Still agreat buy and hold for sure Julian.
dave
Green Planet Bioengineering Co., Ltd.
Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(Stated in US dollars)
Three months ended March 31,
2010 2009
Sales revenue $ 3,259,429 $ 2,297,621
Cost of sales (1,469,280 ) (852,686 )
Gross profit 1,790,149 1,444,935
Operating expenses
Administrative expenses 321,799 212,215
Research and development expenses 60,388 36,466
Selling expenses 174,311 56,031
556,498 304,712
Income from operations 1,233,651 1,140,223
Interest income 1,569 249
Other income 90 -
Finance costs (36,709 ) (88 )
Income before income taxes 1,198,601 1,140,384
Income taxes (253,853 ) (297,659 )
Net income $ 944,748 $ 842,725
Other comprehensive income (loss)
Foreign currency translation adjustments 618 (19,500 )
Total comprehensive income $ 945,366 $ 823,225
Earnings per share
- Basic $ 0.05 $ 0.05
- Diluted $ 0.04 $ 0.04
Weighted average number of shares outstanding :
- Basic 20,006,402 15,407,725
- Diluted 25,260,001 19,951,204
See Notes to Condensed Consolidated Financial Statements
F-4
--------------------------------------------------------------------------------
Green Planet Bioengineering Co., Ltd.
Consolidated Balance Sheets
(Stated in US dollars)
March 31, 2010 December 31, 2009
(Unaudited) (Audited)
ASSETS
Current assets
Cash and cash equivalents $ 4,228,840 $ 791,775
Trade receivables 3,395,745 5,078,734
Deferred taxes 85,492 76,772
Prepaid expenses and other receivables 1,029,674 820,288
Inventories 1,579,171 1,203,490
Prepayments of operating lease 1,711,130 1,711,130
Total current assets 12,030,052 9,682,189
Intangible assets 655,138 681,315
Deposit for acquisition of intangible assets 161,153 161,151
Property, plant and equipment, net 3,648,968 3,507,538
Land use rights 994,830 1,000,428
Deferred taxes 22,770 22,770
Available for sale securities 5,000,000 5,000,000
Prepayments of operating lease 7,341,289 7,790,914
TOTAL ASSETS $ 29,854,200 $ 27,846,305
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Current liabilities
Trade payables $ 241,501 $ 557,155
Other payables and accrued expenses 437,014 541,371
Amount due to a related party 17,317 16,189
Amount due to a stockholder 42,236 34,528
Deferred taxes 173,663 148,581
Secured loans from a financial institution 1,860,588 1,860,561
Convertible loan payable 190,000 190,000
Short term loans payable 1,800,000 -
Income tax payable 260,429 611,745
Deferred revenue 62,996 62,995
Total current liabilities 5,085,744 4,023,125
TOTAL LIABILITIES 5,085,744 4,023,125
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock : par value of $0.001 per share, Authorized: 10,000,000 shares as of March 31, 2010 and December 2009, 5,101 shares issued and outstanding as of March 31, 2010 and December 2009. 5 5
Common stock : par value $0.001 per share 250,000,000 shares authorized; 20,006,402 shares issued and outstanding as of March 31, 2010 and December 31, 2009 20,006 20,006
Additional paid-in capital 10,293,896 10,293,896
Statutory reserve 1,305,895 1,305,895
Accumulated other comprehensive income 1,459,595 1,458,976
Retained earnings 11,689,059 10,744,402
TOTAL STOCKHOLDERS’ EQUITY 24,768,456 23,823,180
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 29,854,200 $ 27,846,305
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