I think you are correct. The numbers reported in the 10k re. beef are confusing. If only 600 cattle heads were sold in all of 2011 at about $2560/head, then the rev from "beef sales" cannot be more than 1.6M.
The rest of the $15.2M beef sales (about $13.6M) reported in the 10k probably all came from SJAP fertilizer sales if the rev from cattle farm development (services) was correctly recorded at $4.16M per 10k. Maybe some of it came from the other 2 cattle farms (Enping and Linli) as sales of feedstock and fertilizer to the co-ops in the second half of 2011 since these 2 farms were first contracted to SIAF in April and June 2011.
From the first 6 months of 2011, I found in the 10q:
Revenue – Beef. Revenues from beef increased by $3,534,864 from $0 for the six months ended June 2010 to $3,534,864 for the three months ended June 30, 2011. The increase in beef was primarily due to starting up new business of organic fertilizer, bread grass cultivation since Q3 2010.
Of that $3.53M beef sales, I believe half (about 1.9M) came from sales of fertilizers to the co-ops as there was no distinction yet made at that time b/w sales of beef, fertilizer or feedstock as different "profit centers" in the 10Q of Q2'11 that states further:
Updating on the SJAP Beef operation 2011
At this moment, SJAP’s operation is highly seasonal until such time its beef cattle division will generate all year round revenue estimated to start from year 2012. Main reason for this, is that, Xining City has long winter began each year from November to April, and during which time most of the operational activities stopped, and in this respect SJAP’s operational activities are also restricted such that production of fertilizer is at half of its full capacity but rearing of cattle in house will be functioned as normal. Starting from mid-April onward, all SJAP operational activities will be normal, with the seedling and harvesting of pasture and crop in April and August respectively and the manufacturing of live-stock feed starting from August each year.
As of June 30, 2011 SJAP’s half yearly result shows the following performances:
There was 14,575.4 Tons of fertilizer manufactured at cost of average of RMB406.92 / Ton and sales of 13,402.44 Tons at an average of sale price at RMB948.99 / Ton.
There was 226.89 Tons of live-stock feed manufactured at cost of RMB426.86 / Ton and most of which were used in house to feed its own cattle at an internal sales price averaging at RMB669.85 / Ton.
Although as at July 15th, 2011 SJAP is housing over 860 heads of young cattle, and as at June 30, 2011, there was no accurate record of their daily growth rate being registered yet for all of them due to the unsettled conditions of the young cattle after they have been moved to a new environment, however recording of which is expecting to improve from August onward.
Bottomline: If we add the $3,534,864 rev from beef in the first half of 2011 shown above to the $4.6M beef rev generated in Q3'11, that accounts for about $8.1M beef rev coming mostly from fertilizer sales at SJAP (SanJiang Qinghai). Add the 1.6M from the sales of 600 cattle heads, total $9.73 "beef sales" vs. a total of $15.2 reported in the 10k, still about $5.5M missing. I have no idea where it came from.
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