CGYV - yes, someone just emailed me pointing to PriceWaterhouseCoopers, quite amazing. I am less amazed by the company's recently filed 10-K or by their history of promises (they promised the restated 2008 numbers within 45-60 days in July). And they never reply to my emails.
I have this on watch for the two 2010 10-Q's - if those show a positive development then I'm in as well. The 10-K was pretty awful.
"As a result of the Company not filing its reports with the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, as amended, on a timely basis for the fiscal year ended December 31, 2009 and the quarters ended March 31, 2010 and June 30, 2010, the Company was in violation of various loan covenants and default terms with respect its obligation to file SEC reports and comply with applicable laws under the terms of the loan for $4,000,000 in principal amount due January 15, 2013. The violation of the covenants and default permit the note holders to accelerate the repayment of the full amount of the principal and interest due on the loan. To date, the lenders have not delivered any notice of acceleration and have not indicated that they intend to give such a notice. One of the lenders representing $2,000,000 in principal amount of the loans provided to the Company on November 1, 2010, a waiver of the covenant and default terms and also provided sufficient time to make the necessary past due filings and the report for the quarter ended September 30, 2010, before a covenant violation or default would result again concerning these issues. Additionally, since the repayment amount is fixed in United States dollars, the lenders will receive shares of common stock on each principal payment date in that number of shares representing the value of the difference in the Renmenbi/US Dollar exchange rate between February 1, 2010, and the payment date, provided the Renmenbi exchange rate increases against the US dollar, times the amount of principal being repaid, divided by the closing price of the common stock on the repayment date."
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