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Monday, 11/16/2009 12:34:51 PM

Monday, November 16, 2009 12:34:51 PM

Post# of 45
10Q May 09
Three months ended March 31, 2009 compared to Three months ended March 31, 2008

Revenue. We generated revenues of $1,535,035 for the three months ended March 31, 2009, an increase of $626,516 or 69.0%, compared to $908,519 for the three months ended March 31, 2008. The significant increase in revenue is due to a decrease in our products price which resulted in a large increase in our sales volume

10Q Aug 09
In 2007, Ji Xiang, a shareholder of China Natural Gas (and son of its Chairman and CEO) instituted litigation in the Chinese court system in Shaanxi province challenging the validity of our ownership of 2,063,768 shares of China Natural Gas common stock. We obtained these shares in September 2005 in a share transfer agreement and assert that we have fully performed our obligations under the agreement and are entitled to own the shares. The parties in the Chinese litigation have submitted their evidence and now await a decision from the Chinese court. [Also, in January 2008, the same shareholder instituted litigation in the State of Utah District Court, Salt Lake County, against Yangling Bodisen Biotech Development Co. Ltd. and Interwest Transfer Co. (China Natural Gas’s transfer agent) seeking to prevent us from selling our shares in China Natural Gas. Plaintiff has obtained an order from the Utah court provisionally preventing us from selling the China Natural Gas shares pending a decision on the merits of the underlying dispute. In “May 2009, Ji Xiang and Yangling entered into a settlement agreement through mediation in the Supreme Court of Shaanxi province. Pursuant to the settlement agreement, Xiang Ji agreed to withdraw the lawsuit he filed against Yangling in the State of Utah District Court, Salt Lake County, and Yangling agreed to sell back to Ji Xiang the 2,063,768 shares.”

Separate page on Net Income
Net Income . For the foregoing reasons, we had a net income of $662,612 for the three months ended June 30, 2009, an increase of $246,169 or 59.1%, compared to $416,443 for the three months ended June 30, 2008. We had earnings per share of $0.04 and $0.02 for the three months ended June 30, 2009 and 2008, respectively.

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