|
1.
|
We
have reviewed the pro forma financial statements filed as Exhibit I to
your response dated April 14, 2008. Please note that in a
recapitalization the accumulated deficit of American Sxan should be
brought forward, and the accumulated deficit of Advance Technologies
should be eliminated. The capital stock account, on an
immediate post-merger basis, should consist of the balance of common stock
prior to the merger of Advance Technologies plus the amount representing
the par value of the shares issued to effect the merger. The
weighted average and total number of shares outstanding should be
retroactively restated to give effect to the merger. All
eliminating adjustments should be made through additional paid-in
capital.
|
|
§
|
The
accumulated deficit of American Sxan has been brought forward and the
accumulated deficit of Advance Technologies has been
eliminated.
|
|
§
|
The
capital stock account, on a post-merger basis, consists of the balance of
common stock prior to the merger of Advance Technologies plus the amount
representing the par value of the shares issued to effect the
merger.
|
|
§
|
The
weighted average and total number of shares outstanding have been
retroactively restated to give effect to the
merger.
|
|
§
|
All
eliminating adjustments have been made through additional paid-in
capital.
|
|
2.
|
In
addition, it appears that the conversion of the Series B Preferred Stock
into 900,000 shares of common stock should be shown as a pro forma
adjustment and not as outstanding shares for American Sxan at June 30,
2007 as these shares were issued as part of the merger
transaction.
|
|
3.
|
Please
provide a signed audit report in accordance with Article 2-02 of
Regulation S-X.
|
|
4.
|
The
disclosure on page 4 under Information Regarding the Acquired Companies in
the Form 8-K filed on July 11, 2007 appears to be inconsistent with your
response to comment 3 in your response dated April 14,
2008. Your response states that you purchased 100% of Tieli for
$1,000,000 cash whereas the disclosure in the Form 80K states that you
acquired 100% of the capital stock of Tieli in exchange for equity in
American Sxan. Please clarify the
following:
|
|
§
|
Was
the acquisition of Tieli completed through the exchange of cash or
equity? If the transaction was completed through the exchange
of equity, please disclose the number of shares issued by American
Sxan.
|
|
§
|
Please
provide a detail of the majority shareholders in American Sxan and Tieli
prior to the transaction.
|
|
§
|
American
SXAN Biotech, Inc. acquired 100% of Tieli in October 2006 from the equity
owners in Tieli in exchange for (a) equity in American SXAN Biotech, Inc.
and (b) a promissory note issued to Tieli in the principal amount of
$1,000,000. The equity in American SXAN Biotech took the form
of a commitment that, upon the closing of a merger of American SXAN
Biotech into a U.S. public company, the equity owners in American SXAN
would assign to the prior equity owners in Tieli 80% of the shares of the
public company.
|
|
§
|
The
majority shareholders in American SXAN and in Tieli prior to the
transactions were:
|
|
5.
|
We
have reviewed the statement of stockholders’ equity noting it appears to
only present the operations of Tieli. It appears that you have
not accounted for the merger transaction between American Sxan and Tieli
in October 2006 or the recapitalization between American Sxan and Advance
Technologies in July 2007. Please clarify or
revise.
|
|
|
6.
|
It
appears that the 19,542,572 shares of common stock outstanding at December
31, 2007 include the conversion of the Series B Preferred
Stock. This appears to be inconsistent with the disclosure on
page 2 and Exhibit 3 of the Form 8-K filed on July 11, 2007 which states
that the Series B Preferred Stock will only be convertible after the
distribution of Infrared Systems International which has not occurred as
of December 31, 2007. Please clarity and
revise.
|
|
|
7.
|
Please
provide a detailed discussion of how you accounted for the Series A and
Series B convertible preferred stock when calculating diluted earnings per
share. Please refer to the guidance in paragraphs (26) and (35)
of SFAS 128.
|
|
§
|
The
acquisition of American SXAN Biotech, Inc. by the Company, as if it had
occurred on July 1, 2006.
|
|
§
|
The
purchase by Huakang Zhou of 57,143,302 shares of the Company’s common
stock for $325,000, as if it had occurred on June 30,
2007.
|
|
§
|
The
1-for-51 reverse split of the Company’s common stock, as if it had
occurred on July 1, 2007.
|
|
China
SXAN Biotech Inc.
|
||||||
|
(Formerly
Advance Technologies Inc.)
|
||||||
|
Unaudited
Pro Forma Condensed Balance Sheet
|
||||||
|
June
30, 2007
|
||||||
|
Historical
|
Proforma
|
|||||
|
Advance
Tech.
|
American
SXAN
|
Adjustments
|
Notes
|
Combined
|
||
|
ASSETS
|
||||||
|
CURRENT
ASSETS
|
||||||
|
Cash
and cash equivalents
|
2,087
|
4,892
|
325,000
|
(a)
|
331,979
|
|
|
Accounts
receivable, net of allowance of $6,666
|
5,100
|
1,326,481
|
-
|
1,331,581
|
||
|
Inventory
|
-
|
1,332,469
|
-
|
1,332,469
|
||
|
Other
receivables
|
-
|
678,344
|
-
|
678,344
|
||
|
Advances
to supplier
|
-
|
1,877,554
|
-
|
1,877,554
|
||
|
Prepaid
expenses
|
385
|
151
|
-
|
536
|
||
|
Total
Current Assets
|
7,572
|
5,219,891
|
325,000
|
(a)
|
5,552,463
|
|
|
PROPERTY
AND EQUIPMENT, NET
|
551
|
837,047
|
-
|
837,598
|
||
|
OTHER
ASSETS
|
||||||
|
Intangible
assets, net
|
-
|
4,155,315
|
-
|
4,155,315
|
||
|
Definite-Life
Intangible Assets
|
16,765
|
-
|
-
|
16,765
|
||
|
Total
Other Assets
|
16,765
|
4,155,315
|
-
|
4,172,080
|
||
|
Total
Assets
|
24,888
|
10,212,253
|
325,000
|
(a)
|
10,562,141
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||
|
CURRENT
LIABILITIES
|
||||||
|
Accounts
payable and accrued expenses
|
82,868
|
425,875
|
-
|
508,743
|
||
|
Income
taxes payable
|
-
|
736,496
|
-
|
736,496
|
||
|
Related
party loans
|
79,350
|
-
|
-
|
79,350
|
||
|
Due
to stockholders
|
-
|
225,474
|
-
|
225,474
|
||
|
Total
Current Liabilities
|
162,218
|
1,387,845
|
-
|
1,550,063
|
||
|
STOCKHOLDERS’
EQUITY
|
||||||
|
Series
A nonvoting convertible preferred stock, $0.001
|
||||||
|
par
value 100,000,000 shares authorized, 27,011,477
|
||||||
|
shares
issued and outstanding
|
27,011
|
-
|
-
|
27,011
|
||
|
Series
B convertible preferred stock, $0.001 par value
|
||||||
|
100,000,000
shares authorized, 100,000 shares issued
|
||||||
|
and
outstanding
|
-
|
-
|
100
|
(b)
|
100
|
|
|
Voting
common stock, $0.001 par value
|
||||||
|
100,000,000
shares authorized, 39,527,897
|
||||||
|
shares
issued and outstanding
|
39,528
|
-
|
(37,632)
|
(a)
(c)
|
1,896
|
|
|
Paid-in
capital
|
-
|
4,667,380
|
(4,667,380)
|
(b)
|
-
|
|
|
Statutory
reserve
|
-
|
378,782
|
-
|
378,782
|
||
|
Additional
paid-in capital
|
644,438
|
-
|
4,181,605
|
(a)(b)
|
4,826,043
|
|
|
Retained
earnings (deficit)
|
(848,307)
|
3,360,137
|
848,307
|
(c)(d)
|
3,360,137
|
|
|
Accumulated
other comprehensive income
|
-
|
418,109
|
-
|
418,109
|
||
|
Total
Stockholder's Equity
|
(137,330)
|
8,824,408
|
325,000
|
(a)
|
9,012,078
|
|
|
Total
Liabilities and Stockholders' Equity
|
24,888
|
10,212,253
|
325,000
|
(a)
|
10,562,141
|
|
|
China
SXAN Biotech Inc.
|
||||||
|
(Formerly
Advance Technologies Inc.)
|
||||||
|
Unaudited
Pro Forma Condensed Statements of Operations and Comprehensive
Income
|
||||||
|
June
30, 2007
|
||||||
|
Historical
|
Proforma
|
|||||
|
Advance
Tech.
|
American
SXAN
|
Adjustments
|
Notes
|
Combined
|
||
|
SALES
|
13,908
|
5,535,608
|
-
|
5,549,516
|
||
|
COST
OF GOODS SOLD
|
-
|
2,207,496
|
-
|
2,207,496
|
||
|
GROSS
PROFIT
|
13,908
|
3,328,112
|
-
|
3,342,020
|
||
|
EXPENSES
|
||||||
|
Selling,
general and administrative
|
33,525
|
510,288
|
-
|
543,813
|
||
|
INCOME
FROM OPERATIONS
|
(19,617)
|
2,817,824
|
-
|
2,798,207
|
||
|
OTHER
INCOME (EXPENSE), NET
|
||||||
|
Interest
income (expense)
|
(13,213)
|
(743)
|
-
|
(13,956)
|
||
|
Non-operating
income (expense)
|
13,110
|
-
|
13,110
|
|||
|
Other
income (expense), net
|
-
|
13,065
|
-
|
13,065
|
||
|
Total
other income (expense)
|
(13,213)
|
25,432
|
-
|
12,219
|
||
|
INCOME
BEFORE PROVISION FOR INCOME TAX
|
(32,830)
|
2,843,256
|
-
|
2,810,426
|
||
|
PROVISION
FOR INCOME TAX
|
434,007
|
-
|
434,007
|
|||
|
NET
INCOME (LOSS)
|
(32,830)
|
2,409,249
|
-
|
2,376,419
|
||
|
OTHER
COMPREHENSIVE INCOME
|
||||||
|
Foreign
currency translation adjustment
|
366,483
|
366,483
|
||||
|
COMPREHENSIVE
INCOME
|
(32,830)
|
2,775,732
|
-
|
2,742,902
|
||
|
BASIC
EARNINGS PER SHARE
|
(0.00)
|
1.45
|
(b)
|
1.45
|
||
|
DILUTED
EARNINGS PER SHARE
|
(0.00)
|
0.14
|
(b)
|
0.14
|
||
|
WEIGHTED
AVERAGE SHARES OUTSTANDING
|
||||||
|
BASIC
|
39,527,897
|
(37,632,383)
|
(a)(c)
|
1,895,514
|
||
|
DILUTED
|
66,539,374
|
(46,467,164)
|
(a)(b)(c)
|
20,072,210
|
||
|
(a)
|
Reflects
the purchase of 57,143,302 shares of common stock by Huakang Zhou (the
President of American SXAN Biotech, Inc.) for $325,000, as if it occurred
on June 30, 2007.
|
|
(b)
|
Reflects
the acquisition by the Company of the outstanding stock of American SXAN
Biotech, Inc. for 100,000 shares of Series B Preferred Stock, as if it
occurred on July 1, 2006. In making the pro forma adjustments,
the paid-in-capital of American SXAN Biotech, Inc. has been reclassified
as Series B Preferred Stock stated capital and as additional
paid-in-capital.
|
|
(c)
|
Reflects
the 1-for-51 reverse split of the Company’s common stock, as if it
occurred on July 1, 2006. In making the pro forma adjustments,
$94,776 was reclassified from Voting Common Stock issued and outstanding
to additional paid-in-capital.
|
|
(d)
|
Reflects
reverse acquisition accounting principles as applied to the acquisition of
American SXAN Biotech, Inc. by the Company. Under this method,
the retained earnings of the Company have been eliminated in
the pro forma adjustments, and the retained earnings of the operating
target company are reported together with corresponding adjustment to
additional paid-in-capital.
|
|
CURRENT
ASSETS
|
||||
|
Cash and cash
equivalents
|
$ | 4,892 | ||
|
Accounts
receivable, net of allowance of $6,666
|
1,326,481 | |||
|
Other receivables
|
678,344 | |||
|
Inventory
|
1,332,469 | |||
|
Advances
to suppliers
|
1,877,554 | |||
|
Prepaid expenses
|
151 | |||
|
Total Current
Assets
|
5,219,891 | |||
|
PROPERTY
AND EQUIPMENT, NET
|
837,047 | |||
|
OTHER
ASSETS
|
||||
|
Intangible assets,
net
|
4,155,315 | |||
|
Total Assets
|
$ | 10,212,253 | ||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||
|
CURRENT
LIABILITIES
|
||||
|
Accounts payable and accrued
expenses
|
$ | 425,875 | ||
|
Income taxes
payable
|
736,496 | |||
|
Due to
stockholders
|
225,474 | |||
|
Total Current
Liabilities
|
1,387,845 | |||
|
STOCKHOLDERS’
EQUITY
|
||||
|
Capital
contribution
|
4,667,380 | |||
|
Retained earnings
|
3,360,137 | |||
|
Statutory reserve
|
378,782 | |||
|
Accumulated other comprehensive
income
|
418,109 | |||
|
Total Stockholders’
Equity
|
8,824,408 | |||
|
Total Liabilities and
Stockholders' Equity
|
$ | 10,212,253 | ||
|
2007
|
2006
|
|||||||
|
REVENUE
|
$ | 5,535,608 | $ | 1,907,678 | ||||
|
COST
OF GOODS SOLD
|
2,207,496 | 595,082 | ||||||
|
GROSS
PROFIT
|
3,328,112 | 1,312,596 | ||||||
|
SELLING,
GENERAL AND ADMINISTRATIVE
|
510,288 | 82,895 | ||||||
|
INCOME
FROM OPERATIONS
|
2,817,824 | 1,229,701 | ||||||
|
OTHER
INCOME (EXPENSE)
|
||||||||
|
Other income, net
|
13,065 | 974 | ||||||
|
Non-operation
income
|
13,110 | 590 | ||||||
|
Interest income (expense),
net
|
(743 | ) | 417 | |||||
|
Total Other Income
(Expense)
|
25,432 | 1,981 | ||||||
|
INCOME
BEFORE PROVISION FOR INCOME TAX
|
2,843,256 | 1,231,682 | ||||||
|
PROVISION
FOR INCOME TAX
|
434,007 | 118,898 | ||||||
|
NET
INCOME
|
2,409,249 | 1,112,784 | ||||||
|
OTHER
COMPREHENSIVE INCOME
|
||||||||
|
Foreign currency translation
adjustment
|
366,483 | 51,626 | ||||||
|
COMPREHENSIVE
INCOME
|
$ | 2,775,732 | $ | 1,164,410 | ||||
|
Retained
|
Accumulated
Other
|
Total
|
||||||||||||||||||
|
Capital
|
Earnings
|
Statutory
|
Comprehensive
|
Stockholders’
|
||||||||||||||||
|
contribution
|
(Deficit)
|
Reserves
|
Income
|
Equity
|
||||||||||||||||
|
Balance
June 30, 2005
|
$ | 36,300 | $ | 190,307 | $ | 26,579 | $ | - | $ | 253,186 | ||||||||||
|
Contribution
of capital
|
931,700 | - | - | - | 931,700 | |||||||||||||||
|
Noncash
contribution of capital
|
3,399,180 | - | - | - | 3,399,180 | |||||||||||||||
|
Net
income
|
- | 1,112,784 | - | - | 1,112,784 | |||||||||||||||
|
Statutory
Reserves
|
- | (111,278 | ) | 111,278 | - | - | ||||||||||||||
|
Foreign
currency translation
|
||||||||||||||||||||
|
adjustment
|
- | - | - | 51,626 | 51,626 | |||||||||||||||
|
Balance
June 30, 2006
|
$ | 4,367,180 | $ | 1,191,813 | $ | 137,857 | $ | 51,626 | $ | 5,748,476 | ||||||||||
|
Contribution
of capital
|
300,200 | - | - | - | 300,200 | |||||||||||||||
|
Net
income
|
- | 2,409,249 | - | - | 2,409,249 | |||||||||||||||
|
Statutory
Reserves
|
- | (240,925 | ) | 240,925 | - | - | ||||||||||||||
|
Foreign
currency translation
|
||||||||||||||||||||
|
adjustment
|
- | - | - | 366,483 | 366,483 | |||||||||||||||
|
Balance
June 30, 2007
|
$ | 4,667,380 | $ | 3,360,137 | $ | 378,782 | $ | 418,109 | $ | 8,824,408 | ||||||||||
|
2007
|
2006
|
|||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
|
Net
Income
|
$ | 2,409,249 | $ | 1,112,784 | ||||
|
Adjustments
to reconcile net income to net cash
|
||||||||
|
Provided
(used) by operating activities:
|
||||||||
|
Depreciation
|
193,485 | 180,978 | ||||||
|
Amortization
|
83,016 | 1,205 | ||||||
|
Intangible
assets
|
- | (4,006,400 | ) | |||||
|
Non-cash
capital contribution
|
- | 3,399,180 | ||||||
|
Bad
debt expense
|
6,493 | - | ||||||
|
Changes in assets and
liabilities:
|
||||||||
|
Accounts
receivable
|
(1,298,576 | ) | - | |||||
|
Other
receivables
|
(120,482 | ) | (444,095 | ) | ||||
|
Inventory
|
(614,197 | ) | (233,099 | ) | ||||
|
Advances
to suppliers
|
(1,828,866 | ) | - | |||||
|
Prepaid
expenses
|
462 | 501 | ||||||
|
Accounts
payable and accrued expenses
|
340,380 | (705,137 | ) | |||||
|
Income
taxes payable
|
544,944 | 120,029 | ||||||
|
Total Adjustments
|
(2,693,341 | ) | (1,686,838 | ) | ||||
|
Net Cash Used by Operating
Activities
|
(284,092 | ) | (574,054 | ) | ||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||
|
Acquisition of property and
equipment
|
(85,101 | ) | (132,924 | ) | ||||
|
Net Cash Used by Investing
Activities
|
(85,101 | ) | (132,924 | ) | ||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
|
Proceeds from sale of common
stock
|
303,773 | 964,040 | ||||||
|
Proceeds (repayments) of
stockholders’ loans
|
67,340 | (267,638 | ) | |||||
|
Net Cash Provided by Financing
Activities
|
371,113 | 696,402 | ||||||
|
EFFECT
OF FOREIGN CURRENCY TRANSLATION ON CASH
|
189 | 10,681 | ||||||
|
NET
INCREASE IN CASH AND CASH EQUIVALENTS
|
2,109 | 105 | ||||||
|
CASH
AND CASH EQUIVALENTS - BEGINNING
|
2,783 | 2,678 | ||||||
|
CASH
AND CASH EQUIVALENTS - ENDING
|
$ | 4,892 | $ | 2,783 | ||||
|
Food
for frogs
|
$ | 148,834 | ||
|
Food
for pigs
|
50,266 | |||
|
Frogs
in process
|
86,125 | |||
|
Pigs
in process
|
122,502 | |||
|
Packaging
supplies
|
260,107 | |||
|
Finished
goods
|
664,635 | |||
|
Total
|
$ | 1,332,469 | ||
|
Buildings
|
$ | 1,280,322 | ||
|
Equipment
|
46,058 | |||
|
Breeding
livestock
|
1,176 | |||
|
Construction
in progress
|
9,331 | |||
| $ | 1,336,887 | |||
|
Less:
accumulated depreciation
|
499,840 | |||
|
Total
|
$ | 837,047 | ||
|
Rights
to use land
|
$ | 4,242,650 | ||
|
Less:
accumulated amortization
|
87,335 | |||
|
Total
|
$ | 4,155,315 | ||
|
2008
|
$ | 83,016 | ||
|
2009
|
83,016 | |||
|
2010
|
83,016 | |||
|
2011
|
83,016 | |||
|
2012
|
83,016 | |||
|
2013
and thereafter
|
3,740,235 | |||
|
Total
|
$ | 4,155,315 | ||
|
(i)
|
Making
up cumulative prior years’ losses, if
any;
|
|
(ii)
|
Allocations
to the “Statutory surplus reserve” of at least 10% of income after tax, as
determined under PRC accounting rules and regulations, until the fund
amounts to 50% of the Company's registered
capital;
|
|
(iii)
|
Allocations
of 5-10% of income after tax, as determined under PRC accounting rules and
regulations, to the Company's “Statutory common welfare fund”, which is
established for the purpose of providing employee facilities and other
collective benefits to the Company's
employees;
|
|
(iv)
|
Allocations
to the discretionary surplus reserve, if approved in the shareholders’
general meeting.
|
|
China SXAN Biotech Inc.
|
||||||||||||||||||||||||||||||||||||||||||||
|
STATEMENT
OF STOCKHOLDERS EQUITY
|
||||||||||||||||||||||||||||||||||||||||||||
|
As
of Sep 30, 2007
|
||||||||||||||||||||||||||||||||||||||||||||
|
Preferred
Series A Stock
|
Preferred
Series B Stock
|
Common
Stock
|
Additional
|
Earnings
|
Statutory
|
Comprehensive
|
Stockholders'
|
|||||||||||||||||||||||||||||||||||||
|
Shares
|
Parvalue
|
Shares
|
Parvalue
|
Shares
|
Parvalue
|
Paid
in capital
|
(Deficit)
|
Reserves
|
Income
|
Equity
|
||||||||||||||||||||||||||||||||||
|
Balance
June 30, 2006
|
27,588,477 | $ | 27,588 | - | $ | - | 39,527,897 | $ | 39,528 | $ | 4,300,064 | $ | 1,191,813 | $ | 137,857 | $ | 51,626 | $ | 5,748,476 | |||||||||||||||||||||||||
|
Contribution
of Capital
|
- | - | - | - | - | - | 299,805 | - | - | - | 299,805 | |||||||||||||||||||||||||||||||||
|
Net
Income-American
SXAN
|
- | - | - | - | - | - | - | 1,650,133 | - | - | 1,650,133 | |||||||||||||||||||||||||||||||||
|
Foreign
currency translation
|
||||||||||||||||||||||||||||||||||||||||||||
|
adjustment
|
- | - | - | - | - | - | - | - | - | 253,599 | 253,599 | |||||||||||||||||||||||||||||||||
|
Balance
March 31, 2007
|
27,588,477 | $ | 27,588 | - | $ | - | 39,527,897 | $ | 39,528 | $ | 4,599,869 | $ | 2,841,946 | $ | 137,857 | $ | 305,225 | $ | 7,952,013 | |||||||||||||||||||||||||
|
Contribution
of Capital
|
- | - | - | - | - | - | 395 | - | - | - | 395 | |||||||||||||||||||||||||||||||||
|
Net
Income-American
SXAN
|
- | - | - | - | - | - | - | 759,116 | - | - | 759,116 | |||||||||||||||||||||||||||||||||
|
Statutory
Reserves
|
- | - | - | - | - | - | - | (240,925 | ) | 240,925 | - | - | ||||||||||||||||||||||||||||||||
|
Foreign
currency translation
|
||||||||||||||||||||||||||||||||||||||||||||
|
adjustment
|
- | - | - | - | - | - | - | - | - | 112,884 | 112,884 | |||||||||||||||||||||||||||||||||
|
Balance
June 30, 2007
|
27,588,477 | $ | 27,588 | - | $ | - | 39,527,897 | $ | 39,528 | $ | 4,600,264 | $ | 3,360,137 | $ | 378,782 | $ | 418,109 | $ | 8,824,408 | |||||||||||||||||||||||||
|
Common
stock issued to Dr. Zhou
|
57,143,302 | 57,144 | 267,856 | 57,144 | ||||||||||||||||||||||||||||||||||||||||
|
Preferred
series A stock issued
|
||||||||||||||||||||||||||||||||||||||||||||
|
in
connection with financing
|
(577,000 | ) | (577 | ) | - | - | - | - | - | - | - | - | (577 | ) | ||||||||||||||||||||||||||||||
|
Preferred
series B stock issued
|
||||||||||||||||||||||||||||||||||||||||||||
|
in
connection with financing
|
- | - | 100,000 | 100 | - | - | - | - | - | - | 100 | |||||||||||||||||||||||||||||||||
|
Common
stock reverse split 1:51
|
- | - | - | - | (94,775,686 | ) | (94,777 | ) | (367,076 | ) | - | - | - | (94,777 | ) | |||||||||||||||||||||||||||||
|
Net
income
|
- | - | - | - | - | - | - | 604,981 | - | 604,981 | ||||||||||||||||||||||||||||||||||
|
Foreign
currency translation
|
||||||||||||||||||||||||||||||||||||||||||||
|
adjustment
|
- | - | - | - | - | - | - | - | - | 132,515 | 132,516 | |||||||||||||||||||||||||||||||||
|
Balance
Sep 30, 2007
|
27,011,477 | $ | 27,011 | 100,000 | $ | 100 | 1,895,513 | $ | 1,895 | $ | 4,501,044 | $ | 3,965,118 | $ | 378,782 | $ | 550,624 | $ | 9,424,574 | |||||||||||||||||||||||||
|
China SXAN
|
|||||
|
Earnings
per Share Calculation
|
|||||
|
December
31, 2007
|
|||||
|
Basic
|
|||||
|
Weighted
|
|||||
|
Date
|
# Shares
|
# of Days
|
Total Days
|
Factor
|
Average
|
|
Oct
1, 2007
|
1,895,513
|
92
|
92
|
1.00
|
1,895,513
|
|
Nov
14, 2007
|
17,647,059
|
47
|
92
|
0.51
|
9,015,345
|
|
3
Months Dec 31, 2007
|
19,542,572
|
10,910,858
|
|||
|
Earnings
|
936,586
|
||||
|
EPS
|
0.09
|
||||
|
Weighted
|
|||||
|
Date
|
# Shares
|
# of Days
|
Total Days
|
Factor
|
Average
|
|
July
1, 2007
|
775,056
|
184
|
184
|
1.00
|
775,056
|
|
July
10, 2007
|
1,120,457
|
175
|
184
|
0.95
|
1,065,652
|
|
Nov
14, 2007
|
17,647,059
|
47
|
184
|
0.26
|
4,507,673
|
|
6
Months Dec 31, 2007
|
19,542,572
|
6,348,381
|
|||
|
Earnings
|
1,541,565
|
||||
|
EPS
|
0.24
|
||||
|
September
4, 2007 there was a 1 for 51 stock split
|
|||||
|
Diluted
|
|||||
|
Weighted
|
|||||
|
Date
|
# Shares
|
# of Days
|
Total Days
|
Factor
|
Average
|
|
Oct
1 2007
|
20,072,209
|
92
|
92
|
1.00
|
20,072,209
|
|
3
Months Dec 31, 2007
|
20,072,209
|
20,072,209
|
|||
|
Earnings
|
936,586
|
||||
|
EPS
|
0.05
|
||||
|
Weighted
|
|||||
|
Date
|
# Shares
|
# of Days
|
Total Days
|
Factor
|
Average
|
|
July
1, 2007
|
775,056
|
184
|
184
|
1.00
|
775,056
|
|
July
10, 2007
|
19,297,153
|
184
|
184
|
1.00
|
19,297,153
|
|
6
Months Dec 31, 2007
|
20,072,209
|
20,072,209
|
|||
|
Earnings
|
1,541,565
|
||||
|
EPS
|
0.08
|
||||