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Monday, November 28, 2011
Comments & Business Outlook
 
 
   
             
       
(Unaudited)
Nine Months Ended September 30,
  
   
2011
    
2010
    
2011
    
2010
  
                         
Net sales
  
$
1,622,694
    
$
6,011,160
    
$
9,167,128
    
$
13,294,342
  
Cost of sales
    
1,360,129
      
3,267,745
      
6,072,627
      
7,183,850
  
                                 
Gross profit
    
262,565
      
2,743,415
      
3,094,501
      
6,110,492
  
                                 
Operating Expenses
                                
        Selling
    
48,458
      
47,025
      
127,271
      
134,304
  
General and administrative
    
361,539
      
488,257
      
1,542,918
      
1,207,535
  
Loss on impairment of land use right and building
    
5,818,002
      
-
      
5,818,002
      
-
  
Stock based compensation
    
40,142
      
(31,865
) 
    
98,244
      
121,397
  
Total Operating Expenses
    
6,268,141
      
503,417
      
7,586,435
      
1,463,236
  
                                 
(Loss) Income from Operations
    
(6,005,576
) 
    
2,239,998
      
(4,491,934
) 
    
4,647,256
  
                                 
Other income (expense):
                                
        Interest income
    
6,460
      
2,404
      
14,799
      
5,343
  
        Interest expenses
    
(13
)
    
-
      
(2,232
)
    
-
  
        Loss on investment
    
-
      
(2,851
)
    
-
      
(296,102
)
        Loss on disposal of property, plant and equipment
    
-
      
-
      
-
      
(126,025
)
        Other expenses - net
    
(281
) 
    
(1,091
)
    
(2,278
)
    
(18,975
)
Total other expense
    
6,166
      
(1,538
)
    
10,289
      
(435,759
)
                                 
(Loss) Income Before Income Taxes
    
(5,999,410
) 
    
2,238,460
      
(4,481,645
) 
    
4,211,497
  
                                 
Provision for income taxes
    
32,471
      
289,826
      
289,127
      
564,804