Sino Agro Food Inc (fka SIAF)

[RealDutch]

As I said, after 4-5 years he gets all his money back and gets the annual profit for free.

Sooner than that, probably after 3 years. But you have a valid point. I think there is also a difference between FF1 and the other projects. With FF1, SIAF didn't make a lot of money from consultancy so in that case the JV partner probably recouped his money after 1 or 2 years. Hence, that statement from Solomon. But these days SIAF fetches a 60% gross margin and the contract value is much higher.

We still need to take a better look at what all those settlements are for. I see inventory stand at $18,887,433 and deposits for inventory purchases $4,940,767. So all that money had to come from somewhere, right? What else? Start up costs? Salaries? Do permits and approvals cost money? Prepaid expenses, for what?

Total debt settlement the past 2 1/2 years amounts to $35M. (S-1). That's not a lot of money, actually. But I'm still short. They may have used debt settlement for acquisitions. Perhaps land? Did they pay Riqiang with shares for the aquaculture contract? I suppose it's a mix.