Wrong. You can't count the 350,000 twice (ie the 350K is part of the 400K) - see very bottom of this post Note 3 - from page 21 of most recent 10K:
Name of Beneficial Owner
Title of Class
Amount and Nature
of Beneficial
Ownership (1)
Percentage
of
Class (2)
Chimerica Capital, LLC
800 East Colorado Blvd,
Suite 888
Pasadena, CA 91101
Common Stock,
$0.00001 par value
350,000 share (3)
35.3%
Baden Energy Group Ltd.
Rue Du Rhone 14
1204 Geneva, Switzerland
Common Stock,
$0.00001 par value
65,256 shares
6.58%
Dianwen Ju
800 East Colorado Blvd,
Suite 888
Pasadena, CA 91101
Common Stock,
$0.00001 par value
50,000 shares
5.04%
Jimmy Wang
800 East Colorado Blvd,
Suite 888
Pasadena, CA 91101
Common Stock,
$0.00001 par value
400,000 share (3)
40.36%
Xiao Chen
800 East Colorado Blvd,
Suite 888
Pasadena, CA 91101
Common Stock,
$0.00001 par value
50,000 shares
5.04%
Goufeng Xu
800 East Colorado Blvd,
Suite 888
Pasadena, CA 91101
Common Stock,
$0.00001 par value
–
–
All directors and executive officers as a group (4 persons)
Common Stock,
$0.00001 par value
500,000 shares (3)
50.44%
(1)
As used herein, the term beneficial ownership with respect to a security is defined by Rule 13d-3 under the Securities Exchange Act of 1934 as consisting of sole or shared voting power (including the power to vote or direct the vote) and/or sole or shared investment power (including the power to dispose or direct the disposition of) with respect to the security through any contract, arrangement, understanding, relationship or otherwise, including a right to acquire such power(s) during the next 60 days. Unless otherwise noted, beneficial ownership consists of sole ownership, voting and investment rights.
(2)
There were 992,192 shares of common stock issued and outstanding on September 12, 2016.
(3)
Jimmy Wang is the direct beneficial owner of 50,000 shares and the indirect beneficial owner of 350,000 shares. Jimmy Wang is deemed to have voting and investment power over the shares beneficially owned by Chimerica Capital, LLC.
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