Yeah that measly $119K is RedChip I believe. What are these ridiculous fees? Better be worth it, you're right.
What do you make of the notes to the increases in General & Admin Expenses?
For the year ended December 31, 2010, general and administrative expenses were $8,016,353, as compared to general and administrative expenses of $3,693,869 for the year ended December 31, 2009, an increase of $4,322,484 or 117.0%. These changes are summarized below:
The changes in these expenses from the year ended December 31, 2010 as compared to the year ended December 31, 2009 included the following:
Salaries and related benefits increased $861,818 or 119.0%, which was mainly attributable to an increase in bonus for employees of approximately $885,000 in order to motivate our staffs and to ensure a stable and loyal work team for our long term benefit and success offset by a decrease in salaries paid to our employees of approximately $18,000 and a decrease in benefits for employees of approximately $5,000. We anticipate that our salaries and related benefits will remain at its current level with minimal increase in the near future.
Amortization of our intangible assets and depreciation on our property and equipment increased by $661,138 or 41.7%, which was primarily attributable to an increase in amortization from land use rights of approximately $207,000 and an increase in depreciation on fixed assets of approximately $454,000. During the year ended December 31, 2010, we did not generate any production activity and we charged all of depreciation from our manufacturing machinery and equipment to general and administrative expenses. While, for the year ended December 31, 2009, we performed some production and we charged all of depreciation from our manufacturing facilities to finished goods and cost of revenues, if it was sold. Therefore, for the fiscal year 2010, general and administrative expenses from depreciation on property and equipment increased by approximately $454,000 even though total depreciation only increased by approximately $54,000 as compared to fiscal year 2009.
Travel and entertainment decreased $72,841 or 27.9% which was mainly attributable to less travel and entertainment activities in the year ended December 31, 2010 as compared to the travel and entertainment activities in the year ended December 31, 2009.
Professional fees increased $3,017,625 or 712.0%, which was primarily attributable to an increase in fees related to our consultants’ service of approximately $2,301,000 for corporate affairs and development, an increase in fees paid for our investor relations service of approximately $119,000, an increase in fees paid for our attorney service of approximately $298,000, and an increase in other miscellaneous items of approximately $300,000.
Other general and administrative expenses, which included office supplies, general management fees, car insurance, postage and other office expenses, decreased by $151,426 or 38.2% reflecting efforts at reducing non-sales related corporate activities as well as stricter controls on corporate spending.
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