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~ My plan for this tax season : 2013
HYST = "worthless stock" >> complete loss write-off .
BFAR = "worthless stock" >> complete loss write-off .
If either company "comes back" (ha-ha) , I will reverse the write-off .
GLTUs
I'm confused. Should I now do a total write off of HSYT for this tax year? Or is there a possibility of it "recovering"? Can the company still get back into the exchange - or is dead forever at this point? Advice appreciated.
~ Another Chinese stock failure = TAX LOSS
GLTUs
Who knows? The company obviously is still operating, shipping goods to the U.S., but has lost interest in filing reports with the SEC. We can only hope that for some reason, they decide to resume reporting.
Ironically, it may well be that since the company is doing well, and generating plenty of cash, they see no need for equity financing, and so no urgency to be a fully reporting company.
If they needed money, reporting would be essential, so they could sell stock, and raise funds.
What is the prognosis here? Is this now a total write off, or is there a possibility of recovery down the road?
I wonder how their pre hearing conference went today..
HSYT: SEC Admin Proceeding:
http://www.sec.gov/alj/aljorders/2013/ap-948.pdf
VERY SLIM HOPE The company has a year to get their affairs in order.. IMO
http://www.sec.gov/litigation/admin/2013/34-70456.pdf
UTRA Universal travel looks like has suffered the same fate..Was one of the ones that had a reverse merger around the same time as Hsyt..IMO
NO MORE CHINESE STOCKS FOR ME..HSYT CAN STILL BRING THERE FINANCIALS UP TO DATE DURING THE SUSPENSION PERIOD..IMO
ASIQ http://www.execjetmobile.com/
Hsyt sister company bfar is toast as well..CHGY another Chinese company just suffered the same fate. Check ASIQ an Australian company..Looks like its ready to explode after a long wait..
Schwab is now showing my HSYT shares with a number, rather than the HSYT symbol.
Not sure how that will affect trading, but it is not helpful. I sure wish they would get current.
It is very odd that they made the filing early in the year, and it appeared they were preparing to get filings current, and then---- nothing. Very odd!
Robt:
Agree with you.
I am hopeful this will get the company's attention, and they will resume filing.
No reason to file the revised filings earlier this year, if they weren't planning to resume regular fuiling. Not sure what happened, but I remain hopeful.
If they do begin filing again, the stock is worth at least 20 times the current bid, IMO.
Let's be serious.... The volume for HSYT between now and 10/3 would be the same regardless of any SEC suspension of trading.
Zero.
If anything, maybe it will cause the company to at least consider becoming current in their filings.
Or maybe they don't care.
But it goes back to the repeated question of why did they file some reports earlier this year if they didn't have the intent to eventually file all delinquent 10Ks?
HSYT has been puzzling us all for some time. No surprise it continues to occur.
I remain positive and sit on many shares in hopes of filings that align with their known shipments of products, a significant increase in PPS, and a big payday.
But don't we all?
~ "Grey Market" I believe ...
GLTUs
So are we back to trading this thing on the 10/3?
HSYT SEC Suspension:
http://www.sec.gov/litigation/suspensions/2013/34-70457.pdf
Order:
http://www.sec.gov/litigation/suspensions/2013/34-70457-o.pdf
Admin Proceeding:
http://www.sec.gov/litigation/admin/2013/34-70456.pdf
Sorry for the long delay in replying, work has been busy....
I still get shipment reports on a regular basis but they have changed the format of the emails and no longer give me details on all the shipments just that shipments have occurred.
Looks like I got removed as mod, probably because I haven't logged in for so long. I'm still holding and hoping....
I sure hope so. Been a long time in the waiting....would be awesome to see consistent reporting and get this thing back into the dollar(s) range
About time for a new report or two to be filed by Home System Group.
This is a $1.00 - $2.00 stock, once reporting is resumed.
They did file some reports back in February and March, indicating that restatements were on the way, and actually filed a restated 10K for 2011.
All that is needed then is to bring the reporting up to date, which should be relatively simple once the old reports are re-stated.
with the uptick in Chinese stocks recently, I look for Home Systems to file something soon!
MrDarcy, still seeing shipments? Anyone have any updates?
some activity in HSYT today--- FYI, I have been buying back in, ever since they showed they were serious about bringing their SEC filings back up to date.
Once they get the SEC filings current, this should be back to $1.00 or more. They clearly have been shipping products, and making money, even though their filings are delinquent.
HYST has lots of room to run, once everyone can see their situation more clearly
10K is coming
Well, so is Jesus Christ but I'm hoping the 10K comes first.
Made ya look :)
nice gain today on not a ton of shares. Any opinions on when they will release next set of info??
Good job for HSYT. There is another stock that will rise the same way.
HSYT: .18 bid .all I can say let this rise so I could sell some, former self bought some.
They need to get current with all filings and get the CE removed. Based on some research I did last night on shipments, I think 2012 should be a lot better than 2011 was and hopefully have a much better eps since (for better or worse) that seems to be the primary item people look at.
Then they need to keep current and (God forbid) actually communicate with their shareholders. Let's face it, it's gonna take a while for anyone to trust them again after this long silence.
There's no reason to think now that the further filings won't be coming sometime in the near future. I can see no reason why they would file 2011 financials and not file the remainder. What the reason for it happening now and what the reason for it happening at all is anyone's guess but it does appear they want to clean up their act.
After all that, it should start trading like a normal stock again, based on fundamentals and all that good stuff. Until then, it will probably move rather hesitantly like it is now. But some life is better than none!
So where do you think this goes from here?
Well as of the close of last year equity per share is about 85 cents. I don't see why this shouldn't be trading around that price now. Will it, who knows. It will be interesting to see if 2012 numbers improved over 2011, like I believe they did.
About the same amount here....
So what's your take on things? Where do you think things will go from here?
Been here a couple years. Only holding about 90k shares, but it'll do
Link to HSYT 10K submitted today:
HYST 10K
This is indeed exciting news. After waiting all this time, didn't really expect to see the filings start to roll in this quickly (i.e. from their previous 8K)
Took a quick read through the 10K. Sales were down but I don't think that's a huge surprise as the economy tanked pretty bad.
Getting filings up to date and getting rid of the dreaded CE are first and foremost. Wasn't really sure I'd ever see this day!
I know I've said it many times before but this is one of the few (if not only) Chinese RTO's that has sales that are proven by US customs data, not just made up numbers like so many have been burned on before. Having said that, they still have a long ways to go in assuaging investors after going dark for 2 years - it will take time for many to trust in them again but hopefully they work hard to make it work.
There's a few others on this board like me that have held this stock for a long time and had pretty much given up. Beginning to think that our time has finally come!
Haven't had time to go thru it yet....I just saw it posted.
Least we also have a very current O/S count as well....
"There were a total of 67,490,166 shares of the registrant’s common stock outstanding as of December 31, 2012."
Hsyt!
Yeah I'm interested to see what 2012 numbers look like as well. 2011 was a drop off from 2010, but still very very good. considering the market cap here is about $8 million lol
HOLY SH&$!!!!! I knew the filings would start rolling, but it's been so long it still took me by surprise.
Very impressed as this should be just a start of a string of filings to come.
Man o man it took em long enough!lol!
Hsyt!
given the fact that the last reporting is a century ago and a lot may have happened I think no serious guess can be made.
looking at other "inactive" chineses small caps the valuation multiple still is low, so for me the decisive factor is wether HSYT will accompny the reporting with some shareholderfriendly action alongside.
Antoher aspect: is the market after such a long time of passivity clean of speculators or will anybody use the opportunity to get out after being frozen for a long time?
No idea about it.
Just wait and see, I have written down my investment and accordingly am patient for things to come.
anyone have an opinion on how high this may go with the recent 8K??
LOOKS LIKE Anyone that wants to get a position is going to have to pay a lot higher PRICE
"The Company will file amendments to the 2010 Quarterly Reports to restate the unaudited consolidated financial statements included therein, as well as its Annual Report on Form 10-K for the years ended December 31, 2011 and 2010, as soon as practicable, and thereafter will file all other reports required to be filed under the Exchange Act subsequent to December 31, 2010."
By far the most important part of todays 8-k ! Any yeah, let's hope it doesn't take another year to accomplish!
HSYT!!
Seems like a pretty positive filing. At least they are finally getting their heads out of their butts.
Here's to hoping it's not another year before we see the restated filings.
~ Yep , gettin' it done , it seems .
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9123090
Waiting continues ... GLTUs
Form 8-K for HOME SYSTEM GROUP
--------------------------------------------------------------------------------
28-Feb-2013
Non-Reliance on Previous Financials, Audits or Interim Review
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Reviews
In connection with Home System Group's (the "Company") efforts to resume filing reports under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and during the course of the audit of its consolidated financial statements for the years ended December 31, 2011 and 2010, the Board of Directors of the Company concluded, based on the recommendation of its accounting staff and management, that the Company's unaudited consolidated financial statements as of and for the quarterly periods ended March 31, 2010, June 30,2010 and September 30, 2010 (collectively, the "2010 Unaudited Quarterly Financial Statements" ), which were included in the Company's quarterly reports on Form 10-Q for the quarterly periods ended March 31, 2010, June 30, 2010 and September 30, 2010, respectively (collectively, the "2010 Quarterly Reports") need to be restated to adjust the timing for the recognition of revenue from sales to one of its distributors (the "Distributor"), as discussed below, and that investors should no longer rely upon those quarterly consolidated financial statements.
The Company has changed the methodology by which it recognizes revenue from the Distributor. The payment terms provided to the Distributor enabled the Distributor to defer payment until it receives payment from its customers. As a result of this change, the Company records revenue pertaining to product shipped to the Distributor only after the Distributor receives payment related to those products from its customers. Such payment to the Distributor typically occurs within 120 days of the date that the Company has shipped product to the Distributor. Previously revenue was recognized upon shipment of product to the Distributor.
Revenues pertaining to products sales to the Distributor in 2011 and 2010 were $33,179,820 and $52,581,904, or 35% and 50% of the Company's 2011 and 2010 product sales, respectively. The cumulative Net income effect of this Change in Accounting of $2,859,337 for the years ended prior to 2010 is reflected as a decrease in retained earnings as of December 31, 2009. Upon filing of its Report on Form 10-K for each of the years ended December 31, 2011 and 2010, and quarterly reports for each of the quarterly periods within 2011 and 2010, the Company will evaluate the impact of this change in the methodology for recognizing revenue from this Distributor to determine whether it is appropriate to restate any of its financial statements for years prior to 2010.
As a result of the change in the methodology of recognizing revenue from the Distributor, the Company's revenue recognition policies now are in compliance with FASB ASC Topic 605, "Revenue Recognition". Revenues from sales of the Company's products to its customers other than the Distributor are recognized when the significant risks and rewards of ownership have been transferred to the buyer at the time the products are shipped to the Company's customers, the price is fixed or determinable as stated on the sales contract, and collectability is reasonably assured. Customers do not have a right of return on products shipped. For products the Company sells to the Distributor, in addition to these requirements, the Distributor must receive payment from its customer before the Company recognizes revenue on products shipped to the Distributor. There are no product returns to the Company, and there are no post-shipment obligations, price protection or bill and hold arrangements.
The Company will file amendments to the 2010 Quarterly Reports to restate the unaudited consolidated financial statements included therein, as well as its Annual Report on Form 10-K for the years ended December 31, 2011 and 2010, as soon as practicable, and thereafter will file all other reports required to be filed under the Exchange Act subsequent to December 31, 2010.
Ahmed Mohidin:
Here's a face to the name: http://bcf-consulting.com/clients/LVIIC-TEMP/index.php/en/conference-speakers/item/86-ahmed-mohidin
2013 Auditors
Sent this email to Ahmed Mohidin of Goldman Kurland Mohidin LLP simply saying:
Greetings,
I am an investor in stocks and was wondering if your firm is still the auditor for Home System Group?
Thank you,
(Blank)
The response:
Yes, we are.
Thanks
It's interesting to point out that he was response in less then 10 minutes.
So based on this it appears as though HSYT still has an auditor for now.
So what's your point?
So what's your point?
(The same question can be asked of Toucan as well.)
~ A little activity brewing here today ...
GLTUs
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http://www.homesystemgroup.com/
Home System Group ("HSYT") is a US listed company, whose China-based operating subsidiaries, Oceanic, Well Profit and Weihe, are primarily engaged in the production of a variety of household appliances, including stainless steel gas grills and ovens, ceiling and table fans, decorative lamps, LEDs, energy-saving lamps and skateboards. HSYT's products are primarily manufactured in Well Profit and Weihe's facilities and sold through distributors to retailers in China, America, Europe, Australia, Africa, and Southeast Asia.
In order to achieve its corporate vision of "providing the quality product service, pursuing to the perfect life", Home System Group has been continuously devoted on the consummate management system and perfecting the corporate operation. Furthermore, the company dedicates to strengthen the product quality inspection, to develop the international service and cooperation, expanding both domestic and oversea marketing network; Constructing the corporate culture, condensing the core competitive ability, leading further improvement on the management level and the business operation level.
==================================================================
Subsidiaries:
Oceanic International (Hong Kong) Limited
Hong Kong is well known for its central position in fields of global finance, trade, shipping, and information technologies.
Oceanic International (Hong Kong) Limited is registered in Hong Kong and located at the Pearl of Orientals in 2004. It is mainly dedicated in the distribution of laser printers, water pumps, barbecue stoves, fans, electrical heaters and other household appliance. The company has established the strong partnership with NEXGRILL, the international famous manufacturer of household gas BBQ stove, Oceanic International (Hong Kong) Limited is the largest partner of the well-known corporation -WHALEN which dedicates in hardware and household products. The products have been distributed to American, German, French, European, and Australian markets. At the same time, it will extend its popularity through E-business, exhibitions and other modern sale channels.
==================================================================
Oceanic Well Profit Inc.
Oceanic Well Profit Inc. specializes in designing and producing the gas grills, household water pumps, hardware cabinets, juicers and other green household electronics. The company is one of the most professional and largest manufacturers of the gas grills in China, with the maximum annual production capability: 650,000 units of BBQ Gas Grills, 1 million units of skateboards, 3 million units of water pumps and 2 million sets of hardware cabinests.
Manufacturing facilities operate efficiency while maintaining high workplace safety and environmental compliance standards. There are 500 regular full time employees and in peak season for home appliances buying, it usually hires another 300 employees.
Stainless Steel Coffee Pot Production Equipment
The main products for Stainless Steel Coffee Pot Production Equipment including coffee pots and other appliance coffee related.
The productivity is about 1.56 million sets parts of stainless steel coffee pot with productivity of over 10 million US dollars annually.
It has strong R&D technology ability, which includes 42 national patents. The main direction of R&D is the domains of the deep-processing of the sheet of stainless steel, new types of the heat preservation containers and the household electronic appliance.
==================================================================
Zhongshan City Weihe Appliances Co., Ltd.
Zhongshan City Weihe Appliances Co., Ltd. was established in Oct 1998, it's a company which dedicates on the processing and exportation for home appliance products which including European style decorative ceiling fans, decorative lamps, energy-saving lamps and so on, the company is an export oriented manufacturer. The total area of the company takes about 427000 square feet with the 8 modern plants shared 323000 square feet. The company equipped with over 300 sets of facilities and inspection equipments, several outstanding electrostatic spraying production lines, semi-automatic pipelines and high-speedy punching machines.
There are over 650 employees including over 48 engineers and administrative staff. The total annual production capacity is about 4 million ceiling fans, over 6 million sets of decorative lamps.
Management & Directors:
Management:
Lei Yu
CEO
Mr. Yu, age 46, graduated from Zhejiang University of Technology with a B.S. degree in Mechanical Engineering in 1983. In 2002, he received a MBA degree from Xiamen University. Since September, 2008, he has dedicated his time to completing the Ph.D program thesis at Wuhan University Law School where he will graduate in June, 2010. From September, 2007 to August, 2008, he was the Vice President of China Wallink Investment Group ("Wallink"), where he oversaw the operational and financial activities of Wallink's portfolio companies. From October, 2005 to August, 2007, Mr. Yu was a Senior Vice President of Ever Fortune International Holding Limited ("Ever Fortune") where he directed the company's transition to an infrastructure construction industry including road, harbor, and bridge construction. He also restructured Ever Fortune's capital structure. From January, 2001 to September, 2005, Mr. Yu was the director of the investment bank department of China Taisheng Investment Holding Limited ("Taisheng"), where he managed Taisheng's mergers and acquisitions activities. During the period from July, 2002 to June, 2003, he was appointed by Taisheng, to be the Chief Executive Officer of one of Taisheng's portfolio companies-Hebei Huda Technology & Education Development Co., Ltd. ("Huda"). In this role he lead the transformation of Huda's business from the hotel and retail industry to manufacturing and distributing electric wire & electric cable, restructured the company's capital structure, and significantly upgraded Huda's internal operating and control systems.
Jianming Xu
CFO/Director
Mr. Xu,age 34, has served as Special Assistant to the CEO of the Company since August 2008. Mr. Xu served as Chief Director of Audit of Stone Investment Group from October 2002 to July 2007. Prior to that, he was an Audit department manager at an international accounting firm (BDO members) from October 1998 to September 2002. From September 1996 to September1998, he was Finance Manager at China's Shaoxing City Textile Group.
Su Wen Jie
Senior Vice President
Mr. Su is the currently the Senior Vice President of Home System and joined the Company in 2005. Mr. Su brings to Home System years of expertise in employee training, overall corporate guidance, product design, production, and information exchange. His experience has been broad as Mr. Su is a published author in the field of international business and is a key asset to the Company in regards to understanding U.S. business and practices. Mr. Su also spearheads the Company's customer relations, marketing management, product research and development and quality control. Mr. Su is a graduate of Brigham Young University
Liu Jing
Secretary of the Board
Ms. Liu Jing is currently the Secretary of the Board for Home System and has been with the Company since 2004. Ms. Liu has extensive international business expertise and is critical in assisting the Company with their export business. From 1991 to 2004, Ms.Liu was the International Grading Manager of Zhong Shan City China Czechoslovakia Steel Pipe Group Limited. Ms. Liu received her degree from the Guangdong Foreign Language Institute in 1991 where she majored in International Trade Specialization.
Li Min Hong
General Manager
Ms. Li joined the Company in 2003 where she is currently the assistant to the CFO of Home System. Ms. Li utilizes her over 20 years of experience to facilitate the implementation of financial controls and accounting procedures. From 1986 to 1993, Ms. Li was the financial manager of Zhong Shan City factory. Prior to that Ms. Li was the financial manager of Zhong Shan City China Steed Steel Pipe Limited Company. Ms. Li is a graduate of Sunwen College with a degree in Financial management
Liu Dong Bing
Finance Manager
Ms. Liu joined Home System in 2003 where she currently serves as the Finance Manager responsible for internal accounting procedure. Ms. Liu has several years of finance, accounting and ERP related experience having served as the head of the finance department for Zhongshan Steel-Tube Group. Mrs. Liu is a graduate of Xiangtan University in 1989¡£
Li Wei Ming
Analyst
Mr. Li joined the Company in 2003 and currently serves as the Head of the Company's Tube Division. Mr. Li has several years experience in financial control while also teaching at local universities as it relates to accounting principles and international business.
Directors:
Weiqiu Li
Chairman
Mr. Li Wei Qiu, aged 49, graduated from Guangdong Radio & TV University with the Bachelor degree in Economics. Also, from 1993 to 1995, he studied in South China University of Technology and majored in Automation Control. Since 1998, Mr. Li Weiqiu has been the Chief Executive Officer of Zhongshan City Weihe Applicances, Co., Ltd. Mr. Li has over 20 years' experience in product design, research, development, manufacture, and company management area.
Kinwai Cheung
Director
Since June 2004, Mr. Cheung has also served as the Administrative Manager of our largest subsidiary, Oceanic International Company Limited. Prior to this time, Mr. Cheung served as the Chairman and Chief Executive Officer of Kang Teng Trading Company Limited in Zhongshan City, China, from May 1998 to May 2004. Mr. Cheung received a Bachelor degree in Business Administration from the Zhongshan City Shunwen College in 1989.
Xiao Yongzheng
Director
Mr. Xiao Yongzheng graduated from Hongkong University where he attained a MBA. Since June 2009, he has been with China US Venture Capital Group as vice president. From October 2006 to May 2009, he was General Manager of Investment Management of Shanghai Wanye Enterprises Co., Ltd. From August 2004 to October 2006 he was Vice President of Singapore TaiChen (Shanghai) Investment Management Co., Ltd.
Huafeng Chen
Independent Director
Mr. Huafeng Chen, 35, is a Chinese Certified Accountant-Medium Level. He graduated from Hunan University with a degree in Accounting in July 1997. Since September 2004, he has been the director of Internal Control department in China Nepstar Chain Drugstore Ltd., which is listed on NYSE. He is in charge of the management of overall accounting operations and internal system set up over the financial system. From June 2002 to February 2004, he was the director of Internal Control department and also the financial manager in accounting department in China Resources Vanguard Co., Ltd, where he provided leadership in internal control system and financial system management. From April 2000 to May 2002, he was a project manager in Huatian Hotel Co., Ltd, where he oversaw projects' cost management and analysis.
Yidong Xiao
Independent Director
Mr. Yidong Xiao, 34, is a Chinese Certified Public Accountant and Certified Tax Agent. He graduated from Hunan University with a degree in Accounting in July 1996. Since November 2006, he has been the director of the audit department in Shenzhen Yuanfeng Co., Ltd., a public accounting firm, where he works as an auditor responsible for audits and verification of client companies' financial statements. Shenzhen Yuanfeng Co., Ltd. does not provide any services to Home System Group. From November 2000 to November 2006, Mr. Xiao was a senior manager in accounting department of Hunan Yixin Chuanghui Co., Ltd. From September 1997 to October 2000, he worked as a staff accountant in Guangzhou Xinda Industrial Co., Ltd., where he was in charge of general accounting. From July 1996 to September 1997, he was an accountant in Hunan Hengyang Secondary Construction Engineering Company Limited
Yiming Zhu
Independent Director
Mr. Yiming Zhu, 47, is a Chinese Certified Accountant-Senior Level. He graduated from Hangzhou Dianzi University with a degree in Economics in July, 1986 and in 1996, he received a Master degree in Construction Management from the same school. Since 1988, he has been working in China Electronic Corporation ("CEC"). CEC is the largest state-owned information technology company in China, with over 60 subsidiaries around the world. In September 2008, he was appointed to be the President of Amoi Electronics Co., Ltd., one of the CEC's subsidiaries, where he provides executive leadership for the company's strategy and operations with full income responsibility. From April 2007 to September 2008, he was the Vice President of Panda Electronics Group Co., Ltd, one of the subsidiaries of CEC, where he oversaw the company's accounting department and streamlined the accounting and billing activities, improving efficiency and profitability. From 1988 to 2007, Mr. Zhu worked in various financial roles of increasing responsibility with CEC.
Share Structure:
67,490,166 O/S
200M A/S
62,477,949 Insider Holdings
5,012,217 Float
Transfer Agent:
Securities Transfer Corporation
2591 Dallas Parkway Suite 102
Frisco Texas 75034
Phone: 469-633-0101
Fax: 469-633-0088
Company IR:
Eva Wang
347-624-5699
vp@hsytgroup.com
Auditor/Accountant:
Acquavella, Chiarelli, Shuster, Berkower & Co. LLP
732.855.9600
http://acsbco.com/index.html
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