Bob - as regards HQSM - I noticed that 15 million shares became available to sell. Do you think these guys will sell.
Also, they have high bad debts. Do you think that these bad debts will affect the earnings per share in the 10K as they come out of profit. I was worried that production stopped for reconstruction. Has this reconstruction finished?
From their last Q
"Provision for bad and doubtful debts increased by $954,943 or 168% from $568,388 to $1,523,331 as compared to corresponding period of the prior year. Since production ceased for reconstruction, we could not supply goods to our customers. Some customers refused to pay their debts within the normal trading terms. According to the provision method previously adopted, a further provision for bad debts was needed. However, most of the trade receivables that were classified as non-recoverable were recovered in the current period and presented in other income."
From their last Q.
NOTE 8 - SUBSEQUENT EVENTS (Convertible Note)
In connection with the acquisition of Jiahua Marine Bio Products, the Company issued a note payable to the seller in the amount of $11,111,345. The note, dated August 17, 2004, was renegotiated and is convertible into 15,730,493 shares of common stock and 100,000 shares of preferred stock of the Company. In addition, all accrued interest will be paid through the date of the conversion. The conversion is expected to occur on or about November 14, 2004.
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