets - idle assets Machinery and equipment - net 176,422 165,662 Land use right - net 196,170 184,205 30,076,764 20,794,571 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term bank loans 11,428,513 5,252,594 Accounts payable 854,615 686,114 Advances from customers 64,347 -- Due to related parties - trade 1,509,340 1,189,152 Due to related parties - non- trade 377,501 869,802 Accrued expenses 194,647 112,280 Other payables 132,857 81,143 Total current liabilities 14,561,820 8,191,085 14,561,820 8,191,085
Commitments and Contingencies
Stockholders' equity Preferred stock, 0.0000001 par value; 20,000,000 shares authorized; 3,090,909 shares issued and outstanding on June 30, 2008 and December 31, 2007 -- -- Common stock - 0.0000001 par value; 900,000,000 shares authorized; 10,725,440 issued and outstanding shares on June 30, 2008 and December 31, 2007 1 1 Additional paid-in capital 7,317,817 3,748,785 Surplus reserve 260,430 260,430 Retained earnings 6,209,409 7,753,585 Accumulated other comprehensive income 1,727,287 840,685 Total stockholders' equity 15,514,944 12,603,486 30,076,764 20,794,571
FUDA FAUCET WORKS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(US dollars) Item Six Months Ended June 30, 2008 2007 Cash flows from operating activities: Net income 2,024,856 1,660,246 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 278,723 87,975 Changes in operating assets and liabilities: Accounts receivable (6,180,518) 216,766 Due from related parties - trade 6,996,322 -- Prepayments to suppliers (921,221) 95,775 Inventories (183,626) (50,930) Other current assets 28,114 74,772 Accounts payable 168,502 186,385 Due to related parties-trade 320,188 (316,528) Advances from customers 64,347 -- Accrued expenses 82,367 77,304 Other payables 51,714 454,934 Net cash provided by operating activities: 2,729,768 2,486,699
Cash flows from investing activities: Purchase of fixed assets (8,563,620) (1,685,955) Net cash used in investing activities (8,563,620) (1,685,955)
Cash flows from financing activities: Proceeds from short-term bank loans 16,530,731 3,781,704 Repayment of short-term bank loans (10,683,029) (4,600,124) Loans from related parties 2,895,532 504,629 Repayment to related parties (3,387,833) (1,489,594) Loans from employees -- 690,828 Net cash provided by used in financing activities 5,355,401 (1,112,557)
Effect of exchange rate fluctuation on cash and cash and equivalents 1,291,967 177,417 Net increase (decrease) in cash and cash equivalents 813,516 (134,396) Cash and cash equivalents, beginning of period 169,319 380,714 Cash and cash equivalents, end of period 982,835 246,318
Supplemental Disclosures of Cash flow Information: Cash paid for interest 295,185 169,320 Cash paid for income taxes -- -- Non-cash investing and financing activities: Increase of paid-in capital of Fuda Yiyang with its retained earnings 3,569,032 --
For more information, please contact:
Fuda Faucet Works, Inc.
Ms. Yiting Wu, CEO Tel: +86-793-588-7178 Email: Web: http://www.jxfuda.com/
CCG Investor Relations Mr. Crocker Coulson, President Tel: +1-646-213-1915 Email: Web: http://www.ccgir.com/
DATASOURCE: Fuda Faucet Works, Inc.
CONTACT: Fuda Faucet Works, Inc. - Ms. Yiting Wu, CEO, +86-793-588-7178.
or ; CCG Investor Relations - Mr. Crocker Coulson, President,
+1-646-213-1915, or
New SB1 reg statement'
http://ih.advfn.com/p.php?pid=nmona&cb=1213591042&article=26756553&symbol=NB%5EFUFW
Fuda Faucet Commences Production at New Manufacturing Facility, Tripling Production Capacity
YIYANG, China, May 1 /Xinhua-PRNewswire-FirstCall/ -- Fuda Faucet Works, Inc. (OTC Bulletin Board: FUFW) ('Fuda Faucet' or 'the Company'), a Chinese company engaged in the business of developing, manufacturing, marketing and distributing mid-tier European style brass faucets, spouts and fittings to the international markets, today announced that it has completed the equipment installation phase at its new manufacturing facility and will start production at the new facility immediately.
In April 2008, Fuda Faucet started operations at its new manufacturing facility, located in Yiyang, Jiangxi Province, Peoples Republic of China. The new facility measures 229,703 square feet and is equipped with semi-automated, state of the art manufacturing equipment, and has employed 300 personnel. With the addition of the new operating facility, the company will increase its production capacity from 1.2 million sets per year to 3.5 million sets per year. The facility will produce the same types of products that are currently being produced at the rest of the company's manufacturing facilities.
'We are very pleased to announce that we have started production at our new facility and the operation is running smoothly, as had been anticipated. Our capacity expansion is a direct result not only of our meeting the current demand for our products but also for the anticipated growth in sales as we seek to expand the market for our products in Europe.' said Ms. Yiting Wu, Chief Executive Officer of Fuda Faucet.
Fuda Faucet Works, Inc. Retains CCG Elite
SHANGRAO, China, Jan. 22 /Xinhua-PRNewswire-FirstCall/ -- Fuda Faucet Works, Inc. (OTC Bulletin Board: FUFW) ('Fuda Faucet' or 'the Company'), a Chinese company engaged in the business of developing, manufacturing, marketing and distributing mid-tier European style brass faucets, spouts and fittings to the international markets, today announced that it has retained CCG Elite to design and execute its investor relations campaign.
'We are happy to retain CCG Elite to handle our investor relations program, and will work closely with them to gain greater exposure in the investment community and the media,' said Ms. Yiting Wu, Chief Executive Officer of Fuda Faucet.
'We are very excited about the opportunity to cooperate with Fuda Faucet, and believe the Company offers a compelling opportunity for investors. Worldwide demand for plumbing supplies has grown tremendously over the past few years, and this is expected to continue over the next five years, especially in Fuda Faucet's target markets,' said Crocker Coulson, President of CCG Elite. 'Fuda Faucet is well equipped to meet this demand by providing quality plumbing fixtures under its proprietary FURDHER brand name to its strong base of international customers.'
About CCG Elite
CCG Elite is a global, full-service investor relations firm, headquartered in Los Angeles, CA with offices in New York City, Newport Beach, Calif., Dallas, Texas, Hong Kong, Beijing, Shanghai and Tel Aviv. CCG Elite as an investor relations firm is uniquely positioned to provide outsourced, high- level investor relations solution to its clients combined with an in-depth understanding of Asia's corporate culture and economic environment and parlaying their story to the leading funds and broker-dealers located in the U.S. For further information, contact CCG Elite directly, or visit the Company's Web site at http://www.ccgelite.com .
Fuda Faucet Works, Inc.
Jiangxi Yiyang Fuda Copper Co., Ltd. was founded by Ms. Wu Yiting, in Yiyang County, Jiangxi Province of the Peoples Republic of China, November 20, 1995. When Fuda started its operations in 1995, its business comprised of copper re-processing. In 2002, the Company started production of European style brass faucets and related spouts and fillings for the Chinese market. By 2004, Fuda started selling its products to international markets. Presently, Fuda Faucet engages in the business of developing, manufacturing, marketing and distributing a wide range of brass faucets and related spouts and fittings. The products are manufactured by Fuda for Fuda Faucet. The Company manufactures all its products in China and exports most of them to international markets.
Safe Harbor Statement
This announcement contains 'forward-looking statements' within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to obtain the necessary financing to continue and expand operations, to market its products in new markets and to offer products at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems; compliance with laws and regulations of the PRC, the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:
Fuda Faucet Works, Inc.
Ms. Yiting Wu, CEO
Tel: +86-793-588-7178
Email: wyt1645@163.com
CCG Elite Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
SOURCE Fuda Faucet Works, Inc.
2.13 195 OBB 01/23
1.70 342 OBB 01/23
1.75 163 OBB 01/22
2.13 212 OBB 01/11
1.75 390 OBB 01/11
Fuda Faucet Works, Inc. Announces New Ticker
SHANGRAO, China, Jan. 3 /Xinhua-PRNewswire-FirstCall/ -- Fuda Faucet Works, Inc. ('Fuda Faucet' or 'the Company') (OTC Bulletin Board: FUFW), today announced that its stock will start trading on the Over the Counter Bulletin Board under the new ticker symbol 'FUFW' effective immediately. Prior to today's announcement, the Company traded under the ticker symbol 'CSNI.'
Fuda Faucet Works, Inc.
Jiangxi Yiyang Fuda Copper Co., Ltd. was founded by Ms. Wu Yiting, in Yiyang County, Jiangxi Province of the Peoples Republic of China, November 20, 1995. When Fuda started its operations in 1995, its business comprised of copper re-processing. In 2002, the Company started production of European style brass faucets and related spouts and fillings for the Chinese market. By 2004, Fuda started selling its products to international markets. Presently, Fuda Faucet engages in the business of developing, manufacturing, marketing and distributing a wide range of brass faucets and related spouts and fittings. The products are manufactured by Fuda for Fuda Faucet. The Company manufactures all its products in China and exports most of them to international markets.
Safe Harbor Statement
This announcement contains 'forward-looking statements' within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to obtain the necessary financing to continue and expand operations, to market its products in new markets and to offer products at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems; compliance with laws and regulations of the PRC, the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:
Fuda Faucet Works, Inc.
Ms. Yi-ting Wu, CEO
Tel: +86-793-588-7178
Email: wyt1645@163.com
CCG Elite Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Beware of the Astom Syndrome
http://www.investorshub.com/boards/edit_ibox.asp?board_id=9024
Scary stuff.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------------
FORM 10-QSB
--------------------------------
(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For The Quarterly Period Ended November 30, 2006
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For The Transition Period from __________ To _________
Commission file number: 0-9879
CAPITAL SOLUTIONS I, INC.
----------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
DELAWARE 13-2648442
--------------------------------- ---------------------------------
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
One N.E. First Avenue, Suite 306, Ocala, Florida 34470
----------------------------------------------------------------
(Address of principal executive offices)
(352) 867-5183
----------------------------------------------------------------
(Issuer's telephone number)
---------------------------------------------------------------
(Former Name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) has filed all reports required by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for
such shorter period that the Registrant was required to file such reports) and
(2) has been subject to such filing requirements for the past 90 days: Yes |X|
No |_|
Indicate by check mark whether the issuer is a shell company (as defined in rule
12b-2 of the Exchange Act) Yes [X] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required by Section
12, 13, or 15(d) of the Exchange Act after the distribution of securities under
a plan confirmed by a court Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
As of January 22, 2007, there were 66,732 shares of the Registrant's
Common Stock, $0.0000001 par value per share, outstanding.
Transitional Small Business Disclosure Format Yes | | No |X|
CAPITAL SOLUTIONS I, INC.
FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 2006
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements................................................ 4
Item 2. Management's Discussion and Analysis or Plan of Operation........... 18
Item 3. Controls and Procedures............................................. 24
PART II - OTHER INFORMATION
Item 1. Legal Proceedings................................................... 25
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds......... 25
Item 3. Defaults upon Senior Securities..................................... 25
Item 4. Submission of Matters to a Vote of Securities Holders............... 25
Item 5. Other Information................................................... 25
Item 6. Exhibits............................................................ 25
THIS REPORT CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND
UNCERTAINTIES. SUCH STATEMENTS ARE BASED ON CURRENT EXPECTATIONS, ASSUMPTIONS,
ESTIMATES AND PROJECTIONS ABOUT THE COMPANY AND ITS INDUSTRY. FORWARD-LOOKING
STATEMENTS ARE SUBJECT TO KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER
FACTORS THAT MAY CAUSE ACTUAL RESULTS, LEVELS OF ACTIVITY, PERFORMANCE,
ACHIEVEMENTS AND PROSPECTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR
IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY UNDERTAKES NO OBLIGATION
TO UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS FOR ANY REASON EVEN IF NEW
INFORMATION BECOMES AVAILABLE OR OTHER EVENTS OCCUR IN THE FUTURE.
3
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Balance Sheet as of November 30, 2006 5
Statements of Income for the Six and Three Months Ended
November 30, 2006 and 2005 6
Statements of Cash Flows for the Six Months Ended
November 30, 2006 and 2005 7
Notes to Condensed Consolidated Financial Statements 8
4
CAPITAL SOLUTIONS I, INC.
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
AS OF NOVEMBER 30, 2006
ASSETS
2006
--------------------
CURRENT ASSETS
Cash and cash equivalents $ 687
--------------------
TOTAL CURRENT ASSETS 687
--------------------
TOTAL ASSETS $ 687
====================
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
CURRENT LIABILITIES
Loan payable - related party 20,000
--------------------
TOTAL CURRENT LIABILITIES 20,000
--------------------
STOCKHOLDERS' (DEFICIT)
Preferred stock, $.0000001 par value, 20,000,000 shares authorized, 50,000
issued and outstanding at November 30, 2006
Common stock, $.0000001 par value, 900,000,000 shares
authorized, 66,732 issued and outstanding at November 30, 2006 -
Additional paid-in capital 531,530
Accumulated deficit (550,843)
--------------------
TOTAL STOCKHOLDERS' (DEFICIT) (19,313)
--------------------
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) $ 687
====================
The accompanying notes are an integral part of these condensed
consolidated financial statements.
5
CAPITAL SOLUTIONS I, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE SIX MONTHS AND THREE MONTHS ENDED NOVEMBER 30, 2006 AND 2005
SIX MONTHS ENDED THREE MONTHS ENDED
November 30, November 30, November 30, November 30,
2006 2005 2006 2005
------------ ------------ ------------ ------------
REVENUES $ - $ - $ - $ -
COST OF REVENUES - - - -
------------ ------------ ------------ ------------
GROSS PROFIT - - - -
------------ ------------ ------------ ------------
OPERATING EXPENSES
Professional fees and consulting - 864 - 864
Accounting and audit fees 18,000 - 18,000 -
Stock transfer fees - 165 - 165
Administrative and other 1,745 162 1,708 126
------------ ------------ ------------ ------------
Total operating expenses 19,745 1,191 19,708 1,155
------------ ------------ ------------ ------------
LOSS BEFORE OTHER INCOME (EXPENSE) (19,745) (1,191) (19,708) (1,155)
------------ ------------ ------------ ------------
OTHER INCOME (EXPENSE)
Expiration of debt 629,707 -
Interest expense - (16,008) - (8,004)
------------ ------------ ------------ ------------
Total other Income (expense) 629,707 (16,008) - (8,004)
------------ ------------ ------------ ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES (19,745) (17,199) (19,708) (9,159)
Provision for income taxes - - - -
------------ ------------ ------------ ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS APPLICABLE TO COMMON SHARES 609,962 (17,199) (19,708) (9,159)
------------ ------------ ------------ ------------
DISCONTINUED OPERATIONS
(Loss on disposal) - (21,000) - (21,000)
------------ ------------ ------------ ------------
NET INCOME (LOSS) FROM OPERATIONS APPLICABLE TO COMMON SHARES $ 609,962 $ (38,199) $ (19,708) $ (30,159)
============ ============ ============ ============
NET INCOME (LOSS) FROM CONTINUING OPERATIONS PER BASIC AND DILUTED SHARES $ 7.03 $ (0.39) $ (0.26) $ (0.31)
============ ============ ============ ============
NET (LOSS) FROM DISCONTINUED OPERATIONS PER BASIC AND DILUTED SHARES $ - $ (0.00) $ - $ (0.00)
============ ============ ============ ============
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 86,732 96,732 76,732 96,732
============ ============ ============ ============
The accompanying notes are an integral part of these condensed
consolidated financial statements.
6
CAPITAL SOLUTIONS I, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED NOVEMBER 30, 2006 AND 2005
2006 2005
------------------- -------------------
CASH FLOWS FROM OPERATING ACTIVITIES
CONTINUING OPERATIONS:
Net Income (Loss) $ 609,962 $ (17,199)
------------------- -------------------
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Goodwill impairment - 91,970
Expiration of debt (629,707) -
CHANGES IN ASSETS AND LIABILITIES
Increase in accounts payable and accrued expenses - 16,008
------------------- -------------------
TOTAL ADJUSTMENTS (629,707) 107,978
------------------- -------------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (19,745) 90,779
------------------- -------------------
DISCONTINUED OPERATIONS:
(Loss on discontinued operations) - (21,000)
------------------- -------------------
Net cash (used in) operating activities - discontinuing operations - (21,000)
------------------- -------------------
CASH FLOWS FROM INVESTING ACTIVITIES
CONTINUING OPERATIONS:
Purchase of investments - 26
------------------- -------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES - CONTINUING OPERATIONS - 26
------------------- -------------------
CASH FLOWS FROM FINANCING ACTIVITIES
CONTINUING OPERATIONS:
Increase in Loan payable - related party 20,000 -
(Payments) on short-term notes payable and advances - (3,352)
(Payments) of line of credit - (64,777)
------------------- -------------------
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES - CONTINUING OPERATIONS 20,000 (68,129)
------------------- -------------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 255 1,676
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 432 137
------------------- -------------------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 687 $ 1,813
=================== ===================
The accompanying notes are an integral part of these condensed
consolidated financial statements.
7
CAPITAL SOLUTIONS I, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOVEMBER 30, 2006 AND 2005
NOTE 1 - ORGANIZATION
The condensed consolidated unaudited interim financial statements
included herein have been prepared by Capital Solutions I, Inc.
(formerly Vacation Ownership Marketing, Inc.) (the "Company") without
audit, pursuant to the rules and regulations of the Securities and
Exchange Commission (the "SEC"). Certain information and footnote
disclosures normally included in the condensed consolidated financial
statements prepared in accordance with accounting principles generally
accepted in the United States of America have been condensed or omitted
as allowed by such rules and regulations, and the Company believes that
the disclosures are adequate to make the information presented not
misleading. It is suggested that these condensed consolidated financial
statements be read in conjunction with the May 31, 2006 audited
consolidated financial statements and the accompanying notes thereto.
While management believes the procedures followed in preparing these
condensed consolidated financial statements are reasonable, the
accuracy of the amounts are in some respects dependent upon the facts
that will exist, and the procedures that will be accomplished by the
Company later in the year.
The management of the Company believes that the accompanying unaudited
condensed consolidated financial statements contain all adjustments
including normal recurring adjustments necessary to present fairly the
operations, changes in stockholders' (deficit), and cash flows for the
period presented.
Capital Solutions I, Inc., "CSI" (formerly Vacation Ownership
Marketing, Inc.) (the "Company") was incorporated in Delaware as Magnum
Communications Corp in 1969. It changed names to its present name on
May 10, 2004. Before changing its name to Capital Solutions I, Inc.
they changed to Vacation Ownership Marketing, Inc. Coinciding with the
name change, the Company did not change its business structure, which
was the development and marketing of time-shared condominiums, which it
continued until 1983. During the year 1983, the Company experienced
financial difficulties and encountered adverse litigation. The
Company's charter expired until May 7, 2000, when a certificate of
renewal was issued.
8
CAPITAL SOLUTIONS I, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOVEMBER 30, 2006 AND 2005
NOTE 1 - ORGANIZATION (CONTINUED)
On January 21, 2004, the Company took the following actions in lieu of
an annual meeting of the stockholders pursuant to Section 228 of the
Delaware General Corporation Law: re-election of directors; the Company
increased its authorized common stock from 50,000,000 to 1,000,000,000
shares; the ratification of the issuance of common stock; the
ratification of the assignment of Encore Builders common stock; and the
approval of the Amended and Restated Articles of Incorporation. An
Amended and Restated Certificate of Incorporation was filed with the
Secretary of State on January 22, 2004.
As of May 10, 2004, the Company merged with Vacation Ownership
Marketing, Inc. A 1:50 reverse stock split of the company's common
stock became effective. As a result of the reverse stock split,
Vacation Ownership Marketing, Inc. changed its name to Capital
Solutions I, Inc. "the Company". The stock split decreased the issued
and outstanding common stock from 61,110,595 to 1,222,005. Capital
Solutions I, Inc. had no assets or liabilities. After the consummation
of the merger, Capital Solutions I, Inc. will cease to exist.
Additionally, the authorized shares of common stock increased from 1
billion to 20 billion and the authorized shares of preferred stock
increased from 10 million to 200 million. The par value of the common
stock and preferred stock authorized was reduced from $.001 par value
per share to $.0000001 par value per share. The Company does not
believe the merger will have any effect on the Company of its finances
other than the amendment and restatement of the Company's Certificate
of Incorporation.
On June 17, 2005 the Company took the following actions in lieu of an
annual meeting of the stockholders pursuant to Section 228 of the
Delaware General Corporation Law: the Company decreased its authorized
common stock from 20,000,000,000 to 900,000,000 shares; decreased its
authorized preferred stock from 200,000,000 to 20,000,000; engaged in a
1:10 reverse stock split of its common stock, decreasing the Company's
issued outstanding common stock from 783,667,072 to 78,366,672; and the
approval of the Amended and Restated Articles of Incorporation. An
amended and Restate Certificate of Incorporation was filed with the
Delaware Secretary of State on June 17, 2005.
On October 19, 2005, the Company took the following actions based on
the Rescission Agreement to cancel 30,000,000 shares of common stock,
which had been issued to the Bedrock Shareholders, and certain other
individuals have been cancelled and returned to the treasury.
9
NOTE 1 - ORGANIZATION (CONTINUED)
PRINCIPLES OF CONSOLIDATION
The condensed consolidated financial statements for the six and three
months ended November 30, 2006 and 2005 include the accounts of the
Company and all of its wholly-owned subsidiaries. All significant
inter-company accounts and transactions have been eliminated in
consolidation.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS
The Company considers all highly liquid debt instruments and other
short-term investments with an initial maturity of three months or less
to be cash or cash equivalents.
The Company maintains cash and cash equivalent balances at several
financial institutions, which are insured by the Federal Deposit
Insurance Corporation up to $100,000.
START-UP COSTS
The Company adopted Statement of Position No. 98-5 ("SOP 98-5"),
"Reporting the Costs of Start-Up Activities." SOP 98-5 requires that
all non-governmental entities expense the cost of start-up activities,
including organizational costs as those costs are incurred.
REVENUE AND COST RECOGNITION
The Company records its transactions under the accrual method of
accounting whereby income gets recognized when the services are
rendered and collection is reasonably assured.
10
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
INCOME TAXES
Income taxes are computed on the pretax loss based on the current tax
law. Deferred income taxes are recognized for the tax consequences in
future years of differences between the tax basis of assets and
liabilities and their financial reporting amounts at each year-end
based on enacted tax laws and statutory tax rates. All deferred tax
assets that arose from the carryforward of net operating losses have
been offset by a valuation allowance due to the uncertainty of the
realization of these tax assets.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying amounts reported in the consolidated balance sheet for
cash and cash equivalents, and loan payable - related party approximate
fair value because of the immediate or short-term maturity of these
condensed consolidated financial instruments.
EARNINGS (LOSS) PER SHARE OF COMMON STOCK
Historical net income (loss) per common share is computed using the
weighted average number of CSI Common Stock outstanding. Diluted
earnings per share (EPS) include additional dilution from CSI Common
Stock equivalents, such as stock issuable pursuant to the exercise of
stock options and warrants. CSI Common Stock equivalents were not
included in the computation of diluted earnings per share when the
Company reported a loss because to do so would be antidilutive for
periods presented.
11
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
EARNINGS (LOSS) PER SHARE OF COMMON STOCK (CONTINUED)
The following is a reconciliation of the computation for basic and
diluted EPS:
November 30, November 30,
2006 2005
-------------------- -------------------
Net Income (Loss) $ 609,962 $ (38,199)
==================== ===================
Weighted-average common shares
Outstanding (Basic) 86,732 96,732
Weighted-average common stock
Equivalents
Stock options - -
Warrants - -
-------------------- -------------------
Weighted-average common shares
Outstanding (Diluted) 86,732 96,732
==================== ===================
There are no options and warrants outstanding to purchase stock at
November 30, 2006 and 2005.
12
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
RECENT ACCOUNTING PRONOUNCEMENTS
On October 3, 2001, the FASB issued Statement of Financial Accounting
Standards No. 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets" ("SFAS 144"), that is applicable to financial
statements issued for fiscal years beginning after December 15, 2001.
The FASB's new rules on asset impairment supersede SFAS 121,
"Accounting for the Impairment of Long-Lived Assets to be Disposed Of",
and portions of Accounting Principles Board Opinion No. 30, "Reporting
the Results of Operations." This Standard provides a single accounting
model for long-lived assets to be disposed of and significantly changes
the criteria that would have to be met to classify an asset as
held-for-sale. Classification as held-for-sale is an important
distinction since such assets are not depreciated and are stated at the
lower of fair value or carrying amount. This Standard also requires
expected future operating losses from discontinued operations to be
displayed in the period (s) in which the losses are incurred, rather
than as of the measurement date as presently required. The Company
disposed of its wholly-owned subsidiary Bedrock Holdings Corporation,
Inc. during the quarter ended November 30, 2005. The loss from disposal
of those assets was $21,000.
There were no disposal of assets or impairment of goodwill for the six
months ended November 30, 2006
In December 2004, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards ("SFAS") No. 151,
"Inventory Costs." SFAS No. 151 requires abnormal amounts of inventory
costs related to idle facility, freight handling and wasted material
expenses to be recognized as current period charges. Additionally, SFAS
No. 151 requires that allocation of fixed production overheads to the
costs of conversion be based on the normal capacity of the production
facilities. The standard is effective for fiscal years beginning after
June 15, 2005. The adoption of SFAS No. 151 did not have a material
impact on the Company's financial position or results of operations.
In May 2005, the FASB issued SFAS No. 154, "Accounting Changes and
Error Corrections." SFAS No. 154 replaces Accounting Principles Board
("APB") Opinion No. 20, "Accounting Changes" and SFAS No. 3, "Reporting
Accounting Changes in Interim Financial Statements." SFAS No. 154
requires retrospective application to prior periods' financial
13
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)
statements of a voluntary change in accounting principle unless it is
impracticable. APB No. 20 previously required that most voluntary
changes in accounting principle be recognized by including the
cumulative effect of changing to the new accounting principle in net
income in the period of the change. SFAS No. 154 is effective for
accounting changes and corrections of errors made in fiscal years
beginning after December 15, 2005. The adoption of SFAS No. 154 did not
have a material impact on the Company's financial position or results
of operations.
In February 2006, the FASB issued SFAS No. 155, "Accounting for Certain
Hybrid Financial Instruments, an amendment of FASB Statements No. 133
and 140." SFAS No. 155 resolves issues addressed in SFAS No. 133
Implementation Issue No. D1, "Application of Statement 133 to
Beneficial Interests in Securitized Financial Assets," and permits fair
value remeasurement for any hybrid financial instrument that contains
an embedded derivative that otherwise would require bifurcation,
clarifies which interest-only strips and principal-only strips are not
subject to the requirements of SFAS No. 133, establishes a requirement
to evaluate interests in securitized financial assets to identify
interests that are freestanding derivatives or that are hybrid
financial instruments that contain an embedded derivative requiring
bifurcation, clarifies that concentrations of credit risk in the form
of subordination are not embedded derivatives and amends SFAS No. 140
to eliminate the prohibition on a qualifying special-purpose entity
from holding a derivative financial instrument that pertains to a
beneficial interest other than another derivative financial instrument.
SFAS No. 155 is effective for all financial instruments acquired or
issued after the beginning of the first fiscal year that begins after
September 15, 2006. The Company is currently evaluating the effect the
adoption of SFAS No. 155 will have on its financial position or results
of operations.
In March 2006, the FASB issued SFAS No. 156, "Accounting for Servicing
of Financial Assets, an amendment of FASB Statement No. 140." SFAS No.
156 requires an entity to recognize a servicing asset or liability each
time it undertakes an obligation to service a financial asset by
entering into a servicing contract under a transfer of the servicer's
financial assets that meets the requirements for sale accounting, a
transfer of the servicer's financial assets to a qualified
special-purpose entity in a guaranteed mortgage securitization in which
the transferor retains all of
14
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)
the resulting securities and classifies them as either
available-for-sale or trading securities in accordance with SFAS No.
115, "Accounting for Certain Investments in Debt and Equity Securities"
and an acquisition or assumption of an obligation to service a
financial asset that does not relate to financial assets of the
servicer or its consolidated affiliates. Additionally, SFAS No. 156
requires all separately recognized servicing assets and servicing
liabilities to be initially measured at fair value, permits an entity
to choose either the use of an amortization or fair value method for
subsequent measurements, permits at initial adoption a one-time
reclassification of available-for-sale securities to trading securities
by entities with recognized servicing rights and requires separate
presentation of servicing assets and liabilities subsequently measured
at fair value and additional disclosures for all separately recognized
servicing assets and liabilities. SFAS No. 156 is effective for
transactions entered into after the beginning of the first fiscal year
that begins after September 15, 2006. The Company is currently
evaluating the effect the adoption of SFAS No. 156 will have on its
financial position or results of operations.
In September 2006, the FASB issued SFAS No. 157 "Fair Value
Measurements," which provides a definition of fair value, establishes a
framework for measuring fair value and requires expanded disclosures
about fair value measurements. SFAS No. 157 is effective for financial
statements issued for fiscal years beginning after November 15, 2007
and interim periods within those fiscal years. The provisions of SFAS
No. 157 should be applied prospectively. Management is assessing the
potential impact on Company's financial condition and results of
operations.
In September 2006, the FASB issued SFAS No. 158 "Employers' Accounting
for Defined Benefit Pension and Other Postretirement Plans", which
amends SFAS No. 87 "Employers' Accounting for Pensions" (SFAS No. 87),
SFAS No. 88 "Employers' Accounting for Settlements and Curtailments of
Defined Benefit Pension Plans and for Termination Benefits" (SFAS No.
88), SFAS No. 106 "Employers' Accounting for Postretirement Benefits
Other Than Pensions" (SFAS No. 106), and SFAS No. 132R "Employers'
Disclosures about Pensions and Other Postretirement Benefits (revised
2003)" (SFAS No. 132R). This Statement requires companies to recognize
an asset or liability for the overfunded or underfunded status of their
benefit plans in their financial statements. SFAS No. 158 also requires
the measurement date for plan assets and liabilities to coincide with
the sponsor's year end. The standard provides
15
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)
two transition alternatives related to the change in measurement date
provisions. The recognition of an asset and liability related to the
funded status provision is effective for fiscal year ending after
December 15, 2006 and the change in measurement date provisions is
effective for fiscal years ending after December 15, 2008. This
pronouncement has no effect on the Company at this time.
NOTE 3 - STOCKHOLDERS' EQUITY
There were 30,000 shares cancelled and returned to the treasury for the
period ended November 30, 2006.
NOTE 4 - PROVISION FOR INCOME TAXES
The Company did not provide for income taxes in the six months ended
November 30, 2006 and 2005. Additionally, the Company established a
valuation allowance equal to the full amount of the deferred tax assets
due to the uncertainty of the utilization of the operating losses in
future periods.
At November 30, 2006 and 2005, the deferred tax assets consists of the
following:
2006 2005
----------------- ------------------
Deferred taxes due to net operating loss
carryforwards $ 165,316 $ 346,235
Less: Valuation allowance (165,316) (346,235)
----------------- ------------------
Net deferred tax asset $ - $ -
================= ==================
Due to the uncertainty of utilizing the approximate $550,843 and $
1,154,116 in net operating losses for the six months ended November 30,
2006 and 2005, respectively, recognizing the deferred tax assets, an
offsetting valuation allowance has been established.
16
NOTE 5 - GOING CONCERN
As shown in the accompanying condensed consolidated financial
statements the Company has incurred capital deficits and has had net
operating losses from continuing operations for the six months ended
November 30, 2006 and 2005. The Company did however, with the exception
of the expiration of debt totaling $629,707, had income from operations
for the six months ended November 30, 2006. The Company has no revenues
to support itself.
In view of these matters, continuing as a going concern is dependent
upon the Company's ability to raise additional capital, and to secure a
future business combination. Management believes that actions planned
and presently being taken to revise the Company's operating and
financial requirements provide the opportunity for the Company to
continue as a going concern.
The condensed consolidated financial statements do not include any
adjustments that might result from the outcome of these uncertainties.
NOTE 6 - EXPIRATION OF DEBT
The Company has recognized $629,707 of income as certain debt and
related costs expired during the quarter ending August 31, 2006. The
Company had outstanding convertible debentures in the amount of
$400,202, which matured August 27, 2003. The debentures had been
reported as a current liability in previous quarters. Under Colorado
Law, these debentures along with the associated interest accrued and
expenses of $229,505 have expired.
NOTE 7 - LOANS PAYABLE-RELATED PARTY
During the six months ended November 30, 2006 and 2005, the Company has
received a total of $20,000 in the form of advances from affiliated
companies either in the form of cash or through the affiliated
companies payment of legal and professional fees on behalf of the
Company.
NOTE 8 - RELATED PARTY TRANSACTIONS
As discussed in Note 7, the Company from time to time has been advanced
through advances, or through the payment of legal and professional fees
from affiliated companies. As of November 30, 2006, the Company has
outstanding amounts due its affiliates of $20,000.
17
Item 2. Management's Discussion and Analysis or Plan of Operation.
THE FOLLOWING DISCUSSION SHOULD BE READ IN CONJUNCTION WITH THE COMPANY'S
FINANCIAL STATEMENTS AND THE NOTES TO THOSE STATEMENTS AND OTHER FINANCIAL
INFORMATION APPEARING ELSEWHERE IN THIS REPORT.
OVERVIEW
Capital Solutions I, Inc. (the "Company," "we," "our," "ours" and "us")
was incorporated in Delaware as "Magnum Communications Corp." in 1969 and
changed its name to Vacation Ownership Marketing, Inc. in 1980. Coinciding with
the name change, we changed our business to the development and marketing of
time-shared condominiums which continued until 1983. From 1983 until August 29,
2001, we were not engaged in any business. On August 29, 2001, we acquired
Encore Builders, Inc., a construction company, through what was then a
subsidiary of the Company. Beginning on August 29, 2001 we engaged in the
construction of Conquistador Plaza Apartments in Miami, Florida, pursuant to a
lump sum construction contract with Conquistador Plaza. These operations ceased
with the separation of Encore Builders from us in the first quarter of 2002. On
May 10, 2004 we changed our name to our present name, Capital Solutions I, Inc.
Management's plans
Our plan is to seek, investigate, and if such investigation warrants,
consummate a merger or other business combination, purchase of assets or other
strategic transaction (i.e. Merger) with a corporation, partnership, limited
liability company or other business entity (a "Merger Target") desiring the
perceived advantages of becoming a publicly reporting and publicly held
corporation. At this time, we have no binding agreement to enter into a Merger
with any specific business or company. Discussion of management's plan of
operation under this caption and throughout this filing is purposefully general
and is not meant to restrict our virtually unlimited discretion to search for
and enter into potential business opportunities.
We will not restrict our search to any specific business, industry, or
geographical location, and may participate in business ventures of virtually any
kind or nature. We may seek a Merger with an entity which only recently
commenced operations, or a developing company in need of additional funds to
expand into new products or markets or seeking to develop a new product or
service, or an established business which may be experiencing financial or
operating difficulties and needs additional capital which is perceived to be
easier to raise by a public company. Indeed, our most common merger candidates
are often companies that lack the ability to conduct an IPO, or whose business
industry is not well received by the investment banking community. In some
instances, a Merger may involve entering into a transaction with a corporation
which does not need substantial additional cash but which desires to establish a
public trading market for its common stock. We may purchase assets and establish
wholly-owned subsidiaries in various businesses or purchase existing businesses
as subsidiaries. It is impossible to predict at this time the status of any
business in which we may become engaged.
18
Selecting a Merger Target will be complex and involve a high degree of
risk. Because of general economic conditions, rapid technological advances being
made in some industries, and shortages of available capital, management believes
that there are numerous entities seeking the benefits of being a publicly-traded
corporation. Many potential Merger Targets are in industries that have
essentially not presented well in the conventional IPO market, regardless of
their financial success, and suffer from low initial valuations. The perceived
benefits of being a publicly traded corporation may include facilitating or
improving the terms on which additional equity financing may be sought,
providing liquidity (subject to restrictions of applicable statutes and
regulations) for the principals of a business, creating a means for providing
incentive stock options or similar benefits to key employees, providing
liquidity (subject to restrictions of applicable statutes and regulations) for
all stockholders, and other items. Potential Merger Targets may exist in many
different industries and at various stages of development, all of which will
make the task of comparative investigation and analysis of such Merger Targets
extremely difficult and complex.
We believe we can offer owners of Merger Targets the opportunity to
acquire a controlling ownership interest in a public company at substantially
less cost than is required to conduct an initial public offering. Nevertheless,
we have not conducted any specific market research and we are not aware of
statistical data which would support the perceived benefits of a Merger or
acquisition transaction for the owners of a Merger Target.
In implementing a structure for a particular business acquisition, we
may become a party to a merger, consolidation, reorganization, joint venture, or
licensing agreement with another corporate entity. We may also seek to acquire
stock or assets of an existing business. On the consummation of a transaction,
it is probable that our present management and stockholders will no longer be in
control of our company; In addition, our directors may, as part of the terms of
the acquisition transaction, resign and be replaced by new directors without a
vote of our stockholders or may sell their stock. Any terms of the sale of the
shares presently held by the officers and/or directors will be also afforded to
all other stockholders on similar term and conditions. Any and all such sales
will only be made in compliance with federal and applicable state securities
laws.
We anticipate that any securities issued in such any such
reorganization would be issued in reliance upon exemption from registration
under the applicable federal and state securities laws. In some circumstances,
however, as negotiated element of a transaction, we may agree to register all or
a part of such securities immediately after the transaction is consummated or at
specified times thereafter. If such registration occurs, of which there can be
no assurance, it will be undertaken by the surviving entity after we have
successfully consummated a merger or acquisition and we are no longer considered
a "shell" company. Until such time as this occurs, we will not attempt to
register any additional securities. The issuance of substantial additional
securities and their potential sale into the trading market which may develop in
our securities may have a depressive effect on the value of our securities in
the future, if such a market develops, of which there is no assurance.
19
While the actual terms of a transaction to which we may be a party
cannot be predicted, it may be expected that the parties to the business
transaction will find it desirable to avoid the creation of a taxable event and
thereby structure the acquisition in a so-called "tax-free" reorganization under
Sections 368(a) (1) or 351 of the Internal Revenue Code. In order to obtain
tax-free treatment, it may be necessary for the owners of the acquired business
to own 80% or more of the voting stock of the surviving entity. In such event,
our stockholders would retain less then 20% of the issued and outstanding shares
of the surviving entity, which would result in significant dilution in the
equity of such holders.
We will participate in a business opportunity only after the
negotiation and execution of appropriate written agreements, Although the terms
of such agreements cannot be predicted, generally such agreements will require
some specific representations and warranties by all of the parties thereto, will
specify certain events of default, will detail the terms of closing and the
conditions which must be satisfied by each of the parties prior to and after
such closing, will outline the manner of bearing costs, including costs
associated with our attorneys and accountants, will set forth remedies on
default and will include miscellaneous other terms.
We do not intend to make any loans to any prospective acquisition or
merger candidates or to unaffiliated third parties or to obtain funds in one or
more private placements to finance the operation of any acquired business
opportunity until such time as we have successfully consummated such a Merger,
if ever. We do not intend to provide our stockholders with any complete
disclosure documents, including audited financial statements, concerning an
acquisition or merger candidate and its business prior to the consummation of
any acquisition or merger transaction, so stockholders will be dependent upon
the judgment of current management and our Board of Directors regarding the
fairness of any transaction.
There can be no assurance that we will find a suitable Merger Target.
If no such Merger Target is found, no return on an investment in our securities
will be realized, and there will not, most likely, be a market for the Company's
stock.
RESULTS OF OPERATIONS
THREE MONTHS ENDED November 30, 2006
COMPARED TO THREE MONTHS ENDED November 30, 2005
Revenues
--------
Revenues were $0.00 for the three months ended November 30, 2006, as compared to
$0.00 for the three months ended November 30, 2005
Operating Expenses
------------------
Operating expenses for the three months ended November 30, 2006 were $19,708
compared to $1,155 for the three months ended November 30, 2005. This increase
was primarily attributed to the increase in accounting and auditing fees.
Loss From Operations
--------------------
Loss from operations before interest for the three months ended November 30,
2006 was $19,708 compared to $1,155 for the three months ended November 30,
2005.
20
Interest Expense
----------------
Interest expense was $0 and $8,004 for the three months ended November 30, 2006
and 2005, respectively. This was primarily attributable to the write off of
outstanding debentures in the first quarter of fiscal 2007.
Net Loss from Discontinued Operations
-------------------------------------
Net loss from discontinued operations was $0 and $21,000 for the three months
ended November 30, 2006 and 2005, respectively.
Net Loss Applicable To Common Stock
-----------------------------------
Net loss applicable to Common Stock was $19,708 for the three months ended
November 30, 2006, compared to $30,159 for the three months ended November 30,
2005. Net loss per common share was $0.26 for the three months ended November
30, 2006 and $0.31 for the three months ended November 30, 2005.
SIX MONTHS ENDED November 30, 2006
COMPARED TO SIX MONTHS ENDED November 30, 2005
Revenues
--------
Revenues were $0.00 for the six months ended November 30, 2006, as compared to
$0.00 for the six months ended November 30, 2005.
Operating Expenses
------------------
Operating expenses for the six months ended November 30, 2006 were $19,745
compared to $1,191 for the six months ended November 30, 2005. This increase was
primarily attributed to the increase in accounting and auditing fees.
Loss From Operations
--------------------
Loss from operations before interest for the six months ended November 30, 2006
was $19,745 compared to $1,191 for the six months ended November 30, 2005.
Interest Expense
----------------
Interest expense was $0 and $16,008 for the six months ended November 30, 2006
and 2005, respectively. This was primarily attributable to the write off of
outstanding debentures in the first quarter of fiscal 2007.
Net Loss from Discontinued Operations
-------------------------------------
Net loss from discontinued operations was $0 and $21,000 for the six months
ended November 30, 2006 and 2005, respectively.
Other Income
------------
Other income was $629,707 and $0 for the six months ended November 30, 2006 and
2005, respectively. The other income was the result of debt expiration due to
the write off of outstanding debentures payable.
21
Net Income (Loss) Applicable To Common Stock
--------------------------------------------
Net income applicable to Common Stock was $609,962 for the six months ended
November 30, 2006, compared to net loss of ($38,199) for the six months ended
November 30, 2005. Net loss per common share was ($7.03) for the six months
ended November 30, 2006 and net loss per common share was ($0.39) for the six
months ended November 30, 2005.
LIQUIDITY AND CAPITAL RESOURCES
As of November 30 2006, we had current assets consisting of cash and
cash equivalents in the amount of $687. As of November 30, 2006, we had current
liabilities consisting of loans payable to an insider in the amount of $20,000.
During the six-month period ended November 30, 2006, we generated cash
from financing activities in the amount of $20,000 consisting of a related
party, compared to using cash in the amount of $68,129 during the six-month
period ended November 30, 2005.
In connection with the plan to seek new business opportunities and/or
effecting a business combination, we may seek to raise funds from the sale of
restricted stock or debt securities. We have no agreements to issue any debt or
equity securities and cannot predict whether equity or debt financing will
become available at acceptable terms, if at all.
Our limited resources and lack of recent operating history may make it
difficult to borrow funds or raise capital. Such inability to borrow funds or
raise funds through the issuance of restricted common stock required to effect
or facilitate a business combination may have a material adverse effect on our
financial condition and future prospects, including the ability to complete a
business combination. To the extent that debt financing ultimately proves to be
available, any borrowing will subject us to various risks traditionally
associated with indebtedness, including the risks of interest rate fluctuations
and insufficiency of cash flow to pay principal and interest, including debt of
an acquired business.
RECENT ACCOUNTING PRONOUNCEMENTS
We continue to assess the effects of recently issued accounting
standards. The impact of all recently adopted and issued accounting standards
has been disclosed in the Notes to the audited Consolidated Financial
Statements.
CRITICAL ACCOUNTING ESTIMATES
We are a shell company and, as such, do not employ critical accounting
estimates. Should we resume operations, we will employ critical accounting
estimates and will make any disclosures that are necessary and appropriate.
RISK FACTORS
IN ADDITION TO OTHER INFORMATION IN THIS REPORT, YOU SHOULD CONSIDER THE
FOLLOWING RISK FACTORS CAREFULLY. THESE RISKS MAY IMPAIR OUR OPERATING RESULTS
AND BUSINESS PROSPECTS AS WELL AS THE MARKET PRICE OF OUR COMMON STOCK.
RISKS RELATED TO OUR FINANCIAL CONDITION AND BUSINESS MODEL
OUR LIQUIDITY IS LIMITED AND WE MAY NOT
BE ABLE TO OBTAIN SUFFICIENT FUNDS TO FUND OUR BUSINESS
22
Our cash is currently very limited and may not be sufficient to fund
future operations. Although future operations are limited, we will incur
expenses in maintaining our filing requirements in accordance with the
Securities Exchange Act of 1934. If we are unable to raise additional capital,
any future operations could be impeded. If we obtain additional funding, the
issuance of additional capital stock may be dilutive to our stockholders.
WE CURRENTLY HAVE NO OPERATIONS
We have not had operations since March 20, 2002.
IT MAY BE DIFFICULT TO CONSUMMATE A
MERGER OR ACQUISITION WITH A PRIVATE ENTITY
Our purpose will include locating and consummating a merger or
acquisition with a private entity. We anticipate the selection of a business
opportunity in which to participate will be complex and extremely risky. We
have, and will continue to have, little or no capital with which to provide the
owners of business opportunities with any significant cash or other assets.
However, we will be able to offer owners of acquisition candidates the
opportunity to acquire a controlling ownership interest in a publicly registered
company without incurring the cost and time required to conduct an initial
public offering. Such an acquisition candidate will, however, incur significant
legal and accounting costs in connection with an acquisition of the Company,
including the costs of preparing current and periodic reports, various
agreements and other documents.
OTHER RISKS
OUR STOCK PRICE HAS DECLINED AND THE STOCK IS THINLY TRADED
The trading price of our common stock has declined significantly since
approximately October 2001. Although the stock price recovered for a short
period of time after the June, 2005 reverse split, and again after the January,
2006 reverse split, it has since declined again. The market for our common stock
is without significant volume and there can be no assurance of a change in the
immediate future.
PENNY STOCK REGULATIONS AND REQUIREMENTS FOR LOW PRICED STOCK
The SEC adopted regulations which generally define a "penny stock" to
be any non-Nasdaq equity security that has a market price of less than $5.00 per
share, subject to certain exceptions. Based upon the price of our common stock
as currently traded on the OTC Bulletin Board, we are subject to Rule 15g-9
under the Exchange Act which imposes additional sales practice requirements on
broker-dealers which sell securities to persons other than established customers
and "accredited investors." For transactions covered by this rule, a
broker-dealer must make a special suitability determination for the purchaser
and have received a purchaser's written consent to the transaction prior to
sale. Consequently, this rule may have a negative effect on the ability of
stockholders to sell our common shares in the secondary market.
23
ADDITIONAL DEBT, CONVERTIBLE DEBT, OR EQUITY FINANCING MAY EFFECT ABILITY OF
INVESTORS TO SELL COMMON STOCK
Our common stock currently trades on the OTC Bulletin Board. Stocks
trading on the OTC Bulletin Board generally attract a smaller number of market
makers and a less active public market and may be subject to significant
volatility. If we raise additional capital from the sale of common stock, the
market price could drop and the ability of investors to sell our common stock
could be diminished.
ITEM 2. DESCRIPTION OF PROPERTY
Our principal executive offices are located at One NE First Avenue,
Suite 306, Ocala, Florida 34470. We do not have a lease but rather shares office
space with our officers and directors and we pay no rent for the leased space.
We do not own any properties nor does we lease any other properties. We do not
believe we will need to maintain an office at any time in the foreseeable future
in order to carry out our plan of operations.
ITEM 3. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Our Chief Executive Officer and Chief Financial Officer, Christopher
Astrom, has reviewed and evaluated the effectiveness of our disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of
the end of the period covered by this quarterly report on Form 10-QSB. Based on
that evaluation, Christopher Astrom determined that he and Richard Astrom, our
only two directors and officers, are the only individuals involved in our
disclosure process. We have no specific procedures in place for processing and
assembling information to be disclosed in our periodic reports. Our system is
designed so that information is retained by us and relayed to counsel as it
becomes available. We currently operate as a shell corporation because we have
no revenue, significant assets or independent operations and plan to establish
more reliable disclosure controls and procedures before merging or entering into
any other business combination with another company. Our Chief Executive Officer
and Chief Financial Officer believe that, as of the end of the period covered by
this report, our disclosure controls and procedures are effective to ensure that
information required to be disclosed by us in the reports that it filed or
submits under the Exchange Act is recorded, processed, summarized and reported,
within the required time periods. Further, we believe that, given its size, an
extensive disclosure controls and procedures system is not necessary.
Changes in Internal Control Over Financial Reporting
No significant changes in our internal control over financial reporting
have come to management's attention during the our previous fiscal quarter that
have materially affected, or are likely to materially affect, our internal
control over financial reporting.
24
PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are not a party to any pending legal proceedings nor is any of our
property the subject of any pending legal proceedings.
At about the time we discontinued business operations in 1993, we
experienced adverse litigation, and judgments were rendered against us. In
official records of Broward and Palm Beach counties in the State of Florida, the
persons holding judgments did not recertify or re-file their judgments within
the time limits as required by Florida statutes. We are not able to determine
whether the above would have a material impact on our condensed consolidated
financial statements.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
We did not submit any matters to a vote of our stockholders, through
the solicitation of proxies or otherwise, during the second quarter of fiscal
2007.
ITEM 5. OTHER INFORMATION
GOING CONCERN
We have incurred recurring operating losses and do not have any revenue
generating activities. These conditions raise substantial doubt about our
ability to continue as a going concern. If at any time we determine that we do
not have sufficient cash in order to execute the foregoing strategy, then we
intends to seek additional equity or other funding, if practicable. However,
there can be no assurance that we will be able to raise additional funding
necessary to operate.
ITEM 6. EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
------- ------------------------------------------------------
31.1 Certification of Principal Executive Officer pursuant to
Sarbanes-Oxley Section 302
31.2 Certification of Principal Financial Officer pursuant to
Sarbanes-Oxley Section 302
32.1 Certification of Chief Executive Officer pursuant to
Sarbanes-Oxley Section 906
32.2 Certification of Chief Financial Officer pursuant to
Sarbanes-Oxley Section 906
25
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
CAPITAL SOLUTIONS I, INC.
/s/ CHRISTOPHER ASTROM
-------------------------
By: Christopher Astrom
CHIEF EXECUTIVE OFFICER
CHIEF FINANCIAL OFFICER
Date: January 22, 2007
In accordance with the Exchange Act, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and
on the dates indicated:
/s/ CHRISTOPHER ASTROM
By: Christopher Astrom
Director
Date: January 22, 2007
/s/ RICHARD ASTROM
-------------------------
By: Richard Astrom
Director
Date: January 22, 2007
26
Well poor Mighty Mouse, he hasn't spoken since February 11th.
I was hoping mighty mouse might drop by this board, as I wanted to get his opinion on this:
http://72.14.253.104/search?q=cache:2K_09xId8XwJ:www.secinfo.com/d14kpn.1qj.9.htm+edward+hayter+turn...
mAjOr dAmAgE arrives. This is the Capital Solutions I board for ticker CSNI.
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