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Note 1 - Organization and Basis of Presentation The unaudited consolidated financial statements were prepared by Shiner International, Inc., a Nevada corporation (the “Company” or “Shiner”), pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) were omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K. The results for the nine months ended September 30, 2012, are not necessarily indicative of the results to be expected for the year ending December 31, 2012. Organization and Line of Business “Shiner” was incorporated in the State of Nevada on November 12, 2003. The Company, through its subsidiaries manufactures Biaxially Oriented Polypropylene (“BOPP”) tobacco film, coated films, color printing products, advanced film, and water based coatings selling to customers throughout China, Asia, Australia, Europe, the Middle East and North America. Our products are sold to companies in these industries: food, tobacco, chemical, agribusiness, medical, pharmaceutical, personal care, electronics, automotive, construction, graphics, music and video publishing and other consumer goods. Except as otherwise indicated by the context, all references in this report to “Shiner,” “Company,” “we,” “us” or “our” are to Shiner and its direct and indirect subsidiaries: (i) Hainan Shiner Industrial Co., Ltd., or “Hainan Shiner,” (ii) Hainan Shiny-Day Color Printing Packaging Co., Ltd., or “Shiny-Day,” (iii) Hainan Modern Hi-Tech Industrial Co., Ltd., or “Hainan Modern,” (iv) Zhuhai Modern Huanuo Packaging Material Co., Ltd., or “Zhuhai Modern,” (v) Shanghai Juneng Functional Film Company, Ltd., or “Shanghai Juneng,” (vi) Shimmer Sun Ltd., or “Shimmer Sun,” (vii) Hainan Jingyue New Material Co., Ltd ., or “Jingyue,” (viii) Hainan Shunhao New Material Co., Ltd., or “Shunhao,” (viii) Hainan Yongxin Environmental Co., Ltd., or “Yongxin,” and (ix) Ningbo Neisuoer Latex Co., Ltd., or "Ningbo". Basis of Presentation The accompanying consolidated financial statements include the accounts of Shiner and its subsidiaries as follows: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="90%"> <tr valign="top"> <td align="left" style="BORDER-TOP: #000000 1px solid"> Subsidiary </td> <td align="left" style="BORDER-TOP: #000000 1px solid" width="25%"> Place </td> <td align="left" style="BORDER-TOP: #000000 1px solid" width="25%"> Percentage </td> <td align="left" style="BORDER-TOP: #000000 1px solid" width="25%"> Parent </td> </tr> <tr valign="top"> <td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="25%"> Incorporated </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="25%"> Owned </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="25%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Shiner International, Inc. </td> <td align="left" bgcolor="#e6efff" width="25%">   Nevada, USA</td> <td align="left" bgcolor="#e6efff" width="25%"> </td> <td align="left" bgcolor="#e6efff" width="25%">   None</td> </tr> <tr valign="top"> <td align="left"> Hainan Shiner </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    100% </td> <td align="left" width="25%">   Shiner International, Inc.</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Shiny-Day </td> <td align="left" bgcolor="#e6efff" width="25%">   China</td> <td align="left" bgcolor="#e6efff" width="25%">    100% </td> <td align="left" bgcolor="#e6efff" width="25%">   Shiner International, Inc.</td> </tr> <tr valign="top"> <td align="left"> Hainan Modern </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    100% </td> <td align="left" width="25%">   Shiny Day</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Zhuhai Modern </td> <td align="left" bgcolor="#e6efff" width="25%">   China</td> <td align="left" bgcolor="#e6efff" width="25%">    100% </td> <td align="left" bgcolor="#e6efff" width="25%">   Shiny Day</td> </tr> <tr valign="top"> <td align="left"> Shanghai Junneng </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    70% </td> <td align="left" width="25%">   Shiner International, Inc.</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Shimmer Sun </td> <td align="left" bgcolor="#e6efff" width="25%">   China</td> <td align="left" bgcolor="#e6efff" width="25%">    100% </td> <td align="left" bgcolor="#e6efff" width="25%">   Shiner International, Inc.</td> </tr> <tr valign="top"> <td align="left"> Jingyue </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    100% </td> <td align="left" width="25%">   Shimmer Sun Ltd.</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Shunhao </td> <td align="left" bgcolor="#e6efff" width="25%">   China</td> <td align="left" bgcolor="#e6efff" width="25%">    100% </td> <td align="left" bgcolor="#e6efff" width="25%">   Jingyue</td> </tr> <tr valign="top"> <td align="left"> Yongxin </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    100% </td> <td align="left" width="25%">   Shunhao</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"> Ningbo </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="25%">   China</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="25%">    65% </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="25%">   Yongxin</td> </tr> </table> </div> The accompanying consolidated financial statements were prepared in conformity with US GAAP. The Company’s functional currency is the Chinese Yuan Renminbi (“RMB”); however, the accompanying consolidated financial statements were translated and presented in United States Dollars (“$” or “USD”). Noncontrolling Interest On September 20, 2010, the Company commenced operations of a majority-owned subsidiary, Shanghai Juneng Functional Film Company, Ltd. (“Shanghai Juneng”), with Shanghai Shifu Film Material, Co., Ltd., (‘Shanghai Shifu”). Under the agreement, Shiner owns 70% of Shanghai Juneng, and Shanghai Shifu owns 30%. The general manager of Shanghai Juneng reports directly to Shiner’s Chief Executive Officer. Shanghai Juneng pursues sales opportunities among China’s leading food producers in the Yangtze River Delta, one of China’s largest economic centers. On May 2, 2011, Shiner acquired 100% of the stock of Shimmer Sun Ltd. ("Shimmer") for $3.2 million. The Company paid $1.3 million in cash and the remaining $1.9 million was recorded as “other payables’ which was paid by September 30, 2011. The acquisition gave Shiner a 65% controlling interest in Shimmer's subsidiary, Ningbo Neisuoer Latex Co., Ltd. ("Ningbo"). The transaction was accounted for under the acquisition method of accounting, with the purchase price allocated based on the fair value (“FV”) of the individual assets acquired and liabilities assumed. The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” which governs the accounting for and reporting of noncontrolling interests (“NCIs”) in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCIs be treated as a separate component of equity, not as a liability, that increases and decreases in the parent’s ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially owned consolidated subsidiary be allocated to the NCI even when such allocation might result in a deficit balance. This standard also required changes to certain presentation and disclosure requirements. The net income (loss) attributed to the NCI is separately designated in the accompanying statements of operations and other comprehensive income (loss). Losses attributable to the NCI in a subsidiary may exceed the NCI’s interests in the subsidiary’s equity. The excess attributable to the NCI is attributed to those interests. The NCI shall continue to be attributed its share of losses even if that attribution results in a deficit NCI balance. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Shiner International, Inc. and its subsidiaries. All significant intercompany transactions and balances were eliminated in consolidation. Foreign Currency Translation The accounts of the Company’s Chinese subsidiaries are maintained in the RMB and the accounts of the U.S. parent company are maintained in the USD. The accounts of the Chinese subsidiaries are translated into USD in accordance with ASC Topic 830 “Foreign Currency Matters,” with the RMB as the functional currency. According to Topic 830, all assets and liabilities are translated at the exchange rate on the balance sheet date, stockholders’ equity is translated at historical rates and statement of operations items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, “Comprehensive Income.” Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statement of operations.

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="90%"> <tr valign="top"> <td align="left" style="BORDER-TOP: #000000 1px solid"> Subsidiary </td> <td align="left" style="BORDER-TOP: #000000 1px solid" width="25%"> Place </td> <td align="left" style="BORDER-TOP: #000000 1px solid" width="25%"> Percentage </td> <td align="left" style="BORDER-TOP: #000000 1px solid" width="25%"> Parent </td> </tr> <tr valign="top"> <td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="25%"> Incorporated </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="25%"> Owned </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="25%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Shiner International, Inc. </td> <td align="left" bgcolor="#e6efff" width="25%">   Nevada, USA</td> <td align="left" bgcolor="#e6efff" width="25%"> </td> <td align="left" bgcolor="#e6efff" width="25%">   None</td> </tr> <tr valign="top"> <td align="left"> Hainan Shiner </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    100% </td> <td align="left" width="25%">   Shiner International, Inc.</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Shiny-Day </td> <td align="left" bgcolor="#e6efff" width="25%">   China</td> <td align="left" bgcolor="#e6efff" width="25%">    100% </td> <td align="left" bgcolor="#e6efff" width="25%">   Shiner International, Inc.</td> </tr> <tr valign="top"> <td align="left"> Hainan Modern </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    100% </td> <td align="left" width="25%">   Shiny Day</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Zhuhai Modern </td> <td align="left" bgcolor="#e6efff" width="25%">   China</td> <td align="left" bgcolor="#e6efff" width="25%">    100% </td> <td align="left" bgcolor="#e6efff" width="25%">   Shiny Day</td> </tr> <tr valign="top"> <td align="left"> Shanghai Junneng </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    70% </td> <td align="left" width="25%">   Shiner International, Inc.</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Shimmer Sun </td> <td align="left" bgcolor="#e6efff" width="25%">   China</td> <td align="left" bgcolor="#e6efff" width="25%">    100% </td> <td align="left" bgcolor="#e6efff" width="25%">   Shiner International, Inc.</td> </tr> <tr valign="top"> <td align="left"> Jingyue </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    100% </td> <td align="left" width="25%">   Shimmer Sun Ltd.</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Shunhao </td> <td align="left" bgcolor="#e6efff" width="25%">   China</td> <td align="left" bgcolor="#e6efff" width="25%">    100% </td> <td align="left" bgcolor="#e6efff" width="25%">   Jingyue</td> </tr> <tr valign="top"> <td align="left"> Yongxin </td> <td align="left" width="25%">   China</td> <td align="left" width="25%">    100% </td> <td align="left" width="25%">   Shunhao</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"> Ningbo </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="25%">   China</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="25%">    65% </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="25%">   Yongxin</td> </tr> </table> 1 China Shiner International, Inc. 1 China Shiner International, Inc. 1 China Shiny-Day 1 China Shiny-Day 0.7 China Shiner International, Inc. 1 China Shiner International, Inc. 1 China Shimmer Sun Ltd. 1 China Jingyue 1 China Shunhao 0.65 China Yongxin Nevada, USA None

0.7

0.3

3200000

1300000

1900000

0.65

The Company's functional currency is the Chinese Yuan Renminbi ("RMB"); however, the accompanying consolidated financial statements were translated and presented in United States Dollars ("$" or "USD").

Note 2 - Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Equivalents Cash and equivalents include cash in hand and cash in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. Restricted Cash Restricted cash consists of monies restricted by the Company’s lender related to its outstanding debt obligations. Accounts Receivable The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. Advances to Suppliers To insure a steady supply of raw materials, the Company is required from time to time to make cash advances when placing its purchase orders. Management determined that no reserve was necessary for advances to suppliers. The advances to suppliers are interest free and unsecured. Inventory Inventory is valued at the lower of the inventory’s cost (weighted average basis) or the current market price of the inventory. Management compares the cost of inventory with its market value and an allowance is made to write down inventory to market value, if lower. Notes Receivable Notes receivable consist of bank notes received from customers as payment of their accounts receivable. The notes are guaranteed by a bank and bear no interest. The notes are generally due within three months from the date of issuance. Property and Equipment Property and equipment are stated at cost. Expenditures for maintenance and repairs are expenses as incurred; additions, renewals and improvements are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method for substantially all assets with estimated lives as follows: <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="60%"> <tr valign="top"> <td align="left" bgcolor="#e6efff">Operating equipment</td> <td align="left" bgcolor="#e6efff" width="30%"> 10 years </td> </tr> <tr valign="top"> <td align="left">Vehicles</td> <td align="left" width="30%"> 8 years </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Office equipment</td> <td align="left" bgcolor="#e6efff" width="30%"> 5 years </td> </tr> <tr valign="top"> <td align="left">Buildings and improvements</td> <td align="left" width="30%"> 20 years </td> </tr> </table> The following are the details regarding the Company’s property and equipment at September 30, 2012 and December 31, 2011 (audited): <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%">September 30,</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="12%">December 31,</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="12%">2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Operating equipment</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%">   25,516,978 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%">   14,028,345 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Vehicles</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 693,969 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 801,057 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Office equipment</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 226,613 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%"> 250,809 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Buildings</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 12,152,745 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 18,912,102 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Building and equipment improvements</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%"> 538,930 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 38,590,305 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 34,531,243 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Less accumulated depreciation</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> (7,403,225 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%"> (6,694,990 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%">)</td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" width="12%">   31,187,080 </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="12%">   27,836,253 </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div> </div> Construction in Progress and Government Grants Construction in progress mainly consists of amounts expended to build a manufacturing workshop in Hainan and a product line for a BOPP tobacco line. The costs incurred and capitalized as construction in progress at September 30, 2012 and December 31, 2011 are $5.3 million and $12.0 million, respectively, which includes the facility and the equipment. Once the project is completed, the project will be transferred from “Construction in progress” to “Property and equipment. The first phase of the project was completed during 2010. The total cost of the new Hainan manufacturing workshop and the BOPP tobacco line is expected to be $25.1 million. In October 2009, the Company received a government grant for this project of RMB29.1 million (or $4.3 million based on the exchange rate at December 31, 2009) from the Hainan Province Finance Bureau (“HPFB”). The Company is required to provide detailed expenses of the construction project to the HPFB. At the end of the project, the government will determine if the funds were used in accordance with the grant. At September 30, 2012 and December 31, 2011, respectively, the RMB29.1 million (or $4.5 million based on the exchange rate at September 30, 2012) government grant was recorded in “Other payables” on the accompanying consolidated financial statements (Note 6). If the government determines the funds were used for their intended purpose, the amount of the government grant is then amortized into other income over the useful life of the asset on the same basis used to depreciate the asset. In December 2011, the Company received a government grant of RMB14 million (or $2.2 million based on the exchange rate of $0.1581 as of September 30, 2012) from the Haikou Finance Bureau (“HFB”) for the adjustment and expansion of our operation and related capital expenditures for construction and equipment purchase. The Company is required to provide detailed expenses of the construction project to HFB. At the end of the project, the government will determine if the funds were used in accordance with the grant. At September 30, 2012 and December 31, 2011, respectively, the grant was recorded in “Other payables” on the accompanying consolidated financial statements (Note 6). If the government determines the funds were used for their intended purpose, the amount of the government grant is then amortized into other income over the useful life of the asset on the same basis being used to depreciate the asset. In Jan 2012, the Company received a government grant of RMB1.8 million (or $0.3 million based on the exchange rate of $0.1581 as of September 30, 2012) from the HFB for the adjustment and expansion of our operation and related capital expenditures for construction and equipment purchase. The Company is required to provide detailed expenses of the construction project to the HFB. At the end of the project, the government will determine if the funds were used in accordance with the grant. At September 30, 2012, the grant was recorded in “Other payables” on the accompanying consolidated financial statements. If the government determines the funds were used for their intended purpose, the amount of the government grant is then amortized into other income over the useful life of the asset on the same basis being used to depreciate the asset. Long-Lived Assets The Company applies ASC Topic 360, “Property, Plant, and Equipment,” which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the FV of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that FVs are reduced to recognize the cost of disposal. Based on its review, the Company believes that as of September 30, 2012 and December 31, 2011, respectively, there was no significant impairment of its long-lived assets. Intangible Assets Intangible assets consist of rights to use three plots of land in Haikou City granted by the Municipal Administration of China for state-owned land. For two of these plots, the Company’s rights run through January 2059 and, for the third, the Company’s rights run through October 2060. The Company also acquired a patent with the acquisition of Shimmer that is being amortized over 10 years. The Company evaluates intangible assets for impairment, at least on an annual basis and whenever events or changes in circumstances indicate the carrying value may not be recoverable from its estimated future cash flows. Recoverability of intangible and other long-lived assets is measured by comparing their net book value to the related projected undiscounted cash flows from these assets, considering a number of factors including past operating results, budgets, economic projections, market trends and product development cycles. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired, and a second test is performed to measure the amount of impairment loss. Goodwill Goodwill is the excess of purchase price over the underlying net assets of businesses acquired. Under accounting requirements, goodwill is not amortized but is subject to annual impairment tests, and more frequently if circumstances dictate. The impairment testing is based on the FV of the reporting units, which is estimated based on a discounted cash flow valuation model and the projected future cash flows of the underlying businesses. As of December 31, 2011 the Company performed the required impairment review which resulted in no impairment adjustments. The Company did not perform an impairment test at September 30, 2012. Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and equivalents, restricted cash, accounts receivable, advances to suppliers, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their FVs due to their short maturities. In addition, the Company has long-term debt with financial institutions. The carrying amounts of the line of credit and other long-term liabilities approximate their FVs based on current rates of interest for instruments with similar characteristics. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the FV of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines FV, and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their FVs because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: <ul style="TEXT-ALIGN: justify"> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Level 3 inputs to the valuation methodology us one or more unobservable inputs which are significant to the FV measurement. </li> </ul> The Company analyzes all financial instruments with features of both liabilities and equity under ASC Topic 480, “Distinguishing Liabilities from Equity,” and ASC Topic 815, “Derivatives and Hedging.” As of September 30, 2012 and December 31, 2011 (audited), respectively, the Company did not identify any assets and liabilities required to be presented on the balance sheet at FV. Revenue Recognition The Company’s revenue recognition policies comply with FASB ASC Topic 605. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as unearned revenue. Sales revenue consists of the invoiced value of goods, which is net of value-added tax (“VAT”). All of the Company’s products sold in the People’s Republic of China (“PRC”) are subject to Chinese VAT of 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing their end product. The Company recorded VAT payable and VAT receivable net of payments in the financial statements. The VAT tax return is filed offsetting the payables against the receivables. Sales and purchases are recorded net of VAT collected and paid. VAT taxes are not affected by the income tax holiday. Sales returns and allowances was $0 for the nine months ended September 30, 2012 and 2011. The Company does not provide unconditional right of return, price protection or any other concessions to its dealers or other customers. Other Income The Company recognizes other income in the period the Company has earned the revenue and collectability is reasonably assured. Other income in 2011 consists primarily of subsidy income received from Chinese Government Agencies for developing technology and research and development. The Company must manage the funds according to government requirements. The Company recognizes the revenue over the contract period. Advertising Costs The Company expenses the cost of advertising as incurred or, as appropriate, the first time the advertising takes place. Advertising costs for the three and nine months ended September 30, 2012 and 2011, were not significant. Research and Development The Company expenses its research and development (“R&D”) costs as incurred. R&D costs included in general and administrative expenses for the three and nine months ended September 30, 2012 were $766,758 and $2,103,700, respectively, and $464,445 and $964,080 for the three and nine months ended September 30, 2011 respectively. Stock-Based Compensation The Company records stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation.” ASC Topic 718 requires companies to measure compensation cost for stock-based employee compensation at FV at the grant date and recognize the expense over the employee’s requisite service period. The Company recognizes in the statement of operations the grant-date FV of stock options and other equity-based compensation issued to employees and non-employees. There were 90,000 options outstanding as of September 30, 2012. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes.” ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is more than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Basic and Diluted Earnings (Loss) Per Share Earnings (loss) per share is calculated in accordance with the ASC Topic 260, “Earnings Per Share.” Basic earnings per share (“EPS”) is based upon the weighted average number of common shares outstanding. Diluted EPS is based on the assumption that all dilutive convertible shares and stock warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. There were 90,000 options and 521,664 warrants outstanding as of September 30, 2012 with weighted-average exercise prices of $0.95 and $1.70, respectively. All options and warrants were excluded from the diluted loss per share for the nine months ended September 30, 2012 due to the dilutive effect. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations for three and nine months ended September 30, 2012 and 2011: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" colspan="10" style="border-right-style: none; border-right-width: medium" width="49%">Three Months Ended September 30,</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: #000000 1px solid" width="23%">2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="23%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%">Per Share</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="10%">Per Share</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Amount</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">Amount</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Basic earnings per share</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%">   (0.13 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%">   0.01 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Effect of dilutive stock options and warrants</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%"> - </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Diluted earnings per share</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%">   (0.13 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="10%">   0.01 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left" style="border-style: none; border-width: medium"> </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="1%"> </td> <td align="center" colspan="10" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="49%">Nine Months Ended September 30,</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-top-style: none; border-top-width: medium"> </td> <td align="left" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" width="23%">2012</td> <td align="center" style="border-top-style: none; border-top-width: medium" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="23%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%">Per Share</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="10%">Per Share</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Amount</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">Amount</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Basic earnings per share</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%">   (0.20 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%">                0.08 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Effect of dilutive stock options and warrants</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%"> - </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">Diluted earnings per share</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%">   (0.20 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="10%">   0.08 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div> </div> Foreign Currency Transactions and Comprehensive Income US GAAP generally requires recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as gain or loss on foreign currency translation, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. The functional currency of the Company’s Chinese subsidiaries is the RMB. Translation gains of $5,648,859 and $5,426,393 (audited) at September 30, 2012 and December 31, 2011, respectively, are classified as an item of other comprehensive income in the stockholders’ equity section of the consolidated balance sheets. Statement of Cash Flows In accordance with ASC Topic 230, “Statement of Cash Flows,” cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Segment Reporting ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. The Company determined it has five reportable segments. See Note 14. Dividends The Company's Chinese subsidiaries have restrictions on the payment of dividends to the Company. China has currency and capital transfer regulations that may require the Company's Chinese subsidiaries to comply with complex regulations for the movement of capital. These regulations include a public notice issued in October 2005 by the State Administration of Foreign Exchange (“SAFE”) requiring PRC residents, including both legal and natural persons, to register with the competent local SAFE branch before establishing or controlling any company outside of China. Although the Company believes its Chinese subsidiaries are in compliance with these regulations, should these regulations or the interpretation of them by courts or regulatory agencies change, the Company may not be able to pay dividends outside of China. Recent Accounting Pronouncements In May 2011, the FASB issued ASU 2011-04 to provide a consistent definition of FV and ensure the FV measurement and disclosure requirements are similar between US GAAP and IFRS. ASU 2011-04 changes certain FV measurement principles and enhances the disclosure requirements particularly for Level 3 FV measurements. This guidance was effective for the Company on January 1, 2012. The adoption of ASU 2011-04 did not have a significant impact the Company’s consolidated financial statements. In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income . ASU 2011-05 revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in Accounting Standards Codification (ASC) 220, Comprehensive Income , and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The new guidance does not change the items that must be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12 which defers the requirement in ASU 2011-05 that companies present reclassification adjustments for each component of accumulated other comprehensive income in both net income and other comprehensive income on the face of the financial statements. ASU 2011-05 is effective for fiscal years and interim reporting periods within those years beginning after December 15, 2011, with early adoption permitted. The adoption of ASU 2011-05, as amended by ASU 2011-12, did not have a significant impact the Company’s consolidated financial statements. In September 2011, the FASB issued ASU 2011-08 which provides an entity the option to first assess qualitative factors to determine whether it is necessary to perform the two-step test for goodwill impairment. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not the FV of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The revised standard is effective for the Company for its annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of ASU 2011-08 did not significantly impact the Company’s consolidated financial statements. In July 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. The ASU provides entities with an option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not the indefinite-lived intangible asset is impaired. If an entity concludes it is more than 50% likely that an indefinite-lived intangible asset is not impaired, no further analysis is required. However, if an entity concludes otherwise, it would be required to determine the FV of the indefinite-lived intangible asset to measure the amount of impairment, if any, as currently required under US GAAP. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this pronouncement will not have a material impact on our financial statements.

Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Equivalents Cash and equivalents include cash in hand and cash in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less.

Restricted Cash Restricted cash consists of monies restricted by the Company’s lender related to its outstanding debt obligations. Accounts Receivable The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. Advances to Suppliers To insure a steady supply of raw materials, the Company is required from time to time to make cash advances when placing its purchase orders. Management determined that no reserve was necessary for advances to suppliers. The advances to suppliers are interest free and unsecured.

Inventory Inventory is valued at the lower of the inventory’s cost (weighted average basis) or the current market price of the inventory. Management compares the cost of inventory with its market value and an allowance is made to write down inventory to market value, if lower.

Notes Receivable Notes receivable consist of bank notes received from customers as payment of their accounts receivable. The notes are guaranteed by a bank and bear no interest. The notes are generally due within three months from the date of issuance.

Property and Equipment Property and equipment are stated at cost. Expenditures for maintenance and repairs are expenses as incurred; additions, renewals and improvements are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method for substantially all assets with estimated lives as follows: <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="60%"> <tr valign="top"> <td align="left" bgcolor="#e6efff">Operating equipment</td> <td align="left" bgcolor="#e6efff" width="30%"> 10 years </td> </tr> <tr valign="top"> <td align="left">Vehicles</td> <td align="left" width="30%"> 8 years </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Office equipment</td> <td align="left" bgcolor="#e6efff" width="30%"> 5 years </td> </tr> <tr valign="top"> <td align="left">Buildings and improvements</td> <td align="left" width="30%"> 20 years </td> </tr> </table> </div> The following are the details regarding the Company’s property and equipment at September 30, 2012 and December 31, 2011 (audited): <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%">September 30,</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="12%">December 31,</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="12%">2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Operating equipment</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%">   25,516,978 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%">   14,028,345 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Vehicles</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 693,969 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 801,057 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Office equipment</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 226,613 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%"> 250,809 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Buildings</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 12,152,745 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 18,912,102 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Building and equipment improvements</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%"> 538,930 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 38,590,305 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 34,531,243 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Less accumulated depreciation</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> (7,403,225 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%"> (6,694,990 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%">)</td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" width="12%">   31,187,080 </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="12%">   27,836,253 </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div>

Construction in Progress and Government Grants Construction in progress mainly consists of amounts expended to build a manufacturing workshop in Hainan and a product line for a BOPP tobacco line. The costs incurred and capitalized as construction in progress at September 30, 2012 and December 31, 2011 are $5.3 million and $12.0 million, respectively, which includes the facility and the equipment. Once the project is completed, the project will be transferred from “Construction in progress” to “Property and equipment. The first phase of the project was completed during 2010. The total cost of the new Hainan manufacturing workshop and the BOPP tobacco line is expected to be $25.1 million. In October 2009, the Company received a government grant for this project of RMB29.1 million (or $4.3 million based on the exchange rate at December 31, 2009) from the Hainan Province Finance Bureau (“HPFB”). The Company is required to provide detailed expenses of the construction project to the HPFB. At the end of the project, the government will determine if the funds were used in accordance with the grant. At September 30, 2012 and December 31, 2011, respectively, the RMB29.1 million (or $4.5 million based on the exchange rate at September 30, 2012) government grant was recorded in “Other payables” on the accompanying consolidated financial statements (Note 6). If the government determines the funds were used for their intended purpose, the amount of the government grant is then amortized into other income over the useful life of the asset on the same basis used to depreciate the asset. In December 2011, the Company received a government grant of RMB14 million (or $2.2 million based on the exchange rate of $0.1581 as of September 30, 2012) from the Haikou Finance Bureau (“HFB”) for the adjustment and expansion of our operation and related capital expenditures for construction and equipment purchase. The Company is required to provide detailed expenses of the construction project to HFB. At the end of the project, the government will determine if the funds were used in accordance with the grant. At September 30, 2012 and December 31, 2011, respectively, the grant was recorded in “Other payables” on the accompanying consolidated financial statements (Note 6). If the government determines the funds were used for their intended purpose, the amount of the government grant is then amortized into other income over the useful life of the asset on the same basis being used to depreciate the asset. In Jan 2012, the Company received a government grant of RMB1.8 million (or $0.3 million based on the exchange rate of $0.1581 as of September 30, 2012) from the HFB for the adjustment and expansion of our operation and related capital expenditures for construction and equipment purchase. The Company is required to provide detailed expenses of the construction project to the HFB. At the end of the project, the government will determine if the funds were used in accordance with the grant. At September 30, 2012, the grant was recorded in “Other payables” on the accompanying consolidated financial statements. If the government determines the funds were used for their intended purpose, the amount of the government grant is then amortized into other income over the useful life of the asset on the same basis being used to depreciate the asset. Long-Lived Assets The Company applies ASC Topic 360, “Property, Plant, and Equipment,” which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the FV of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that FVs are reduced to recognize the cost of disposal. Based on its review, the Company believes that as of September 30, 2012 and December 31, 2011, respectively, there was no significant impairment of its long-lived assets.

Intangible Assets Intangible assets consist of rights to use three plots of land in Haikou City granted by the Municipal Administration of China for state-owned land. For two of these plots, the Company’s rights run through January 2059 and, for the third, the Company’s rights run through October 2060. The Company also acquired a patent with the acquisition of Shimmer that is being amortized over 10 years. The Company evaluates intangible assets for impairment, at least on an annual basis and whenever events or changes in circumstances indicate the carrying value may not be recoverable from its estimated future cash flows. Recoverability of intangible and other long-lived assets is measured by comparing their net book value to the related projected undiscounted cash flows from these assets, considering a number of factors including past operating results, budgets, economic projections, market trends and product development cycles. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired, and a second test is performed to measure the amount of impairment loss.

Goodwill Goodwill is the excess of purchase price over the underlying net assets of businesses acquired. Under accounting requirements, goodwill is not amortized but is subject to annual impairment tests, and more frequently if circumstances dictate. The impairment testing is based on the FV of the reporting units, which is estimated based on a discounted cash flow valuation model and the projected future cash flows of the underlying businesses. As of December 31, 2011 the Company performed the required impairment review which resulted in no impairment adjustments. The Company did not perform an impairment test at September 30, 2012.

Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and equivalents, restricted cash, accounts receivable, advances to suppliers, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their FVs due to their short maturities. In addition, the Company has long-term debt with financial institutions. The carrying amounts of the line of credit and other long-term liabilities approximate their FVs based on current rates of interest for instruments with similar characteristics. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the FV of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines FV, and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their FVs because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: <ul style="TEXT-ALIGN: justify"> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Level 3 inputs to the valuation methodology us one or more unobservable inputs which are significant to the FV measurement. </li> </ul> The Company analyzes all financial instruments with features of both liabilities and equity under ASC Topic 480, “Distinguishing Liabilities from Equity,” and ASC Topic 815, “Derivatives and Hedging.” As of September 30, 2012 and December 31, 2011 (audited), respectively, the Company did not identify any assets and liabilities required to be presented on the balance sheet at FV.

Revenue Recognition The Company’s revenue recognition policies comply with FASB ASC Topic 605. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as unearned revenue. Sales revenue consists of the invoiced value of goods, which is net of value-added tax (“VAT”). All of the Company’s products sold in the People’s Republic of China (“PRC”) are subject to Chinese VAT of 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing their end product. The Company recorded VAT payable and VAT receivable net of payments in the financial statements. The VAT tax return is filed offsetting the payables against the receivables. Sales and purchases are recorded net of VAT collected and paid. VAT taxes are not affected by the income tax holiday. Sales returns and allowances was $0 for the nine months ended September 30, 2012 and 2011. The Company does not provide unconditional right of return, price protection or any other concessions to its dealers or other customers.

Other Income The Company recognizes other income in the period the Company has earned the revenue and collectability is reasonably assured. Other income in 2011 consists primarily of subsidy income received from Chinese Government Agencies for developing technology and research and development. The Company must manage the funds according to government requirements. The Company recognizes the revenue over the contract period.

Advertising Costs The Company expenses the cost of advertising as incurred or, as appropriate, the first time the advertising takes place. Advertising costs for the three and nine months ended September 30, 2012 and 2011, were not significant.

Research and Development The Company expenses its research and development (“R&D&#8221;) costs as incurred. R&D costs included in general and administrative expenses for the three and nine months ended September 30, 2012 were $766,758 and $2,103,700, respectively, and $464,445 and $964,080 for the three and nine months ended September 30, 2011 respectively.

Stock-Based Compensation The Company records stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation.” ASC Topic 718 requires companies to measure compensation cost for stock-based employee compensation at FV at the grant date and recognize the expense over the employee’s requisite service period. The Company recognizes in the statement of operations the grant-date FV of stock options and other equity-based compensation issued to employees and non-employees. There were 90,000 options outstanding as of September 30, 2012.

Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes.” ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is more than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

Basic and Diluted Earnings (Loss) Per Share Earnings (loss) per share is calculated in accordance with the ASC Topic 260, “Earnings Per Share.” Basic earnings per share (“EPS”) is based upon the weighted average number of common shares outstanding. Diluted EPS is based on the assumption that all dilutive convertible shares and stock warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. There were 90,000 options and 521,664 warrants outstanding as of September 30, 2012 with weighted-average exercise prices of $0.95 and $1.70, respectively. All options and warrants were excluded from the diluted loss per share for the nine months ended September 30, 2012 due to the dilutive effect. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations for three and nine months ended September 30, 2012 and 2011: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" colspan="10" style="border-right-style: none; border-right-width: medium" width="49%">Three Months Ended September 30,</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: #000000 1px solid" width="23%">2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="23%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%">Per Share</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="10%">Per Share</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Amount</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">Amount</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Basic earnings per share</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%">   (0.13 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%">   0.01 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Effect of dilutive stock options and warrants</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%"> - </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Diluted earnings per share</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%">   (0.13 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="10%">   0.01 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left" style="border-style: none; border-width: medium"> </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="1%"> </td> <td align="center" colspan="10" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="49%">Nine Months Ended September 30,</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-top-style: none; border-top-width: medium"> </td> <td align="left" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" width="23%">2012</td> <td align="center" style="border-top-style: none; border-top-width: medium" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="23%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%">Per Share</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="10%">Per Share</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Amount</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">Amount</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Basic earnings per share</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%">   (0.20 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%">                0.08 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Effect of dilutive stock options and warrants</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%"> - </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">Diluted earnings per share</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%">   (0.20 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="10%">   0.08 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div>

Foreign Currency Transactions and Comprehensive Income US GAAP generally requires recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as gain or loss on foreign currency translation, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. The functional currency of the Company’s Chinese subsidiaries is the RMB. Translation gains of $5,648,859 and $5,426,393 (audited) at September 30, 2012 and December 31, 2011, respectively, are classified as an item of other comprehensive income in the stockholders’ equity section of the consolidated balance sheets.

Statement of Cash Flows In accordance with ASC Topic 230, “Statement of Cash Flows,” cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.

Segment Reporting ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. The Company determined it has five reportable segments. See Note 14.

Dividends The Company\'s Chinese subsidiaries have restrictions on the payment of dividends to the Company. China has currency and capital transfer regulations that may require the Company\'s Chinese subsidiaries to comply with complex regulations for the movement of capital. These regulations include a public notice issued in October 2005 by the State Administration of Foreign Exchange (“SAFE”) requiring PRC residents, including both legal and natural persons, to register with the competent local SAFE branch before establishing or controlling any company outside of China. Although the Company believes its Chinese subsidiaries are in compliance with these regulations, should these regulations or the interpretation of them by courts or regulatory agencies change, the Company may not be able to pay dividends outside of China.

Recent Accounting Pronouncements In May 2011, the FASB issued ASU 2011-04 to provide a consistent definition of FV and ensure the FV measurement and disclosure requirements are similar between US GAAP and IFRS. ASU 2011-04 changes certain FV measurement principles and enhances the disclosure requirements particularly for Level 3 FV measurements. This guidance was effective for the Company on January 1, 2012. The adoption of ASU 2011-04 did not have a significant impact the Company’s consolidated financial statements. In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income . ASU 2011-05 revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in Accounting Standards Codification (ASC) 220, Comprehensive Income , and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The new guidance does not change the items that must be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12 which defers the requirement in ASU 2011-05 that companies present reclassification adjustments for each component of accumulated other comprehensive income in both net income and other comprehensive income on the face of the financial statements. ASU 2011-05 is effective for fiscal years and interim reporting periods within those years beginning after December 15, 2011, with early adoption permitted. The adoption of ASU 2011-05, as amended by ASU 2011-12, did not have a significant impact the Company’s consolidated financial statements. In September 2011, the FASB issued ASU 2011-08 which provides an entity the option to first assess qualitative factors to determine whether it is necessary to perform the two-step test for goodwill impairment. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not the FV of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The revised standard is effective for the Company for its annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of ASU 2011-08 did not significantly impact the Company’s consolidated financial statements. In July 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. The ASU provides entities with an option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not the indefinite-lived intangible asset is impaired. If an entity concludes it is more than 50% likely that an indefinite-lived intangible asset is not impaired, no further analysis is required. However, if an entity concludes otherwise, it would be required to determine the FV of the indefinite-lived intangible asset to measure the amount of impairment, if any, as currently required under US GAAP. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this pronouncement will not have a material impact on our financial statements. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="60%"> <tr valign="top"> <td align="left" bgcolor="#e6efff">Operating equipment</td> <td align="left" bgcolor="#e6efff" width="30%"> 10 years </td> </tr> <tr valign="top"> <td align="left">Vehicles</td> <td align="left" width="30%"> 8 years </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Office equipment</td> <td align="left" bgcolor="#e6efff" width="30%"> 5 years </td> </tr> <tr valign="top"> <td align="left">Buildings and improvements</td> <td align="left" width="30%"> 20 years </td> </tr> </table>

P10Y

P8Y

P5Y

P20Y

25516978

14028345

693969

801057

226613

250809

12152745

18912102

538930

38590305

34531243

-7403225

-6694990

0 0 0 0

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left" style="border-style: none; border-width: medium"> </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="1%"> </td> <td align="center" colspan="10" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="49%">Nine Months Ended September 30,</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-top-style: none; border-top-width: medium"> </td> <td align="left" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" width="23%">2012</td> <td align="center" style="border-top-style: none; border-top-width: medium" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" width="1%"> </td> <td align="center" colspan="4" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="23%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%">Per Share</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="10%">Per Share</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Amount</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Shares</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">Amount</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Basic earnings per share</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%">   (0.20 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%">                0.08 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Effect of dilutive stock options and warrants</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%"> - </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">Diluted earnings per share</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%">   (0.20 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 27,541,491 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="10%">   0.08 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table>

0 0 0 0

25100000

29100000

4300000

29100000

4500000

14000000

2200000

0.1581

1800000

300000

P10Y

0.17

766758

2103700

464445

964080

90000

0.5

521664

0.95

1.7

Note 3 – Advances to Suppliers Advances to suppliers represent prepayment to vendors for the purchases of inventory.

Note 4 - Inventory Inventory at September 30, 2012 and December 31, 2011(audited), respectively, consisted of the following: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%">September 30,</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="12%">December 31,</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="12%">2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Raw material</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%">   3,958,907 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%">   4,093,316 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Work in process</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,152,193 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 1,724,754 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Finished goods</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> 6,431,186 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%"> 4,781,927 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 11,542,286 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 10,599,997 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Less: Obsolescence reserve</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> (369,964 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%"> (347,042 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%">)</td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" width="12%">   11,172,322 </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="12%"> 10,252,955 </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div>

3958907

4093316

1152193

1724754

6431186

4781927

11542286

10599997

369964

347042

Note 5 - Intangible Assets Intangible assets at September 30, 2012 and December 31, 2011(audited), respectively, consisted of the following: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%">September 30,</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="12%">December 31,</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="12%">2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Patent</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%">   2,131,131 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%">   2,120,348 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Right to use land</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,159,301 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 1,153,434 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Less: Accumulated amortization</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> (388,202 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%"> (210,136 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%">)</td> </tr> <tr valign="top"> <td align="left">Intangible assets, net</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" width="12%">   2,902,230 </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="12%">   3,063,646 </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div> Pursuant to the regulations, the PRC government owns all land. The Company has recognized the amounts paid for the acquisition of rights to use land as an intangible asset and amortizing such rights over the period the Company has use of the land, which range from 54 to 57 years.

2131131

2120348

1159301

1153434

388202

210136

2902230

3063646

P54Y

P57Y

Note 6 – Other Payables Other payables at September 30, 2012 and December 31, 2011(audited), respectively, consisted of the following: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%">September 30,</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="12%">December 31,</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="12%">2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Special purpose fund for Shi Zi Ling workshop</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%">   4,447,353 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%">         4,577,430 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Special purpose fund for structure and equipment</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 2,139,620 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="12%"> 2,202,200 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">Miscellaneous payables</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> 569,708 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%"> 241,549 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" width="12%">   7,156,681 </td> <td align="left" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="12%">   7,021,179 </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div>   The $4,447,353 and $2,139,620 payables at September 30, 2012 are liabilities recorded pursuant to the funds received as part of government grants. See “Construction in Progress and Government Grants in Note 2.

4447353

4577430

2139620

2202200

569708

241549

Note 7 - Debt Short-term loans at September 30, 2012 and December 31, 2011(audited), respectively, consisted of the following: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%">September 30,</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="12%">December 31,</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="12%">2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From February 28, 2011 to February 28, 2012, with interest of 6.06% at December 31, 2011. The loan was collateralized by equipment </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">   - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%">   4,247,100 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr> <td> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> </td> <td style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From March 16, 2012 to February 18, 2013, with interest of 8.53% at September 30, 2012. The loan is collateralized by equipment </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 1,581,000 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr> <td> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> </td> <td style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From June 19, 2012 to June 19, 2013, with interest of 8.20% at September 30, 2012. The loan is collateralized by equipment </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 2,371,500 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr> <td> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> </td> <td style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From June 8, 2012 to June 7, 2013, with interest rate 7.26% at September 30, 2012. The loan is collateralized by equipment </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 4,268,700 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr> <td> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> </td> <td style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From June 30, 2011 to September 30, 2012, with interest of 8.203% at September 30, 2012. The loan was collateralized by buildings and equipment </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> 1,573,000 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> </td> <td align="left" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Various short-term loans payable to bank, with interest ranging from 3.21% to 6.41% The loans were due through September 28, 2012 and were collateralized by accounts receivable </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> 2,795,039 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr> <td> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> </td> <td style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Various bank acceptance bills payable through January 24, 2013</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 2,267,796 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> 2,069,486 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> </td> <td align="right" valign="bottom" width="2%"> </td> <td align="right" valign="bottom" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> </td> <td align="right" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From August 28, 2012 to November 24, 2012, with interest of 7.28% at September 30, 2012. The loan is collateralized by a letter of credit </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 2,086,920 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> </td> <td align="left" style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From September 10, 2012 to March 10, 2013, with interest of 6.16% at September 30, 2012. The loan is collateralized by a building and equipment </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 790,500 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" valign="bottom" width="2%"> </td> </tr> <tr> <td> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="12%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" valign="bottom" width="12%"> </td> <td style="border-style: none; border-width: medium" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%">   13,366,416 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" valign="bottom" width="12%">   10,684,625 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" valign="bottom" width="2%"> </td> </tr> </table> </div>   Long-term loans at September 30, 2012 and December 31, 2011 (audited), respectively, consisted of the following: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%">September 30,</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="12%">December 31,</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="12%">2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%">2011</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff"> From January 24, 2011 to January 24, 2018, with interest of 6.60% . The loan is collateralized by buildings and land use rights </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%">   2,529,600 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%">   2,516,800 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">  From February 10, 2011 to February 10, 2018, with interest of 6.60% The loan is collateralized by buildings and land use rights </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,845,800 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%"> 2,831,400 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From February 16, 2011 to February 16, 2018, with interest of 6.60% The loan is collateralized by buildings and land use rights </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,292,450 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%"> 2,280,850 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From February 17, 2011 to February 17, 2018, with interest of 6.60% The loan is collateralized by buildings and land use rights </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,248,990 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%"> 1,242,670 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From March 25, 2011 to March 25, 2018, with interest of 6.60% The loan is collateralized by buildings and land use rights </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 426,870 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%"> 424,710 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From November 30, 2011 to November 30, 2018, with interest of 6.60% The loan is collateralized by buildings and land use rights </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 158,100 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%"> 157,300 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From December 23, 2011 to December 23, 2018, with interest of 6.60% The loan is collateralized by buildings and land use rights </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 505,920 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="12%"> 503,360 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> From March 19, 2012 to January 18, 2018, with interest of 6.60% The loan is collateralized by buildings and land use rights </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> 1,059,270 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="12%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">                                                                                                                                                                 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="12%">   11,067,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="12%">   9,957,090 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div> Aggregate future maturities of long-term loans at September 30, 2012 are as follows: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="50%"> <tr valign="top"> <td align="left"> Year ending December 31, </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="20%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">2013</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="20%">   - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">2014</td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="20%"> - </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">2015</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="20%"> - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">2016</td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="20%"> - </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">2017</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="20%"> - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Thereafter</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="20%"> 11,067,000 </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="20%">   11,067,000 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table> </div> On August 2, 2010, Hainan Shiner Industrial Co., Ltd. (“Hainan Shiner”), the Company’s wholly owned subsidiary, entered into a credit facility with the Hainan Branch of the Bank of China. The credit facility is a secured revolving credit facility in an aggregate of RMB70 million (or approximately $11.1 million based on the exchange rate on December 31, 2010) for seven years. Under the credit facility arrangement, Hainan Shiner may only use the loan proceeds to improve the technology of its BOPP film and to purchase certain equipment necessary for the improvement. Proceeds under the facility not used for these purposes would be subject to a misappropriation penalty interest rate that is 100% of the current interest rate on the loan. The initial interest rate on each withdrawal from the facility will be the 5-year benchmark lending rate announced by the People’s Bank of China on the date of such withdrawal, and is subject to adjustment every 12 months based upon the benchmark. Additional interest will be paid on an overdue loan under this credit facility of 50% of the current interest rate on the loan. Hainan Shiner and certain of its affiliates, including the Company, have provided guarantees and certain land, buildings, and property as collateral under this facility. The credit facility includes covenants that prohibit Hainan Shiner from making distributions to the Company, its sole shareholder, if (a) its after-tax net income for the fiscal year is zero or negative, (b) its after-tax net income is insufficient to make up its accumulated loss, (c) its income before tax is not utilized in paying off the capital, interest and expense of the lender, or (d) its income before tax is insufficient to pay the capital, interest and expense of the lender. As of September 30, 2012, the Company drew down the entire RMB70 million credit facility.

0.0606

4247100

0.0853

1581000

0.082

2371500

0.0726

4268700

0.08203

1573000

0.0321

0.0641

2795039

2267796

2069486

0.0728

2086920

0.0616

790500

0.066

2529600

2516800

0.066

2845800

2831400

0.066

2292450

2280850

0.066

1248990

1242670

0.066

426870

424710

0.066

158100

157300

0.066

505920

503360

0.066

1059270

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="50%"> <tr valign="top"> <td align="left"> Year ending December 31, </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="20%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">2013</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="20%">   - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">2014</td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="20%"> - </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">2015</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="20%"> - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">2016</td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="20%"> - </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">2017</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="20%"> - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Thereafter</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="20%"> 11,067,000 </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:none; border-right-width:medium" width="20%">   11,067,000 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> </table>

11067000

70000000

11100000

1 0.5

70000000

Note 8 - Stock Options and Warrants Stock Options The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2012: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%">Weighted</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="10%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%">Average</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="10%">Aggregate</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="10%">Options</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="10%">Exercise Price</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="10%">Intrinsic</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Outstanding</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Price</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">Value</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding at December 31, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 120,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 1.03 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Granted</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Canceled/Expired</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> (30,000 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 1.25 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding at September 30, 2012</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 90,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%">   0.95 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%">   - </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercisable at September 30, 2012</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 70,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%">   0.99 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium" width="10%">   - </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> </table> </div> The number and weighted average exercise prices of all options outstanding as of September 30, 2012, are as follows: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="70%"> <tr valign="bottom"> <td align="center" colspan="9" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium"> Options Outstanding </td> <td align="center" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Weighted</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Weighted</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Average</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Number</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Average</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Remaining</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center">Range of</td> <td align="center" width="1%"> </td> <td align="center" width="22%">Outstanding</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Exercise</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Contractual Life</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center" style="BORDER-BOTTOM: #000000 1px solid">Exercise Price</td> <td align="center" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="22%">September 30, 2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="22%">Price</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="22%">(Years)</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="22%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="22%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="22%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="right" bgcolor="#e6efff"> $0.80 </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="22%"> 60,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="22%">   0.80 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="22%"> 4.19 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="right"> 1.25 </td> <td align="left" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="22%"> 30,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="22%">   1.25 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="22%"> 1.68 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="22%"> 90,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="22%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="22%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> </table> </div> The number and weighted average exercise prices of all options exercisable as of September 30, 2012, are as follows: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="70%"> <tr valign="bottom"> <td align="center" colspan="9" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium"> Options Exercisable </td> <td align="center" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Weighted</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Weighted</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Average</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Number</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Average</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Remaining</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center">Range of</td> <td align="center" width="1%"> </td> <td align="center" width="22%">Outstanding</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Exercise</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Contractual Life</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center" style="BORDER-BOTTOM: #000000 1px solid">Exercise Price</td> <td align="center" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="22%">September 30, 2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="22%">Price</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="22%">(Years)</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="22%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="22%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="22%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="right" bgcolor="#e6efff"> $0.80 </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="22%"> 40,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="22%">   0.80 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="22%"> 4.19 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="right"> 1.25 </td> <td align="left" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="22%"> 30,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="22%">   1.25 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="22%"> 1.68 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="22%"> 70,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="22%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="22%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> </table> </div> Warrants The following is a summary of the Company’s warrant activity for the nine months ended September 30, 2012: <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-right-style: none; border-right-width: medium" width="10%">Weighted</td> <td align="left" nowrap="nowrap" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-right-style: none; border-right-width: medium" width="10%">Average</td> <td align="left" nowrap="nowrap" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-right-style: none; border-right-width: medium" width="10%">Remaining</td> <td align="left" nowrap="nowrap" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Warrants</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Exercise Price</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-right-style: none; border-right-width: medium" width="10%">Contractual Life</td> <td align="left" nowrap="nowrap" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Outstanding</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Price</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">(Years)</td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding at December 31, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 521,664 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 1.70 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Granted</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Canceled</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">Outstanding at September 30, 2012</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 521,664    </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%">   1.70   </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%"> 0.49 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left">Exercisable at September 30, 2012</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 521,664    </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%">   1.70 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="10%"> 0.49 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> </table> </div>

120000

1.03

-30000

1.25

70000

0.99

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="70%"> <tr valign="bottom"> <td align="center" colspan="9" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium"> Options Outstanding </td> <td align="center" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Weighted</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Weighted</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Average</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Number</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Average</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Remaining</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center">Range of</td> <td align="center" width="1%"> </td> <td align="center" width="22%">Outstanding</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Exercise</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Contractual Life</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center" style="BORDER-BOTTOM: #000000 1px solid">Exercise Price</td> <td align="center" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="22%">September 30, 2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="22%">Price</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="22%">(Years)</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="22%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="22%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="22%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="right" bgcolor="#e6efff"> $0.80 </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="22%"> 60,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="22%">   0.80 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="22%"> 4.19 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="right"> 1.25 </td> <td align="left" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="22%"> 30,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="22%">   1.25 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="22%"> 1.68 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="22%"> 90,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="22%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="22%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> </table>

0.8

60000

0.8

P4Y2M8D

1.25

30000

1.25

P1Y8M5D

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="70%"> <tr valign="bottom"> <td align="center" colspan="9" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium"> Options Exercisable </td> <td align="center" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Weighted</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Weighted</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Average</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Number</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Average</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Remaining</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center">Range of</td> <td align="center" width="1%"> </td> <td align="center" width="22%">Outstanding</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="22%">Exercise</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" style="border-right-style: none; border-right-width: medium" width="22%">Contractual Life</td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="center" style="BORDER-BOTTOM: #000000 1px solid">Exercise Price</td> <td align="center" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="22%">September 30, 2012</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="22%">Price</td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="22%">(Years)</td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="22%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="22%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium" width="22%"> </td> <td style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="right" bgcolor="#e6efff"> $0.80 </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="22%"> 40,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="22%">   0.80 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="22%"> 4.19 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="right"> 1.25 </td> <td align="left" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="22%"> 30,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="22%">   1.25 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="22%"> 1.68 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="22%"> 70,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="22%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="22%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> </table>

0.8

40000

0.8

P4Y2M8D

1.25

30000

1.25

P1Y8M5D

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="80%"> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-right-style: none; border-right-width: medium" width="10%">Weighted</td> <td align="left" nowrap="nowrap" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-right-style: none; border-right-width: medium" width="10%">Average</td> <td align="left" nowrap="nowrap" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-right-style: none; border-right-width: medium" width="10%">Remaining</td> <td align="left" nowrap="nowrap" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Warrants</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Exercise Price</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-right-style: none; border-right-width: medium" width="10%">Contractual Life</td> <td align="left" nowrap="nowrap" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap"> </td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Outstanding</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">Price</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">(Years)</td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding at December 31, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 521,664 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 1.70 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Granted</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Canceled</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">Outstanding at September 30, 2012</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 521,664    </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%">   1.70   </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium" width="10%"> 0.49 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left">Exercisable at September 30, 2012</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" width="10%"> 521,664    </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%">   1.70 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium" width="10%"> 0.49 </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> </table>

521664

1.7

0 0 0 0 0 0

521664

1.7

P0Y5M26D 521664 1.7 P0Y5M26D

Note 9 - Employee Welfare Plans The expense for employee common welfare was $7,599 and $50,404 for the three and nine months ended September 30, 2012, respectively, and $41,544 and $133,859 for the three and nine months ended September 30, 2011, respectively.

7599

50404

41544

133859

Note 10 - Statutory Common Welfare Fund As stipulated by the Company Law of the PRC, net income after taxation can only be distributed as dividends after appropriation has been made for the following: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr> <td width="5%"> </td> <td align="right" valign="top" width="5%"> i. </td> <td> Making up cumulative prior years’ losses, if any; </td> </tr> <tr> <td width="5%"> </td> <td width="5%">   </td> <td>   </td> </tr> <tr> <td width="5%"> </td> <td align="right" valign="top" width="5%"> ii. </td> <td> Allocations to the “statutory surplus reserve” of at least 10% of income after tax, as determined under PRC accounting rules and regulations, until the reserve reaches 50% of the Company’s registered capital; </td> </tr> <tr> <td width="5%"> </td> <td width="5%">   </td> <td>   </td> </tr> <tr> <td width="5%"> </td> <td align="right" valign="top" width="5%"> iii. </td> <td> Allocations of 5% to 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; and </td> </tr> <tr> <td width="5%"> </td> <td width="5%">   </td> <td>   </td> </tr> <tr> <td width="5%"> </td> <td align="right" valign="top" width="5%"> iv. </td> <td> Allocations to the discretionary surplus reserve, if approved in the stockholders’ general meeting. </td> </tr> </table> The Company appropriated $0 and $360,722 as reserve for the statutory surplus reserve and statutory common welfare fund for the nine months ended September 30, 2012 and 2011, respectively. 0.1 0.5 0.05 0.1 0 360722

Note 11 - Current Vulnerability Due to Certain Concentrations Two customers accounted for 5% and 4%, respectively, of the Company’s sales for the nine months ended September 30, 2012. There were no customers that exceeded 10% of the Company’s sales for the three or nine months ended September 30, 2011. One vendor provided 15% of the Company’s raw materials for the nine months ended September 30, 2012, there was no vendor which accounted for 10% or more of the Company’s raw material purchases for the three and nine months ended September 30, 2011. The Company’s operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC and by the general state of the PRC’s economy. The Company’s business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

0.05

0.04

0.15

Note 12 – Commitments and Contingencies At September 30, 2012, the Company is contingently liable to banks for discounted notes receivable and to vendors for endorsed notes receivable of $776,395.

776395

Note 13 – Segment Information The Company has five segments: BOPP tobacco films, water-based latex, coated film, color printed packaging, and advanced film. The water-based latex is one of the raw materials used in coated film to make the packaging more environmental friendly and the barrier property better. Approximately 70% of the water-base latex products manufactured by Ningbo are sold to Hainan Shiner, Hainan Shiny-day and Zhuhai Huanuo.   The following tables summarize the Company’s segment information for the three and nine months ended September 30, 2012 and 2011:   <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" colspan="4" width="23%">  Three Months Ended September 30, </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" colspan="4" style="border-right-style: none; border-right-width: medium" width="23%">  Nine Months Ended September 30, </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">  2012 </td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">  2011 </td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">  2012 </td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">  2011 </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Revenues from unrelated entities </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   10,355,542 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%"> 7,144,354 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%">   30,990,541 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 22,829,240 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,689 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 119,636 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 294,499 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 293,073 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 3,717,094 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 6,931,047 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 11,609,264 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 18,749,972 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,018,844 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,428,615 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 2,435,323 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 4,557,557 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Advanced film</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 1,613,439 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 2,988,197 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 5,148,490 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 5,956,079 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   16,706,608 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> 18,611,849 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   50,478,117 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 52,385,921 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Intersegment revenues </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   5,123,093 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%"> 3,843,162 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%">   14,890,567 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 7,720,336 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 288,488 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 440,243 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 457,436 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 659,140 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 1,842,386 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 522,237 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 5,578,106 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 2,292,834 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 499,660 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 255,043 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,170,143 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 1,204,568 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Advanced film</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 800,486 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 2,473,785 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> - </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   8,554,113 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> 5,060,685 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   24,570,037 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 11,876,878 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Total Revenues </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   15,478,635 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%"> 10,987,516 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%">   45,881,108 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%">   30,549,576 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 290,177 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 559,879 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 751,935 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 952,213 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 5,559,480 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 7,453,284 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 17,187,370 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 21,042,806 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,518,504 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,683,658 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 3,605,466 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 5,762,125 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Advanced film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 2,413,925 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 2,988,197 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 7,622,275 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 5,956,079 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Less Intersegment revenues</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> (8,554,113 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> (5,060,685 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> (24,570,037 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> (11,876,878 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%">)</td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%">   16,706,608 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 18,611,849 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%">   50,478,117 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 52,385,921 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td style="background-color: rgb(230, 239, 255);"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Income (loss) from operations </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Tobacco film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   (611,087 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 667,999 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   (1,364,197 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 2,879,859 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Water-based latex</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> (2,394 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 97,523 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 58,119 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 109,079 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Coated film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (254,277 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (217,401 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (809,033 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 440,344 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Color printing</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> (175,401 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> (54,347 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> (445,333 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> (344,441 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Advanced film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (16,965 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (44,761 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (82,007 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 35,832 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> (10,607 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> (119,838 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> (34,806 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> (281,924 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   (1,070,731 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   329,175 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   (2,677,257 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 2,838,749 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Interest income </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   10,394 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%"> (50 </td> <td align="left" width="2%">)</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   21,633 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%">   3,860 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 46 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (1,037 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 205 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 50 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 3,805 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 1,390 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 8,104 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 3,261 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 928 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 8 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,700 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 742 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Advanced film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 1,669 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 195 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 3,594 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 1,012 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> 1,947 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 1,992 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%">   16,842 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 2,453 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%">   35,236 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%">   10,917 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td style="background-color: rgb(230, 239, 255);"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Interest Expense </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Tobacco film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   283,983 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   108,225 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   652,827 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%">   431,125 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Water-based latex</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 2,954 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 6,791 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> - </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Coated film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 112,643 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 105,201 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 258,947 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 163,108 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Color printing</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 22,791 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 27,613 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 52,392 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 44,518 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Advanced film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 47,683 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 34,356 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 109,616 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 50,924 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 668 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 2,014 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> - </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   470,722 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   275,395 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   1,082,587 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%">   689,675 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Income tax expense (benefit) </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="9%">   (4,697 </td> <td align="left" width="2%">)</td> <td align="left" width="1%">$</td> <td align="right" width="9%">   (46,954 </td> <td align="left" width="2%">)</td> <td align="left" width="1%">$</td> <td align="right" width="9%">   4,577 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 276,591 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 9,382 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 11,836 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (2,301 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 182,634 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 2,152 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 278,084 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Advanced film</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (1,040 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 74,832 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 954 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 86,621 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   (8,038 </td> <td align="left" width="2%">) </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%"> 219,894 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   7,683 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="9%">   653,132 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td style="background-color: rgb(230, 239, 255);"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Net Income (loss) </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Tobacco film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%">   (2,078,652 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%">   514,511 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%">   (3,052,988 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 2,219,046 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Water-based latex</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (5,302 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 74,834 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 51,534 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 83,726 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Coated film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (925,934 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (10,592 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (1,557,217 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 495,223 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Color printing</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (197,264 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (81,138 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (496,025 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> (387,403 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Advanced film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (312,870 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 5,987 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (408,591 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 57,832 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (11,275 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (120,536 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (36,820 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="9%"> (280,983 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   (3,531,297 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> 383,066 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   (5,500,107 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 2,187,441 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Provision for depreciation </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="9%">   431,846 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="9%"> 190,909 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="9%">   1,424,466 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%">   687,538 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 10,559 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 29,691 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 32,005 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 31,743 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 171,295 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 210,118 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 565,022 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 632,198 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 34,658 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 51,135 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 114,320 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 172,550 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Advanced film</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 72,511 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 88,367 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 239,182 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 197,377 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   720,869 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   570,220 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   2,374,995 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="9%">   1,721,406 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="9%"> As of </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="9%"> As of </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="center" style="background-color: rgb(230, 239, 255);" width="9%"> September 30, </td> <td align="center" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="center" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="center" style="background-color: rgb(230, 239, 255);" width="9%"> December 31, </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 2012 </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 2011 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr> <td style="background-color: rgb(230, 239, 255);"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Total Assets </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="center" width="9%">(audited)</td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Tobacco film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%">   38,454,298 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%">   31,239,495 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Water-based latex</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 746,093 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 797,500 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Coated film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 15,253,086 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 20,810,552 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Color printing</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 3,086,143 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 5,768,795 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Advanced film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 6,456,855 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 7,470,573 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 11,504,893 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 11,646,065 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   75,501,368 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> 77,732,980 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> </tr> </table>

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" colspan="4" width="23%">  Three Months Ended September 30, </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" colspan="4" style="border-right-style: none; border-right-width: medium" width="23%">  Nine Months Ended September 30, </td> <td align="left" style="border-style: none; border-width: medium" width="2%"> </td> </tr> <tr> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">  2012 </td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">  2011 </td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="10%">  2012 </td> <td align="center" width="2%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" width="10%">  2011 </td> <td align="left" style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Revenues from unrelated entities </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   10,355,542 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%"> 7,144,354 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%">   30,990,541 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 22,829,240 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,689 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 119,636 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 294,499 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 293,073 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 3,717,094 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 6,931,047 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 11,609,264 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 18,749,972 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,018,844 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,428,615 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 2,435,323 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 4,557,557 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Advanced film</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 1,613,439 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 2,988,197 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 5,148,490 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 5,956,079 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   16,706,608 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> 18,611,849 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   50,478,117 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 52,385,921 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Intersegment revenues </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   5,123,093 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%"> 3,843,162 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%">   14,890,567 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 7,720,336 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 288,488 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 440,243 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 457,436 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 659,140 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 1,842,386 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 522,237 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 5,578,106 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 2,292,834 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 499,660 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 255,043 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,170,143 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 1,204,568 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Advanced film</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 800,486 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 2,473,785 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> - </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   8,554,113 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> 5,060,685 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   24,570,037 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 11,876,878 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Total Revenues </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   15,478,635 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%"> 10,987,516 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%">   45,881,108 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%">   30,549,576 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 290,177 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 559,879 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 751,935 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 952,213 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 5,559,480 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 7,453,284 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 17,187,370 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 21,042,806 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,518,504 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,683,658 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 3,605,466 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 5,762,125 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Advanced film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 2,413,925 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 2,988,197 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 7,622,275 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 5,956,079 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Less Intersegment revenues</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> (8,554,113 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> (5,060,685 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> (24,570,037 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> (11,876,878 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%">)</td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%">   16,706,608 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 18,611,849 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%">   50,478,117 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 52,385,921 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td style="background-color: rgb(230, 239, 255);"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Income (loss) from operations </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Tobacco film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   (611,087 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 667,999 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   (1,364,197 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 2,879,859 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Water-based latex</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> (2,394 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 97,523 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 58,119 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 109,079 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Coated film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (254,277 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (217,401 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (809,033 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 440,344 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Color printing</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> (175,401 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> (54,347 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> (445,333 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> (344,441 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Advanced film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (16,965 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (44,761 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (82,007 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 35,832 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> (10,607 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> (119,838 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> (34,806 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> (281,924 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   (1,070,731 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   329,175 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%">   (2,677,257 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 2,838,749 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Interest income </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   10,394 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="10%"> (50 </td> <td align="left" width="2%">)</td> <td align="left" width="1%">$</td> <td align="right" width="10%">   21,633 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%">   3,860 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 46 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> (1,037 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 205 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 50 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 3,805 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 1,390 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 8,104 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 3,261 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 928 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 8 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 1,700 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 742 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Advanced film</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 1,669 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 195 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 3,594 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 1,012 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> 1,947 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="10%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 1,992 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%">   16,842 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 2,453 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%">   35,236 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%">   10,917 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td style="background-color: rgb(230, 239, 255);"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Interest Expense </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Tobacco film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   283,983 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   108,225 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%">   652,827 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%">   431,125 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Water-based latex</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 2,954 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 6,791 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> - </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Coated film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 112,643 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 105,201 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 258,947 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 163,108 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Color printing</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 22,791 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 27,613 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> 52,392 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="10%"> 44,518 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">           Advanced film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 47,683 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 34,356 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="10%"> 109,616 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> 50,924 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">           Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 668 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> 2,014 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> - </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   470,722 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   275,395 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   1,082,587 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%">   689,675 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Income tax expense (benefit) </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="9%">   (4,697 </td> <td align="left" width="2%">)</td> <td align="left" width="1%">$</td> <td align="right" width="9%">   (46,954 </td> <td align="left" width="2%">)</td> <td align="left" width="1%">$</td> <td align="right" width="9%">   4,577 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 276,591 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 9,382 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 11,836 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (2,301 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 182,634 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 2,152 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 278,084 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Advanced film</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (1,040 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 74,832 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 954 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 86,621 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   (8,038 </td> <td align="left" width="2%">) </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%"> 219,894 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   7,683 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="9%">   653,132 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td style="background-color: rgb(230, 239, 255);"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> <td style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Net Income (loss) </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="9%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Tobacco film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%">   (2,078,652 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%">   514,511 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%">   (3,052,988 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 2,219,046 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Water-based latex</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (5,302 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 74,834 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 51,534 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 83,726 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Coated film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (925,934 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (10,592 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (1,557,217 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 495,223 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Color printing</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (197,264 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (81,138 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (496,025 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> (387,403 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Advanced film</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (312,870 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 5,987 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> (408,591 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">)</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 57,832 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (11,275 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (120,536 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (36,820 </td> <td align="left" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="9%"> (280,983 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   (3,531,297 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> 383,066 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%">   (5,500,107 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%">) </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 2,187,441 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td style="border-right-style: none; border-right-width: medium;" width="9%"> </td> <td style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);"> Provision for depreciation </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="left" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Tobacco film</td> <td align="left" width="1%">$</td> <td align="right" width="9%">   431,846 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="9%"> 190,909 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="9%">   1,424,466 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%">   687,538 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Water-based latex</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 10,559 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 29,691 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 32,005 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 31,743 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Coated film</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 171,295 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 210,118 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 565,022 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 632,198 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Color printing</td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 34,658 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 51,135 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="background-color: rgb(230, 239, 255);" width="9%"> 114,320 </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> 172,550 </td> <td align="left" style="border-style: none; border-width: medium; background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">             Advanced film</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 72,511 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 88,367 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 239,182 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" style="border-right-style: none; border-right-width: medium;" width="9%"> 197,377 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="background-color: rgb(230, 239, 255);">             Holding Company</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="background-color: rgb(230, 239, 255);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium; background-color: rgb(230, 239, 255);" width="9%"> - </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0); background-color: rgb(230, 239, 255);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   720,869 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   570,220 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="9%">   2,374,995 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="9%">   1,721,406 </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> </table>

10355542

7144354

30990541

22829240

1689

119636

294499

293073

3717094

6931047

11609264

18749972

1018844

1428615

2435323

4557557

1613439

2988197

5148490

5956079

16706608

18611849

50478117

52385921

5123093

3843162

14890567

7720336

288488

440243

457436

659140

1842386

522237

5578106

2292834

499660

255043

1170143

1204568

800486

2473785

8554113

5060685

24570037

11876878

15478635

10987516

45881108

30549576

290177

559879

751935

952213

5123093

7453284

17187370

21042806

1518504

1683658

3605466

5762125

2413925

2988197

7622275

5956079

-8554113

-5060685

-24570037

-11876878

16706608

18611849

50478117

52385921

-2717466

667999

-3470576

2879859

-2394

97523

58119

109079

-254277

-217401

-809033

440344

-175401

-54347

-445333

-344441

-16965

-44761

-82007

35832

-10607

-119838

-34806

-281924

10394

-50

21633

3860

-1037

205

3805

1390

8104

3261

928

1700

742

1669

195

3594

1012

1947

1992

283983

108225

652827

431125

2954

6791

112643

105201

258947

163108

22791

27613

52392

44518

47683

34356

109616

50924

668

2014

-4697

-46954

4577

276591

9382

11836

-2301

182634

2152

278084

-1040

74832

954

86621

-2078652

514511

-3052988

2219046

-5302

74834

51534

83726

-925934

-10592

-1557217

495223

-197264

-81138

-496025

-387403

-312870

5987

-408591

57832

-11275

-120536

-36820

-280983

431846

190909

1424466

687538

10559

29691

32005

31743

171295

210118

565022

632198

34658

51135

114320

172550

72511

88367

239182

197377

720869

570220

38454298

31239495

746093

797500

15253086

20810552

3086143

5768795

6456855

7470573

11504893

11646065

0.7